Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#342

Bitcoin wallet stores private key, creates and sign transactions.

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#343

A bitcoin wallet stores your private keys and it creates and signs transactions and can check your unspent funds

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#344

Hold private key create+sign transactions (deposit/withdrawls) and broadcast to all nodes on the network.

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#345

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.

You can store your private key on a wallet. You can then generate a public key, use your private key to sign and then broadcast a transaction to the network.
You can also read transaction to check the status. A wallet does not hold Bitcoins.

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#346

Bitcoin wallet stores your private keys, signs transactions and communicates to the network

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#347

A wallet stores your private keys and facilitates you being able to use your cryptography.

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#348

A bitcoin wallet stores our private keys, send and receive bitcoin, and broadcasting the transactions to the blockchain. A fullnode wallet stores the blocks in the local PC.

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#349

It stores your private keys for use later.

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#350

  1. a wallet creates and stores my private keys,
    it creates and signs transactions with my private key,
    it propagates the transaction to the network,

    when receiving my wallet will read the blockchain and infom me about the funds i now can spend,

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#351

1 A BTC wallet stores your priv key, if you want to send btc, it will create and sign your transaction and the transaction will be send to the network of nodes

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#352
  1. A wallet is a holder of the private keys. These private keys are used to sign any transactions that you make on the bitcoin blockchain. This way other nodes on the network can verify that it is actually you that is at the other end of a transaction.
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#353

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.
    A wallet stores your private key. A wallet is not a full node and therefore does not have the full Bitcoin ledger. But a wallet does connect to several nodes from time to time in order to verify if one of your Bitcoin addresses in your wallet has received any funds. You can also do BTC transactions to another BTC address using your wallet, because your wallet knows your private key and therefore can sign the transaction you want to perform. The signed transaction is also sent to one or several full nodes, which propagate this transaction to the Bitcoin network. There are different kinds of wallets: paper wallets, brain wallets, wallets on your mobile, wallet apps on your computer, hardware wallets, wallets on crypto exchanges and even wallets hosted in a browser, like blockchain.com.
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#354

1, Wallet is a thing that has your private key. It uses a private key to send and receive a transaction.

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#355

Describe in short what a bitcoin wallet does.

A Bitcoin wallet stores your private key and signs transactions.

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#356
  1. A bitcoin wallet does the following:
    a) stores private keys
    b) verifies transactions using the private key
    c) broadcasts transactions to the bitcoin network
    d) and reads verified transactions from the blockchain to let you know funds are available.
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#357
  1. Describe in short what a bitcoin wallet does.
    Stores private keys
    Create and sign transactions
    Broadcast transactions to the network
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#358
  1. A bitcoin wallet holds your private key to send and receive messages to the btc blockchain.
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#359

Bitcoin wallets are all access points to which allows people to interact with the blockchain by directing bitcoins to and from addresses using the private key to sign tx(s) and the public key to verify them. No bitcoins are actually residing in any wallet. Ledger Nano S for example does not physically store your bitcoin(s) inside it. Rather the Nano S is an offline access point that controls the keys that move your bitcoin(s) through the network.

At least that how I have always seen it. How is bitcoin on an offline wallet when bitcoin lives online? Thats when I realized if you destroy you device, you can recover it on another like device so easily since they were never physically on the broken one to begin with.

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#360

There are different types of wallets, all meant to receive, send or hold funds of different currencies, which came from incoming transactions.

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#361

software, app or hardware where you can safely store your private keys and warks as an access point to the blockchain to interact with it.

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