it’s the private keys used to access your public Bitcoin address and sign for transactions that need to be securely stored
- Describe in summary what a bitcoin wallet does.
In the case of bitcoin wallets, what they do is store the user’s private key, the wallet creates and signs the transaction, as well as broadcast it on the Blockchain.
A Bitcoin wallet stores your private keys and creates transactions. It signs the transactions with the private keys before they are sent, and then broadcasts them to the Bitcoin network. It also checks the blockchain and notifies you when you receive coins. A full-node wallet can check the node’s own copy of the complete Bitcoin blockchain, whereas an SPV wallet (e.g. an app on a mobile phone) has to check for and confirm any transactions received by sending queries to full-nodes.
Some wallets can protect your private keys from any online exposure (cold storage) e.g. hardware and paper wallets. A hardware wallet is a device which communicates with a desktop or mobile app via USB. The wallet signs transactions, whereas the app (not the wallet) connects to the internet to distribute the signed transactions and to check the blockchain. By contrast, hot wallets (e.g. desktop and mobile wallets) connect directly to the internet and, although they may be more convenient, provide much less security.
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1 - Describe in short what a bitcoin wallet does
A bitcoin wallet stores the private key, creates and signs transactions and broadcasts them. When to receive funds, it reads the blockchain. It’s not storing any coins!
- A Bitcoin wallet signs, sends, and receives transactions from nodes.
And stores your private and public keys.
A Wallet is a program or a medium that stores your private keys, signs and broadcasts transactions, consults the nodes ( in the network ) and keeps track of your inputs and outputs. There are no coins in the wallet. Exchanges do not count as wallets, since you are not in possession of your private keys.
A wallet is an application (on phone, computer, or web) that holds your public and private keys and allows you to send or receive Bitcoin.
It stores your private and public key in order to send and receive funds. It checks the blockchain and will notify you when funds are send/received. It doesn’t store your coins but reads your balance on the blockchain ledger.
- Describe in short what a bitcoin wallet does.
A wallet stores the private keys. It creates, sign and broadcast transactions. It also reads the blockchain to notify received funds.
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a BTC wallet stores your private keys which sign transactions and updates your balance.
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A Wallet do:
- store your private key
- create transaction
- sign transaction
- broadcast transactions
- search the blockchain for funds (UTXO)
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- A wallet is responsible for store Private keys which are used to create, sign and receive transactions(Public key).
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sign and create transactions, store private keys, broadcast transactions, read blockchain
A Bitcoin wallet stores your private keys, is able too create and sign transactions.
A bitcoin wallet stores your private key, read the blockchain, it can create and sign transactions and brodcast the transactions on to the network.
A wallet contains your public and private keys and can create and sign transactions to broadcast to the network. It can also receive transactions from the network.
Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
-It stores your private keys and uses them to sign transactions to the network and reads the blockchain.
- Describe in short what a bitcoin wallet does. A Bitcoin wallet stores private keys. The private keys are used to create and sign transactions.
A bitcoin wallet stores your private keys. Sending a bitcoin your private key will create a transaction and signed before it can be broadcast.
The wallet ecosystem contains 1.) miner 2.) wallet 3.) node 4.) spv.