Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#943

Nice examples. Private key is the heart of your funds. <3

#944

A Bitcoin wallet holds your secret key. It is used create and sign transaction. It will broadcast the transaction and it is used to read the blockchain

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#945

Describe in short what a bitcoin wallet does.

A Bitcoin wallet stores private key, which is used to sign transactions and broadcast to the network. It doesn’t store coins, the info is saved on a database.

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#946
  1. A bitcoin wallet is used to store your bitcoin, to send and receive bitcoin using its private key to sign and confirm when initiating and sending bitcoin from the wallet
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#947
  1. A Bitcoin wallet store your private key and are used to create and sign your transactions. It also broadcast the transaction to the network, and read the blockchain.
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#948

In a bitcoin wallet there is stored the private key to a certain number of coins on the bitcoin blockchain, and using this private key (as well as the corresponding public key), the wallet can be used to send and receive coins.

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#949
  1. A BTC wallet stores the private key of the user which is necessary to sign transactions prior to broadcasting the transaction to the nodes on the network. The wallet furthermore reads the BC in order to know if anyone has sent you BTC and in affirmative case will inform you about any transaction received. It doesn’t hold any coins, as that is not necessary in a system where the entire history of transactions is registered and updated constantly on the blockchain.
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#950
  1. It stores your private key. Once you want to make a transaction it signs the transaction. It also knows your funds since it can check what kind of funds belong to your key on the blockchain
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#951

a bitcoin wallet stores my private key, will initiate a transaction, and sign, then broadcast to other nodes for verification.

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#952
  1. It is used to create transactions and digitally sign them. In this way the send and receive value by sending information that eventually updates the blockchain.
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#953
  1. Describe in short what a bitcoin wallet does.

It stores your private key and creates a public key to complement the private key. It also reads from the blockchain, creates transactions and signs them.

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#954

Thanks man! Yeah, Andreas is an OG :muscle:

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#955
  1. wallets are used to access and communicate with the bitcoin peer to peer network
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#956

There are different types of wallets, they can send and receive funds. They all have a private key except hosted wallets. When sending funds, they create transaction and sign it with private key. When receiving, they read blockchain and notify owner it has funds that can be spent.

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#957

A wallet stores the private key. Hosted wallets sign the transaction with the private key and when they receive the transaction, they read the blockchain.

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#958

It stores the private key, and hence create and sign the transactions. There are Full Node, SPV, PAper and hardware wallet.

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#959

A wallet holds your private key for sending (and receiving) funds. It will create and sign transactions and then broadcast them/ to the network. It also reads the blockchain when receiving funds and notifies you when you have money to spend.
There are different types of wallets:
Hardware wallets, paper wallets, full nodes, SPV’s, hosted wallets

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#960

A bitcoin wallet contains your private key and uses it to confirm your transactions with the rest of the network.

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#961

Wallets are for storage of private key needed to sign transactions that are to be sent to the nodes.

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#962
  1. Describe in short what a bitcoin wallet does

A Bitcoin wallet stores the user’s private key.

When a transaction is initiated, the wallet signs it with the private key before broadcasting to the nodes on the network.

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