Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2670
  1. It holds your private key and signs transactions and sends them back to the blockchain via an app
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#2671
  • Holds your private keys
  • Quires the Bitcoin Blockchain
  • Sends signed transactions
  • Notifies you when incoming transactions are received
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#2672

A wallet stores your private keys, sign and create transactions.

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#2673

A wallet is a program that stores your private keys. The wallet sign and create transactions.

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#2674

A bitcoin wallet stores private keys, create and sign transactions.

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#2675

It stores your private keys and uses them to sign transactions

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#2676

A bitcoin wallet hosts your private keys which give you access to your bitcoins on the block chain.
It can be used to sign and create transactions.

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#2677

A bitcoin wallet stores my private key and creates and signs transactions that are then send to the network to get verified. After the transaction is verified by nodes and added into the blockchain by a miner it is confirmed

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#2678

It stores your private keys that lets you have access to your funds. It doesn’t actually hold your coins

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#2679

It’s a application you use on mobile phone, desktop or website to send en receive bitcoin.

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#2680

  1. Describe in short what a bitcoin wallet does.

    A bitcoin wallet stores your private key and is used to both create and sign transactions.

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#2681

In short, a bitcoin wallet stores private keys, and allows for the creation and broadcasting of transactions.

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#2682

It receives transactions using the private key, that it has stored. Creates transactions, broadcasts the transaction and reads the blockchain to verify the message.

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#2683
  1. In short, a bitcoin wallet merely holds a private key. Not coins.
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#2684

1)Describe in short what a bitcoin wallet does.
Facilitates the sending and receiving of Bitcoins, and gives ownership of the Bitcoin balance to the user. It stores Private key. It comes in many forms. Four main ones are desktop, mobile, web and hardware.

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#2685

it has your private key
create and sign transactions
broadcast the transaction
read the blockchain

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#2686

A bitcoin wallet is an application which is uesd to hold your private key and public key. You can use the wallet to create, sign, broadcast and read a transaction.

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#2687
  1. Describe in short what a bitcoin wallet does.

Ans: A bitcoin wallet is basically used to constructs, signs & broadcasts transactions. It stores your private key, quarries the blockchain from the outside world, like all the other SPV’s. In the case of a hardware wallet, the good thing about it, is that it’s offline. The wallet never exposes the private key to the computer.
:pray: :heart: :pray:

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#2688

A bitcoin wallet stores your private key, you can create or sign transactions, allow you to see your balance.

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#2689

Homework on Role of Wallets - Answers

  1. Describe in short what a Bitcoin wallet does.
    • Stores private keys
    • Creates and signs transactions
    • Broadcasts the transaction
    • Reads blockchain to receive funds, notifies when you have funds to spend
    • No actual coins stored
    • When wallet signs and broadcasts transaction, nodes update entries in the database/ledger and balances get adjusted in appropriate locations
    • Can either run full node (includes private key + entire blockchain) or an SPV (includes private key but doesn’t store blockchain, queries multiple nodes to verify transaction details)

blockchain.Ronin

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