Seed phrase and private are somehow related in the process of securing a BTC wallet but not really the same thing. A seed phrase in other words known as a mnemonic phrase can be used to generate privacy keys and it can be used as wallet recovery or backup.
Private keys are like wallet digital signatures and the core cryptographic key cause they can be used to grant, broadcast transactions, etc.
Topic: Just a few questions (Read 115 times)
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A simple way to explain it, but a little more technical:
1. The wallet software/hardware gather entropy from random sources. This entropy is 128 bits long.
2. The entropy gets hashed and the first 4 digits of the hash are appended to the entropy. Now the bits you have are 128 + 4 = 132.
3. Then the sequence is split in 12 pieces of 11 bits each.
4. Each piece is converted to decimal and you get 12 numbers that correspond to words from the BIP39 wordlist: https://github.com/bitcoin/bips/blob/master/bip-0039/english.txt
5. The mnemonic phrase is converted to a seed using PBKDF2 function (it's a hashing function actually). The seed is 512 bit long.
Now, the private key is generated from this seed (the 512 bits).
So, if you know the original entropy (step 1), you can derive the seed (step 5) that produces the key.
But, technically speaking, the mnemonic words and the private key are not the same thing.
The mnemonic is nothing more than the representation of the original entropy. Is it important? Yes! Too much! It can help you recover your wallet.
The private key is also very important because it does all the work. But, you don't have to back it up, because it's much easier to backup 12 words, since you know that they will produce the same key all over again.
1. The wallet software/hardware gather entropy from random sources. This entropy is 128 bits long.
2. The entropy gets hashed and the first 4 digits of the hash are appended to the entropy. Now the bits you have are 128 + 4 = 132.
3. Then the sequence is split in 12 pieces of 11 bits each.
4. Each piece is converted to decimal and you get 12 numbers that correspond to words from the BIP39 wordlist: https://github.com/bitcoin/bips/blob/master/bip-0039/english.txt
5. The mnemonic phrase is converted to a seed using PBKDF2 function (it's a hashing function actually). The seed is 512 bit long.
Now, the private key is generated from this seed (the 512 bits).
So, if you know the original entropy (step 1), you can derive the seed (step 5) that produces the key.
But, technically speaking, the mnemonic words and the private key are not the same thing.
The mnemonic is nothing more than the representation of the original entropy. Is it important? Yes! Too much! It can help you recover your wallet.
The private key is also very important because it does all the work. But, you don't have to back it up, because it's much easier to backup 12 words, since you know that they will produce the same key all over again.
I am also not too clear on the concept of Bitcoin core .like does it refer to something like a server that hosts the Bitcoin network or does it refer to the entire block chain system
Bitcoin core is a bitcoin wallet and also a tool for running a bitcoin node to download the blockchain and validation of transactions and blocks. Note that you don't have to run your own node and use bitcoin core. There are many other wallets that you can use for receiving and sending bitcoin.
You can use bitcoin core if you want to run your own node.
With running your own node, you can have a copy of the blockchain and you don't rely on others servers when you want to broadcast a transaction or get data from the blockchain. In this way, you can protect your privacy and you also help the network to be more decentralized.
Just as others have said private key and seed phrase are both use to recover ones wallet but private recovers an address but seed phrase recovers the entire wallet addresses.
Private key are 50+ alphanumeric characters and are used for the signing of a transaction when it is created. Without the private key the transaction cannot be signed.
Seed phrase are 12, 15, 18 and 24 words which are used to recover the wallet and are not needed to sign a transaction but can be used to retrieve or drive your extended private key which will drive the private keys associated with an address on that wallet.
With bitcoin core you can have your own wallet which is run by your own full node
Private key are 50+ alphanumeric characters and are used for the signing of a transaction when it is created. Without the private key the transaction cannot be signed.
Seed phrase are 12, 15, 18 and 24 words which are used to recover the wallet and are not needed to sign a transaction but can be used to retrieve or drive your extended private key which will drive the private keys associated with an address on that wallet.
With bitcoin core you can have your own wallet which is run by your own full node
Are private keys and seed phrases the same.or are they just terms we can use interchangeably?
The private is used for signing bitcoin transactions by generating a digital signature needed to sign and broadcast the transaction that you are making.
Seed phrase generates the private key.
To understand better, you can read these:
https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch05.asciidoc
https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch04.asciidoc
Let me make it clearer. The seed phrase generate the master private key and master public key, the master private key generates the child private keys. The child private key generates the child public keys and the corresponding addresses and also used in making bitcoin transaction.
The master public key can generate the addresses but can not generate the child private keys.
Seed phrases are a series of words usually 12 or 24 used to access a particular wallet address while private keys are used to sign transactions on that particular wallet
However the Bitcoin core is a software nodes use to connect to the Bitcoin network
Don't forget to keep your keys safe mate 😁
However the Bitcoin core is a software nodes use to connect to the Bitcoin network
Don't forget to keep your keys safe mate 😁
For private keys and phrases,
There are wallets you create that give you a private key, and some give you a phrase; both are your access keys to your wallet. In some wallets, you can also use your phrase to generate a private key, which you can also use to access your wallet.
Any of those is very important and should be protected because, if anyone gains access to them, they can wipe out your entire bitcoin.
There are wallets you create that give you a private key, and some give you a phrase; both are your access keys to your wallet. In some wallets, you can also use your phrase to generate a private key, which you can also use to access your wallet.
Any of those is very important and should be protected because, if anyone gains access to them, they can wipe out your entire bitcoin.
The private keys are derived from the seedphrase. If you have an address private key, you will only be able to recover that specific address. If you have the seedphrase however, you should be able to recover your entire wallet with all of the addresses inside of it.
I'm not sure I understand the second question though.
I'm not sure I understand the second question though.
From the recent information I have managed to gather concerning my Bitcoin journey I have a couple of questions I wish to clear from my mind I am also open to corrections to help kick start my Bitcoin journey my few questions go like this;
Are private keys and seed phrases the same.or are they just terms we can use interchangeably?
I am also not too clear on the concept of Bitcoin core .like does it refer to something like a server that hosts the Bitcoin network or does it refer to the entire block chain system
Are private keys and seed phrases the same.or are they just terms we can use interchangeably?
I am also not too clear on the concept of Bitcoin core .like does it refer to something like a server that hosts the Bitcoin network or does it refer to the entire block chain system
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