Need help understanding Phoenix Contexts

I’m a bit confused about what context really is after reading the Phoenix Context Guide. From the guide, it seems like Accounts context deals with everything related to users (registration, authentication, etc.). But aren’t those supposed to be its own contexts? So which of the following is the right way to define context?

Option 1

  • Accounts
    • register_user
    • login_user
    • update_user_profile
  • Merchants
    • register_merchant
    • update_merchant_profile

Option 2

  • Accounts
    • register_user
    • register_merchant
  • Authentication
    • login_user
  • Profiles
    • update_user_profile
    • update_merchant_profile

or maybe other options?