Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2468
  1. Describe in short what a bitcoin wallet does.
    Bitcoin wallets store your private keys which can then be used to sign transactions.
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#2469

A bitcoin wallet stores your private keys, creates and signs transactions, broadcasts to the network and reads the blockchain.

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#2470

1)A bitcoin wallet stores your private key and creates a public key for you to transact publicly with, broadcasts transactions to network, and signs your transactions with a digital signature so they can be verified to your wallet. More simply put it sends and receives bitcoin transactions on the bitcoin network.

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#2471

A bitcoin wallet generates and stores your private key, which will allow you to sign transactions.

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#2472
  • Quite simply, a btc or crypto wallet stores private keys and uses them to sign transactions.
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#2473

A bitcoin wallet stores your private keys and uses them to authorize transactions.

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#2474
  1. A bitcoin wallet stores private keys and allows for the creation of transactions (assuring the nodes on the network approve of your sufficient ‘funds’) as well as digitally signing those transactions for verifiability.
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#2475

A cryptocurrency wallet does not actually store coins but rather it stores private keys which are used to sign transactions. Wallets usually send transactions over the blockchain network which will then be validated by other nodes. The wallet is then used to send or receive funds though actual changes that occur in the blockchain database.

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#2476

a wallet creats (tx)transaction and broatcast to blockchain using private key to sign transaction

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#2477
  1. A Bitcoin Wallet store’s your private key.
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#2478
  1. A bitcoin wallet stores your private keys and allows the private key to sign transactions based on the balance available in the wallet, in the wallet you can also check your balance.
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#2479

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.
  • It stores your private keys.
  • When you want to send cryptocurrency the wallet will create & send the signed tx.
  • It will then broadcast the signed tx to the network of nodes holding the blockchain.
  • When you want to receive cryptocurrency it will read the blockchain & notify you when it is available to be spent.
  • Wallets do not hold any coins, just the user’s private keys.

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#2480
  1. Describe in short what a bitcoin wallet does.
    A wallet has no asset in it it only holds your keys. This key is what allows you to access your balance of crypto that is on the blockchain
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#2481

A wallet is a database that stores your private key. It signs and creates transactions and broadcast it to all nodes. When receiving transactions it will read the blockchain and notify you of funds available.

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#2482
  1. Describe in short what a bitcoin wallet does.
    A Walleet stores your private key, create and sign transactions, broadcast it to all nodes, when receiving transactions it will read the blockchain and notify you about your funds
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#2483

it saves private key which are used to sign transactions on the blockchain

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#2484

A bitcoin wallet contains you private and public keys and basically a wallet sends you transaction to the blockchain where it is then verified by a miner

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#2485
  1. Bitcoin wallet is a program to send and receive bitcoin, broadcast and notify when bitcoin is received , store bitcoin transactions and monitor bitcoin balances. It does not store coins. It generates the bitcoin address which serves as the holders personal address to receive bitcoin. The private key of the wallet is use as a pass to access the Bitcoin. Whoever knows your private key controls your bitcoin.
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#2486
  1. Describe in short what a bitcoin wallet does.
    It sends, receive , and sign transactions and broadcast them to the nodes of the blockchain
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#2487

A Bitcoin wallet stores/hosts the private keys and uses it to sign transactions.

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