Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#3210

1. Describe in short what a bitcoin wallet does.
It stores my private key. It does not contain any coins. It creates, broadcasts and reads transitions.

1 Like
#3211

Wallets generate and store both your public and private keys. They are used for your digital signature, create and keep track of transactions, fees, send and receive bitcoin/cryptocurrencies, and are in charge of broadcasting your transactions. They store your cryptocurrency.

1 Like
#3212

Stores private key. Creates, signs and broadcasts transactions

1 Like
#3213

Describe in short what a bitcoin wallet does.

Wallets create transactions which are assigned with a private key (digital signature) which is then spread to each node. When you receive funds your wallet reads the blockchain and notifies you of the funds available.

1 Like
#3214

Bitcoin wallets don’t actually carry coin. Rather, they are a database that is tapped into the blockchain. It notifies you of your funds and it also stores your private keys which are used to send or receive bitcoin.

1 Like
#3215

A bitcoin wallet stores the owner’s private keys, creates and signs transactions, broadcasts those transactions to the bitcoin network and reads the blockchain in order to verify funds that have been received, then notifies the owner.

2 Likes
#3216
  1. Bitcoin wallet stores private keys, signs transactions, broadcasts transactions to the network. It can be in apps on computer or mobile devices or hardware wallets wich are off line USB devices (conecting to computer after signing a transaction). Hosted Wallets are not real wallets as they give just an acces to wallet on server.
1 Like
#3217

Homework on Role of wallets

The bitcoin wallet will hold your private keys and it is used to make and sign transactions, There are 0 coins inside a wallet

1 Like
#3218

it holds private keys, not your coins.
signs transactions, reads payments received, from blockchain.

1 Like
#3219

A bitcoin wallet:

  • Stores the private key
  • Creates and signs transactions
  • Broadcast transactions
  • Reads the blockchain
1 Like
#3220

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.

A bitcoin wallet holds your private keys, signs transactions, and can check your balance.

1 Like
#3221
  • Wallets -Homework

1- The role of crypto wallets is storing the private key so that the owner can comunicate with the nodes to send or receive transactions of crypto currencies

1 Like
#3222
  1. Wallets store your private key, serves to receive/send transactions - communicate with the network.
1 Like
#3223
  1. A wallet stores the Public and Private key.
    Using the private key it sign transactions.
    It broadcast the transaction to the blockchain.
    Also it reads the blockchain in order to keep your balance updated.
1 Like
#3224

It stores your private keys, no coins are stored on a wallet.

1 Like
#3225

It stores your private key, keeps track of your balance(UTXO’s), creates and broadcasts transactions.

1 Like
#3226

A wallet holds a key which then acts as a proof that the crypto belongs to that address.
This private key can also sign and create transactions

1 Like
#3227

A bitcoin wallet stores your private keys, send and receive for bitcoin transactions and monitor bitcoin balances.

1 Like
#3228

A bitcoin wallet stores your private key.
It receives, creates, signs and broadcasts transactions.

1 Like
#3229

WALLET
-> it sores PRIVATE KEYS
->when you want to send BTC it creates a SIGN TRANSACTION, then it broadcast the transaction
->it can also read the blockchain

1 Like