Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#261

No worries, I went back and watched over, somehow I was over complicating it. I’ll be doing the bitcoin programming track later on, for sure.

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#262

a bitcoin wallet stores you private keys. When you want to send bitcoin, the private keys will sign the transaction and the wallet will then broadcast the transaction out to the network. When you receive bitcoin, the wallet will read the blockchain and alert you that you have funds.

#263

  • Holds private keys

  • Creates, broadcasts & signs transactions

  • Reads blockchain

#264
  1. Describe in short what a bitcoin wallet does.

A bitcoin wallet stores your private keys. It uses these private keys to digitally sign transactions in order to securely broadcast them to the public network.

:blush:

#265

Thanks for the correction^^

A wallet creates and sings transactions and sent it to nodes of the Blockchain

#266
  1. A bitcoin wallets stores your private keys that it uses to sign a transaction when spend your bitcoin.
#268

A wallet 1) stores your private keys 2) creates, receives & signs transactions and 3) broadcasts transactions and 4) reads the blockchain to notify of changes in balance.

#269

A bitcoin wallet (not including hosted) will contain your private key, from which a public key can be generated. It will supply a signiture upon request of its public key transaction. Your Bitcoin quantity is not stored in the wallet, but resides on the blockchain.

#270
  1. A bitcoin wallet stores private keys and sends and receives transactions.
#271

thank you 4 your replay

so is it false to say that the wallet holds bitcoin?
where are they actually? :thinking:

#272
  1. A bitcoin wallet holds your private and public keys, because it holds the private keys it is able to sign transactions proving it is the controller of attached funds in the blockchains ledger. By its signature and its signature alone is authority given to send transactions from that entry on that chain.
#273

Wallets are keeping our private and public keys. When we want to send coins it creates the transaction and spread it to the network using private key to sign that transaction.

#274

they are on every node basically. every batch of Bitcoins have a locking script and only your private key can unlock bitcoins to spend wich is locked on a public key of yours

#275

Describe in short what a bitcoin wallet does.

A bitcoin wallet :
-hold your private keys
-can create and sign transactions
-broadcast transactions to nodes in the network
-read the blockchain

#276
  1. It stores your private key and can use it to sign transactions.
#277 
A: A bitcoin wallet: 
	○ Reads or queries the blockchain
	○ Stores private and public keys
	○ Creates a transaction
	○ Signs transaction
	○ Propagates transaction to other nodes in the network.
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#278
  1. Bitcoin wallets manages and allows the owner to interact with the private and public keys.
#279

A Bitcoin wallet is a software program where Bitcoins are stored. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance

#280

bitcoins are never stored on a wallet, but lives on every node in the network, every spendable bitcoin is cryptographically locked and your wallet can unlock bitcoins it owns with the private keys to spend them

#281

a bitcoin wallet doesn’t actually holds any bitcoin, it just holds your private key. a wallet can also create a transaction, search the blockchain and detect funds

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