Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#3010

Homework on Role of Wallets - Questions

1. Describe in short what a bitcoin wallet does.

A wallet in the bitcoin ecosystem stores your private key. When sending bitcoin your wallet creates and signs a transaction which will then be broadcasted to all different nodes. If you receive bitcoin your wallet just reads the blockchain and notifies you if you have received funds.

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#3011

Describe in short what a bitcoin wallet does?
A. Stores your Private Keys and sends transactions to the blockchain

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#3012

The Bitcoin Wallet stores private keys. Then, using these keys, it structures transactions and signs them and transmits the transactions to the network of nodes.

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#3013
  1. It stores your crypto like a bank does money. Funds can only be accessed with a private key. It can be kept offline or online. Not your keys, not your crypto.
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#3014

wallet stores your private keys which get used to sign transactions and check balance

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#3015

A wallet keeps your private key and generate a public key to send or receive Bitcoin. The order is signed with your private key and broadcasted to the blockchain network.

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#3016
  1. A bitcoin wallet holds your private keys so that it can create and sign a transaction that is ready to be broadcasted within the network to be placed on the blockchain and verified.
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#3017

A wallet stores private and public keys. It can also communicate with a node to sign transactions.

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#3018
  1. Describe in short what a bitcoin wallet does.
    Allows you to store private and public keys which in turn allow you to send or receive crypto (sign transactions).
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#3019

Bitcoin Wallet store your private Keys and use it to sign transactions.

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#3020
  1. Describe in short what a bitcoin wallet does.
    A Bitcoin wallet stores your private key, signs transactions and broadcasts those transactions to the blockchain.
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#3021

Stores your private keys and signs transactions with them.

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#3022

A bitcoin wallet is an online or offline tool that allows you to store all your private keys and sign for the transaction you make with your unused funds

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#3023

Bitcoin wallets are in effect like a physical wallet holding fiat, in that they hold crypto currency. Bitcoin wallets also contain unique private keys which if you lost, you would lose access to your crypto. These keys are used to access & transfer crypto funds in & out of bitcoin wallets.

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#3024
  1. A bitcoin wallet is a unique address that is assigned to a user where the private keys are held, these private keys are used to sign and transact within the blockchain network and with your signature , you can send funds and sign them to verify your identiy. :wallis_futuna:
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#3025

1. Describe in short what a bitcoin wallet does
A bitcoin wallet is a means to store a private key and accompanying funds. It is an application capable of basic operations related to the blockchain (receive, send, sign, etc.). There is a variation in types of wallet offering different levels of security, capabilities and independence.

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#3026

1: Wallets store private keys, create and sign transactions, broadcast and propagate transactions and read the blockchain and display available funds

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#3027

A wallet doesn’t contain the “coins” because there are no coins. They contain a private key which we use to generate a public key and they have the abilities to create and sign transactions, broadcast them to other nodes and read other nodes to receive new transactions.

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#3028

A crypto wallet doesn’t store any coins, these are stored on the blockchain. The wallet only holds keys to access these funds. :slight_smile:

#3029

A bitcoin wallet holds your private keys which are used to transact on the blockchain. It will sign off on your transactions when you want to send funds using your private keys, and when you receive funds, these are also allocated to your private keys on the ledger via your wallet.

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