I am trying to get the big picture of the bitcoin entities starting from seed to btc receiving addresses in Hierarchical deterministic wallets without being too technical about hash functions or too specific about each entity. If there are other entities (like PKH) that should be included in this "Entities relationship diagram", please let me know.
So trying to summarize the main concepts as I understood them:
- Seed is used to generate Master Private Key (and the mnemonic 12/24 words).
- From Master Private Key, many child private keys can be derived. Together with the derived public keys, they represent the "accounts" in the wallet-family-bank (ex. My Savings account, My Spending account, My son's account etc)
- In order to receive payments to a specific account, the PHK (double hashed public key) or the short version of it (bc1q...) needs to be provided to the payer.
Now my question is: Is it possible to have multiple receiving addresses (bc1q) related to the same PHK, thus to the same account? As per my understanding from practical experience with Ledger, it is so, but after reading Grokking Bitcoin I got a bit confused.