- A Bitcoin wallet stores a user’s private key and is able to create, sign, and broadcast transactions to the rest of the bitcoin network. It also reads the blockchain and alerts you when you have funds that have been added to your account.
- A bitcoin wallet essentially holds your private keys such that you can sign off on the sending or receiving of bitcoins.
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Stores your private keys
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Creates and signs the transactions
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Broadcasts the transactions
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Reads the blockchain and notifies you about your coins balances
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EDIT Wallets communicate with SPV-s or full nodes to get the information from blockchain.
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By itself the wallet doesn’t store your coins, they are stored on blockchain.
SPV is more generally considered a light node. A wallet can either connect to an SPV or a full node.
- Describe in short what a bitcoin wallet does.
A bitcoin wallet stores the private keys of the bitcoins that the person holds, so that the databases of the blockchains where the bitcoins are stored can be read through that bitcoin. Wallets don don’t hold any coins - they store the private keys that are able to read the blockchain.
Thanks for clearing, I had in mind a phone wallet with some kind of integrated SPV mechanism. Probably just overthinking everything a bit
A bitcoin wallet stores your private key and is used to sign and broadcast your transaction and reads the blockchain to determine if the transaction is complete
Not really, most of the time it is the same program that contains two parts (the node and the wallet) so its reasonable to think of it as if its the same.
A Bitcoin wallet is not storing any coins. It stores your private keys, so when you want to send BTC, it will create and sign the transaction. The wallet will then broadcast the transaction to the network.
A description of what a Bitcoin wallet does is to store private keys securely and sign incoming and outgoing transactions with it. It does this by contacting copies of the blockchain from full nodes.
A wallet stores your private key.
It can generate a transacation, sign the same and broadcast it to the network.
1.A bitcoin wallet signs a transaction that when confirm is added to the digital ledger on the blockchain.
A bitcoin wallet stores your private key, creates public key, create transactions, and broadcast transactions. It does not store actual coins.
A Bitcoin wallet is a software App that stores the Private Key and Public key on a device such as a mobile phone or laptop and uses this KEY information to encrypt transaction messages that it sends and receives over the Internet to NODES in order to effect a transfer or transaction on the bitcoin ledger.
Describe in short what a bitcoin wallet does.
A bitcoin wallet stores your private key and can create + sign transactions
- Describe in short what a Bitcoin Wallet does.
A. A wallet is a digital data program that stores your private key; generates your public key; calculates your balance; handles estimated Tx fees and sums them; signs your Tx’s; and broadcast Tx to the network; also receives digital funds.
A bitcoin wallet stores the information about the amount of bitcoin you have so that it can communicate and sign transaction with the nodes in the network using your public key
A wallet is a digital data program that stores your private keys; generates your public keys; calculates your balance; handles estimated Tx fees and sums them; signs your transactions; broadcasts your transactions; and receives digital funds.
bitcoin wallet stores private keys & it can be used to release unspent funds / sign transactions.
1. Describe in short what a bitcoin wallet does.
A: The wallet stores a private key that is linked to entries in the BTC network that validates that the holder of those private keys is entitled to or owns the coins in the BTC ledger linked to those private keys.