When working with crypto I am used to have a public address, a private key and a password. These are usually the elements that are giving me access to my wallet (private key + password) and receiving funds (public address). But I see that when creating a wallet in some app you also get a mnemonic for it. I wonder if this replaces the private key in any way or if you don't need that anymore. Hopefully you can bring some light on that, thus the next question.
What is the difference between private key and the mnemonics we get while creating a wallet?
Question asked also on Quora.com.
Come join the LeoFinance space on Quora and let's grow the community there as well!
