Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#1003

Bitcoin wallet reads the blockchain, stores owner’s private keys, creates and signs the transaction.

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#1004

A wallet stores your private keys,
it wil create and signs transactions and
connect to the others on the network and
it will broadcast your transactions.
When receiving funds the wallet will
read the block-chain and notify you
how much crypto you have to spend.
A wallet could be online or offline.
A wallet can be a hardware, application
or a piece of paper

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#1005

A bitcoin wallet is an app, website, paper, or hardware that is capable of creating transactions or receiving funds, where the user has the private keys. (Unless in a “hosted wallet”)

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#1006

a Bitcoin wallet is a wallet that is holding your private key and can trigger and broadcast transactions to the blockchain and sign via a digital signature.

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#1007

Describe in short what a bitcoin wallet does. A bitcoin wallet stores your private keys, signs transaction which are verified on the blockchain by nodes, identifies the relative value of your coins (your balances).

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#1008

A bitcoin wallet stores your private keys and uses them to sign transactions. It does not contain coins. It can also check your balance and notify you when you receive funds.

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#1009

btc wallet store the private key which is used to sign a transaction. then the transaction is spread to all the nodes of the network which update the blockchain with my last transaction. The wallet also check when the latest version of the blockchain says that i received new funds

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#1010

A Bitcoin wallet stores your private key, create and sing transaction, broadcast that transaction to network and read blockchain.

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#1011

Homework on Role of Wallets - Questions

1. Describe in short what a bitcoin wallet does.
a. A wallet holds the private key and allows its owner to interact with the blockchain through transactions. The wallet however does not actually store any coins
b. All transactions created by the user, are both signed and broadcast to the blockchain by the wallet
c. The wallet is either part of a node or acts as a so called SPV, meaning that it relies on other nodes to query data from the blockchain
d. Upon receiving funds, the wallet will read the blockchain and notify its owner that there are funds to spend

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#1012
  1. Describe in short what a bitcoin wallet does.- A bitcoin wallet holds your private key, create and signs transactions with this private key, and then sends this transaction to nodes and miners. In order for you to make a transaction, your wallet must read the block chain and see that you have sufficient funds in your balance. A bitcoin wallet does not contain any coins, just your private key.
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#1013
  1. Describe in short what a bitcoin wallet does.

A wallet stored your private key and then approved( signed) transactions into the network for verification and confirmation.

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#1014
  1. stores your keys. initiates, signs, and receives transactions as well as sends transactions to network.
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#1015
  1. Describe in short what a bitcoin wallet does.
  • Stores your private key
  • Broadcast transactions (send and receive funds)
  • Sign transactions
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#1016

BTC Wallet -> create & stores you private keys-> broadcasts a transaction -> Reads transactions on the BC

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#1017
  • Describe in short what a bitcoin wallet does.
    A bitcoin wallet stores your private key, signs and broadcasts transactions and keeps track of your bitcoin balance by reading the blockchain.
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#1018

A bitcoin wallet is used to store your private key. When you send bitcoin to someone else you use the private key to sign the transaction and it is then sent to be added to the blockchain. The wallet can be used to check the balance based on the private keys, no coins are actually stored in the wallet.

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#1019

A bitcoin wallet is essentially an app that stores the private keys to sign and receive transactions. It broadcasts this information to the network. :key:

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#1020

Bitcoin wallet stores your private keys.

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#1021

A Bitcoin wallet holds your private keys. It will create and sign transactions. It broadcasts the transaction to the network looking for confirmation and it reads transactions.

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#1022

A Wallet stores the Crypto’s private key that allows to send/receive transactions broadcasting it to the blockchain,

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