Describe in short what a bitcoin wallet does.
A bitcoin wallet store a private Key that is used to send/receive transaction from the blockchain.
A wallet is just a private key and signature mechanism, it doesn’t store any coins.
1 Like
- Bitcoin wallet stores a private key and uses it to sign a transaction
1 Like
_ store the private keys
_ Sign and broadcast the transaction to the network.
_ read the blockchain.
1 Like
- Bitcoin wallet stores private keys to unlock relevant content in the public ledger, and no actual coins are stored in the wallet. So if someone wants to send you some coins, your wallet will assist you in producing you the address that mathematically derives from your private key, which you need to give to the sender. The address will be your public key to be hashed twice using different hashing functions and presented in a base-58 format. The public key itself is the secp256k1 elliptic curve multiplication of your private key.
1 Like
A bitcoin wallet stores your private keys(s) and generates addresses. It also creates and signs transactions and broadcasts them to the BTC network. It reads the blockchain and keeps track of how much BTC you have.
1 Like
[quote=“ivan, post:1, topic:8437”]
Describe in short what a bitcoin wallet does
Bitcoin wallets:
- store private keys
- generates transactions.
- uses the private key to sign transactions before the transaction is sent.
- broadcasts the transaction to the Bitcoin network.
- cold storage wallets such as hardware wallets are not connected to the internet, keeping the private key offline.
- hardware wallets can be connected via USB to an application in an online computer, which sends the transaction to the wallet to sign with the private key, but never allows the hardware wallet online.
1 Like
Bitcoin wallet a) stores the private key b) initiates the transaction c) signs the transaction d) broadcast the transaction to the network.
When the funds received the wallet notifies the owner that there are funds available to spend.
The wallet does not hold any coins per se.
1 Like
- A bitcoin wallet basically stored our private key, used to sign transaction made by us and broadcast to the network. In particular a Bitcoin wallet does not store properly coin but the “way to redeem” those coins. This is why is so important to keep secret own private key and always remember " Not your key Not your Bitcoin".
1 Like
- A bitcoin wallet holds your private key and allows you to create and broadcast transactions to the bitcoin network which subsequently propagates them and verifies them, adding them to the blockchain. It also tracks your balance.
1 Like
A bitcoin wallet stores your private key and is used to store and send bitcoin.
1 Like
There are many different types of wallets. A few of them are as follows: Hosted wallet, Desktop wallet, Hardware wallet, and Paper wallet. They are used in different fashions, however, they all store a private key. This private key is used to sign transactions so that you can send money to different locations. A wallet doesn’t actually store the cryptocurrency.
1 Like
A bitcoin “wallet” is a misnomer as it doesn’t store coins (a term which is itself a misnomer); instead the device more accurately functions as a keychain. A wallet stores a user’s private and public keys and interacts with a blockchain to send and receive cryptocurrencies.
1 Like
Describe in short what a bitcoin wallet does.
A wallet stores your keys not coins. It creates, broadcasts and signs transaction.
1 Like
– It is stores the private keys.
– It signs the transactions.
– It will broadcasts the transactions.
– It will notify you when you receive money.
– It will show your current balance
1 Like
A bitcoin wallet stores the private keys. It also enables the sending of bitcoin or the receiving of bitcoin by generating the necessary public key to sign transactions. The wallet can broadcast or read transactions (except paper wallets). Wallets can be either hardware, paper, SPV, or paper, or hosted. No coins are stored in the wallet.
1 Like
A bitcoin wallet stores your private key, then generates your public key, and enables us to start the process of transaction. The wallets private key also stores information, such as your wallet balance.
1 Like
A bitcoin wallet is something you use to store your private keys.
Most wallets are used to digitally sign and broadcast your transactions to the network, and to read the blockchain to notify you of a transaction received.
1 Like
Stores private keys. Also create, sign and broadcast transactions to the network
1 Like
A bitcoin wallet stores your private keys. The private key will make a public key on which you can receive funds. The wallet will sign transactions that you make and send them out to broadctast it to the public. A bitcoin wallet also makes a copy on the desktop from the entire blockchain which will make it a ´´node´´ Spv will store your wallet and private keys but they have to communicate with other nodes to read the blockchain in order to send or receive funds to see if the transaction is legit or not.
1 Like
- A bitcoin wallet is the one responsible for keeping your private key, as well as signing transactions and checking your balance.
1 Like