In short the wallet is the hashed value on the chain of a public and private key
Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A bitcoin wallet stores your private keys, creates public keys and transactions, signs those transactions, broadcasts the transactions and also reads from the blockchain to check for new transactions.
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A bitcoin wallet stores public and private key. The wallet can be used to send bitcoin and generate receive addresses that can be used to receive bitcoin.
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Bitcoin is not a coin. Bitcoin wallet doesn’t store any coin. Instead it stores your private keys. Only you should have access to this private key since this private key is used to sign transaction which then makes the transaction request to be from a genuine person. Wallets can be a node, SPV, or hardwares.
Note: Hosted wallets are not really a wallet defined above.
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Bitcoin wallets generate Private and public keys, sign transactions, broadcast transactions, which allows the sending and receiving of funds.
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- A wallet sends or receives. The transaction is signed with private key sent out to the network.
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- It stores your private key and when you want to send funds from your account it signs this transaction with your private key. It also can read blockchain and shows you how much coins you have in this account.
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Bitcoin wallet stores the private key and uses it to sign and broadcast the transactions to the network.
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A bitcoin wallet can send, receive, create, sign and broadcast transactions.
It stores your private keys.
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A Bitcoin wallet has three main responsibilities
- store the private key(s)
- use the private keys to sign transactions and propagate them to the network
- read the blockchain to check if there are any new incoming transactions
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- A bitcoin wallet stores your private keys.
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Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A wallet stores your private and public keys and allows for the sending and receiving of transactions.
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- Sore the private keys, create and sign a transaction, send signed transactions to the nodes via internet, dial full nodes to get the blockchain.
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- A BTC wallet initiates and receives transactions. It stores the private key used to sign the transactions which are then (if applicable) confirmed by the network and logged into the bc by the miners. BTC wallets do not store funds, but provide access to one’s funds.
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- A bitcoin wallet basically contains a private key with which transactions can be signed. A transaction is constructed by the user, signed with the private key, and is broadcast to nodes. If valid, the transaction will be included in a block by miners. Wallets also query the network to get ones balance information.
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Stores private keys, verifies signature, and sends transactions.
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- Describe in short what a bitcoin wallet does.
In Bitcoin, a wallet is like a credit card for banking but it can exist as software or hardware. It contains your digital private key and can initiate a transaction by communicating with nodes on the network. It is important to understand that the coins exist only as a ledger entry on the Blockchain and not in your BitCoin wallet.
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Yeah, a wallet is actually a bad name. In most cases a Keychain / blockchain-reader /transaction broadcaster or something would be much more accurate.
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A wallet quite simply is a means by which to store your private key whether it be as a paper wallet, cold storage and the worse kind a host wallet as their never really in you own possession.
A wallet will relay messages to the network to confirm transactions.
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A bitcoin wallet holds your public and private keys which give ownership to the balance of bitcoin the user has. It also facilitates the sending and receiving of bitcoin and is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet
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