Homework on Role of Wallets - Questions

[ambous]

1. Describe in short what a bitcoin wallet does.

• Signs each transaction with the private key to ensure identity integrity.
• Generates and propagates transactions to the Blockchain nodes.
• Reads transactions from the blockchain.

[BKCryptoFNG]

Stores your private keys, is able to create and sign transactions and is able to check your unspent funds.

[marianagg]

BTC wallet stores the Private key .generate from the private key a public key .and from the publick the BTCaddres for the transaction

[Christian_S]

@ivan

Describe in short what a bitcoin wallet does.

The main purpose of the wallet is to store your private key; it does not store any coins.

[moza8]

1. A bitcoin wallet stores private keys. It reads the blockchain and notify you if you have any available funds.

[Yrius]

1- Bitcoin wallet is stores your Private Key but does not actually store your coins.
It can create private key signatures, broadcast and read transactions.
There are 4 main types of wallets
• Desktop:
• Mobile
• Hosted (web):
• Hardware (USB or piece of paper): the most secures one.

[Picard]

A bitcoin wallet can digitally sign transactions using your private keys and broadcast it to other nodes. A distinguishing factor among wallets is whether or not the wallet is on a full node with a complete copy of the blockchain.

[Arthimis_Vergult]

1. Describe in short what a bitcoin wallet does.

• A Bitcoin wallet stores your private key to sign transactions and manage funds. Wallets don’t run the blockchain but are connected and communicate with nodes on the Bitcoin network.

There are 4 kinds of wallets:

• Private wallet, where you have control over your private key, either on desktop or mobile.
• Hardware wallet, where your private key is on a “USB” device to sign transactions, so that it is never exposed to the internet or other potential malicious exposure.
• Paper wallet, where your private key is written down on a piece of paper. This way it is offline at all times. NOTE: can easily be lost (stolen or burned for example).
• Hosted wallet, where your private wallet and key is controlled by a central entity, for example exchanges.

[flickwerk]

1. A wallet stores your private key. It basically signs a coin transaction you want to make so that it can get accepted by the nodes and further be processed by the miners.

[jjohnson]

Describe in short what a bitcoin wallet does? A BTC wallet creates transactions, signs the transactions, and also holds your private keys.

[BrianR]

A bitcoin wallet stores personal private keys and is used to initiate and ‘sign’ verifiable transactions on the bitcoin network.

[GoBeeGo]

bitcoin wallet stores private key (series of random numbers) with public key (combinations of numbers and letters in series) derived from that private key.

[Arpiq]

It contains your private key and is able to create a transaction by signing it. The rest is up to the network.

[RobertRedBeard]

1.) A bitcoin wallet A) stores your private key and uses that in order to sign transactions to be broadcasted to the network. B) It is also used to generate public keys that are shared so that transactions can be sent to you.

[Sabine]

@ivan

Describe in short what a bitcoin wallet does.

• store your private key (to sign transactions)
• send and receive transactions

[Fabrice]

@MuffinGonzales

it is a ledger that updates what amonut of btc you have in you account, it has a public key that is further hashed to give your public adress and a private ket to sign the transactions and allow you to access your account.

A wallet isn’t a ledger. But wallets can have the full blockchain (full node)
Wallets store your private keys, read the blockchain for all available utxo’s that your keys can spend. The sum of all available utxo’s will be shown as your balance. You can construct and sign a transaction to change ownership of some BTC and broadcast it to the network.

[Conrad_Swart]

The wallet is used to store you private keys and to sign transactions like sending bitcoin.
It also records your bitcoin ownership proof but not the actual coins.
It is also used to send or spend this bitcoin by creating hash

[Fabrice]

@TeresaK

A wallet is a secure holder of your private key. With this private key you can purchase or sell currency and create a public key.

To receive bitcoin, you need a public key or a bitcoin address derived from the public key. You need your private key to digitally sign a transaction to spend it to another bitcoin address.

[Fabrice]

@Neeraj_Nerlekar

Bitcoin wallets store bitcoin. It also saves the private key used to sign a digital signature to verify a transaction.

A bitcoin wallet doesn’t store bitcoin, but it will check on the blockchain how much bitcoin your private key can spend.

[MirkoB]

A bitcoin wallet stores your private key.
When you want to send bitcoin it creates and signs a transaction, then it broadcasts it to the network. When you receive bitcoin, it will read the blockchain and notify you that you have some funds to spend.