BIP-44 builds a multi-account path convention on BIP-32. Its hierarchy separates purpose, coin type, account, change branch, and address index. The first three levels use hardened derivation, while the lower branches allow the intended public-key derivation workflows. A consistent path helps different wallet implementations locate corresponding keys from the same root material. The convention describes organization; it does not convert one cryptocurrency into another or guarantee that every wallet uses this exact hierarchy.

The path m/44'/0'/0'/0/5 identifies a BIP-44-style branch under the master key. Here the hardened purpose is 44, coin type zero denotes Bitcoin in the specification's convention, account zero is selected, the external receiving branch is chosen, and address index five follows. Indexing begins at zero, so this is the sixth address in that branch. The apostrophes mark hardened levels. This is public structural notation, not a secret key and not evidence that any funds exist at the resulting address.

BIP-44 describes account discovery based on transaction history and an external-address gap limit of twenty unused addresses. Generating or using addresses beyond expected gaps can therefore confuse recovery software that follows the default discovery rule. Other address formats also use different purpose conventions, so a seed restored with an incorrect path can appear empty. When investigating recovery, confirm the original wallet's format and account structure before concluding that assets are absent.

The chain records transactions; wallet discovery determines which derived addresses an interface looks for.