A bitcoin wallet is an app or software in your computer that allows you to send and/or receive bitcoins.
Anyway it doesn´t store the bitcoins, but it stores the private and the public key, allowing you to sign the movements of the bitcoin, therefore making those movements legal.
1. Describe in short what a bitcoin wallet does.
Wallet is a software that allows you to make transactions, store the private keys, which uses to sign the tranSactions
a bitcoin wallet holds the private key to which is use to sign the transection. the wallet’s private generates a public key to accept and receive transections.
A bitcoin wallet stores privates keys, which are used to sign transactions. Signed transactions are then propagated to the network.
An application that is used to store, send, or receive BTC using private keys and to sign transactions.
a bitcoin wallet holds your private key which is used to sign for your transaction.
A bitcoin wallet stores your private keys. If you want to send BTC it will create and sign the transaction, broadcast it and connect to different peers on the network. When you receive BTC it will read the blockchain and tell you that you have funds.
A Bitcoin wallet stores your private keys and receives and signs your transaction requests. It processes the request and generates your public keys the balances once the transaction is verified and confirmed on the blockchain by the miners and nodes.
A wallet stores your private keys, signs transactions and reads the balance of your address from the blockchain.
When you want to participate in transactions in the blockchain you have to create and open a wallet. A wallet is not our traditional wallet made out of leather or any other material but it is either an app, a USB-like device, or if you are hardcore on crypto and store a huge amount then the Ngrave wallet which has stainless steel graphene as an extra layer of protection is ideal!
Now, what a wallet does is it uses the public and private key cryptography technique we learned in the previous module and especially the 2nd use case where it creates a private key once opened and through that private key it also creates a public key. Now, every time that you send a transaction, the transaction is signed by your private key of the wallet and then the wallet broadcasts your transaction to the rest of the network and to their copies of the blockchain. They in turn use your wallet’s signature and public key to verify if you have enough balance in your account. If so, a miner comes to add the transaction together with others into the blockchain.
It also notifies you when someone sends you funds.
The wallet store the private key and it can create and sign transactions.
Bitcoin wallet is an address on the blockchain that holds the data about your transactions and can be accessed only by using the private/public keypair.
It stores my private key which is then used to sign transactions to be sent to other nodes in the network.
It stores your private keys and communicates with the rest of the network. It also generates public keys and signs your transactions
Q: Describe in short what a bitcoin wallet does.
A: A bitcoin wallet has some uses. One of them is to store the private key and keeps it safe. The other one is to create and sign transactions. The third use is to broadcast transactions through the network of computers. When receiving funds, the wallet will read the blockchain and then notify you. The wallet does not hold coins.