A bitcoin wallet generates a private key, creates and signs transactions, broadcasts request for a transaction and then reads the blockchain to show a user’s balance
- A bitcoin wallet holds your private keys, creates and signs transactions, and broadcasts those transactions to the bitcoin network. It can also calculate your unspent transaction outputs (UTXOs) to tell you how much bitcoin you have.
A Bitcoin wallet does not hold any Bitcoin per se, it just holds your private key, that is used to sign your wished transaction than send it to a node to confirm as authentic, that, then it is integrated to the blockchain ledger with the next block, by a miner.
1.Describe in short what a bitcoin wallet does
A bitcoin wallet stores your private key, which generates your public key and sign transactions that are broadcasts to the network, once the transaction has been verified a new balance is recorded in the ledger.
It stores your private key and allows you to receive and send (sign transactions) funds. There are full node wallets, spv-wallets (sync. with one ore more nodes), paper wallets and “fake” hosted wallets.
A bitcoin wallet stores the private key.
It creates and sent transactions to the network to put in the blockchain ledger
and it reads the blockchain ledger and notify you.
A bitcoin wallet functions as a program running on a device (online or offline) who contains the private key to send and receive signed transactions.
A bitcoin wallet store you keys, it’s also allow you to sign transaction with your private key and broadcast it to the network.
Homework on Role of Wallets
1. Describe in short what a bitcoin wallet does.
- It is holding the private Key
- it keeps track of UTXOs which basically represents your funds
- A Wallet can send a transaction by signing it with the private key and broadcarsted it to the network
- A Wallet can recieve a transaction by keeping track on the UTXOs
- A bitcoin wallet stores your private keys. It uses it to sign a transaction.
Describe in short what a bitcoin wallet does.
a wallet is a connection to the blockchain, that signs transactions to send to the node to validate.
- A bitcoin wallet holds your private keys, signs and broadcasts transactions, receives transactions, and reads the blockchain.
A bitcoin wallet stores your private keys. It creates and sign transactions. It broadcast your transactions to the network. It reads the blockchain.
Stores your private keys, creates and signs transactions and is used to check your balance.
role of wallets:
a wallet can receive and send bitcoins transactions
holds private and public keys, can create a signature, read blockchain and broadcast.
- A wallet holds your private keys and signs transactions. You can send and receive bitcoin with you wallet.
Describe in short what a bitcoin wallet does. A bitcoin wallet holds the private keys, creates and signs transactions, broadcasts those transactions to the network, and reads the blockchain.
Hello,
a bitcoin wallet, usually a SPV, is a way to store your private keys, and access to you funds. It can also broadcast transactions, unlike a paper wallet. It can be offline, like a hardware wallet, or online like a cellphone app. Most of the time they are not a node, meaning they do not have a copy of the blockchain downloaded (and updated). the more anonymous solution is to run your own node.
Best,
A bitcoin wallet stores your private keys or secret number which is used to access BTC addresses and carry out transactions.
Describe in short what a bitcoin wallet does
A Bitcoin wallet is a software program where Bitcoins are stored. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance. Bitcoin wallets facilitate sending and receiving Bitcoins and give ownership of the Bitcoin balance to the user.