Crypto Wallets, Backup, & Recovery: What is a Crypto Wallet Derivation Path?

A simple backup of your crypto wallet seed or key might not be enough to keep you out of crypto wallet trouble. This is because different wallets use different "derivation paths". So what is a derivation path? How is it different from a wallet seed? What do you need to know about them to maintain access to your funds? In this video, Bitcoin educator, author, and entrepreneur Andreas M. Antonopoulos explains these and related issues.

Timestamps:

0:00 What is a derivation path?
4:24 The BIP43 and BIP44 standard
7:45 One great option https://walletsrecovery.org
8:28 Other options

This question is from the bonus live stream on key management, which took place on May 23, 2020.