HD stands for Hierarchical Deterministic. This type of wallet automatically generates a hierarchical tree-like structure of private/public addresses (or keys). The private keys are stored offline on the user's device which provides a higher level of security and means that only the user has access to these private keys.
Unlike standard wallets that require taking a backup to generate a pair of random private/public addresses, HD wallets have 12-word master keys (seed phrase), which means that only a single backup is required. HD wallet users have full control over their assets, but also bear all of the responsibilities for their actions.
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