_gen/derivatives/landscape_620/image.png# The wealthy don't sell
They use their assets as collateral ...
https://www.youtube.com/watch?v=iOrZ2tglOPA
#NFA #DYOR
#protip: if you are using #MetaMask wallet you need to keep safe three!!! (3!!!) things:
(1) the seedphrase (2) the wallet passphrase **and** (3) *specific* private key for your *specific wallet* e.g if you open Wallet3 then it has **its own** alphanumeric string that is separate from the seedphrase and needed to recover your Wallet3(!)
No, i don't care to hear from the bitcoin-maxi(mum fiat) parrots that only know how to repeat slogans to pump their bags.
You can't eat BTC, drive BTC, shelter under BTC. Get over yourselves.
Certainly! Let's delve into the distinction between a **seed phrase** and a **private key** in the context of cryptocurrency wallets:
1. **Seed Phrase (Secret Recovery Phrase)**:
- A seed phrase, also known as a recovery phrase, wallet secret, or secret phrase, is a **mnemonic phrase** consisting of **12 to 24 memorable words**. These words are randomly generated and serve as a crucial backup for your crypto wallet.
- The seed phrase allows you to **recover your entire wallet**, including all associated addresses and private keys. It acts as a master key.
- Example of a seed phrase: *"apple banana cat dragon elephant frog..."*
- Losing your seed phrase means **permanent loss** of access to your private keys and wallet funds.
2. **Private Key**:
- A private key is a **unique alphanumeric string** associated with a specific wallet address (account). It gives you control over the funds linked to that address.
- When you sign transactions (e.g., sending crypto), your private key is used to create the necessary cryptographic signatures.
- Example of a private key: *"Afdfd9c3d2095ef6f...d697e2a7521b1578140422a4f890"*
- Ownership of the private key proves your right to control assets on the blockchain.
3. **Key Differences**:
- **Scope**:
- A private key provides access to a **single address**.
- A seed phrase grants access to the **entire wallet**, which can hold multiple addresses and private keys.
- **Recovery**:
- If you lose your private key, you can recover it by downloading your wallet software and using your seed phrase.
- If you lose your seed phrase, there's **no way to recover** your private keys, resulting in permanent loss of your crypto.
Remember to **safeguard both your seed phrase and private key** diligently. They are the keys to your crypto kingdom! 🗝️🌟
Source: Conversation with Bing, 14/02/2024
(1) Private Key vs Seed Phrase: What’s The Difference? - KrayonDigital. https://www.krayondigital.com/private-key-vs-seed-phrase.
(2) Private Key and Recovery Phrase – What’s the difference?. https://www.ledger.com/academy/private-key-and-seed-phrase-whats-the-difference.
(3) Crypto Seed Phrases vs. Private Keys: What's the Difference? - MUO. https://www.makeuseof.com/crypto-seed-phrases-vs-private-keys-difference/.