A 12-word phrase is generated in conjunction with your private/public key pair. When you submit a 12-word phrase to a wallet software, it interprets the words into representing your private key. You could say that your 12-word phrase is your private key, and not be far from the truth, because it has many of the same properties as your private key, including: 1) It can be submitted to a wallet software to gain access to a specific wallet and 2) It should never be shown to anyone
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