Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2541

It stores a private key, starts signed transactions and broadcast them to all the nodes in the network

1 Like
#2542

A Bitcoin wallet stores private keys, creates transactions, and broadcasts them using public keys to the Bitcoin network. It also allows for storage of value.

2 Likes
#2543

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.
    Bitcoin Wallet:
  • stores private keys,
  • creates and signs transactions,
  • broadcasts transactions to network (blockchain)
  • reads blockchain for updated ledger information.

There really are no coins in the wallet, it is a copy of a data base, which is a Bitcoin ledger.

Nodes verify transactions and miners (are also nodes) add new information and confirm new transactions.

G.

3 Likes
#2544

A Bitcoin wallet creates a private key and stores the key. It also create a public key and a wallet adress to send and receive funds.

2 Likes
#2545

A Bitcoin wallet stores your public and private keys, signs transactions, and checks your balance when queried.

3 Likes
#2546

A bitcoin wallet allows you to keep full possession of your bitcoins. From it you can use your private key to sign payments.

2 Likes
#2547

Signs transactions with your private key, and it transmits these transactions to the network database via nodes as well as can read the database.

2 Likes
#2548

A bitcoin wallet stores your private key and uses it to sign transactions to prove authenticity. It does not store any coins as such. The wallet will broadcast your transactions to the network so that they can be verified and added to the blockchain by the network.

2 Likes
#2549
  1. The bitcoin wallet stores a person’s private keys, which are used to create, sign and broadcast transactions to the bitcoin network and/or receive and read such. Unlike a normal wallet where you store coins/bills or any type of currency, the bitcoin wallet is really just a method of verifying yourself and giving yourself the permission to broadcast moving money from A to B to the public ledger.
1 Like
#2550
  1. A bitcoin wallet is a piece of software which stores your private key and uses it to sign transactions which then are broadcast to the Bitcoin network
1 Like
#2551

stores and creates public/private keys, signs, broadcasts and reads transactions.

1 Like
#2552

1. Describe in short what a bitcoin wallet does
A bitcoin wallet does the following:

  1. Stores your private keys

  2. Creates and signs transactions

  3. Broadcasts to the network

  4. Reads the blockchain to determine if you have funds available to spend

There are no coins in the bitcoin wallet. The network has a complete database of all the transactions that have occurred. When a new transaction is placed and verified, the network will update the entry in the ledger. The bitcoin wallet is able to read the verified transaction record and determines what funds are available for that particular wallet.

2 Likes
#2553
  1. Describe in short what a bitcoin wallet does.

A Bitcoin wallet stores your private keys, which it can use to digitally sign and create transactions. These can be broadcast to the decentralised network of nodes, which can verify the authenticity of the transaction through the digital signature and corresponding public key, and validate that the private keys the signature stems from relate to an account holding sufficient funds for the transaction to proceed. Wallets therefore do not hold coins. Wallets can also read the blockchain to receive funds.

1 Like
#2554

Stores your private key to sign transactions, the wallet can also query the blockchain

1 Like
#2555

1- a bitcoin wallet stores and generates a private key , that is then used to sign transactions , to be verified by nodes confirmed , then picked up by a miner to be added on a block

1 Like
#2556

a wallet stores your private keys and allows you to sign and send transaction in the bitcoin network,with a non custodial wallet, you are in control of your private keys.
custodial wallets like coinbase hold your keys for you.
not your keys not your coins

1 Like
#2557

A bitcoin wallet store your private keys, create and sign transactions, share transactions to the network, read the blockchain and notify the available balance.

1 Like
#2558

Stores your keys and signs transactions

1 Like
#2559

A Bitcoin wallet stores the private key and generates the public bitcoin address to receive coins. It also can create transactions that are signed by the private key and can send coins to other addresses.

1 Like
#2560
  1. Bitcoin wallet stores private key, create transaction and sight it then broadcast it. Then we get bitcoin wallet read blockchain.
1 Like