- A bitcoin wallet stores the private and public key, sign transactions, when you recieve transactions it will read the blockchain and notfy that you recieved founds.
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It generates private and public keys. (?) (I understand that it stores your private keys but doesnt it generate public keys also so that people can send the funds to that address?)
It can create and broadcast your transactions to the network.
It can read the blockchain to verify and include any new transactions.
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A bitcoin wallet is a private key (representing an number of coins) broadcasting a bitcoin transaction
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- Stores private keys, sign transactions and talks to the nods on the network
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Describe in short what a bitcoin wallet does.
- Letâs start from the most basic - paper wallet. It stores your public and private key on a piece of paper or whatever material you prefer. You use public key to receive and private key to spend.
- In order to actually do so, you have to communicate with the network. You can do this by either running a full node (keeping a copy of the blockchain and synchronizing it with the network) or running an SPV (asking other nodes for updates in the blockchain but not keeping it yourself).
- If you want to keep your keys offline, but donât like printing a new paper wallet every time, you use a hardware wallet. It is a USB device that stores your keys and uses your private key to sign an outgoing transaction, but it never gives the actual key to the computer it is connected to.
- When you buy bitcoin in an exchange but donât withdraw it, it is kept in a hosted âwalletâ. The exchange keeps your keys in their database and you have to trust them about it.
Crypto.com explain this nicely on their website. Crypto.com app is basically an exchange, but Crypto.com Wallet is where you keep your keys to yourself. (not advertising, just a good example)
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Yes it generates public keys as well, derived from your private keys
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A wallet stores your private keys (not coins).
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- Hold private keys and sign transactions
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- A bitcoin wallet stores private. Wallets also create and sign transactions and can broadcast these transactions to the blockchain network connecting that transaction to the different nodes on the network where the process of verification begins. There are no âcoinsâ in the wallet.
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A wallet stores your PRIVATE KEY that is able to create and sign a transaction. Once the transaction has passed through all nodes your wallet will read the blockchain.
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1.Describe in short what a bitcoin wallet does.
1. Answer:
A bit coin wallet holds private kets and can be used to generate public keys. A Bitcoin wallet does not actually hold your âcoinsâ but can broadcasts transaction onto the network -pinging to whole nodes constantly to reassure/verify the transactions that is broadcasting/placing is legitimate. The wallet acts as a SPV which can on request. You can however have a wallet on a full node which with then just do a simpler verification through the network of other full nodes. A wallet on an app like Luno/coinbase is not actually a wallet of the user it is just an interface to a larger wallet that is run on the apps owners server/node/wallet.
Simply put a wallet is a platform to interact with the network to send-receive funds and sign transaction.
Donât trust⌠Verify!
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- A bitcoin wallet creates and stores private keys (also creates public keys and bitcoin addresses), creates, signs and broadcasts transactions to the blockchain (plus reads it).
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Describe in short what a bitcoin wallet does.
It stores your private key and makes public key. It also signs TX to either send or receive funds.
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Wallets create and store your Private key, sign transaction and broadcast the transaction to the network.
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Describe in short what a bitcoin wallet does.
A BTC wallet stores your private key, creates and signs transactions, sends and receives funds
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- A wallet generates a public key address from a private key, and keeps a record of your balance which it communicates with the distributed ledger
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- Stores private keys, creates and signs transactions.
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A btc wallet stores your private key. You can use to sign transactions to broadcast to the network
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A bitcoin wallet stores your private key, which enables a user to broadcast digital signatures to the network, in order to verify your transactions.
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It stores private keys used to authorize my transactions on the network
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