When we discuss about BTC wallets, there are 3 terms that come to mind first.
Public key is quite easy to understand. It is a set of numbers and letters (hash) that can be seen by everyone in a transaction. It is used to receive BTC from others.
The other two terms are Private Key and Seed Phrase (it has some other names such as recovery phrase).
I read about BTC wallet private key and seed phrase but couldn't understand the difference between them!
According to what I know, private key is a secret number that any wallet owner has in order to spend his bitcoin.
Seed phrase is a number of words that we should write down to recover our wallet funds in case something happens for our PC or mobile. This will be given to us by wallet service provider.
I have received a seed phrase from my blockchain wallet and have written it on a piece of paper. Is this the same thing as private key? What do they mean by private key? Is my blockchain password = my private key?
Can someone explain the difference between private key (secret number) and seed phrase (a set of words)?