I like your analogy of the debit or credit card to illustrate the lack of physical exchange.
1 Like
A bitcoin wallet initiates buying and selling bitcoin. It creates and signs transactions. It holds your private keys so if someone hacks your wallet you could lose your private key and bitcoin.
1 Like
Homework on Role of Wallets - Questions
- Describe in short what a bitcoin wallet does.
A bitcoin wallet creates, signs and broadcasts a transaction to a node.
It also stores you private keys.
1 Like
A Bitcoin wallet is an application or a usb device which stores your private key and your public key which it generates from the private key. A wallet can be used to create transactions, sign them with your private key, broadcast them to the network and can query the network check your balance and the data on the blockchain.
1 Like
Bitcoin wallet stores private key, create and sign transactions.
1 Like
Wallet stores your public and private keys and uses them to sign transactions.
1 Like
- A Bitcoin wallet stores your private keys, and enable the owner of the private keys to sign a transaction, therefore spend funds that is in the wallet. âNot your keys not your bitcoinâ
2 Likes
a bitcoin wallet stores your private key, twelve to twenty four words. this enables the wallet to access public keys , for spending , moving. the private keys also are able to generate public addresses to be used for receiving funds.
1 Like
This is called a mnemonic that is used by HD wallets, which are a bit special. This seed is then used to derive multiple private keys and addresses that can then be used as you mentioned 
3 Likes
- btv wallet store private key which can be used to sign transactions
1 Like
A bitcoin wallet stores a persons private keys. When you want to send bitcoin it will use the private key to sign the transaction and then broadcast the transaction to the network. When you receive funds the wallet will read the blockchain and notify you. Wallets can come in the form of full nodes, SPVs, paper wallets or hardware wallets.
1 Like
- Describe in short what a bitcoin wallet does.
A bitcoin wallet holds the private keys for your coins. It also allows you to make and confirm transactions.
1 Like
- A BTC wallet stores your private key. When sending bitcoin it will create a signed transaction, signed by your private key. This is then broadcasted to the blockchain network where nodes will reach a general consensus to verify the transaction; if validated the information will be allowed to enter the network.
1 Like
- A Bitcoin wallet:
- Stores your encrypted BTC via private key
- Sends/receives BTC
- Signs/authorizes transactions
- Generates your public keys
1 Like
A bitcoin wallet is a piece of software that stores your private key and public key. It does not actually contain any coins, only keys that can be used to send out transactions or receive them.
1 Like
Describe in short what a bitcoin wallet does.
Software program that stores the wallet ownerâs private key, receives, constructs, signs and sends BTC UTXO(s), and keeps track of total of UTXO(s) received, which could be a single UTXO at a minimum or could be multiple; likewise the output when sent must be at least a single output or could be multiple.
1 Like
A bitcoin wallet stores your private key and enables you to interact with the blockchain by signing send transaction and notify you when receiving transaction by communicating with the distributed ledger.
1 Like
Describe in short what a bitcoin wallet does?
Wallets holds your private keys. It creates and sign transaction with your private key & then broadcast them to the network of the nodes. It doesnât store the coins.
2 Likes
Describe in short what a bitcoin wallet does?
store your private key and generate a public key + it uses the PK to sign transactions to send and receive
1 Like
Wallets donât store any BTC, just unlock them on the blockchain
2 Likes