Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#3050
  1. a bitcoin wallet stores your private keys wherein the data from your transactions is encrypted
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#3051

Bitcoin wallet keeps your private key and its offline basically. wallet confirms the transactions you want to do.

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#3052

Most wallets are online or hot wallets, they are apps that store your keys and communicate with a full node or SPV. There also exist offline wallets like paper wallets and hardware wallets. :slight_smile:

#3053
  1. a bitcoin wallet stores your private keys and digitally signs transactions
#3054

oh yes, I was thinking about cold storage answering to this question. plenty of wallets in exchanges online or desktop or mobile app…

#3055
  1. Describe in short what a bitcoin wallet does.
  • stores the data and asks permission from a private key to make a transaction
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#3056

Homework on Role of Wallets - Questions
1. Describe in short what a bitcoin wallet does.
Because, just like regular wallets, the purpose of a bitcoin wallet is to store your money. However, a bitcoin wallet does this by recording the movement of bitcoin in and out of itself on a publicly displayed ledger (the blockchain). The wallet facilitates receiving and sending of bitcoins and gives you ownership of bitcoin balance. Although they function similar to a banking app, wallets are not only online; there are options such as hardware and paper wallets that store your bitcoins offline.

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#3057

A bitcoin wallet holds your crypto funds and employs a private key to sign transactions broadcasted to from the network.

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#3058

It holds your public &private key and allows you to send crypto to another wallet

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#3059
  1. Describe in short what a bitcoin wallet does. - A Bitcoin wallet is a software ledger that retains a record of your Bitcoin holdings. It stores your private key and receives, signs and sends transactions.
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#3060
  1. Describe in short what a bitcoin wallet does.
    Stores our Private Key - creates and broadcasts additional keys for transactions
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#3061
  1. A bitcoin wallet stores your private key, and in combination with the private key you can create and sign transactions.
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#3062

It stores private key, creates and signs transactions, broadcast already signed transaction to the network and read blockchain in order to see if the owner received money and notifies him about this transaction.

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#3063
  1. Describe in short what a bitcoin wallet does.
    A wallet hold the private, generates publick keys and sign transactions.
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#3064

The wallet doesn’t store any funds, they are stored on the blockchain. The wallet only holds the keys to access them :slight_smile:

#3065

Stores your private keys, signs transactions, broadcasts your transactions, notifies you.

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#3066

Describe in short what a bitcoin wallet does.

It allows you to store your private keys, check balances and also broadcast transactions

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#3067
  1. A bitcoin wallet stores private key, creates public key, creates, signs and broadcasts the transaction and reads from the blockchain.
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#3068

Describe in short what a bitcoin wallet does.
A Bitcoin wallet hold your private and public keys. Uses your private key to sign transactions and broadcast them to the network for addition to the blockchain.

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#3069

A bitcoin wallet stores your private keys, and can create, sign, and broadcast transactions.

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