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CoinSpace wallet is a hierarchical deterministic Bitcoin, Litecoin and Ethereum wallet. The wallet generates a passphrase for you that you can use as your seed to generate the rest of your addresses. The important thing to remember is to memorise the phrase in full and write it down somewhere safe. If you lose the phrase you will not be able to access the funds or generate your addresses if you have lost your phone. The responsibility is in your hands.
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