Describe in short what a bitcoin wallet does. A bitcoin wallet stores the private keys of the user allowing him/her to sign a transaction which, by way of the wallet, will be broadcasted to the network and eventually recorded into the blockchain. The wallet is constantly reading the blockchain so it can detect any transaction whose recipient is the owner of the wallet.
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A bitcoin wallet stores your private keys, signs transactions and keeps your balance updated
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- Describe in short what a bitcoin wallet does.
A bitcoin wallet stores your private keys and with that all transactions require your signature.
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- A bitcoin wallet is where one keeps their private keys to access their crypto. Bitcoin wallets come in many different forms such as hardware, paper, online hosted etc.
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Describe in short what a bitcoin wallet does.
Stores your private and public keys and may include a SPV to provide updates for values.
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A Bitcoin Wallet stores your private key and can use it to sign a transaction for your spending. In order to spend, the wallet finds the outputs which the wallet can decrypt by your private keys and collect them to be enough for spending then create one or more transactions, sign them, and broadcast to the Bitcoin network.
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Describe in short what a bitcoin wallet does.
A Bitcoin wallet or any wallet is a address with a public and private key that can send and receive bitcoin or other crypto currency .
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- Describe in short what a bitcoin wallet does.
It creates and signs a transaction with private key and then send it to a network.
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Bitcoin wallet stores your private keys, signs and sends your transactions over to the network and receives transactions.
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1. Describe in short what a bitcoin wallet does.
A bitcoin wallet stores private keys, creates and signs transactions, and then ultimately broadcasts the transaction(s) to the blockchain network. BTC’s blockchain network consists of miners, nodes, SPVs, and wallets.
Your wallet interacts with this network. This is your personal and secure way of identifying yourself and your transactions on the blockchain.
Ways in which you can store your private keys (wallets);
- SPV (mobile phones)
- Node
- Hardware
- Paper
- . (Hosted wallets do not count. They are simply third party apps, usually for exchanges, that hold your keys. You do not hold these keys personally though. Therefore not in control of your own property. Therefore not counting as your own wallet!!)
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Your wallet basically holds your private keys for your cryptos. Your wallet sends and receives your cryptos. It also creates & signs transactions and then broadcast the transaction to the network and reads the blockchain and notifies you have crypto.
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A Bitcoin Wallet is one of the safest methods of storing Bitcoin Private Keys and using them to make purchases or transfer Bitcoin as it is unable to be accessed by the internet.
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- Describe in short what a bitcoin wallet does.
A bitcoin wallet holds your private key which is used to sign and read transactions.
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A bitcoin wallet stores your private keys used to authorize transactions.
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- A bitcoin wallet is used for send/receive bitcoin
- the wallet generates a private key which allows you to sign transactions and protect your account informations.
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Lets you do signatures and stores your private key. it does not hold bitcoin just information
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A wallet stores your private key and the transactions.
No coins exist in bitcoin, only a database with your private key and its balance. A wallet is able to send and receive transactions.
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Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A wallet can generate, and store your public and private keys. It’s responsible for transmission of a transaction to nodes or other nodes, it’s also responsible for querying the network for updates (confirmations) on sent transactions and for digitally signing transactions. Some wallets have built in trading / swapping functions, like the Exodus wallet.
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A wallet stores your private keys,
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A btc wallet holds our private keys used in order to sign transactions.Since it is linked to the blockchain it sends and receive transactions (hence bitcoins).
There are 2 main kind of wallet:
Cold wallets: usually in form of a usb key,more safe to use and with a good protection of our private key. Hosted wallets: not real wallets but maybe more interfaces used to access exchange platforms (Coinbase,Bitstamp,etc.) that hold crypto currency in their servers.
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