A Bitcoin wallet hold your private key and use it to sign transaction, each wallet also have wallet address that are created from the public key that make each wallet unique.
1. Describe in short what a bitcoin wallet does
- The wallet is NOT storing your coins;
- The wallet stores only your Private Key;
- The wallet SIGNS your transactions using the Private Key, therefore INFORMING the Blockchain of your new transactions;
- The wallet READS the Blockchain, informing you of new received funds.
Hey there!
It stores my private keys. It can sign transactions with that keys.
Greetings
A bitcoin wallet is used for 4 things :
- storing private keys
- creating and signing transactions
- broadcasting transactions
- reading the Blockchain
- Describe in short what a bitcoin wallet does:
A bitcoin wallet stores and generates your private keys and public keys. You need your private keys to sign a transaction. And it will broadcast that transaction to the network of nodes.
Whether it is an online or offline wallet, both have the same function. But Paper wallets cannot be used to send BTC. The only thing you can do is use your Private key, and sweep all BTC in a another wallet. (After that, you have to throw your paper wallet away, as you communicated your private key).
Paper wallets are considered a secure way to keep your private keys, also hardware wallets are considered as such.
A wallet also shows your bitcoin balance.
A bitcoin Wallet stores your private key. It also signs or validates the transactions sent or received. It creates a public key as well and there are no actual coins per say.
a bitcoin wallet holds BTC and private/public keys.
Answer: 1. A Bitcoin wallet generates private keys and public keys so that you can receive or send a bitcoin transaction. The wallet does not hold bitcoin, but is used to create and sign a tx to the blockchain which then transfers info on the Ledger.
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BTC wallet stores your private key and…
uses this to sign transactions with a public key…
and verify the balance from unspent transaction outputs (UTXO’s)…
and broadcast transactions to the nodes/network.
A bitcoin wallet stores private keys, reads transactions and signs them.
- A wallet is a program or hardware that store the private key, it can sign a transaction and broadcast it to the network.
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- A bitcoin wallet produce private and public key. The wallet sign transaction and send them out. The wallet is searching for transaction they are send to your wallet. The wallet is get this information from different full nodes to make sure the information is correct.
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- A bitcoin wallet allows stores your private key. It then uses that to sign a transaction and then transmits it out to the bitcoin network. This allows you to send funds. When this is done the blockchain is changed to reflect the new balance that you have.
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Stores Your private Key. With whome you can sign transactions.
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You never send your private key, but your private key wil create a digital signature wich is proven to originated from your private key without revealing it. The receiver can check the digital signature to your public key (wich is corrolated to your private key)
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Bitcoin wallet is used to sign and send transactions. It can also receive transactions. The wallet holds your private and public key.
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1] A Bitcoin wallet stores the private keys and is used to create & sign transactions
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- A wallet create a private key for you that is needed to sign bitcointransactions. Keep your private keys safe and secret.
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Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
Ans: A wallet stores your personal keys until you are ready to send or receive bitcoin by creating and signing transactions.
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A bitcoin wallet contains your private key for signing and broadcasting transactions to other nodes, when you are the one sending bitcoin, so the miners can add it to a block and update the public ledger and send it back to all nodes. Wallets also are notified of the availability of assets when someone send them to you, and the miners confirm the transactions. The wallets don’t hold any coins for you, they just can make use of funds by signing with you PK.
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