k, so here's why i've been confused, but maybe not anymore
- People keep saying the keys are generated from the phrase
- People seem to believe the keys don't exist until the phrase
- No one seems to understand the keys are generated
prior to the phrase
(mind you, i'm not talking about exclusively here on the forums, i mean generally everywhere)
.. And I kept thinking, well how is Exodus capable of accepting deposits without (private) keys, since the backup process hasn't even been setup yet?
Your addresses (private-keys) are locally derived from the 12 word phrase that Exodus provides you when you backup your wallet.
This is where my thick headedness kicks in
The 12 word phrase is your backup and your keys are generated with them.
In my stupid brain, people keep saying the key is generated from the phrase (actually, that is what people keep saying) - but i think i understand now that both are one of the same.
I think the common misconception of the key not existing until the phrase is part of the problem.