Safely stores private keys.
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A bitcoin wallet signs your transactions, verifies your transactions and hold your private keys.
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Most wallets are considered safe, some people say HW wallets are the safest because they don’t send private keys off the device to the PC that creates the transaction.
Hosted wallets imo are not wallets at all, just services people can use to send their coins to a third party that handles their own keys however they want.
A Bitcoin Wallet protects your funds with a private key given to you to keep your funds and make sure whenever there is a movement it’s someone that has the private key which initate it.
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Homework - Wallets
Describe in short what a bitcoin wallet does.
- Stores Privet Keys
- Send & Receive transactions
- Sign transactions
- Propagate and the wallet application Broadcast transactions to the Network.
- Access and read the Blockchain.
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A bitcoin wallet stores your private key, signs your transactions, broadcasts them and reads the blockchain.
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Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A bitcoin wallet is a mechanism to ultimately keep your private key and transfer bitcoin. It does so by creating a private key which in turn generates a digital signature with a derived public key. When the signature is broadcasted to the nodes, it uses a public key as a means of communication for all pertinent parties to see.
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Describe in short what a bitcoin wallet does.
A bitcoin wallet is for holding an owners private key, creating and signing a transaction, broadcasting to nodes on the network and reading the blockchain. It allows a user to interact with the blockchain.
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Wallets store your private keys. Can create & sign transactions. Can broadcast these unconfirmed transactions to nodes. It can read the blockchain to check if you received funds.
Different forms:
Node
Spv
Paper wallet
Hardware wallet
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A bitcoin wallet only stores your private key which allows it to generate public key, and address. Those combined allow you to send and receive bitcoin through that wallet.
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A bitcoin wallet stores the private and public key of it’s owner; it also receives transactions, stores them, and sends transactions that it signs.
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A wallet stores a private key and is used to sign and transact from ledgers.
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Stores your Private Key and signs the transactions.
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A wallet stores private keys which are used to sign transactions.
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Describe in short what a bitcoin wallet does
Essentially blockchain is a database. Wallets keep a record of your account on the ledger as it doesn’t store coins itself as there is no physical coins as such… A Bitcoin wallet stores your private key, creates and signs transactions, broadcasts it to the network and then reads the blockchain to see if you have funds available and then adjusts your balance on the blockchain along with the nodes of the network.
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- A bitcoin wallet stores private keys, which are able to sign transactions and broadcast them, allowing other nodes to read them on the blockchain.
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A wallet will store your private keys and use them to sign transactions that it will then broadcast to the blockchain.
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A Bitcoin wallet stores your private keys, and then it uses the private keys to sign transactions. It also checks your balance.
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A wallet stores private keys, crates and signs transactions, broadcasts transactions to network, reads the blockchain to know if there are funds to spend. A wallet does not store the currency.
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Homework Role of Wallets 1/17/21
- Describe in short what a bitcoin wallet does.
A wallet stores your private keys, creates and digitally signs transactions, broadcasts the transaction out onto the blockchain and verifies your remaining crypto funds.
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