Homework on Role of Wallets - Questions

Wallets store your private keys. It is used to send moneys and check how many moneys you have left to spend. As Bitcoin wallets are virtual, you feel much less connected to them. A good thing about this is you don’t get as depressed when you look at them, but a drawback is that you don’t really pay enough attention to properly judge whether you have enough money to buy that.

Bitcoin wallet stores your private keys and with those keys you are able to access your coins, your private key you connect to node that verifies account balance and transactions you are going to do. Also all transactions are signed with your private key

Describe in short what a bitcoin wallet does.

A bitcoin wallet

  1. stores a private key, perhaps also created by the wallet along with a public key
  2. creates transactions
  3. signs transactions with the private key to establish and/or prove identity and origin
  4. sends transactions by broadcasting to the bitcoin network
  5. reads transactions with a query against the bitcoin ledger

Describe in short what a bitcoin wallet does.

With a hosted wallet your private keys are stored in a server Wallet eg: Coinbase, so you are not in control of your coins. With a hardware Wallet the Private Key never leaves your wallet. The Function of a wallet is to store a Private Key and to Create and sign transactions. Not your Key Not your Coins

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Describe in short what a bitcoin wallet does.

  • The wallet stores the Private key
  • It creates and sign transactions when sending BTC
  • It broadcast the transaction to the network
  • It reads the blockchain and notifies when receiving BTC
  1. A bitcoin wallet stores your private key in order to sign a transaction.

A Wallet stores the private key and manages, creates and signes transactions.

A Bitcoin wallet holds your private keys. It allows you to create, sign and broadcast transactions to the network. It does not store any coins. When you send funds from your wallet, it notifies the nodes and then, the miners subtract the coins you’ve sent from your portion of the blockchain ledger and adds them to the receiver.

A bitcoin wallet holds private keys, create and sign transactions, broadcasts these transactions to the network, and read blockchain for any changes to your addresses. There are how ever different types of addresses that differ in functionality e.g. hardware, paper and hosted.

  1. Describe in short what a bitcoin wallet does.

    A bitcoin wallet stores your private key which is used to sign a transaction, which is then sent to a full node on the bitcoin network for processing.

  1. it stores your private keys, create & sign transactions and then broadcast it.
  1. A bitcoin wallet stores the private key, it produces the public key and it can read in the blockchain. It can initiate and sign a transactions.

A bitcoin wallet hold both your private and public keys. It can generate and sign TRX, receive TRX and check balance.

A bitcoin wallet stores your private keys and signs transactions. Hosted wallets only send requests to the holder of your private keys

  1. Describe in short what a bitcoin wallet does.

As the description should be short on what a bitcoin wallet does and others like @jon_m @marsrvr have already given a more full analytic answer about wallets :top: :rocket: :+1:t3:
I will only say that a Bitcoin wallet generates and stores you private and public key, plus it gets updated from the blockchain about the transactions from your wallet to others and vise versa(the other way around) :grinning:

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  1. Describe in short what a bitcoin wallet does.

Contrary to the name suggests, Bitcoin wallets don’t hold any Bitcoin. They have the ability to generate private keys and then store them. As they have the ability to generate private keys, they can also produce corresponding public keys.

Wallets are constantly updating and storing the latest copies of the blockchain ledger – including any the wallet’s user has made - being connected to the nearest nodes on the network.

A bitcoin wallet keeps people bitcoins in it

  1. Describe in short what a bitcoin wallet does.

Stores private keys, create signs transactions, broadcast to the network, read tthe blockchain.

not exactly, they don’t hold actual bitcoins. Wallets hold private keys (like a password for your adresses to unlock bitcoins assigned to it by reading the blockchain) wallets also create and sign the transactions you are trying to send and broadcast it to the bitcoin network when your transaction is valid.

**1. Describe in short what a bitcoin wallet does.**

With a BITCOIN wallet you can send and receive transactions through the BITCOIN blockchain eco-system. For you to do that your wallet must store your private keys so when you send or receive a transaction it will be able to sign, validate and confirm your transaction through the network.