What is “watch-only”? Why I see this in my wallet and what do I do now?

The watch-only is a field in your wallet means that the coins indicated under this field are not available for withdrawal and transfer. Such situation could appear only if you were importing your addresses from one wallet to another via the private key but used wrong command line for importing it. To be more specific, you have generated private key for some address but you then imported the address, not the key. As a result, you can see that weird scene in your wallet.

So what should I do now?

It is quite easy to fix if you have your previously generated private key, which is very much welcomed to do for security reasons even without any necessity for moving the wallet, in a text file or handwritten. In this case, all you need to do is to import the private key into the wallet. Not the address but the private key.

To do so you should go to menu Help - Debug Window - Console and enter the following command:

importprivkey XXXXXXXXXXXXXXXXXXXXXXXXXX

where

importprivkey - is a command

XXXXXXXXXXXXXXXXXXXXXXXXXX - is your private key

Result: Watch-only and Spendable sections in your wallet dashboard will disappear immediately and you will see a usual balance.

Note that if your wallet is encrypted you will need to unlock it first for some time necessary for entering the command. You can do it with the command
walletpassphrase XXXXXXXXXXXXXXXXXXXX 60

where

walletpassphrase - is a command

XXXXXXXXXXXXXXXXXXXX - is your passphrase

60 - unlock time in seconds

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