Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#3571

1- A wallet stores your private key and also signs your transactions and sends them to the nodes.

1 Like
#3572
  1. Describe in short what a bitcoin wallet does.

A bitcoin wallet stores your private key and connects to the blockchain in order to create and sign transactions as well as checking the blockchain in order to receive transactions.

2 Likes
#3573
  1. Bitcoin wallet stores your private keys. Bitcoin wallet also gives you the ability to make transactions on the network.
2 Likes
#3574
  1. Describe in short what a bitcoin wallet does.
    In it’s simplest term it is a storage mechanism for your private keys, protecting them from 3rd parties/bad actors. If someone can steal your keys, they can steal your keys.
2 Likes
#3575
  1. Describe in short what a bitcoin wallet does.
    Stores your private key, creates and signs transactions, broadcasts transactions to the network. Reads blockchain and notifies you of received transactions.
2 Likes
#3576
  1. Describe in short what a bitcoin wallet does.
    A bitcoin wallets stores your private key which is used to create and sign transactions sent and to verify receiving transactions.
1 Like
#3577
  1. Describe in short what a bitcoin wallet does.

A bitcoin Wallet contains a users’ private keys and are the tools necessary to store funds and make transactions on the blockchain. They are the most common user interface to the Bitcoin system.
The wallet contains cryptographic keys, giving access to coins on the blockchain.

1 Like
#3578

  1. Describe in short what a bitcoin wallet does.

    A Bitcoin Wallet is a program (or paper) that stores your private keys, and it’s used to send and receive funds.

  • Send:
    Creates a transaction signed with the sender’s private key.
    It is then verified by all the other nodes in the network and confirmed.
  • Receive:
    The wallet reads the blockchain and notifies the receiver that he/she has funds to spend.
1 Like
#3579
  1. Describe in short what a bitcoin wallet does.
    Bitcoin wallet stores your private keys. Sings the transactions to make transactions, and reads the blockchain to see if you have received any funds.
1 Like
#3580

That’s the blockchain. A wallet is a program (or paper) that stores your private keys so you can access funds on the blockchain. :slight_smile:

#3581

Bitcoin wallet stores your private keys, create and broadcast transactions and signs them.

1 Like
#3582

Yes. I just went back and watch it again. Ivan says “Blockchain”, but i heard “Wallet” the first time.
The rest is history… :slight_smile:

Thank you for the help!

#3583

a bitcoin wallet stores you privat keys and signs transactions for you.

1 Like
#3584
  • stores private keys
  • creates & signs transactions
  • broadcasts transactions
  • reads the blockchain
1 Like
#3585

A bitcoin wallet keeps the private key, which is used for creating and signing the transactions for execution.

1 Like
#3586

A bitcoin wallet doesn’t hold literal money per se. Once the blockchain confirms you have funds, the wallet keeps record of how much you have and spend and stores your public and private keys used to make the transactions.

2 Likes
#3587

Stores your private keys and receives and sends transactions.

1 Like
#3588

I bitcoin wallet stores private keys, creates private keys, and transmits transactions to nodes for verification and recording on the blockchain ledger.

1 Like
#3589

stores your private keys

1 Like
#3590

Your wallet holds your private keys, creates and signs transactions, broadcast, and reads blockchain.

1 Like