Homework on Role of Wallets - Questions

A bitcoin wallet stores your private keys and uses your signature to broadcast your send and receive transaction to the bitcoin network.

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Bitcoin wallet stores your private key and otherwise this is used to sign your transactions and check your balance. All the value is stored in the private key, but no actual tokens are saved in the wallet.

Bitcoin wallet is program that stores your private keys and your money

The value is stored on the blockchain that can be unlocked with your private key :slight_smile:

Your wallet has not money, just the keys with which you can access your funds :slight_smile:

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a wallet stores your private key and signs your transactions

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Describe in short what a bitcoin wallet does.
-It stores your private keys that are used to send transactions, digitally signs them and broadcast to the network.

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  1. it stores the private key which is used to sign transactions, no actual coins are stored
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A bitcoin wallet is used to sign record purchases and sales of bitcoins using your private key. It keeps a running ledger of your transactions.

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A bitcoin wallet holds private and public keys, and can send and receive transactions. When sending transactions these are then signed and broadcasted to the network. In order to receive funds it first has to read the blockchain. If it is a full node wallet it simply reads the blockchain to receive funds, if it is an SPV wallet such as a phone app it has to first query the blockchain from a full node.

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Describe in short what a bitcoin wallet does:
My wallet stores my public key.
My wallet stores my public key.
My hardware wallet keeps my private key out of the world.
My wallet initiate the receive/send transaction by sending signed/encrypted transaction into the bitcoin network/database, to be further checked and verified by “some amount” of nodes, and then written by miners into the bitcoin forever :slight_smile:

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A Bitcoin wallet stores private keys. A private key can generate a public key to communicate publicly with the network, and create and sign transactions.

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Your wallet stores your private key, and transmit to a node which will communicate with other nodes. Then it will be transacted by a miner into a block. The 4 wallets are the paper wallet, digital wallet, hardware wallet, and the hosted wallet. It constructs your transactions, signs your transaction, and broadcasts your transactions.

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  1. A bitcoin wallet holds your own private key in an app, creates and sign your transactions which communicate with the blockchain nodes and store information about your balance ( Buy and sell bitcoins, but they are no actual coins)
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A wallet stores your private keys and propagates transactions by signing them.

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1.Wallet stores private keys,creates sign and boroadcast the action you want to take.

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A bitcoin wallet stores your private key with which you sign transactions and broadcast it through the blockchain. It can also read the blockchain.

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A wallet holds ones private keys for signing transactions

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  1. A bitcoin wallet is can be a tangible device, web base platform or a piece of paper which which keep a person’s private key. With the kept / stored private key, a bitcoin wallet is able to proof the ownership and provide the digital signature requested by a transaction securely.
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A bitcoin wallet stores you private key, when you want to send a transaction it signes and broadcasts your transaction to the nodes for verification.
Your wallet reads a transaction when there are funds send to your wallet.
The safest way to keep your private key is on a hard wallet , socalled ledger. The hard wallet is not connected to the internet ,therefor hackers can not get to it.

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A bitcoin wallet does the following:

  • Store your private and public keys

  • Broadcast your transactions to the network

  • It allows you send and receive transactions

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