Homework on Role of Wallets - Questions

Emjay · July 4, 2020, 4:46pm

stores your private key

LukeT · July 4, 2020, 7:51pm

Describe in short what a bitcoin wallet does.
A Bitcoin Wallet stores Private Keys. They create Private Keys, sign transactions and broadcasts them to the various nodes. A wallet does not store coins, only Private Keys!

ludvighatle · July 4, 2020, 8:27pm

A bitcoin wallet stores your private keys, checks your balance and is used to confirm transactions. There are many different types of wallets. Those who doesn’t expose your private key to the internet are the safest ones.

Mauro · July 4, 2020, 8:31pm

It is better to say that the wallet generates a transaction. The actual confirmation happens only when the transaction gets added in to a block.

Alwin_Richaards · July 4, 2020, 9:13pm

1.) Stores the Private key, creates/signs transactions and broadcast them. reads the blockchain and can store a full copy of the blockchain.

Maxivation · July 4, 2020, 9:31pm

A bitcoin wallet is actually just holding your private keys, it does not do much more than that.

There are no actual coins inside your wallet. All the coins are in the bitcoin network… and in that bitcoin network ledger is stated that an account with your private keys has ‘x’ number of funds. When you try to send or receive funds, you wallet (private key) will communicate with the bitcoin ledger and the nodes/miners will validate the ledger to see if it is possible for you to either send or receive these transactions.

minman · July 4, 2020, 10:25pm

A bitcoin wallet is used to sign transaction using the Public Key Encryption process and broadcasting it to the nodes for confirmation. It is also used to check for any unspent funds and display the balance. There are no physical coins in a bitcoin wallet

Markshire_Crypto · July 4, 2020, 10:39pm

A bitcoin wallet has four main functions: (1) store your private keys; (2) Create & Sign transactions; (3) Broadcast transactions; (4) Read the blockchain.
There are no “coins” stored on the wallet. Bitcoin only exists on the bitcoin blockchain.

Faisal_Harianawalla · July 5, 2020, 12:54am

Describe in short what a bitcoin wallet does.
A bitcoin walet is a placeholder for the private keys that allows for the signature of transactions to leave the wallet and allow for tracking measurement of bitcoins incoming to wallet.

Kyle · July 5, 2020, 1:16am

The purpose is to store the public and the private keys, and used to track transactions, also to recieve or spend cryptocurrencies

mwollike · July 5, 2020, 8:20am

The wallet is an app on your device, that store the private key and create and sign transactions. It could also be a paper or hardware wallet which are offline. Hosted wallets are not your own private key.

colgate_fresh · July 5, 2020, 11:15am

A bitcoin wallet stores your private key and signs transactions. It also keeps track of UXTOs, and calculates your unspent transaction totals for you.

Orgotrucker · July 5, 2020, 11:52am

A Bitcoin wallet can create, sign and broadcast transactions as well as read the blockchain.

pmassafr · July 5, 2020, 1:41pm

A wallet stores your private keys and use them to sign transactions that broadcast to the networks nodes. A wallet also query the network to check for incoming transactions

bolyx · July 5, 2020, 2:04pm

Homework on Role of Wallets - Questions

Describe in short what a bitcoin wallet does.
A bitcoin wallet creates and store your Private Keys to do bitcoin transaction
A BTC Wallet also CREATE transaction,SIGN transaction,BROADCAST to all the nodes or peer on the network and READ the blockchain ledger for all your transaction you receive or send to the network.

BERGLUND · July 5, 2020, 2:46pm

A simple wallet is just a string ie the private key. Or
Simplified Payment Verification (SPV) does also create and send transactions, but is dependent of a Node for query about current ledger status. Or
Hard ware wallet (cold wallet) does not connect to internet, only via USB to a computer interface. It creates and signs transactions and holds your keys. The interface communicates with a umber of nodes in order to confirm the transaction. Or
A full Node holds the complete BC and your keys, distributes the transaction to the ecosystem. Or
A hosted wallet, is a pseudo wallet where the private key and the funds are stored with a third party, ie exchange.

pepijnnabbe · July 5, 2020, 5:02pm

stores private key, requests transactions to the network,

Alko89 · July 5, 2020, 8:11pm

It also signs your transactions with those keys, except if its just a paper wallet

Maxivation · July 5, 2020, 8:27pm

Thanks for your reply!!

James007 · July 5, 2020, 8:37pm

A Bitcoin wallet performs the following functions, it:

Generates a private key;
Generates a public key from the private key;
Possibly generates a Bitcoin address from the public key;
Creates any transaction to send Bitcoin you want to enter;
Generates your digital signature from your private key;
Signs any transaction to send Bitcoin you want to enter using your digital signature;
Propagates any transaction it created and signed on your behalf to send Bitcoin to the Bitcoin network;
Reads the Bitcoin network to confirm that your transaction to send Bitcoin has been confirmed;
Reads the Bitcoin network if you are sent Bitcoin that you have been sent Bitcoin; and
Calculates your balance from UTXO’s on the network.