I don’t quite understand why a wallet.dat backup is much different then having your private key. Are they just different ways to access the coins in case the computer crashes? Thanks for your time!
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I don’t quite understand why a wallet.dat backup is much different then having your private key. Are they just different ways to access the coins in case the computer crashes? Thanks for your time!
If the hard drive storing the wallet.dat file is lost or destroyed (ie, in a fire etc), you have lost all your coins. That is why you need a backup.