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Since this is about encryption, not access control, we don’t store hashes for authentication. What *is* stored in the files is an encrypted key. The actual key used to encrypt the file is a 128 or 256-bit random key you never see. Your password is used to encrypt that key.
If the existing files were encrypted with AxCrypt 2, and you *changed*, not *reset* your password they will seamlessly open with the new password. The article here: http://www.axcrypt.net/blog/axcrypt-online-vs-offline/ explains how this works.
Otherwise, AxCrypt will prompt you for the password.