A Bitcoin Wallet stores your Private Keys. When you want to send Bitcoin it will create and sign the transaction, then broadcast it to the network.
1 Like
- Describe in short what a bitcoin wallet does.
It creates private keys and iniciate transactions
1 Like
A bitcoin wallet stores your private keys that are used to create a transaction and then sign it and broadcast that transaction to all the nodes in the ecosystem that verify it.
1 Like
A bitcoin wallet is an application on a phone or PC that holds public/private keys. Its also what signs transactions with the private key.
1 Like
Describe in short what a bitcoin wallet does.
A wallet is a place were your private key are stored. With this you can access the blockchain (create tx, sign tx and broadcast tx).
1 Like
A bitcoin wallet stores your private keys for you and uses you private keys to digitally sign your transactions before being broadcast to the network for verification. It can also connect to the block chain and notify you of funds available.
1 Like
A bitcoin wallet store your private keys, signs transactions with it, broadcasts these transactions to the network and reads the blockchain.
1 Like
1. Describe in short what a bitcoin wallet does.
A Bitcoin Wallet is connected to the Blockchain and stores your private & public Keys in order to create and sign transactions.
1 Like
1.) Describe in short what a Bitcoin wallet does.
A bitcoin/crypto wallet is basically a software on an app, website, and on an offline hardware
wallet.
When sending BTC, the private keys creates a signed transaction and is broadcast throughout
the network among the nodes.
When receiving BTC, the wallets read the blockchain and notifies us that we have money to
spend.
All nodes copy entries/transactions and update the entire ledger/blockchain.
All wallets are not created equal. Hardware wallets store your private keys, connect to the
internet through your PC, and send a signed transaction without exposing your private keys.
Hosted Wallets/Hot Wallets (like Coinbase wallet) have data servers that store your private
keys.
I guess that is where we got the phrase 'NOT YOUR KEYS, NOT YOUR COINS.'
2 Likes
A bitcoin wallet stores private keys and generates public keys , it creates, signs transactions and broadcast the them to the network ; or it reads the blockchain and notifies the user when he receives new funds.
the wallet doesnât have any coins stored in it , instead we only change the records on the database.
there are mainly 4 types of wallets :
-nodes and SPVs : which are connected to the internet.
-paper wallets and hardware wallets : which are offline and more secured.
also we have the what so called hosted wallets but they donât really hold private keys so they basically just apps connected to centralized servers.
1 Like
- A Bitcoin wallet stores your Private Key. It does not store any âBitcoinâ as such, or any other coin. A wallet communicates with the blockchain. When you send Bitcoin, it uses your Private Key to sign the transaction, and broadcasts it to the whole network. This digital signature is public, it is recognised by the network as the fingerprint of your private key. When you receive Bitcoin (unless it is a Paper wallet, which is only a Private Key), your wallet reads the blockchain and notifies you of the transaction.
1 Like
- Describe in short what a bitcoin wallet does.
- A bitcoin wallet stores your private key, creates and sign the transaction, broadcast transaction, and also reads the blockchain if you have funds to spend.
2 Likes
Bitcoin wallet stores private keys.
1 Like
Describe in short what a bitcoin wallet does.
A bitcoin wallet will store your public-private keys pair and use the private key to sign any transactions sent to the network. It would also read the blockchain and notify upon received funds with transactions sent to you. But there are no actual coins involved, only updated entries within the distributed ledger.
1 Like
- holds your private keys, signs transactions by interacting with the blockchain network.
1 Like
- Describe in short what a bitcoin wallet does.
- A Bitcoin wallet facilitates the sending and receiving of Bitcoin by using the ownerâs private key to access an address on the blockchain where the ownerâs balance is stored and the receiverâs public key which directs to the receiverâs balance address
1 Like
Wallets hold your private keys. With this you can store funds, create and sign transactions. When signed it will broadcast the transaction to the network that can validate or invalidate the transaction. When some or many of your addresses in the wallet receive funds to spend ( UTXOs) it will notify you and and your balance is updated accordingly.
1 Like
A Bitcoin wallet:
- stores private keys
- creates & signs transactions
- broadcasts information to the nodes
- also receives & reads blockchain information
- & notifies of funds balances
1 Like
Answer:
In general, a Bitcoin Wallet stores your private keys. Along with storing private keys, the wallet creates and signs Bitcoin transactions. After creating, signing the transaction, the wallet will broadcast the transaction to other nodes on the network, as well as read the Blockchain to inform the user the exact funds available in their account to spend.
1 Like
- Bitcoin wallets store your private keys which is used to sign your transactions. Once validated in the network it is set in the blockchain giving the owner of the wallet credit for the transaction.
1 Like