Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2690

A bitcoin wallet stores private keys, creates and signs transactions, broadcasts transactions and reads the blockchain to receive transactions

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#2691

Describe in short what a bitcoin wallet does:
Rather than holding actual bitcoins, A bitcoin wallet actually holds the private keys to your coins, it also interacts, broadcasts, creates & signs transactions on the network.

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#2692
  1. A bitcoin wallet stores your private key which is used for signing transactions. It also generates your public key.
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#2693
  1. Describe in short what a bitcoin wallet does.
  • A bitcoin wallet is (in most cases except a paper wallet) a virtual wallet or program that stores your private keys. These keys are then used to sign transactions when spending or sending bitcoin for example.
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#2694

A bitcoin wallet stores a private key that can generate public keys. This can be used for send and recieve bitcoin,

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#2695

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.
    A bitcoin wallet hosts the private keys of an owner. The wallet is used to initiate transactions of bitcoin. It is used to digitally sign transactions that are then sent out to the nodes.
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#2696

A bitcoin wallet holds your private and public keys, and it allows you to send a receive transactions. .

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#2697

In its simplest form, a wallet is used to store a private key. (e.g. paper wallet). As functionally increases (e.g. a mobile app wallet), feature such as public key creation, UTXO management and transaction signing / broadcasting are introduced.

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#2698

Bitcoin wallet is basically just storing your private key. It is most probably running a node in the bitcoin eco-system. Bitcoin wallet is used to verify the blockchain transactions, to where it checks for data/balance asigned to your wallet. It can also broadcast a transaction via signing that transaction with your private key.

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#2699

Bitcoin wallet stores private key and signs tx.

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#2700

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.

Stores your Private Key, allows for incoming and outgoing transactions

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#2701

Homework on Role of Wallets

  1. Describe in short what a Bitcoin Wallet does
    A Bitcoin Wallet is a program that will store both your private and public key and can be used to sign or encrypt transactions.
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#2702
  1. Describe in short what a bitcoin wallet does.

The wallet holds private keys used for signing and broadcasting transactions.

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#2703

a BTC wallet simply stores private keys and signs transactions.
It doesnā€™t store coins;)

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#2704
  1. Bitcoin wallet store your private key and pubic key. It also creates transaction and digitally sign them when you want to send funds. Then gets broadcast to all the computer on the network to be verify.
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#2705
  • Describe in short what a bitcoin wallet does.

A bitcoin wallet stores private keys, creates and signs transactions, and then broadcasts transactions to the network. Upon receiving funds, wallet reads the blockchain and notifies you.

1 Like
#2706
  1. a bitcoin wallet stores your private keys and signs the transactions
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#2707

1. Describe in short what a bitcoin wallet does.
Stores your private keys and is able to use you coins by creating and signing transactions

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#2708

A wallet is a place to store your private and public key and they can send and receive bitcoin. Wallet initiates transactions with the private key in order to sign transactions. When the transaction is signed, it gets sent out into the internet (a network of computers)ā€¦ the wallet runs on my computer which will broadcast to all computers in the network. The transaction is in an unconfirmed state because it hasnā€™t been put into the blockchainā€¦ each node check so that the transaction makes sense. When the miners confirm the transaction it gets added to the blockchain. When you receive funds, your wallet will read the blockchain and notify you that you have funds to spend. There are different types of wallets: paper wallet, hardware wallet and hosted wallets.

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#2709

A wallet holds private key(s) It also serves to create signed transactions to spend from your ā€˜private keyā€™. It also broadcasts a transaction to the nodes.

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