- A bitcoin wallet is an application (which could either be on a mobile or computer) that enables users to send and receive bitcoin. It does so by storing a private key on the application which enables users to sign transactions (i.e. to confirm that they really do wish to initiate the relevant transaction). In other words, bitcoin wallets do not actually contain or store any bitcoins or satoshis; they only store a private key that enables the user to access their bitcoin on the BTC network/blockchain. Once a transaction has been digitally signed by the walletâs private key, the wallet will broadcast the transaction to the BTC network/blockchain. Significantly, hardware wallets keep your private key offline (unlike mobile applications) and therefore protects if from any malicious malware that could be on your computer. Although mobile applications and hardware wallets are the most popular types of wallets, one can also use a paper wallet (which is, of course, not as convenient, but arguably just as secure).
1 Like
- Describe in short what a bitcoin wallet does.
Wallets send the transactions to the nodes, broadcasting transactions to the network. They store your private keys, not your coins.
1 Like
Describe in short what a bitcoin wallet does.
A Bitcoin wallet stores your private keys and it the tool used to facilitate transactions on the Bitcoin network.
1 Like
A bitcoin wallet holds your private key creates and signs transactions. It broadcasts transactions to the network. Generates your public key.
1 Like
A bitcoin wallet is an application on a personal device such as a mobile phone or a personal computer. It provides a user interface to enable the generation of transactions for Bitcoin. The wallet contains the userâs private key which is used to sign transactions when the user wants to send (or pay) with bitcoins. The wallet can tell the user how much bitcoin they own (the difference between received bitcoins and sent bitcoins) by looking at the public bitcoin blockchain - the distributed ledger. A full copy of the ledger can be stored in a wallet that is (part of?) or acts as a node in the bitcoin network. However wallets that are on mobile phones are unlikely to be nodes (because the ledger is very big), so wallets can also be SPV - a partial node that relies on full nodes to query the ledger.
1 Like
Additional and important point - it is dangerous to store your prvt key in software. So there is the concept of hardware based wallet which is a secure hardware module where it is much safer to store your pvt key.
A bitcoin wallet does not store actual bitcoins. It is simply an interface to the ledger that can query the ledger at anytime to find out how many bitcoins are owned by the wallet owner.
2 Likes
A bitcoin wallet It does not store any coin but store your private key which is used to sign a transaction. A btc wallet also is connect to the full nodes to broadcast its transactions.
1 Like
A wallet stores your private keys, no actual coin.
It creates and signs your transactions and broadcasts it to the nodes.
It reads the blockchain and receives the funds broadcasted to you.
1 Like
a wallet stores your private key, creates signatures for transactions and keeps track of your balance.
1 Like
- Describe in short what a bitcoin wallet does.
- A wallet holds your private key and signs your transactions so that nodes can confirm your identity and the transaction without giving up sensitive information.
2 Likes
- Describe in short what a bitcoin wallet does.
A Bitcoin wallet stores your private keys as well as creating and signing transactions.
1 Like
- Describe in short what a bitcoin wallet does.
A wallet is used to create and sign tx, store your private key, broadcast transactions to the network, read the blockchain, and notify/update changes to your UTXOs.
1 Like
A crypto wallet doesnât hold any funds but is a gateway for transactions in the sense that it can send requests to the private key to sign a certain transaction for confirmation.
2 Likes
- Describe in short what a bitcoin wallet does.
With a wallet we are able to send money based on transaction sign and broadcast message to the network, receive money based on public ledger read and it is also stores your private key.
1 Like
A bitcoin wallet holds your private keys. When sending funds it will create and sign transactions and when recieving it read it on the blockchain and notify you of the transaction.
Bitcoin wallets never hold any coins they are just operating on the bitcoin network as a ledger which is sending and recieving data.
1 Like
1. Describe in short what a bitcoin wallet does.
A bitcoin wallet is a node on the btc network and is just a software application that runs on your computer or if you are using an exchange to store your crypto, on the server of the exchange. This application has your private key and its main purpose is to sign the transaction that you want to do (for e.g. send some btc to another person) and broadcast that transaction to the btc network (the transaction will propagate from node to node until it reaches a mining node that will confirm it and add it to the blockchain).
1 Like
Q.Describe in short what a bitcoin wallet does?
A. It stores your Keys and sign transactions and broadcasts in to the blockchain, where you can read your funds broadcasted to you.
1 Like
- A Bitcoin wallet holds your private key.
1 Like
fishstics
1 Like
A wallet stores your private keys and signs transactions with it.
1 Like