Private Key Sweep vs. Import
Private Key Sweep: involves transferring funds from a private key to a new wallet address, rendering the original private key unusable.
Import: refers to the act of importing a private key into a wallet to access the funds stored in that address.
Private Key Sweep: is a security measure to prevent unauthorized access to funds in case the original private key is lost or stolen.
Import: allows the user to access their funds stored in an address with a known private key.
To perform a Private Key Sweep: the user provides the private key to the new wallet and the funds are transferred automatically.
To perform an Import: the user inputs the private key into the wallet software and the wallet software will use the private key to access the funds stored in the address.
Private Key Sweep: is irreversible and the original private key cannot be used to access the funds again.
Import: leaves the private key vulnerable to theft or loss if the wallet software is compromised.
Private Key Sweep is recommended for individuals who no longer need or want to access funds stored in an old address.
Import is recommended for individuals who need to access funds stored in a known address for ongoing use.
Private Key Sweep: is faster and less complex compared to Import.