Store and save private key. Record all transactions. Wallet protect money from hackers.
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A bitcoin wallet stores your private keys and bitcoin balance and can be used to sign a transaction that it broadcasts out to nodes and/or SPV’s
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The role of the bitcoin wallet is to store the private keys. When sending bitcoin, the wallet create and sign the transaction. When receiving bitcoin, the wallet will read the blockchain and notify of available coins.
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The bitcoin wallet generate your private key in orders to sign transactions and also encrypt it in your public key in order to be able to receive bitcoin. The wallet does not have coins it is a way to connect to the ledger that contain your coins balance. If you lost your private key or someone finds it you lost forever access to your funds. It is very important to make the difference between a full node that also have a wallet functionality, a cold storage wallet that can store the private key printed once on a piece of paper, or a USB wallet that contain your private key and is not connected to internet and hosted exchanges accounts that are not crypto wallets. Also for security reasons you should have more wallets for different types of transactions so even if someone finds your private key you do not store all your funds in just 1 cold storage wallet.
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Bitcoin wallet stores my private keys, it signs transactions and shows balance.
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It has your private key info. It creates and signs transactions.
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- a bitcoin wallet is a wallet that stores your private keys. when u send bitcoin it creates and signs the transaction and it then broadcast transactions to the network. when you receive funds, your wallet will read the blockchain and notify you that you have funds to spend.
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A bitcoin wallet stores private keys which are used to ‘sign’ transactions.
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- Describe in short what a bitcoin wallet does.
Bitcoin wallet store private key and communicate with the network in order to proceed any transaction
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Describe in short what a bitcoin wallet does:
A bitcoin wallet stores private keys, broadcasts transactions to the network and keeps track of the cumulative value of the holder’s unspent transactions.
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A wallet stores your Private keys so that they can be used to verify and sign transactions. It communicates with the blockchain and signs transactions allowing you to send or receive funds.
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A BTC wallet stores your private and public keys, it uses the private key to sign transactions that are then broadcast to the network. A wallet does not hold coins, there are no coins.
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A bitcoin wallet stores private keys in order to send and receive transactions.
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Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A bitcoin wallet allows you to store your private keys ideally offline in a secure situation such as a paper or hardware wallet and not an exchange wallet. Then it will sign your transactions for you so you can send and receive crypto without needing to provide your private keys and risk security breach.
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A bitcoin wallet stores your keys to a piece if the Blockchain network.
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There are no bitcoins, there are only private keys. A wallet stores your private key. Your private key communicates your purchase or holding to many servers holding nodes. The nodes are mostly hosted by miners. When enough nodes are informed of your transaction it is verified with your private ket. There are hosted wallets which are not really wallets.Your service provider such as Coinbase or Kraken or other “probably have” a full node. In this node is stored the funds from many customers. When you deal with the provider they are only transacting the contract from your app.
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A crypto wallet holds your private keys that is he electronic signature to transactions.
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Describe in short what a bitcoin wallet does.
A bitcoin wallet : creates and stores key pairs ( if it is not hosted wallet); signs and broadcast transactions; queries the block chains for transactions;
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Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued
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a wallet stores your private key and public key and the hash of that public key, Also it checks your balance and signs transactions with the private key.
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