No problem 
it’s easy to write a mistake while you have it right on your head 
1 Like
Firstly a wallet stores your private key. It then generates a public key. Now it can sign transactions, calculate your balance, and broadcast transactions to the network.
1 Like
A bitcoin wallet stores private keys that are used to sign transactions.
1 Like
I can store my private Keys, sign Transactions and see the amount of BTC i own.
1 Like
A Bitcoin wallet stores the user’s private keys and uses them to digitally sign transactions and broadcast them to the Bitcoin network.
1 Like
A.
- A bitcoin wallet stores private keys to create and sign transactions, broadcast those transactions, and read the blockchain.
1 Like
a wallet is an application that stores private key and uses it to sign transactions to send/receive btc.
1 Like
[quote=“ivan, post:1, topic:8437, full:true”]
Homework on Role of Wallets - Questions
1. Describe in short what a bitcoin wallet does.
Bitcoin is a digital currency but also a protocol and a language. As bitcoin is digital, it is not stored in the physical shape or form in your wallet, they are technically stored everywhere, hence being decentralised, distributed public ledger and therefore all bitcoins exist/registered/stored on the blockchain.
What is a bitcoin wallet?
Bitcoin Wallets is like your central bank ledger, where you send and receive bitcoin transactions digitally using your own combination of Private and Public Keys. Those Keys allows you to access the bitcoin and move it or transact it around by broadcasting them to the bitcoin network. Once a transaction is completed the Bitcoin you buy is safe. Store your keys safely.
Wallets hold at least one associated Private Key (secret like a pin code or password) and a securely generated single Public Key. You can generate bitcoin addresses from your public key and further conceal the original public key so you can safely provide the senders your bitcoin addresses you want.
In a nutshell, it is the combination of the Private Key digital signatures, and Public Key that create the concept of bitcoin wallet.
Types of wallets
-
Paper (non custodial) - The main advantage of a paper wallet is that the keys are stored offline, which makes it completely immune to hacker attacks, including malware that can log the user’s keystrokes. Keep it safe in a place.
-
Mobile (non custodial) - Despite being a convenient on-the-go solution for Bitcoin storage, mobile wallets are prone to hacker attacks. Moreover, you can lose control of your wallet if someone simply gains access to your mobile device.
-
Web (both hosed and non hosted) – like mobile wallets, e-wallets enable their users to access their funds on-the-go from any device connected to the internet. If not properly protected, the organisations running the website might gain access to your private keys, thus gaining total control of your funds.
-
Desktop (non custodial) they are more secure than online and mobile wallets, as they don’t rely on third parties for their data and are harder to steal. They are still connected to the internet, which makes them inherently less secure.
-
Hardware (non custodial) A hardware wallet is a rather unique type of Bitcoin wallet that stores the user’s private keys in a secure hardware device. It is the most secure way of storing any amount of Bitcoin. They are immune to computer viruses; the funds stored cannot be transferred out of the device readable text.
-
Bank – (custodial) a privately owned company operating on the Bitcoin trade market. It accepts and manages Bitcoin deposits.
sorry not so short
1 Like
- Describe in short what a bitcoin wallet does.
Bitcoin wallet stores the private key of the user, from which 1) the public keys are generated 2) messages or transactions can be signed. The wallet also broadcasts the signed transaction to the bitcoin nodes.
The name “wallet” is misleading, the word “keychain” conveys the idea much better in my opinion and reduces confusion
1 Like
1/ Describe in short what a bitcoin wallet does
A bitcoin wallet stores firstly your private key ( for further digital signature) which you can share a public key to the network. Important to say it does not store your coins! . Then, it will broadcast all transactions to the nodes and get multiple verifications to notify the users if they can spend, buy, recieve, send, transfer funds they own… in summary, it will give the users their balance and operations made.
1 Like
A bitcoin wallet stores your private keys and also make it possible for transactions to be signed
1 Like
wallets store your private key, they creaet and sign sending transactions and broadcast them the the btc network. when receiving btc the wallets let you know youi have an entry in the ledger that enables you to spend btc
1 Like
A bitcoin wallet stores your private and public keys.
1 Like
- Describe in short what a bitcoin wallet does.
Holds your Private key
Sign and create transactions
Stores Ledger Copy or Query from nodes
1 Like
A wallet 1) stores your private keys, 2) create transactions, 3) sign transactions, 4) broadcast the transactions and 5) read blockchain when receiving transactions and notify you.
There are no coins in bitcoin!
1 Like
Describe in short what a bitcoin wallet does.
A: a bitcoin wallet creates a transaction with the private key and sends it to the nodes of bitcoin network so that the transaction can be verified by those nodes. If the nodes validate the transaction, it will be processed by the miners and the transaction will be integrated in the blockchain.
1 Like
With the wallet you can send and receive bitcoins. The wallet stores your private keys, it creates transactions which after signing are being broadcasted to the other nodes.
1 Like
A bitcoin wallet:
- Stores your private key
- creates & signs your transactions
- broadcasts transaction to network nodes
- reads blockchain and notifies you of funds received
1 Like
- Describe in short what a bitcoin wallet does.
- Stores private keys, creates and signs tx’s, broadcasts transactions and are able to read the blockchain.
1 Like
- Describe in short what a bitcoin wallet does
A. A Bitcoin wallet stores your Private Keys. It signs transactions and sends and receives transactions. It also maintains you balance of funds.
1 Like