A Bitcoin wallet has two functions - send and receive.
The wallet holds your private key to sign transactions with. This is then broadcast to the network. When you receive a payment your wallet will read the blockchain and notify that you have funds available.
A Bitcoin wallet stores your private keys and manages your interactions with the blockchain by calculating the balance of your UTXO’s, constructing and signing transactions as well as calculating miner fees. The wallet broadcasts transactions to the nodes for validation before it is incorporated into a block.
A bitcoin wallet stores your private keys and uses them to sign transactions and check your balance.
A Bitcoin wallet stores the private key. The wallet sends transactions using the private key to sign transactions then broadcasts them to the network of nodes running the bitcoin protocol. To receive funds a wallet will receive an update of the blockchain showing funds sent to them and their new balance recorded on the blockchain.
Describe in short what a bitcoin wallet does
In a wallet is where our private keys that are needed to access the bitcoins registered in an address or public key to spend them are stored. There are different formats of wallets
Although technically the bitcoins are not stored in any particular place because they are distributed in a network on all computers (nodes) and identified in public addresses, what if they have to be stored privately and securely are the private keys.
There are four main types of purses or wallets:
• Wallets for desktop or portable personal computers (Node)
• Wallets for mobile phones or tablets (SPV)
• Wallets online on the Internet (Hosted wallets, as coinbase)
• Physical devices designed to be Bitcoin wallets (Offline wallets like paper wallets or Trezor Wallets etc)
Describe in short what a bitcoin wallet does.
A wallet stores your private keys.
A wallet can create and sign transaction
A wallet can broadcast transactions
A wallet can read the blockchain .
1- It stores your private key that only you can access
A bitcoin wallet does not hold any coins, it holds your private key. It reads the blockchain, creates and signs your transaction with your private key, and broadcasts it to the network so they can verify the transaction.
Stores the private key. Shows your balances. Signs transactions
It stores private key. It also create and sign transactions
A Bitcoin wallet works as followed: It hold your private keys in order to communicate transactions and verify using your digital signature. Create, Sign and check transactions.
A wallet is a software that stores your private keys and communicates with nodes to send and receive funds. The transactions then get recorded into the blockchain, which the wallet can access.
A bitcoin wallet stores your private keys and signs transactions to be broadcasted to the network.
The wallet stores private keys and signs transactions. A wallet is kind of like an electronic safety deposit box. At the bank, you present I.D. and sign the book in the ledger registered to your privately held key. The box has two keyholes. The bankers key can turn the lock in every box (Public Key). You then insert your key (Private Key) to unlock the box. In crypto, you are signing the transaction and opening the box in one giant step. It’s like your safety deposit key is reading your thumb print as you turn it.
What do you think of this explanation?
Each BTC address is a virtual safety deposit box number. Anyone in the world can turn the bankers key. Only you can turn the private key.
The Bitcoin wallet holds holds your private keys and is used to sign transactions as proof of origin. It also ether stores ledger copy or query from full node. Query has impact of privacy loss vs running a full node. Though privacy loss can be mitigated through increasing the size of bloom filter.