The wallet stores your private keys and sign and creates transactions.
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First your Wallet will create a random private key(256bit number)
From this Private key, a public key is generated using Elliptic curve cryptography (ECDSA) . Then a bitcoin address can be calculated by some kind of double hash of the public key (+prefix and a checksum)
https://medium.com/coinmonks/private-and-public-key-cryptography-explained-simply-4c374d371736
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- A bitcoin wallet stores your private key so that when it creates transactions to broadcast to the blockchain you can sign those transactions with your private key to verify them. it also uses your private key to read the blockchain and know when you receive transactions. It stores the key to your funds on the blockchain ledger.
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- It holds your private key and puts your signature on transactions done from SPVs.
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It holds your private keys.
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- Bitcoin wallet stores private keys and create and sign transactions and broadcast them.
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It stores your private keys
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Stores your private keys
It will create and sign the Tx (transaction)
It will broadcast Tx
It reads the blockchain
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Describe in short what a bitcoin wallet does.
It stores your private keys (signature) that is used to initiate transactions. It also can verify the funds you have or have received. No actual coins are in the wallet but what appears on the blockchain ledger.
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- A bitcoin wallet stores a users private key(s) (from which the users public key(s) and bitcoin address are derived. The private key, public key and address are used in bitcoin transactions. There are various types of wallets such as shared/hosted wallets, paper wallets, hardware etc with each type having it’s pros and cons re security.
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!. Describe in short what a bitcoin wallet does.
A bitcoin wallet stores your private key and broadcasts transactions you sign with that private key to the blockchain. It does not hold coins.
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- Stores private keys and signs transactions.
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- A btc wallet stores your private key. It is able to send or receive transaction. To send, it creates a sign transaction and then broadcast to the network. To receive, it reads the blockchain. There are many kind of wallets: 1) full node 2) mobile phone 3) paper wallet 4) hardware wallet.
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A bitcoin wallet contains private keys which are used to create digital signatures when carrying out functions online. These include sending and receiving funds. You can hold your BTC in your wallet and when you wish to send/receive funds, your wallet will interact with an application which plays the middle man between you and the blockchain.
A request to move funds is sent from the app to your wallet where your private keys will sign and approve the action, which then is broadcasted to the blockchain network.
- A bitcoin wallet stores private key, which will later be used to sign transactions in order to spend these funds.
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- a wallet holds the private key, which can be used to sign transactions. there are different layers of security wiht the different wallets, depending on exposure to the internet or even if they really hold the private key (hosted wallets do not)
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Uses some type of access to private keys to enable transfers from the wallet, and displays and uses the public keys to receive transfers.
Also keeps track of mining fees (not all) and unspent transactions, in practical terms syncronizing all available assets.
Bitcoin Wallet - store the Private key which are used to sign transaction and send and received Bitcoin.
than will broadcast to others this transaction. No Coin is stored in wallet!
Technically, your Wallet doesn’t receive transactions but it reads the blockchain and check how many BTC your private keys can spend. It’s like a blockchain explorer for only your bitcoin addresses. Where you can create a new transaction and sign & broadcast it to the network
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Your wallet will not communicate to update a balance sheet. There are no balances in Bitcoin. Only transactions that change ownership of batches of BTC. you will learn more about this later. (how utxo’s work etcetera)