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Deterministic wallets

In this type of wallet, keys are derived out of a seed value via hash functions. This seed number is generated randomly and is commonly represented by human-readable mnemonic code words. Mnemonic code words are defined in BIP 39, a Bitcoin improvement proposal for mnemonic code for generating deterministic keys. This BIP is available at https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki. This phrase can be used to recover all keys and makes private key management comparatively easier.

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