Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2208

  1. Describe in short what a bitcoin wallet does.

    Wallet can read blockchain and store your private keys which allows you to sign and send transaction to blockchain.

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#2209
  1. A bitcoin wallet is used to send a receive bitcoin(s). It stores your private key that, in turn, creates and signs the transactions. The wallet also reads the blockchain ledger when a transaction is later confirmed by the nodes/network.
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#2210
  1. A bitcoin wallet initiates transactions signed with your private key, creates a signature and broadcasts into the blockchain. It simply records the amount of bitcoin you have in the blockchain. No actual coins are stored in a wallet.
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#2211

Wallet is an application to store, send and receive funds. It holds private and public keys. When a person broadcasts a transaction on the network from the wallet it sends them to the nodes on the network.

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#2212

Holds private keys and signs transactions

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#2213

Q1: Describe in short what a bitcoin wallet does.

A1: Bitcoin wallet stores a users Private key which is, in turn, used to send (broadcast) digitally signed transactions to the bitcoin blockchain network.

They are also used to receive transactions and balances which are stored on the blockchain - paper-type wallets excluded.

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#2214
  1. bitcoin wallet has a private key which is needed to access and transact with bitcoin network.
#2215

A bitcoin wallet stores a private and a public key. It uses the private key to sign initiated transactions and broadcasts it to the network/nodes and the bitcoin wallet updates the wallet balance when it receives bitcoin.

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#2216
  1. tracking or construct you`re or the transactions correspondenting to the public adress, signing the transaction and broadcast it to the blockchain
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#2217
  1. A bitcoin wallet:
  • stores your private keys
  • creates and signs transactions
  • broadcasts transactions to the network
  • reads blockchain for incoming transactions
    The bitcoin wallet doesn’t hold coins, only transactions.
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#2218

BTC wallets store users’ private keys. All wallets except for paper wallets can create, sign and receive transactions through the BTC network…

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#2219
  1. Describe in short what a bitcoin wallet does.
    A: A BTC wallet stores my private keys. When sending a transaction, the wallet itself will create the transaction, then sign the transaction and then broadcast it to the network. It can receive funds as well that are reflected on the blockchain as confirmed, thus changing my BTC balance on the ledger.
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#2220

A wallet stores your private keys, creates public keys, holds your public key, can sign a transaction and can broadcast it on the blockchain for nodes to see and put it on the blockchain.

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#2221

A bitcoin wallet just stores the private-key and encrypts transmissions with it.

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#2222

A bitcoin wallet stores a private key. It can create, sign, and broadcast a transaction. It can also read the blockchain, check the transaction received, and notify the owner accordingly.

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#2223

Describe in short what a bitcoin wallet does.

A bitcoin wallet has your private keys and uses them to sign any bitcoin transaction you send.

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#2224

A wallet stores your private key that you use to sign an unspent transaction that then is send to the different nodes and checked iff it is a correct transaction. When the nodes approved it is then sent to the miners that ad it to the blockchain

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#2225

A bitcoin wallet is a physical device or a software that stores your private keys. it uses this keys to sign transactions.

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#2226
  1. Describe in short what a bitcoin wallet does.

A wallet is a means by which private and public keys are stored. Types of wallets include running a full node or SPV where private keys can be stored, a piece of paper, or a hardware wallet. All of these except for a paper wallet can broadcast transactions to the blockchain. A paper wallet has the advantage that it is not connected to the internet and cannot be hacked. A hardware wallet is similar in that it is not supposed to expose your private keys directly to the internet but can still broadcast transactions when connected.

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#2227
  • A bitcoin wallet stores your private key and when you need to send a transaction it uses your private key to digitally sign the transaction. It also can query the blockchain to retrieve your balances
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