Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2268
  1. Bitcoin wallet holds your private key. Provides security for your Bitcoin. Enables the ability to send and receive Bitcoin.
1 Like
#2269

A Bitcoin Wallet holds your Private Keys. It is used to communicate/verify transactions with the Bitcoin Network - to sign transactions with your Private Keys and broadcast to the network, and it also reads the network for your current balance & to check for any incoming deposits.

1 Like
#2270

a bitcoin wallet stores your private keys

1 Like
#2271

1.Describe in short what a bitcoin wallet does.

Wallet store Private Key,create and sign transaction in the blockchain.

1 Like
#2272

Neither wallet stores your bitcoin, these are stored on the blockchain. A wallet merely stores your key to access those funds. :slight_smile:

5 Likes
#2273

A bitcoin wallet stores your private key. The private key is used to sign transactions to be able to send BTC.

1 Like
#2274
  1. A Bitcoin wallet basically stores your private keys. When you want to send BTC, it will create and sign the transaction, and broadcast it to the Network.
    When you receive funds, it will read the Blockchain to verify the transaction and notify you of the new balance of funds you can spend.
1 Like
#2275
  1. Describe in short what a bitcoin wallet does.
    [/quote]
    Bitcoin wallet
    -stores the keys
    -generates and signs a transaction
    -communicates a transaction to other computers in the network
    -reads an incoming transaction
2 Likes
#2276

Its an app/program that has your private number and can create and sign transactions for you. It however doesn’t hold the bitcoins, only your private key but can check how much funds are available. Signed transaction then get sent by the wallet and verified by the Bitcoin network / nodes.

1 Like
#2277

A bitcoin wallet primarily stores the private key to whatever addresses you have on there. When you confirm a transaction, your wallet signs it with the private key and then broadcasts it to the network.

2 Likes
#2278

Bitcoin wallets send and receive bitcoin. They sign transactions with private keys and they receive bitcoin with public keys.

3 Likes
#2279

A Bitcoin wallet stores a private key that creates and signs transactions

2 Likes
#2280
  1. A Bitcoin wallet stores your private keys.
2 Likes
#2281
  1. A bitcoin wallet sends and receives bitcoin. It holds private keys. It can create and sign transactions. It will broadcast to the nodes and miners. It can read the blockchain to notify you of funds.
2 Likes
#2282

Bitcoin wallet is a program to store users private key and use it to sign transactions. It allows user to send and receive bitcoins.

2 Likes
#2283
  1. Wallet store your private key and sign valid transactions.
2 Likes
#2284

A wallet holds your private key which is used to verify your digital signature and transactions

2 Likes
#2285
  1. Describe in short what a bitcoin wallet does.
    A bitcoin wallet stores your private keys and uses that private key to sign transactions. It also has a full node or talks to full nodes to get up-to date information of the bitcoin ledger.
1 Like
#2286

There are several types of bitcoin wallets,

  • hardware wallet
  • node
  • spv
  • paper
  • hosted

A bitcoin (non-paper) wallet holds your privat keys, it also creates, signs and broadcasts transactions to the blockchain.

1 Like
#2287

a bitcoin wallet stores your private keys and uses it to sign transactions.

1 Like