Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#843

A bitcoin wallet stores your private keys which can create and sign transactions. When you receive funds your wallet will reads the blockchain and notifies you of your balance

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#844
  1. Bitcoin wallet basically stores your private key.
    it can be stored in full node or spv or paper wallet, or hardware wallet.
    When you want to do transaction, your wallet sign this transaction with your private key and broadcast it to the nodes
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#845

A bitcoin wallet is a means to send and receive bitoin. This is achieved by the combination of public and private keys which allow the walled to sign/authenticate transactions.The wallet in itself does not store the funds (they are in the blockchain) but simply signs the transactions on behalf of the person who has access to that wallet

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#846

Describe in short what a bitcoin wallet does.

  • Hold private keys,
  • signs transaction
  • broadcasts transaction
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#847

True Fabrice. The wallet will check the total number of UTXOs available(as input) for the desired output. Thank you for the valued correction. :+1:

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#848

Holds the private key and

  • reads the block-chain for matching UTXO to calculate the balance
  • constructs, signs and broadcasts transactions to the network
  • generates public key and bitcoin addresses
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#849
  1. Describe in short what a bitcoin wallet does.

A wallet holds your private key which is used to sign transactions when you want to send bitcoin. A wallet will sign each transaction and then broadcast it to the network of nodes to validate. A wallet does not hold any bitcoin, only the private key to access the bitcoin.

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#850
  1. Describe in short what a bitcoin wallet does

A bitcoin wallet may consist of either a full node or an SPV (simple payment verification). Both types store a private key and use it to sign outbound transactions. A full node will scan the blockchain for changes made to its balance by other users sending coins and to verify that the user isn’t attempting to send more bitcoin than they posess. Scanning the blockchain can be processor time intensive so less powerful devices such as mobile phones may choose to run an SPV wallet instead. The SPV will query full nodes on the network to get the blockchain updates needed to use the wallet.

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#851

Wallets store your private and public keys. The private key signs requested transactions which are communicated to nodes that use this personal data to access and verify your holdings on the ledger record.

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#852

it keeps private keys that creates and signs transactions

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#853
  1. Describe in short what a bitcoin wallet does.
    An app on a computer, phone, website that stores your private key in order to create, sign, and broadcast a transaction.
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#854

A BTC wallet generates and stores your private keys and public keys and allows you to send and receive transactions by signing and reading unspent transaction orders and broadcasts your transactions to network, there are no coins in the wallet

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#855

A Bitcoin wallet:

  1. Generates a private key for you
  2. Generates your public key based on the private key
  3. handles and signs transactions of all kinds
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#856
  1. Describe in short what a bitcoin wallet does.
    it stores your private keys and when you want to send bitcoin it will create and sign your
    transactions using your private key
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#857
  1. Wallet stores your private keys and stores transactions
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#858

Describe in short what a bitcoin wallet does.

A bitcoin wallet stores your private keys, checks your balance, initiates and signs transactions and broadcasts them to the blockchain.

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#859
  1. Describe in short what a bitcoin wallet does.
    A wallet stores your private keys. In the case of sending funds your wallet will sign the transaction and broadcast it to the network. A wallet will also read the blockchain and determine if you have available funds to spend. Basically it allows the user to interface with the blockchain.
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#860
  • Stores your private keys
  • Sign your transactions and broadcast to the network
  • Check your balance
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#861
  1. With a wallet you can initiate transactions; send and receive cryptocurrency. A transaction is signed with a private key that the wallet stores.
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#862

Wallets holds your private keys and is used to send, sign an recive transactions. It is for the blockchain also a proof of origin.

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