Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#322

A bitcoin wallet stores your private and public addresses. It then queries a bitcoin node to check your balances and displays them. It can also generate a transaction which is signed by your private key. This transaction can be sent to a node in order for it to be confirmed on the blockchain, which transfers a number of bitcoin to another address.

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#323

On the surface wallets are used in crypto to send and receive funds. This is done using your public and private keys that are “written” in your wallet along with the transaction you want to see go through. This is then sent to a Node to confirm the transaction “makes sense,” when it checks it is then added to the blockchain by a Minor

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#324

Homework on Role of Wallets - Questions

Describe in short what a bitcoin wallet does.
A Bitcoin wallet stores the private keys for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the Bitcoin balance and it can also be used to sign a transaction.

#325

A Bitcoin wallet stores your private keys.

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#326 
 a bitcoin wallet: 
   1. stores your private key, 
   2. it constructs a transaction, 
   3. it signs  a transactions with your private key, 
   4. it broadcast your transaction
   5. it checks your balance
#327
  1. A bitcoin wallet stores the bitcoin I possess. Really, the wallet interacts with other wallets and nodes to transmit transactions.
#328

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.

Answer:

  1. Bitcoin wallet stores your private keys. It uses your private keys to sign transactions.
#329
  1. Generates/stores your private key and gives you the ability to send/receive transactions within the network.
#330
  1. Describe in short what a bitcoin wallet does.
  • A bitcoin wallet stores your private key, but it does not store any coins. It will then verify and sign transactions using your private key. The wallets are able to receive and send transactions. With the variety of wallets, some will always be online while others are always offline.
#331

Wallet store your private keys and when you send transaction it use the private key to sign the transaction

#332

To be precise, it can’t check your balance, but calculate it by adding all utxo’s from the blockchain which your keys can spend.

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#333

A bitcoin wallet stores private key and it sends and receives the transaction.

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#334

A bitcoin wallet signs transactions using its private key.

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#335

A Bitcoin wallet stores private keys, creates and signs transactions, broadcast transactions to the network, reads the blockchain and notifies for funds.

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#336

A bitcoin wallet holds your private keys. It creates and signs a transaction and then broadcasts that transaction to the nodes for verification. Communicates with the database to keep up with your crypto balance.

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#337

Bitcoin wallet stores private key, create and sign transactions.

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#338
  1. Bitcoin wallet stores private key, broadcasts transactions, signs transactions, reads blockchain.
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#339

A bitcoin wallet stores your private keys, creates and signs transactions, broadcast transactions and reads the blockchain.

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#340
  1. Bitcoin wallet is where private key can be stored
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#341

a bitcoin wallet stores your private keys to sign and navigate funds

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