Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#1545

Homework on role of wallets - Question July 18th 2020

  1. Describe in short what a bitcoin wallet does.
    Bitcoin wallets stores private keys and validates transactions by
    confirm blockchain information.

-Hector A. Martinez

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#1546

bitcoin wallet is where you can buy and sell bitcoin, also a walled is where the private and public keys live, by using the private key you can initialize a transaction and digital sign the transaction for the for the nodes to validate and a miner to actually record your transaction.

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#1547
  1. In short, what a bitcoin wallet does is store your coin, secure your coin, it can generate or initiate a transaction, by sending or receiving coin.
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#1548

Bitcoin wallets store private keys, create & sign transactions, broadcast activity to the network, and read the blockchain.

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#1549
  1. Describe in short what a bitcoin wallet does.

The Bitcoin wallet stores your private key. It will create the public key and sign transactions that allows them to be sent to the network for confirmation. The wallet will also keep track of unspent funds.

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#1550

send and receives payments,broadcast, reads blockchain

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#1551

This is more the role of exchanges not wallets in particular :slight_smile:

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#1552

Your wallet only contains keys to your coins on the blockchain. There are no coins in your wallet :wink:

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#1553

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.
    A bitcoin wallet stores your private key. It’s through the wallet that a bitcoin owner/user makes and sign transactions. The wallet also displays the bitcoin balance controlled by the private key.
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#1554

G th hank you for correcting me!

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#1555

A bitcoin wallet stores your private key and uses it to signs transactions.

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#1556

A bitcoin wallet holds/stores private keys. With that key the wallet can create and sign transactions and finally broadcast those transactions to the network.

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#1557

A bitcoin wallet stores the private keys

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#1558
  1. A bitcoin wallet holds the owners private keys and allows the owner to hold, receive and spend bitcoin byt signing the transactions…different kinds of wallets, hardware wallets (0ffline), hosted wallets (exchanges), paper wallets (Private Keys written down and accessed via SPV and nodes), etc…
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#1559
  1. A bitcoin wallet holds your private key, the private key that allows you to sign transactions on the blockchain.
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#1560
  1. In simple terms a bitcoin wallet allows you to receive, hold and initiate transactions by signing them with your private key and incorporate them in the block-chain where they are publicly broadcast and now subject to confirmation by the miners.
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#1561

Describe in short what a bitcoin wallet does.

A bitcoin wallet stores your private key. It does not store coins. It also creates and signs transactions.

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#1562
  1. Describe in short what a bitcoin wallet does.
    A BTC wallet is mechanism that stores the user’s public and private keys associated with that wallet. The wallet signs transactions with the user’s private key and broadcasts this to the network. The nodes transmit the transaction and agree/reject on its authenticity. The transaction remains unconfirmed till a miner pick it up and adds it to a block, and once the block containing the transaction is authenticated, the transaction is completed, and the wallet notifies the user.
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#1563
  1. Stores you Private Keys, signs transactions and calculates you Bitcoin balance.
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#1564

BW generaly allows to participate on btc database, holds privkey,pub key, deriving new addresses, checking locked amounts of btc over whole netvork, locking and unlocking funds under control of privkey, generates digital signatures, may calculate tx fees, if its not done manualy, and surely more what i cant remeber.

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