Homework on Role of Wallets - Questions

SimonTecle · December 28, 2020, 2:36pm

Stores private keys and signing of transactions.

ImagineCrypto · December 28, 2020, 3:25pm

Describe in short what a bitcoin wallet does. A wallet holds the private key(s) for the user and performs the “transaction” by signing the digital signature and creating the transaction as opposed to providing a private key. There is not actual coins held in the wallet, but rather the private key. It also stores a ledger copy or the pinging from a node.

Pineapple · December 28, 2020, 4:54pm

Homework on Role of Wallets - Questions

Describe in short what a bitcoin wallet does.
A bitcoin wallet has your private keys which allows it to create and then sign a transaction. It does this by signing the transaction and checking the blockchain to see that there is enough bitcoin available on both sides for the transaction to go through and be added to the blockchain.

saulento · December 28, 2020, 6:27pm

Describe in short what a bitcoin wallet does.

-in general, it stores private keys (which then can be used to sign transactions)

crypto_wendell · December 28, 2020, 6:59pm

A bitcoin wallet stores your private keys.
Also a bitcoin wallet can sign transactions and broadcast them to the bitcoin network (other nodes) if it is not a paper wallet. It can also check the balance of your wallet.

lucas_pace · December 28, 2020, 7:59pm

store a private key wich can sign transactions

JorgeB · December 28, 2020, 9:30pm

Describe in short what a bitcoin wallet does.
A bitcoin wallet reads the blockchain such that it can display how much funds you have. It stores your private key and uses it to sign your transactions. After creating and signing a transaction it will broadcast the transaction to the bitcoin network

raerae · December 28, 2020, 10:38pm

A Bitcoin wallet stores your private keys, signs transactions, and broadcasts the transaction to the network.

AKotell · December 28, 2020, 11:18pm

Homework on Role of Wallets:

1: Describe in short what a bitcoin wallet does.

A: Depending on the type of wallet you chose to have, there are a number of things your bitcoin wallet can do. For example, a full node bitcoin wallet stores the entire blockchain, private key/s, sends and receives transactions, creates transactions, signs transactions, and broadcasts the transaction to the entire network of nodes. It will also read the blockchain and notify you when you receive funds that you can spend. It doesn’t store coins as there are no coins in bitcoin.

Other types of a bitcoin wallet are:

SPV – A mobile phone which doesn’t store the entire blockchain, but has your private key and communicates regularly with several different full nodes to verify details of transactions.
Paper wallet – can store your private key only. To send or receive transactions the data from the paper wallet will need to be imported into an SPV or full node.
Hardware wallets/ledgers – these are basically like a USB device. Like a paper wallet, it stores your private keys but can query the blockchain like an SPV as it too doesn’t have the entire blockchain stored. It is also offline like the paper wallet.

JimKitzmiller · December 28, 2020, 11:42pm

A wallet stores a private key. It can be used to initiate transactions on a Blockchain.

Born_reckless · December 29, 2020, 5:15am

A Bitcoin wallet allows the user to send and receives bitcoin. The wallet in itself is a private key tha is used to to sign the transactions digitally and send them to the world. For receiving, the a public key is derived from the private key, that public is accessible by the whole world.

Olejandro · December 29, 2020, 11:52am

Describe in short what a bitcoin wallet does.
A bitcoin wallet generates and authorizes transactions on the user/owner’s account before they can be processed by the network.

m_tag8 · December 29, 2020, 4:56pm

Describe in short what a bitcoin wallet does.

A bitcoin wallet stores a user’s private key. The wallet basically a node on the blockchain network and can communicate with other wallets. Private keys are used to prove to the blockchain that you are the owner of a certain transaction. In a way, you can think of the public key as your bank account number and the private key as your debit card number.

Furby · December 29, 2020, 6:15pm

Bitcoin wallet holds your private key which is used to create and sign transactions and able to check your balance.

Jakub · December 29, 2020, 9:27pm

It stores your private (and public key) to sign a transaction and release it to other computer (nodes) into the blockchain. It informs you how much funds you have to spend, how much funds you’ve received etc.

axiomatictor · December 30, 2020, 12:25am

Describe in short what a bitcoin wallet does: A bitcoin wallet stores your crypto currency and allows you to perform transactions by sending and receiving Bitcoin with your wallet address. You must securely store your private keys so none can have unauthorized access to your account.

Mihir23 · December 30, 2020, 6:44am

A bitcoin wallet stores your private and public keys that are used for interacting with the blockchain network. If you want to send bitcoin, the wallet creates a transaction and then uses the private key to create a signature and signs it. This transaction is then broadcasted to the blockchain network to reach a confirmed status. The wallet will also inform the owner about incoming funds and the current balance.

DoubleTrouble · December 30, 2020, 2:10am

In a bitcoin wallet you can send and receive bitcoin and store your private keys.

KlodyCodez · December 30, 2020, 2:51am

A bitcoin wallet stores a private key. The wallet can create/sign a transaction it can also broadcast a transaction and read a transaction (read the blockchain).

OlegO · December 30, 2020, 10:49am

Bitcoin wallet stores private keys and signs transactions.