Homework on Role of Wallets - Questions

JJBD · January 30, 2021, 6:07pm

A wallets holds your private keys, signs transactions, produces public keys and holds your balances.

kmony · January 30, 2021, 7:09pm

It stores your private and public keys to send/receive crypto. There are generally two types of wallets. It can be “hot” in which it is linked online or “cold” in which its offline, safe and secure.

crypto82 · January 30, 2021, 9:09pm

Describe in short what a bitcoin wallet does.

A bit coin wallet only holds the Private Keys and ability to make a transaction with a node. The wallet will never share the keys with the node, SPV or PC. The wallet can communicate with a node to find out if the available balance is sufficient to carry out the transaction. If so, it can activate the transaction, which takes place on the node.

PeterMini · January 30, 2021, 10:49pm

You install a BTC Wallet via Smartphone, computer or website and it serves to send or receive BTC transactions. It stores your private keys. A BTC transaction is generated and signed via the private key on the Wallet. This transaction is then sent on the network.

AliGW · January 31, 2021, 12:44am

A wallet stores private keys, creates and signs transactions, broadcasts the transaction to the nodes. It will read the blockchain and notify you if we have received/sent the funds.

SimKsmiles · January 31, 2021, 5:10am

A bitcoin wallet stores private keys. Additionally (if not a paper wallet) it will generate and sign transactions with the private key, and broadcast the signed transaction to the network, and read the network to provide updated information on the balance associated with (available to) that private key ( I also liked an earlier answer that mentioned it will badly estimate network fees ).

adamgolding · January 31, 2021, 5:21am

A bit coin wallet:

stores a private key or keys for a bitcoin address
displays your balance
gives you a series of words to make a paper backup
provides functions to transfer funds to and from the address, possibly including market information
keeps transaction history and/or displays it from the blockchain
may provide easy ways to spend the bitcoin, as with bitpay

Zidea · January 31, 2021, 5:42am

Bitcoin wallet is for storing of the private key, which encrypt and sign transaction.

Devin.Crypto · January 31, 2021, 8:31am

Describe in short what a bitcoin wallet does.
A bitcoin wallet stores your private keys and is used to sign your transactions as POO. (proof of origin.)

lampacenter · January 31, 2021, 8:31am

1.Describe in short what a bitcoin wallet does.

It stores your private keys.

Macka · January 31, 2021, 8:59am

Stores private keys, and will create and sign transactions then broadcast them to the blockchain when sending, will read the blockchain when receiving.

Cosmin_Fechet · January 31, 2021, 12:16pm

A bitcoin wallet stores your private key and is able to generate public keys and sign transactions. You can also check your balance with the wallet

Ustinovk · January 31, 2021, 1:09pm

A BTC Wallet does store your Private Key, then create and sign transactions (sending and receiving funds), ultimately broadcast the transaction to the protocol so it can get updated and confirmed by the network.

RinoNevada · January 31, 2021, 1:39pm

Your Bitcoin wallet has your private key and can sign for transactions.

dsutter · January 31, 2021, 1:42pm

A bitcoin wallet holds your private key, which is used to sign transactions and broadcast them into the network. It can also read from the blockchain and show your past transactions.

AverageJoe · January 31, 2021, 3:36pm

Describe in short what a bitcoin wallet does.
It stores your private key which allows you to construct, sign and broadcast transactions.

Kevin_S_Turner · January 31, 2021, 4:04pm

1. Describe in short what a bitcoin wallet does.

A Bitcoin wallet does many things, most importantly it stores private keys. It uses private keys to create and sign transactions, which it then broadcasts to the blockchain network. The wallet can read the blockchain and therefore knows what is held in each private key.

mazz086 · January 31, 2021, 4:06pm

Describe in short what a bitcoin wallet does
A bitcoin wallet stores your private keys.
When you want send BTC it will create, sign and broadcast the transaction.
When you receive funds, it will read the blockchain and notify you have coins to spend.

JamesM · January 31, 2021, 5:09pm

Describe in short what a bitcoin wallet does.
A bitcoin wallet does not hold any coins, it actually holds the private key of the user and is used to sign and send transactions.

Bell · January 31, 2021, 6:10pm

Describe in short what a bitcoin wallet does.

Holds private key
Creates and signs transactions
Broadcast
When you receive funds it reads the blockchain and notifies you there are funds to spend.