A seed phrase is usually 12 or 24 ordinary words that generate millions of private keys, so you'll never run out of addresses during your entire life and your hardware device will keep track of all of them. A private key is like a specific key for one particular crypto address.
If you have a hardware device like Trezor/Ledger, etc. then you'll never need to worry about all your private keys. Once you enter the seed phrase it will know all your private keys and manage them for you. So obviously, NEVER give out your seed phrase or store them online. Everything you own can get stolen with 12-24 simple words.
Your seed phrase can create millions of private keys across dozens of different cryptocurrencies, so if you buy lots of shitcoins (but don't do it), then your device with one seed phrase will know every address & private key for every type of coin you own.
Let's say you have your Bitcoins in 50 different addresses, each with 0.01, for a total of 0.50 Bitcoins. Assume all the private keys were generated by the same seed phrase, and you want to send 0.195 for a payment. Then your hardware device can send 0.01 coins from 20 different accounts and send them all to your selected address. It will then create a new address to deposit your extra 0.005. It's actually pretty simple since you can deal with many addresses without having to keep track of every private key yourself.
Lastly, if your device gets lost, or the company goes bankrupt, you can always just acquire a new device from another company, so long as it uses the same protocol (most use the same one). Now just type your seed phrase into your new device and it will find all your money.
tl;dr --> Hardware devices and seed phrases are really great if you're into crypto.
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