Greetings all! I finally decided to take "not your keys, not your coins" seriously and get myself a COLDCARD. I've successfully set it up, I've backed up my seed phrase on a SEEDPLATE and have a few other physical backup tools coming. I've tested sending and receiving small amounts, and have begun to slowly transfer my BTC off of Coinbase to my wallet. It feels great.
One piece of wisdom on the Bitcoin Security Guide is to test backup recovery.
My question is this - if I use Electrum to do this - i.e. if I enter my seed phrase into Electrum - what risk am I exposing myself to? I have used PGP to verify that the Electrum I'm using is legitimate. What (if anything) does Electrum store on my hard drive if I restore my wallet through its software? How does that affect my hardware wallet or coins? My assumptions are these:
- Electrum does not save your seed to your computer's hard drive
- Electrum does not expose your seed phrase to the internet
- Electrum does not save your wallet (create hot storage) unless you tell it to
- Restoring your wallet from a seed phrase on Electrum does not affect your hardware wallet
Is that all accurate? Am I overlooking anything here?
Thanks!
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