A bitcoin wallet does not hold any coins. It holds your private keys which allows you access to your bitcoins. You can have a wallet, a paper wallet (which is offline), a hardware wallet (like a USB drive), or a hosted wallet (i.e. Coinbase).
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A bitcoin wallet is an application that stores your private keys that are used to send and receive bitcoin transactions. There is no actual bitcoin on the wallet, just the keys that are used to confirm transactions that are then stored on the various nodes that comprise the blockchain. These keys are needed to validate ones holdings on the blockchain and initiate any future transaction.
That’s only true for hardware wallets like Ledger and trezor.
Describe in short what a bitcoin wallet does:
The bitcoin wallet stores private keys, create + signs transactions, broadcast the transaction to the blockchain, and reads the blockchain when reviving funds and notify you that you have funds.
- Describe in short what a bitcoin wallet does.
It stores your private keys, initiate transactions & broadcast your transactions for validation from the network. When receiving funds, it will read the blockchain for confirmations of your transactions.
Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A wallet does not contain coins but only stores the private keys. The private keys sign the transactions that are made with the wallet. Wallets broadcast the transaction and send them to nodes on the bitcoin network.
a bitcoin wallet never stores any funds what so ever however it dose store your private keys and whit these private keys you can acces your funds thats is connected to the hole bitcoin network true a node
- Describe in short what a bitcoin wallet does.
- The wallet stores the private keys for the corresponding addresses that each contains zero or more UTXO
Stores private key, create and sign transactions.
- Describe in short what a bitcoin wallet does.
- Stores the private keys to addresses on the chain
- Sign transactions with private keys and sends them to nodes where they are in unconfirmed state
- Reads the block chain to detect confirmed state change of the address
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A bitcoin wallet used the private key to sign a transaction and then broadcasts the transaction to the other network.
A bitcoin wallet lets you send and receive btc.
A bitcoin wallet creates transactions and gives each transaction a digital signature based off of your private key that gets verified on the blockchain to confirm that your transaction is valid.
A bitcoin wallet create and stores private keys, creates transactions, digitally signs transactions, broadcasts transactions, verifies balances on the blockchain.
A Bitcoin wallet allows a user to create, sign & broadcast transactions that are submitted to the blockchain for confirmation. This is accomplished by the use of private & public keys, with cryptography in-between these two keys for security. The wallet generates the public key from the private key.
- Describe in short what a bitcoin wallet does.
A wallet stores your private keys and creates/signs transactions.
There are no 2 types of transactions in the way you are describing. a transaction is made of inputs and outputs. this transaction needs to be signed to specific adresses using your private key.
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Is it more correct to say that there is one set of transactions the wallet can do, but they can be used for these two different applications - bitcoin & ID ?
- Describe in short what a bitcoin wallet does?
A bitcoin wallet stores privite keys accepts and sign transcations through public keys.
not really, every transaction has at least 1 input and 1 output (except the coinbase transaction (blockreward for mining)) but there are more types of ways to encrypt the bitcoins to the adresses. you will learn about it if you take the bitcoin programming course later. I don’t want to confuse you.
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