I was wondering what actually gets “backed up” using the backup phrase? Will my wallet and all of my profiles be restored if I use this backup phrase? Or do I need to do something else as well?
(Asked originally on Slack)
Answers by Patrick:
- This is the “master” private key that gets used to generate all your other private keys (i.e. by following bip32)
- Don’t lose your backup phrase, and don’t show it to anyone else (it’s a private key)