Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2068

a bitcoin wallet stores your private keys. It doesn’t actually store any coins because there are no coins.

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#2069

Yes, the bitcoins are on the blockchain database wich every full node have a copy of. So everybody has all the bitcoins. But every batch of bitcoins are locked to some keys where only the owner of the keys can unlock and change ownership to other keys.

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#2070
  1. Describe in short what a bitcoin wallet does.
  • a bitcoin wallet allows user to access blockchain it holds users private and public key , it can allow to sign a transaction and send that signed transaction into blockchain which we refer as sending bitcoin , and also a wallet recognize among the whole blockchain if anyone has sent a transaction to their public key and if there is it will allow user to spend that bitcoin as on the blockchain database that amoutn of bitcoin are linked to the users private key. in a simple word a wallet acts as an interface to the blockchain.
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#2071
  1. A bitcoin wallet stores your privet key that is used to sign transactions.
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#2072

A wallet stores private keys and uses them to sign transactions

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#2073

Homework on Role of Wallets - Questions

Describe in short what a bitcoin wallet does.

A bitcoin wallet stores your private keys, signs transactions, and broadcasts them to the blockchain.

Usually, a bitcoin wallet is not a full node, but is instead an SPV (simplified payment verification) system, which does not store a full copy of the blockchain, and therefore relies on other nodes to verify it’s transactions on the ledger.

Contrary to the common misconception, a bitcoin wallet does not actually contain any coins, but it instead holds the keys to the account which has the rights to the balance in question.

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#2074

Describe in short what a bitcoin wallet does

A bitcoin wallet holds the private keys. The private keys are used to create, sign and broadcast transactions onto the blockchain on behalf of the user.

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#2075
  1. There are several kinds of bitcoin wallets but in general, a bitcoin wallet stores your private keys, creates and sign transactions and it can read transactions from the blockchain.
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#2076

bitcoin wallet stores private keys and signs and broadcastcasts transactions.

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#2077

Describe in short what a bitcoin wallet does.

A bitcoin wallet stores your private keys and uses them to create outputs and sign transactions and checks your UTXO (Unspent Transaction Outputs)

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#2078

Bitcoin wallet store private key, create public key and sign the transaction. broadcast the transaction on the bitcoin network for processing. There is no coin inside the wallet.

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#2079

Stores your private keys. And signes transactions for you.

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#2080

A Bitcoin wallet uses your private key to make transactions

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#2081

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does

originally Bitcoin Wallet Keep your database which is mainly including your Private key and use it to sign the transactions on the blockchain.
:grinning:

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#2082

signs the transactions with private key

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#2083

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does

A bitcoin wallet holds your private key. You can create and sign a transaction from the wallet, which is broadcast to the network to confirm. If this transaction is successful the wallet allows you to read the updated amounts.

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#2084
  1. Describe in short what a bitcoin wallet does:

It constructs transactions, signs transactions with the private key and broadcast transactions.

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#2085
  1. A bitcoin wallet lets you send and receive bitcoin. It stores your private and public keys. It also creates, signs, and broadcast transactions.
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#2086

A bitcoin wallet stores private keys, creates and signs transactions by broadcasting via bitcoin network; and when when receiving funds the wallet reads the btc blockchain and notifies you of the available coins you have to spend.

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#2087

A bitcoin wallet

  1. Holds your private keys
  2. Creates transactions
  3. Signs transactions
  4. Forwards Transactions to nodes to be broadcast on the bitcoin network
  5. Queries the nodes to update it with a change in UTXOs
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