1- A Bitcoin wallet is a program or device that stores your private key. It is used to send and receive cryptocurrencies, although it never holds any coin. It has a copy of the of the whole blockchain balance.
There are different types: Full nodes, SPV (just private key), Paper Wallets (just private key, offline), Hardware wallets (offline) and hosted wallets (which stricty is not a wallet)
A Bitcoin wallet:
- stores your private keys
- creates and signs transactions
- when receiving Bitcoin, it reads the blockchain
Most important stores the private keys.
If any computing capability (other than paper) it will also be capable of searching for unspent transactions, signing and publishing new transactions.
Stores pk, queries (ex for funds status) and issues transactions on BC.
A wallet will store your private key, it does not technically hold coins/tokens but it allows you to send or receive them. A hardware wallet will sign a transaction offline and send it back to your device to broadcast the signed transaction, a paper wallet will not do this it will only have your private key which can be imported into a node to do transactions. When btc/etc is on an exchange you do not have access to the private keys, you are trusting a 3rd party and using their wallet instead.
Bitcoin wallet holds your private keys, you can both create and sign transactions from the wallet.
A wallet holds the user’s private key(s) and public key(s). It is used to sign transactions (with the private key), to spend and receive bitcoins/satoshis,
The bitcoins are decentrally stored and maintained on the blockchain. They are not strictly speaking stored in the wallets, the wallets hold no coins, only keys.
A bitcoin wallet send and receive bitcoin, the wallet also hold the private and public keys
A wallet holds your public and private keys. The wallet signs the transaction with the private key. The wallet checks the blockchain database to make sure that you really have the amount of coins you want to transact.
A Bitcoin wallet allows you to send; sign; receive and broadcast transactions to the network.
A bitcoin wallet stores your private keys. It signs and broadcasts your transactions. It will check the ledger to determine how many coins are available to trade. The nodes change the entry in the ledger when the transactions signature is verified and the transaction is accepted. There are no coins in the wallet, only requests.
A bitcoin wallet contains your private keys. The private keys can use a (one-way) mathematical function to create public keys. Public keys can then use a (one-way) mathematical function to create Bitcoin addresses.
A bitcoin wallet uses its private keys to sign outgoing transactions from its related bitcoin addresses.
Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
- It stores the public and private keys which is used to sign and broadcast the transactions on the blockchain network.
A bitcoin wallet stores your private keys and links them to all your UTXOs on the network that it can decrypt. Those UTXOs can be passively viewed with your Public key that your wallet provides. Bitcoin wallet also uses its private keys to digitally sign transactions and broadcast them to the network.
A bitcoin wallet stores your private keys.
A bitcoin wallet stores your private key and broadcasts transactions and digitally signs transactions into the bitcoin blockchain.
It stores your private and public keys. It signs transactions and tracks balances.
| o | Describe in short what a bitcoin wallet does. A bitcoin wallet does the following: |
|---|---|
| | It stores private keys. |
| | It creates and signs transactions. |
| | It broadcasts the transactions. |
| | It reads the blockchain. |
| | It notifies the user that there are coins to spend. |
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- Stores your private keys, signs and creates transactions, broadcast to the blockchain. To receive the wallet will read transactions and indicate you have funds to spend.
A Bitcoin wallet stores your private keys, creates and signs transactions. Does not store actual coins, rather private keys.