Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#2930
  1. A piece of software that enables you to store, send, and receive cryptocurrency using a public and private key.
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#2931

Bitcoin wallet is an application software installed in mobile device. It keeps custody of the private key in a device it which it is installed, it also create and sign transaction and broadcast it into the network. It also query the blockchain multiple times to verify receiving transactions to the owners wallet.

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#2932
  1. Describe in short what a bitcoin wallet does.
    It stores private keys. Wallets DOES NOT store coins. When selling, it creates and signs transactions and when buying, it reads transactions.Wallets come in different forms: it could be a node, an SPV, paper wallets and hard wallets. Hosted wallet is a misconception and cannot be considered a wallet as such to store private keys.
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#2933

Bitcoin wallet holds a private key and use to sign a transaction

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#2934

A wallet holds / stores your private keys. It signs transactions. It initiates a transaction. When funds have been received it notifies you of their arrival.

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#2935
  1. It stores private keys, signs transactions and shows balance.
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#2936

A wallet stores your private keys, creates and signs transactions.

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#2937

It stores the private key to a public address.

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#2938

Bitcoin wallets store private keys and also create and sign transactions

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#2939

In short, a bitcoin wallet stores private keys, creates and signs transactions.

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#2940
  1. Describe in short what a bitcoin wallet does.

A bitcoin wallet stores your private key, create and sign transactions (by private key), sends transactions and can read blocks.

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#2941

a Bitcoin wallet stores and secures your private keys and allows you to create and sign transactions.

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#2942

a place to host your private key either offline in a cold storage, in a node on your computer, on the web or on a piece of paper. this key is what you will use to sign transactions.

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#2943

Bitcoin wallet holds the Private key which is used to sign transactions. There is no any Coin in the wallet

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#2944

the wallet has 2 basic functions: the first is that it stores your private keys (not the BTCs) and builds the tx using them
You also have the possibility of consulting the blockchain to check the amount of UTXOS available for your tx.
Lastly, you can send and receive BTCs

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#2945

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does. - Bitcoin wallets store your private and public keys along with signing your tranactions with your private key and letting you check your balance.
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#2946

A bitcoin wallet essentially hosts you private key.

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#2947

Describe in short what a bitcoin wallet does.

A bitcoin wallet is an e-wallet, that allows you to manage your cryptocurrencies. It stores the private key, creates a signed transaction, broadcasts transactions, and also reads the blockchain.

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#2948

A bitcoin wallet stores private keys to create and sign transactions.

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#2949
  1. A wallet stores your private key, create and signs transactions. When you receive transactions, a wallet will read the blockchain and add the received transaction to your wallet
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