Homework on Role of Wallets - Questions

Sol · October 14, 2020, 9:56pm

Describe in short what a bitcoin wallet does.

Bitcoin wallet stores a private key or seed, create, broadcast and read transactions.

Pat · October 15, 2020, 1:19am

A wallet is what a person uses to send funds to and from and account, you also sign transactions from the wallet. When a transaction is made it broadcasts this to the network of nodes and each node checks that the data on the transaction being sent is correct.

Pat · October 15, 2020, 1:28am

also it stores the private key XD

CryptoHats · October 15, 2020, 2:21pm

Homework on Role of Wallets - Questions

Describe in short what a bitcoin wallet does.

A: Wallet stores keys which signs transactions safely

Steven_Livasy · October 15, 2020, 3:12pm

1. Describe in short what a bitcoin wallet does.

A bitcoin wallet stores your private keys, uses them to sign off on transactions, and is the middle man between you and the network.

QQQ · October 15, 2020, 4:38pm

A Wallet stores your private keys. When sending BTC, the wallet uses the private key to creates and sign transactions

mepler · October 15, 2020, 6:30pm

A bitcoin wallet stores your private keys. Your private keys are kept secret (hopefully) and are used to create and sign transactions to be broadcasted to nodes in the system. There are different kinds of wallets although a hardware wallet is the safest route for storing your private keys offline.

Lukas.G · October 15, 2020, 8:32pm

A bitcoin wallet stores your private and public keys. Using the private keys it can sign transactions and broadcast it to the network, doing this they send and revive transactions. They also read the blockchain and notify you when you receive funds.

Krystell_TE · October 15, 2020, 9:29pm

Bitcoin wallets are a “hiding” place for your private key and a validator of your public key and signature as you transact on the blockchain.

DatalyticallyPrudent · October 15, 2020, 11:42pm

A bitcoin wallet stores your private key and uses it to sign transaction that originate from it. It will broadcast the transaction to the network to be confirmed. It can also query the blockchain to see how many BTC you have.

Littlered · October 16, 2020, 1:35am

Wallets store your private keys with hold access to your coins. Cold storage wallets are offline and are unhackable because they are not connected to the internet. Hosted wallets are hackable because your private keys are trusted with a third party that is online and open to malware. All in all, wallets are used to store your crypto tokens by storing your private keys to those tokens and also may provide opportunity to earn interest on your stored private keys.

mathiasstudart · October 16, 2020, 5:02am

It holds your private key and allows transactions using your UTXOs.

QuickTech · October 16, 2020, 9:19am

A Bitcoin wallet creates and holds the private key. It can create transactions and sign those transactions with the private key. Then it can broadcast those signed transactions to the network of nodes and miners for verification and confirmation.

CraigH · October 16, 2020, 10:58am

Bitcoin wallets store your private keys and ultimately allow you to send and receive funds. no coins are stored, they just allow you to interact with the blockchain

jonnycoco · October 16, 2020, 11:51am

A bitcoin wallet is an application used to communicate with the bitcoin network. Using public and private s the wallet signs a transaction and sends the signed transaction to the network and then the miners confirm the transaction in the next block.

Techienati · October 16, 2020, 12:45pm

A Bitcoin wallet stores your private keys. If you want to send Bitcoin to someone else, the wallet creates a transaction tx and signs it with your private key before broadcasting it to the network. So all the nodes in the network can verify that this transaction was signed by you. When you receive funds on the other hand your walled reads the blockchain and notifies you that you have funds to spend. There are no coins at all in Bitcoin.

ALANCOPE24 · October 16, 2020, 4:28pm

A Bitcoin wallet stores your private keys and signs transactions.

Geoff_Thomas · October 16, 2020, 5:43pm

1. Describe in short what a bitcoin wallet does.
A bitcoin wallet is analogous to a physical wallet. However, instead of storing physical currency the wallet stores relevant information such as the secure private key used to access bitcoin addresses and carry out transactions. There are various different types of bitcoin wallets including desktop, mobile, web, and hardware.

aasagba · October 16, 2020, 9:16pm

Q: Describe in short what a bitcoin wallet does.
A: A Bitcoin Wallet is an application encapsulating a private key which is required to create and digitally sign Bitcoin transactions so that they can be broadcast to the Bitcoin network and subsequently added to the BlockChain.

Ledaley86 · October 17, 2020, 1:54am

A bitcoin wallet allows you to send and receive bitcoin. There are several different options for different wallets. An exchange, such as Coinbase, provides a hosted-wallet that stores your bitcoin for you between a combination of cold and hot storage. A hardware wallet allows you to store your bitcoin in cold storage that fully protects you from malware or any potential threat of your bitcoin being stolen. When running a full node allows you to take full control of your sovereignty - a person can download the full bitcoin blockchain to see physical transactions occurring in real time.