A wallet stores your private key and creates a signature for a transaction and then broadcasts the transaction to all the other nodes. It also reads the ledger when bitcoin is deposited to the wallet. Wallets don’t actually store any bitcoin, and can be hardware wallets paper wallets etc.
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Wallet holds a private key. It can also sign the transaction (except the paper wallet) and broadcast it to the network. Wallet enquires nodes in the network on what value is on the address corresponding to the private key.
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A bitcoin wallet holds a private key. It can sign a transaction and broadcast it to the network. It doesn’t hold any actual coins.
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It is an application that holds your private keys and can generate transactions that it broadcasts to the network.
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and sign transactions with private key!
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Describe in short what a bitcoin wallet does.
a bitcoin wallet stores your private and public key, it creates and signs transactions. broadcasts to the bockchain. It reads the blockchain and notifies you
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- A wallet stores private keys and is able to read and create transactions.
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a bitcoin wallet stores your private key for you. It can use this private key to sign transactions that you initiate to authorize spending of bitcoins out of that wallet.
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A wallet stores your private key and allows you to view your balance and sign transactions to be broadcast to the network.
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A bitcoin wallet stores your private and public keys in order for you to transact on the blockchain. It does not store coins like a traditional fiat currency wallet, it simply allows you to sign/verify transactions and therefore send or receive access to the value of those coins that are stored on the blockchain
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Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
Well, I learned that there’s no digital coins hahaha. A wallets role is to hold your private keys, sign transactions of funds wish to be spent and query with a full node.
Theory: Buy $10 of bitcoin on coinbase account (coinbase private key) then transfer to ledger wallet ( your private key) spends bitcoin. So i can go to the blockchain network, retrace the transactions from spent, to ledger, to coinbase, to my i.d? Because coinbase has its own private key linked to my information. Just a random thought. I hope I made sense of what I was trying to say. I’m learning alot. Thank you Ivan.
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- A bitcoin wallet stores the private keys and it is used to send / receive bitcoin transactions
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It helps you process transactions, reads the blockchain, but most importantly, it stores your private key which provides your digital signature to process transactions.
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Describe in short what a bitcoin wallet does
A bitcoin wallet stores your private keys. This then allows transactions to be signed and broadcast to the network.It also interrogates the blockchain to validate transactions
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Describe in short what a bitcoin wallet does.
A Wallet is storing the private and the public keys. It showing the amount that you are holding and its signing the transactions made.
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A Bitcoin wallet stores Private keys, Generates Public Keys, signs and broadcasts transactions connecting to the blockchain verifying UTXO’s - your balance.
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A wallet holds Private keys and broadcast or read blockchain. also creates signature
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Native SegWit – also known as bech32 – is the latest step in the address formats. It is even more weight-efficient than its predecessor. This means having an even faster transaction speed versus SegWit transactions, better scalability and even lower fees per transaction. To add to this, bech32 has better error-detection and makes addresses lowercase only for better readability. This is why it’s the most popular option… if present.
The only downside of bech32 is that not every major platform supports this address format yet. While transactions between Legacy, SegWit and Native SegWit addresses are fully compatible, there are still quite a few exchanges and wallet providers that don’t support sending BTC to a bc1 address yet.
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Describe in short what a bitcoin wallet does.
A: A bitcoin wallet generates a transaction, based on your action, and broadcasts them to the blockchain for confirmation via mining.
The wallet contains your private keys to your funds, which when ran through a mathematical multiplication formula produces your public key. (The overlap from both keys being ran through the same math computation produces the digital sign.).
The wallet uses the digital signature to send transactions to the network while protecting your private key, thus your unspent funds.
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