What’s the best way to backup the desktop wallet?
File backup. wallet and save to safe place.
make sure you encrypt your wallet before you save backup.
And make sure you don’t lose the passphrase. Store it somewhere secure.
I can also recommend storing sensitive data in an encrypted container with VeraCrypt: https://github.com/veracrypt/VeraCrypt
Dump your private key and back that up. This is the greatest form of backup you can do. You could also backup your wallet.dat file but this can become corrupt over time and hence is not as safe as a private key backup.
To backup your private key open the console in your wallet and type dumpprivkey “your peercoin address”. This RPC will return your private key which you can backup.
Will dumping private key recreate all addresses on that wallet? In other words is private key equal to a seed phrase?
No, the dumpprivkey command should be followed by the address that you want the private key of. This is not a practical way to backup a wallet in most cases. The ‘backup wallet’ in the user interface of the client under the ‘file’ menu is the best and simplest option for most people.
No. You must dump the private key of all addresses you hold manually. If you have many peercoin addresses you are better off just backing up the wallet.dat file as that holds all the private keys to all addresses in your client. Personally i keep a wallet.dat backup for my client which i update with each new release of Peercoin (0.9/0.10/0.11 etc.) but i also backup the private key of all addresses i own manually in the unlikely but possible event something happens to the wallet.dat file which makes it unusable.