A bitcoin wallet is a piece of software that can interact with the blockchain and sign transactions with your private key.
1 Like
- A Bitcoin wallet stores your private key. When you want to send some bitcoin, it creates the transation, it signs it, and it streams it to the network. The wallet also checks your balance from the blockchain to verify if you have enough funds to do it. If that is the case, then it is processed, otherwise your request is simply ignored by the whole network.
1 Like
- Describe in short what a bitcoin wallet does.
A Bitcoin wallet does not store coins it only stores your private keys.
When you want to send bitcoin you use your wallet to create and sign a transaction. Your wallet broadcasts the transaction to the nodes who check to see if it makes sense. If so, the nodes pass the transaction onto the miners. The miners add your transaction to a newly created block and update the blockchain ledger.
The nodes communicate to your wallet that the transaction is complete.
1 Like
A bitcoin wallet stores your private keys and signs transactions. It also broadcasts transactions to the network.
1 Like
A bitcoin wallet holds the private key, creates, signs and broadcasts transactions to the network, basically it’s function is to initiate the transactions to receive and send transactions from the blockchain. When it receives funds, it reads the blockchain and notifies the holder that he has received funds. It holds the database that everyone has and but it holds no coins.
1 Like
- It stores your private key, from which your public key and bitcoin addresses are derived. With this, a wallet is able to show your BTC funds. You can also send BTC by signing a transaction with your private key.
1 Like
A Bitcoin wallet is designed to store my private key. It creates and signs transactions with my private key. It sends transactions to the network.
1 Like
Bitcoin wallets store your private keys. To send funds it creates and signs a transaction, then it broadcasts this transaction to the network. When you receive funds, the wallet will read the blockchain and notify you that you have received funds.
1 Like
A bitcoin wallet generates a private and public key pair, and a bitcoin address starting with “1”. A wallet can receive and send funds. To receive funds we need to use the bitcoin address. To send funds, we need to sign a transaction with the private key. A wallet then broadcasts the transaction to the network to propagate the transaction. The wallet when connected to the network, queries nodes to find the longest, most up to date chain to get see if the linked address had received funds or not.
1 Like
A wallet stores your private key. A wallet can be placed on a computer, a phone, on a usb device or even a paper. A wallet should be kept in no contact with the internet to be perfectly secure, such as on paper or usbdevice. The wallet starts and signs a transaction. The wallet contains no coins, it is just thing to update the ledger according to the transaction.
- It holds your private key, and a proper would give you full access to your private key. Its basically lets you transfer to and from your bitcoin address(lets say account too for old school style sake ) .
- A wallet stores private keys. When a user wants to send funds a wallet creates and signs the transaction (using a private key) then broadcasts the transaction. When a user receives funds the wallet reads the blockchain and notifies the user.
1 Like
A bitcoin wallet stores an entity’s private keys for the coins supported by the wallet. The wallet, when activated by the owning entity, will create a transaction and send the private key with the transaction to the node(s) when sending bitcoin. When receiving bitcoin, the wallet will notify the owner of the transaction.
Bitcoin wallets hold private keys and public keys and sens and rec transactions
A wallet holds the private keys. There different wallets available, including offline and hosted wallets.
A wallet is an application on mobile, a computer or a website which can initiate a transactio, send and receive bitcoin and broadcast the transaction to the entire network.
They do not hold coins but store your private keys they use to sign your transactions.
A Bitcoin wallet is a software program where Bitcoins are stored. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance.
Bitcoin wallets are used for signing (PK) and initiating a transaction to the network. Also for checking if you have any incoming transaction.
Question that automatically come to my head is what kind of wallet are we talking about ?
Having multiple options on wallets we must understand the differences between them like Ivan mentioned .
We now have a famous say " Not your keys not you founds " with that in mind we need to understand that bottom line is if you don’t have external wallet you are really not in possession of your funds , Storing your private key on any centralized server can potentially be hacked and all your founds can be stolen . That includes wallets and also exchanges . We all probably heard of nightmares happening occasionally when people loose everything . Because your founds are not safe in place where they have access to your private key , The only one solution to keep your private key secure is to have it offline .
- A Bitcoin wallet stores your private keys, it creates and signs transactions, broadcasts those transactions, and reads and notify you of transactions made or received.