Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#662

-stores your private keys, not the actual coins
-generates the public key from the private key
-signs transactions with the private key

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#663
  1. Holds private key and sign it for the transactions.
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#664
  1. A Bitcoin wallet stores your Private key and uses it to sign transactions.
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#665

A wallet stores your private key which is used to create and sign transactions, then broadcast it to the network. It does not actually store any funds, instead the keys enable communication specific to that wallet.

#666
  1. It stores your private keys, creates transactions and reads the blockchain to notify you when you have new funds.
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#667

A Bitcoin wallet stores private keys, create and sign transaction, broadcast the transaction, and read the blockchain to verify that there is a fund to spend

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#668

Describe in short what a bitcoin wallet does.
Its a means to have cryptographic communication(encrypted) so that transactions on open channel network like internet can happen securely. It doesn’t store any cryptocurrency but stores the private keys, which generates the public keys and is required to be signed to process transactions and validate it on public blockchain to send/receive funds.

#669

A Bitcoin wallet stores the owner’s private keys, creates and signs transactions, broadcasts transactions, and reads the blockchain and notifies the owner when funds are received.

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#670

A bitcoin wallet stores your private key which in turn allows you to access (read & write) your bitcoin address (through your public key) to spend or transfer your funds.

PS:
You can check your balance but you can also do that just with your public key too (read only).

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#671
  1. A bitcoin wallet stores your private key; in the case of sending bitcoin, it uses the private key to sign the transaction.
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#672

A Bitcoin wallet stores your private keys. When you want to send Bitcoin the wallet creates and signs the transaction and broadcasts it to the network. When you receive Bitcoin the wallet reads the blockchain and notifies you when you have funds to spend. Important: A Bitcoin wallet does not hold any coins!

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#673

Bitcoin wallet is an application. it stores user’s private key, signs a transaction and broadcast that. it also can read blockchain to receive transaction.

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#674

Your Bitcoin wallet is storing your private key :key:

image

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#675
  1. A bitcoin wallet is like a window to the network of nodes. It stores your private keys and lets you create and sign transactions with those same keys.
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#676
  1. Describe in short what a bitcoin wallet does.

A wallet can send or receive Bitcoin. With a wallet you can create the transaction which is then signed with a private key. When it is signed it goes out to the network. A wallet stores your private key.
So there are NO COINS in this.

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#677

A bitcoin wallet does not actually store any coins. It is just a reflection of the public ledger. It has the capacity to Read the block chain and send transaction data with the wallets digital signature to other nodes for verification.

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#678
  1. A bitcoin wallet is software which can store a private key, generate public key, sign transactions with private key and broadcast transactions to the network. The software can also receive incoming bitcoin transactions.
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#679
  1. A bitcoin wallet holds holds the private key which is used to sign a transaction and also allows you to check the number of bitcoin in your account.
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#680

Wallet store private keys, & using pvt key signs & then broadcast the transaction on the network.

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#681

I understand that a Bitcoin wallet does the following:

  • queries the blockchain to account for which UTXOs it can spend.
  • uses private key to sign transactions
  • generates public key
  • adds the sum of all UTXOs for a total balance

am I missing something?

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