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If I understand correctly, bitcoind makes use of a extended private masterkey in order to deterministically generate private/public keys for a wallet.
Using the dumpwallet command, I'm able to get access to this extended private masterkey.
My questions:
1) If I only backup that extended private masterkey, would I be able to recreate the wallet entirely in case my application crashes? Or do I really need to backup the wallet file itself? (Let's say I do not import addresses that were not generated by bitcoind itself.)
2) I heard that changing the passphrase of a wallet would change the extended private masterkey... Is that true?
3) If #2 is true, can I simply backup all generated extended private masterkeys (every time I change the passphrase) to be able to recreate the wallet entirely using those multiple extended private masterkeys? What would be the command to run to recreate the wallet from more than one extended private masterkeys?
If I understand, I backup this special
hdseed=1private key, and I'll then be able to recreate the wallet from scratch, even if I set and change thepassphraseafter that? (Thanks a lot for the help!) – electrotype – 2019-10-20T22:07:29.7031Yes. The HD seed is effectively the same thing as the extended master private key. However, other wallets probably won't be able to import it. – Andrew Chow – 2019-10-20T23:03:37.950