1. Describe in short what a bitcoin wallet does.
The wallet signs value transfer transactions and broadcasts them to the network. It calculates your balance from the UTXOs on the network.
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Homework on Role of Wallets - Answer
- Describe in short what a bitcoin wallet does.
Answer: It stores your private key which is used to sign transactions.
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- a device or app depending if its a hardware wallet or not that stores your private keys which keep record of your balance and signs off on transactions you make
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A bitcoin wallet holds your private keys and uses them to sign transactions and check balances.
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Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A Bitcoin Wallet stores your Private Key, it keeps record of all the transactions as Tx Hash that the user performs in the Blockchain or through the Bitcoin ledger.
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Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
Bitcoin wallet is a software that keeps private key (it doesn’t hold any coins by itself) and is able to construct wallet balance by communicating to Bitcoin network to read UTXOs. It’s also able to construct transaction, sign it and broadcast it to the Bitcoin network.
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a bitcoin wallet stores the private key and a copy of the blockchain either by proxy(SPV) or by storing the entire blockchain
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- It stores your private key, creates transactions and signs them. There are several ways to store the keys: a node, an spv, just a paper, and a hardware wallet.
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Describe in short what a bitcoin wallet does.
A bitcoin wallet stores your public and private keys. It can create create and sign (with the private key) transactions.
It can read from the blockchain our balance and broadcast transactions to nodes from the network.
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A bitcoin wallet:
- stores your private keys
- creates and signs transactions
- can broadcast transactions
- can read the blockchain
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A bitcoin wallet holds your private key, which enables signing transactions to thus send and receive funds.
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- Describe in short what a bitcoin wallet does.
A BC wallet stores your private keys. When sending funds, it creates and sign transactions and broadcast this to the blockchain
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Stores your private key,create and sign transactions
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A bitcoin wallet stores your private keys and uses them to create + sign transactions to be broadcast out to the network
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A bitcoin wallet stores a clients crypto , hot storage wallets (online) or cold storage wallet (offline) , ledger nano’s, … Hosted wallet’s are not actually wallets , it are app,s witch communicate with a server that connects to the wallet of the company you are using. A wallet does not actually hold coins in storage but it holds the data of the crypto you own.
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- Describe in short what a bitcoin wallet does.
A: a Bitcoin wallet stores your private key, and with your private key it can create and sign transactions then send the signed transaction to other nodes so that it can be propagated throughout the blockchain and eventually the ledger will be updated if the transaction makes sense.
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- A bitcoin wallet holds my my private key for sending bitcoin and my public key for receiving bitcoin. This enables transactions to take place.
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A bitcoin wallet stores stores private keys, not coins. These private keys are then used to create and sign transactions.
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Bitcoin wallets store your private keys and allow you to manage any Bitcoin stored within.
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A wallet holds your private keys as well as sends and receives transactions on the network.
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