A wallet stores your private key. It is usefull so one does not have to type it openly on the internet to sign a transaction to send bitcoin to someone else.
1 Like
Bitcoin wallet is used to store private key, read data from the blockchain, sign transactions when sending funds and verify when reciving.
There are few different types of wallets:
-
Nodes: (applications on your computer or websites), they store you private key and have access to all informations on the blockchain)
-
SPV: (small nodes, usually on small devices such as mobile phones), they store your private key but do not have full access to the blockchain, istead they “trust” (more like verify) someone else’s node in order to send the transaction into the blockchain.
-
Paper wallet: as the name suggests, they are siply pieces of paper with your private key written on, they are secure as the key is stored offline but looses it’s strenght once a transaction is made because you key then it’s shared to the internet therefore vulnerable.
-
Hardware wallet: also known as cold wallets, they are the most secure way to store your key as you store the private key offline and never share it to the internet, very similar to a USB device they sign the transactions and send out the message to the internet already signed keeping your private key well safe.
1 Like
- a wallet stores your private keys, create and signs transactions as well as checking your current funds.
1 Like
Bitcoin wallets stores private keys which can be used for transactions.and checking of balances
1 Like
- Describe in short what a bitcoin wallet does.
wallet in bitcoin eco-system stores the private keys. creates and signs transactions
1 Like
Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A Bitcoin wallet stores the private key, signs transactions and transmits them without sharing the private key, or verifies receiving funds.
1 Like
your wallet is accessible through private keys so you can transfer transactions
1 Like
- A Bitcoin wallet stores your private keys. When you want to spend, it will create and sign transactions the transaction then broadcast the transaction to the network. To receive funds your wallet reads the blockchain and notifies you that you’ve received funds to spend.
1 Like
1- A bitcoin wallet stores private keys. Wallets can be in the form of an application running a full node/SPV or can be a USB device that stores the private keys offline. Wallets connected to the internet can create and sign transactions that are then broadcast to other nodes. To receive funds, wallets simply read/query the BC and the user is then notified of any changes. Offline wallets send transactions by connecting to a computer and receiving a request from an application to sign a particular transaction. Then the signed transaction is sent from the device back to the application and the application broadcasts to other nodes.
1 Like
Bitcoin wallet stores private keys, creates and signs transactions and oversees, checks the unspent funds.
1 Like
It is a piece of software, that can be on your computer, mobile or other hardware (like cold wallets) that generates and stores your private keys, as well as creates and signs transactions, and connect to the bitcoin network to read the balance (uxto) on the bitcoin addresses associated with it (addresses that were generated from that private / public key).
1 Like
Describe in short what a bitcoin wallet does.
A bitcoin wallet stores your private key giving you the ability to create and sign transactions on the blockchain.
1 Like
A bitcoin wallet supplies both a private key and a public key. The private key is like your account number for only you to have access to. It allows you to unlock a bitcoin address and send bitcoin to another bitcoin public address via your public key. This is accomplished by using a digital signature that is broadcast with your public key and is linked to your private key. Your public key is also used to receive bitcoin from another bitcoin wallet which now your private key can have access too.
1 Like
A wallet holds your private key and uses that key to sign and confirm transactions
1 Like
- A Bitcoin wallet stores your private keys, signs your transactions and communicates them to the nodes. It also allows you to receive transactions.
1 Like
- It is connected with the Bitcoin blockchain and it broadcast information both ways, it either sends information to the network whenever you want to send your BTC to someone else by signing it with your private keys and also it reads the blockchain whenever someone is sending you BTC to your adress/es.
1 Like
A wallet stores your private keys which can then be used to sign transactions. The wallet will also display your balance.
1 Like
Since there are no coins in Bitcoin wallets only store our private keys. When we want to send bitcoin the wallet will create and sign a transaction with our private key and then broadcast it to the network.
Hardware wallet signs transactions (with the private key) via USB so it does not connect to the internet and is much safer.
1 Like
Describe in short what a bitcoin wallet does.
A) The Bitcoin wallet holds your privet keys to create and sign transactions. Transactions are sent to nodes to be verified for miners to add to the ledger.
1 Like
1- application you can send and receive Bitcoin, stores tour private keys, creates a public key, sign transactions, shows balance
1 Like