Homework on Role of Wallets - Questions

KoenV · February 21, 2021, 4:35pm

A bitcoin wallet stores private keys with which you have access to your funds and use it to sign transactions

jocrypto · February 21, 2021, 4:52pm

A bitcoin wallet stores our private key and is used to sign and confirm transactions.

G_Rett · February 21, 2021, 6:46pm

1)Describe in short what a bitcoin wallet does.

• A bitcoin wallet stores your private key. It then can be used to digitally sign a transaction to be sent to another user. It can also be used to receive funds as well. When any transaction happens, it updates the database through the nodes to verify and further update the blockchain.

There are no actual “coins” stored in the wallet.

Iceman085x · February 21, 2021, 6:47pm

A bitcoin wallet stores your private keys and creates transactions with your digital signature for the nodes and miners to verify.

Rocky · February 21, 2021, 7:14pm

A bitcoin wallet stores your private key and allows you to sign for transactions that you request or that are requested of you.

maf_86 · February 21, 2021, 7:17pm

Describe in short what a bitcoin wallet does.

A bitcoin wallet is an app that stores your private key and informs the nodes of the network about the new transaction. In general it constructs, signs and broadcasts the transactions.

Deutsch · February 21, 2021, 10:07pm

A bitcoin wallet stores private keys used to sign crypto transactions

hreese4 · February 21, 2021, 10:09pm

A bitcoin wallet stores private keys. If the wallet is a full node, it also stores a copy of the blockchain. With a wallet, you are able to sign, send and receive transactions.

Sofia_Feely · February 21, 2021, 10:32pm

Describe in short what a bitcoin wallet does.

Bitcoin wallet create signs transactions and holds my private key.

Melshman · February 21, 2021, 10:49pm

A Bitcoin wallet is where your private key is stored. You can instruct the wallet to sign off on transactions you want to make with your funds, and the wallet executes the appropriate actions to inform the network and eventually the miners. Then the transaction can be verified and applied to a new block.

andreic · February 21, 2021, 10:57pm

The wallet stores the private key, creates, signs and broadcasts transactions, and reads the blockchain

Troubadour · February 21, 2021, 11:28pm

A Bitcoin wallet is a medium in which ones PK( private keys) are stored, while also signing off on any withdraw/ deposit request given to it. One should note that there are various types of wallets (Hardware, Hosted, Full Node, Paper) and should give proper consideration to each depending on ones situation or risk tolerance.

bigbill · February 21, 2021, 11:31pm

A bitcoin wallet stores the secure private key used to access your addresses and carry out transactions

Letsgoswimming · February 21, 2021, 11:54pm

A bitcoin wallet stores private keys and is used to sign a transactions.

tojimmys · February 22, 2021, 1:16am

A Bitcoin wallet stores your private key which is used to sign transactions. different types of wallets may hold more or less of the blockchain, or none. a wallet does not hold “coin” the public ledger is where your “balance” is verifiable. A wallet constructs, signs and then broadcasts a transaction.

Pakeshi · February 22, 2021, 2:35am

1.-A bitcoin wallet stores your private keys, creates and signs transactions, and broadcasts the transaction to the bitcoin blockchain network

nkurahashi · February 22, 2021, 4:53am

It stores your private key which is used to “sign” a transaction whenever you are sending out funds.

Sam_Clare · February 22, 2021, 9:06am

A Bitcoin wallets uses a private key to sign a transaction and then sends it to nodes which all verify it and include it into the ledger.

ivory_elephant · February 22, 2021, 2:34pm

A bitcoin wallet is a (usually) a program that stores your private keys and can be used to create transaction, sign transactions and transmit your transactions to the network. Different wallets have slightly different properties:

a full Node will keep a copy of the Blockchain on your PC and can itself transmit transactions to other nodes
an SPV will store your keys but does not contain a copy of the blockchain itself, it needs to query nodes on the network to update
a paper wallet, is a printout of your keys, it cannot perform any of the functions of a node or SPV, to transact with the network the private keys need to be registered on a node or SPV wallet
a hardware wallet is a usb key, your private keys are stored offline and the wallet will send signed transactions to the node without divulging the private keys on the network.
a hosted wallet, is not a wallet per se, your holdings are aggregated with other users on a host wallet. the funds are allocated in a database on the host server.

VH015 · February 22, 2021, 2:45pm

A bitcoin wallet holds you private key and can initiate transactions.
You have a public key to receive transactions/funds.
The wallet does not contain any coins.
The wallet needs access to multiple nodes in the network to see if the current funds.