Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#3852

A Bitcoin wallet stores a private key used to sign Bitcoin transactions.

1 Like
#3853

A wallet stores your private keys. With these you can create and sign transactions

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#3854

Describe in short what a bitcoin wallet does.

1. It stores your private key;
2. It creates and signs your transactions;
3. It broadcasts your transactions to the Bitcoin network, and;
4. The receive function queries the blockchain, telling you if you have any money to spend.
1 Like
#3855

A wallet where you can make transactions and see your assets (coins) that you have.

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#3856

A true wallet (not a hosted wallet) will store your private keys. It allows you to create/sign and transact your “coins” on the blockchain/database.

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#3857
  1. Describe in short what a bitcoin wallet does.

A bitcoin wallet stores your private key which allows it to broadcast transactions to the bitcoin blockchain. An online wallet may or may not have a copy of the full bitcoin blockchain and regularly updates this copy and adds any funds that have been sent to the wallet address. SPV wallets do not have memory to store the whole blockchain so they query full nodes to regularly update the wallet balance. Offline wallets also store the wallet’s private key but are only able to sync with the blockchain when they are connected to an online bitcoin application.

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#3858
  1. Describe in short what a bitcoin wallet does.

A Bitcoin wallet stores your private keys, creates and signs transactions. It gives you access to the blockchain that holds your BTC.

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#3859

A wallet can create and/or hold key pairs of private and public keys so cryptocurrency can be sent to and received from it. A wallet can sign transactions and store cryptocurrency.

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#3860

a bitcoin wallet is a public address that allows you to store utxo and keep a balance of bitcoin.

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#3861

A wallet does not store any currency, just the private key that creates the public key and signature to access the blockchain that is stored on the nodes containing the data.

#3862
  1. Describe in short what a bitcoin wallet does.
    store your private key and sign transactions
1 Like
#3863
  1. Crypto Wallets
  • stores your private keys
  • create and sign transactions
  • read blockchains - notify you of available funds
    Wallets are in various forms - Nodes on a computer, SPV on mobile apps, Paper and Hardware (offline wallets)
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#3864

A bitcoin wallet stores the users private keys, creates and signs transactions, broadcasts the transactions, reads the blockchain and notifies when the user receives funds.

1 Like
#3865
Bitcoin Basics
  1. Describe in short what a bitcoin wallet does.
    A Bitcoin Wallet stores the owner’s private key, create and sign transactions, broadcast to the network, reads blockchain, and notify owner of available funds.
2 Likes
#3866
  1. Describe in short what a bitcoin wallet does.
    with a wallet I can send bitcoin or any other cryptocurrency, also when I send a transaction that transaction is signed with my private key
1 Like
#3867
  1. Describe in short what a bitcoin wallet does.
    A bitcoin wallet simply holds the private key, signs transactions and communicates the signed transaction to the network.
1 Like
#3868

Wallet -
holds private/public keys, transmits transactions, can provide other services (exchange, dapps)

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#3869
  1. Describe in short what a bitcoin wallet does.

First of all, a BTC wallet does not hold coins, but it contains a private key that is necessary to transact bitcoins. Some wallets are able to create and sign a transaction, to broadcast the transaction and to read the blockchain to verify if there are any funds available.

A hosted wallet is not a wallet, but an app. :thinking:

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#3870
  1. A bitcoin wallet stores your private key and use it to sign transactions and show balance.
1 Like
#3871

A wallet stores your private keys and generates, sends, and receives transactions.

1 Like