This first appeared in the Blockonomics Blog, see more articles there.
Below are five easy steps to import your blockchain wallet into Electrum. Make sure to have Electrum downloaded from the official site
Create a Standard Wallet.
Click on I already have a seed. We'll use your Blockchain seed
Blockchain wallet seed can be obtained from Security Center > Backup Phrase
Enter the 12 word seed and make sure select BIP39 seed by clicking on Options
Wallet type should be p2pkh. For derivation path see below:
If you have multiple wallets in Settings> Wallets and Addresses, please refer below on what to set as derivation path
- My Bitcoin Wallet(which is the first wallet created) will have derivation path as m/44'/0'/0'
- The second wallet will have derivation path as m/44'/0'/1'
- The third wallet will have derivation path as m/44'/0'/2'
Blockchain wallet derivation path.
Choose a password for security. Note that this has relation to the blockchain wallet password.
Done! Your wallet is now recovered. Enjoy truly being your own bank !
Step 6 (Optional)
The existing base unit in electrum is mBTC which is confusing
Goto Tools > Preferences and set Base Unit as BTC. You can also set the explorer to blockonomics.co