Homework on Role of Wallets - Questions

  1. Initiate a transaction , which is sign with my private key and it will broadcast the transaction to the nodes then the miners can put it on the blockchain.
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A wallet basically just your private key and public key which is able to sign transactions

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A Bitcoin wallet stores your private keys. Creates a signature. Broadcasts any transactions. And reads the blockchain. Unless you are using an SPV (no copy of the blockchain.)

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stores your private keys and is used to create and sign transactions

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  1. Describe in short what a bitcoin wallet does.
    A bitcoin wallet:
  • Stores private and public keys.
  • Creates a digital signature.
  • Broadcasts transactions.
  • Reads the blockchain.
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A bitcoin wallet stores your private keys, and is able to create and sign transactions with your public key.

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  1. A bitcoin wallet provides you with a unique private key which you can then use to sign, receive, and send transactions through your wallet into the network. If the wallet is running a full node, it will just need to connect with other nodes. If you’re using a light wallet (SPV node), the wallet will have to outsource to other nodes for full blockchain. If you’re using a hardware wallet, your private keys will be stored offline and wallet will borrow info from full nodes to complete transactions, similar to SPV’s.
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Basically you’re right. But a hardware wallet stores keys on the device and the tx is sent on it so the wallet signs the tx and returns it back to the PC, ensuring the private keys remain on the device and are never exposed to the PC. The transaction can then be send on either a full node or an SPV for broadcast. :slight_smile:

A bitcoin wallet stores your private key and can be an app that enables you to send and receive bitcoins. A transaction is made and signed with your wallet using your private key that then will send it out to the whole network, the next step is the verifying process by the nodes and the miners. So in short a bitcoin wallet is a storage for your private key and enables you to send and receive bitcoins.

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Wallets store one’s private keys allowing him to sign a transaction that makes it a valid one to be broadcasted to the Bitcoin network.

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Wallet stores private keys, broadcast and sign transactions and obviously can read blockchain

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Stores your private keys and signs transactions

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wallet stores the private keys and signs transactions

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  1. Describe in short what a bitcoin wallet does.
  • Wallet stores our private key, generates public keys, sign transactions
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Bitcoin wallets hold private keys and create and sign transactions. It reads the blockchain and announces new transactions. When it suggests new transactions those transactions are verified through miners and nodes. Then it is added officially to the blockchain for all other computers to see.

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Depending on what kind of wallet,

A Bitcoin Wallet basically stores your private keys, generates public keys, signs and broadcasts transactions.
It also reads the Blockchain for unspent transaction outputs and adds them up to show your available balance

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1. Describe in short what a bitcoin wallet does.
	○ Stores private keys
	○ Creates/signs transaction
	○ Broadcasts the transaction
	○ When you receive funds, it reads the blockchain and notifies you of the transaction
	○No coins!  It's just a ledger/database!
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Bitcoin wallets are used to store your private keys which are used to sign for transactions.

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A wallet stores your private key and use it sign transactions

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A Bitcoin wallet holds private keys. The wallet can be online, offline, or hosted. The wallet uses the private key to check data from the blockchain in order to find out how much funds a wallet owns.

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