That's correct, but there are some extra considerations. Usually, a Bitcoin wallet will generate multiple addresses with different private keys, using the initial key as a seed alongside some extra parameters. The only real-world ramifications of this are that there could be compatibility issues between different wallet software, meaning some extra configuration is needed before being able to regenerate the wallet.
What I described is the complete procedure for regenerating a wallet set, from zero. If you want a real-world equivalent, it's like teleporting all the gold you own to your hand at any time. You might think the procedure is a hassle, but the reality is that you will have a well-secured computer as your primary storage. Being able to recreate a safe store out of thin air is just icing on the cake.
Comments
That's correct, but there are some extra considerations. Usually, a Bitcoin wallet will generate multiple addresses with different private keys, using the initial key as a seed alongside some extra parameters. The only real-world ramifications of this are that there could be compatibility issues between different wallet software, meaning some extra configuration is needed before being able to regenerate the wallet.
... and people were trying to convince everyone this is the new currency at one point
What I described is the complete procedure for regenerating a wallet set, from zero. If you want a real-world equivalent, it's like teleporting all the gold you own to your hand at any time. You might think the procedure is a hassle, but the reality is that you will have a well-secured computer as your primary storage. Being able to recreate a safe store out of thin air is just icing on the cake.