Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2850

1) Describe in short what a bitcoin wallet does.
A wallet contains private keys. When bitcoin is sent, it creates and signs the transaction which is then broadcast to nodes in the network. When bitcoin is received, the wallet reads the blockchain and notifies you that you have funds to spend. The wallet contains no coins.
There are different types of wallet: full node, SPV, paper, hardware and hosted wallets (which aren’t really wallets).

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#2851

A wallet is where you keep your private key - which it generates. This allows you to send and receive Bitcoins.

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#2852

A bitcoin wallet stores your private key, which is used to sign transactions.

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#2853

A Bitcoin wallet stores your private key. It can create and sign transactions. It then broadcasts the transaction to all of the nodes. Then it can also read transactions.
P.S Your wallet doesn’t store any coins.

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#2854

Wallet:

  • stores your private key
  • connects to a node to read how much of the currency you have on the blockchain
  • signs and broadcasts transactions to the network
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#2855

wallet holds the private key for your crypto signs for transactions

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#2856

It stores your private keys and uses them to create, sign and broadcast transactions as well as to read the blockchain

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#2857

A bitcoin wallet is used to generate and store private keys. They are also used to generate or receive transactions that use the blockchain.

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#2858

BTC wallet stores a private key, creates and signs transactions. sends them to the nodes, read blockchain to calculate its holdings.

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#2859

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.
    It just holds your private key so that you can sign transactions.
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#2860

The simplest wallet holds the private key of an owner. More advanced wallets are able to create signatures and public keys and transfer them over the network, broadcast and receive information about transactions.
It is a database with limited or extended functionality.

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#2861

A wallet uses your private key to create transactions and can also check your balance

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#2862
  1. a bitcoin wallet stores your private keys, and allows you execute/sign transactions. the wallet also displays your balances.
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#2863
  1. Describe in short what a bitcoin wallet does.

A BTC wallet stores private keys. If you want to send money, the wallet will create and sign transactions and then broadcast them to the network.

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#2864
  1. Describe in short what a bitcoin wallet does.

A Bitcoin wallet can send or receive BTC, the wallet will create a transaction and sign the transaction with it’s private key creating a digital signature and the wallet holds the private and public keys.

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#2865

A Bitcoin wallet stores your private key used to sign transactions and spend and receive money.

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#2866
  1. A crypto wallet securely stores a private key and uses that key to compute a digital signature to spend the asset.
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#2867

A bitcoin wallet creates signed transactions with you private key and broadcasts the transaction information to all the nodes of the blockchain to verify its validity.

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#2868

A bitcoin wallet allows you to transact with your private key

1 Like
#2869

Answers to Homework on Role of Wallets.

  1. Describe in short what a bitcoin wallet does.
    The Wallet stores the Private Key, that is used to Create and Sign Transactions, Broadcasting and to Read Full Nodes.
2 Likes