Wallet just store your Private key where we can sign transaction/send currency.Also It checks with the nodes the latest state of wallet that is the balance in the wallet.
2 Likes
Your bitcoin wallet is like a personal accountant/banker who confirms in front of the system that indeed you in particular are trying to make some transaction (by signing it with your private key) and checks if you have enough funds to do it.
2 Likes
A bitcoin wallet holds your private keys. When you send bitcoin the wallet creates and signs the transaction and broadcasts the transaction to the bitcoin network of nodes.
When the wallet receives funds, it reads the blockchain and notifies you about the transaction.
1 Like
A wallet stores my private keys. It can also sign a transaction and send it out. A wallet can also read the network to gather information related to my private keys.
1 Like
A bitcoin wallet stores your private keys to which you are then able to sign transactions and broadcast to the internet to full nodes that host an entire copy of the blockchain for verification and confirmation.
1 Like
A bitcoin wallet stores private keys and uses them to sign transactions.
1 Like
- A bitcoin wallet stores your private keys.
1 Like
Describe in short what a bitcoin wallet does.
A Wallet is something to store your private keys, it can sign transactions, check your balance. The Wallets can be Paper, Host, Cold.
1 Like
a bitcoin wallet allows you to send and receive bitcoin. It stores your private keys and uses them to sign transactions
1 Like
- Describe in short what a bitcoin wallet does. Bitcoin wallets stores your private key and creates and signs your transaction then broadcast it to the network. When receiving funds the wallet reads the blockchain and notifies you that you have funds to spend but the wallet doesnât hold coins.
1 Like
Bitcoin wallet has your private keys which signs your transactions to verify the owner. It does not have any coins.
1 Like
Homework on Role of Wallets - Answers
- A wallet stores private keys, creating and signing a transaction, broadcasting that transaction, and interacts with the blockchain. It is constantly reading the blockchain, looking for and collecting funds. When you do this on your mobile device, you are suing an SVP which is different than a wallet, but functions in a similar, but quite different manner and does not contain your private key. Hardware wallets are good for storing your assets, as the private key for those assets is never online and therefore not susceptible to attack from hackers trying to steal your funds. Hosted wallets function as an app on your device where your assets are stored on the respective server which has the private keys for those funds. This makes digital payment more convenient, but your funds will only be as secure as the server the host is using.
1 Like
Bitcoin does not maintain USERNAMES and PASSWORDS ⌠As a Bitcoin wallet owner you have a private key that you keep very, very secret ⌠and you can then spend Bitcoin by signing transactions with your private key. If you have a node you donât have to ask anyone what the STATE of the blockchain is, but most wallets ask other FULL NODES for information on transactions.
As a wallet owner, you can generate multiple public keys with which to receive Bitcoin. This slightly enhances the Pseudonymous nature of Bitcoin, but Bitcoin is NOT a privacy coin.
2 Likes
SPV is a light node which your mobile wallet interacts to be able to connect to the network. You still have private keys in the wallet. 
1 Like
A bitcoin wallet is where you store your private key which helps to generate a public key, it helps you sign transactions and broadcast it to the network.
theyâre no bitcoin stored in it.
1 Like
Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A Bitcoin wallet:
-Stores your private keys
-Creates and signs a transaction with your private key
-Broadcasts the transaction to the network
- Reads the blockchain and receives transactions
1 Like
A wallet is meant to store your private keys that are used to sign and send transactions. The wallet doesnât actually contain any coin but the private keys to access such funds.
1 Like
1.Stores private keys, Signs and reads the blockchain.
1 Like
- A bitcoin wallet is a store of value which holds a randomly computer-generated private key belonging to its user. It is used to sign transactions when sending money to other peers without exposing the key to the internet. It can also be used to view the public address corresponding to the private key of the wallet by connecting to the blockchain.
1 Like
a bitcoin wallet allows you to store, send and recieve bitcoin from other people
1 Like