Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#923

A bitcoin wallet stores your private keys, and signs transactions using those keys, as well as generates public keys.

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#924

A bitcoin wallet holds your private keys.

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#925
  1. Describe in short what a bitcoin wallet does.
    A wallet is an application on that can be on a person’s mobile phone, computer, or a website that one can use. You can send or receive bitcoin with a wallet. Example: If I send a bitcoin/transaction, it is signed by my private key. My wallet holds my private and public key. It can be an application, hardware wallet (e.g. Ledger Nano X), or a hosted wallet (e.g. Coinbase wallet).
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#926

A bitcoin wallet holds the private key, signs transactions and reads the blockchain.

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#927

A bitcoin wallet stores stores your private key and NOT your BTC ironically. The PK allows you to sign transactions over the BTC network that will then be validated by other nodes and then eventually added to the blockchain when mined into the next block.

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#928

Wallets store your private key and they create and sign transactions to send money, then broadcast that transaction to the network. Wallets also read any incoming blockchain transaction and notify you that you have received money. There are no coins in your wallet, just your private key.

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#929

A bitcoin wallet holds private keys that has the information on the balance of that wallet. There are several types of wallets that can either be online or offline. This type of wallet also signs transactions to make them valid.

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#930

A bitcoin wallet holds the private key. Functionality to create public keys, send and receives transactions, sign transactions, and broadcasts them to the blockchain, and to check on the balance of bitcoin in the “ledger” (blockchain)

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#931

A bitcoin wallet does not store coins. It stores your private key to sign off on transactions and broadcasts them to the blockchain.

A node can be a wallet.
An SPV can be a wallet.
A piece of paper can be a wallet.
A USB cold storage device can be a wallet.
A host or an application can be a wallet.

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#932

A “BTC” wallet really would make more sence if it was called the crypto key ring because it generates the private keys and no actual “coins” are stored there.

The private key is used to generate additional public keys so you can send and receive crypto.

All this happens in the “wallet” that holds no money so again key ring but hey its called a wallet right?

So wallet it is.

You also use the private key to sighn things digitally so theres a “pen” in that wallet that holds no coin.

The “wallet” that holds no coin also reads and broadcasts transactions to chain. It’s as if that digital pen in the wallet also records debits and credits to your account err private key address.

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#933
  1. Describe in short what a bitcoin wallet does.
    It is a soft ware that stores our Private key and Public key. It is a digital wallet; sends and receives crypto currency.
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#934

Yeah, cryptography is awesome. Wallets should be called a Keychain or keyring. But most people wouldn’t understand this concept. That’s why we are calling it a wallet. Just that most people understand that you can manage your funds with these keys.

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#935

Bitcoin wallets serve four main functions:

  • stores private/public key pairs
  • creates and sign transactions
  • broadcasts transactions to nodes on the bitcoin network
  • queries the blockchain and displays the current balance associated with all of the keys it holds
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#936

A bitcoin wallet stores your private keys, create and sign transactions and broadcasts the transaction to the network nodes.

It can read the blockchain and notify you when there are funds ready to spend.

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#937

Stores private keys, construct, sign and broadcast the transaction.

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#938

A bitcoin wallet stores your private keys. It creates, signs, and broadcasts the transactions that you make. It uses no coins; rather, it is a database that all bitcoin users can access.

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#939
  1. A wallet keeps your private keys, with which you can sign transactions and spend funds.
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#940

A bitcoin wallet is a software that generates or stores a private key. It can create and sign a transaction with the private key. It also shows the amount of Bitcoin attached to the private key.

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#941

Describe in short what a bitcoin wallet does.

Stores private key, that is used to sign transactions and generate public key, also verify a balance being held within the wallet.

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#942

A private key enables you to spend the UTXO’s. The information about the balance can easily be checked by only looking at the public address.

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