Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2428
  1. Wallet stores private key with is allow to create, broadcast, and read transactions to/from blockchain network
1 Like
#2429
  1. A bitcoin wallet contains the private key. This wallet can be online or offline and the private key is used to sign transactions and update balances respectively.
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#2430

Stores our private keys and starts the transaction when we want to make one and signs it.

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#2431

A wallet holds a persons private key, public key, and any crypto currencies they have in the wallet. It also allows them to send crypto currencies to other wallets by using the private key its holding to digitally sign the transaction.

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#2432

Coins are not stored in the wallet but on the blockchain. A wallet only stores private keys to access the coins. :slight_smile:

#2433
  1. Your Bitcoin wallet holds your private keys. When you send BTC, it will create and sign the transaction to create a transaction ID. It will then broadcast your transaction to the network/protocol. When you receive funds, your wallet will read the blockchain and notify you. Your balance will be based on the Unspent Transaction Output (UTXO). Technically your wallet does not store any coins.
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#2434

A Bitcoin wallet stores your private key. When you want to make a transaction that key creates a transaction and confirms it. Then it broadcasts that transaction to the network you’re using to make it.

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#2435

It doesn’t really confirms it, but the private keys can unlock a batch of bitcoins and change ownership to a new address with a digital signatures

#2436

Is that how it works with every crypto currency or just bitcoin?

#2437
  1. Is an application that is hosted in a mobile device, computer or website for sending and receiving cryptocurrency. It also contains both private and public keys in order to create, sign and broadcast transactions to the network.
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#2438

Correct, that’s how it works in every other cryptocurrency… at least at the time of this writting :stuck_out_tongue_winking_eye: (who knows what we will have in the 4th or 5th generation of this technology in future years :rofl: )

2 Likes
#2439

A bitcoin wallet stores private keys, derives public keys and bitcoin addresses, creates, signs and transmits transactions, and receives new blocks containing transactions from the longest available copy of the blockchain.

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#2440

A bitcoin Wallet holds the Private key, can sign a transaction to transmitted to Nodes or Miners to be validated.

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#2441

The function is store the private keys and there are different kind of wallets , we use it to sign the transaction and check funds like in the (banck account) but with bitcoin you are your on bank 365days

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#2442

Stores a private key that is used to sign transactions

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#2443
  1. a wallet holds your private keys, and create and sign transactions. It will broadcast transactions to the network and a wallet can but not always read and store the blockchain.
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#2444

Stores your private keys and sign transactions

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#2445

Bitcoin wallet interact the blockchain and holds adresses in order to send and receive BTC Crypto. No Bitcoin wallet, NO BTC transaction. :sweat_smile:

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#2446

bitcoin wallet is used to hold your private keys, that are used to sign transactions, create transactions and check balances

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#2447

a wallet stores my private keys and delivers on request a digital signature for my transactions

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