Hi all. I'm considering using Electrum to store a large number of Bitcoins, but the deterministic wallet concerns me a bit.
I'm under the impression the completely random address generation of Bitcoin-QT is more secure, as a potentially attacker would need to guess every private key to spend your entire wallet.
While with Electrum only one secret (the seed) is required to spend the entire wallet
Am I correct here or am I completely missing something?
I really want to use Electrum, as I have an old netbook with very little storage that is struggling to hold the entire blockchain (< 900 MB remaining) and struggling dealing with Bitcoin-QT's IO requirements.
I really want to know if my concerns regarding deterministic wallets are valid.
Also, I suppose I should ask if Electrum can be used without a deterministic wallet?
You can use Electrum without any risk even if your seed is captured by a hacker. The seed doesnt give access to imported keys.
Generate some new keys using the javascript available on bitaddress.org and then import them into Electrum.