Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#1585
  1. A Bitcoin wallet stores private keys. If it is not a paper wallet it also creates and signs transactions and broadcasts them to the blockchain.
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#1586
  1. A bitcoin wallet holds the private keys which you can use to sign and broadcast transactions to the network. It also checks for your unspent funds.
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#1587
  1. A bitcoin wallet holds the private key, and signs off on all outgoing transactions.
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#1588

A bitcoin wallet is an application a user can have on their personal device which enables them to send or receive bitcoin to another bitcoin address. The wallet holds your private keys and signs outgoing transactions on the network.

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#1589

A bitcoin wallet stores your keys, finds UTXOS, signs transactions, broadcasts to the network.

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#1590

Your BTC wallet stores your private keys and keeps a running log of your i/o; also signs your transactions in order to communicate with the network what your “balance” is

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#1591
  1. A bitcoin wallet holds your public and private key, can sign transactions, and broadcast the transaction to the nodes of the network. They don’t actually hold coins, the blockchain ledger just moves the funds with your verified transaction.
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#1592

A bitcoin wallet
a. stores your private and public keys.
b. generates and signs outgoing transactions
c. notifies you when a new transaction has been received by your public key

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#1593

Describe in short what a bitcoin wallet does.

Answer:
A bitcoin wallet is a device or software to send and receive Bitcoins, store bitcoin, and monitor Bitcoin balances. In other words, you need a Bitcoin wallet to be able to manage Bitcoins. It holds also your private key which also generates your bitcoin address for receiving Bitcoins.

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#1594

Describe in short what a bitcoin wallet does.

Bitcoin wallets stores your private keys and is able to send bitcoin.
It creates and signs transactions. Then broadcast it to all nodes.

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#1595

The wallet generates and holds the private keys.
If a transaction is made, the private key in the wallet will sign the transaction and send it to the network.

Some types of wallets:

  • Hosted wallets :warning: (counterparty risk) :warning:
  • Full node wallets (full blockchaine)
  • Light desktop wallets (SPV)
  • Mobile wallets (SPV)
  • Hardware wallets (SPV)
  • Paper wallets
  • Brain wallets
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#1596
  1. stores the user’s Bitcoin address and private key to access the Bitcoin blockchain. When people make payments, the wallets use the key to digitally sign the transactions proving ownership of their coins in the network and broadcast same to nodes.
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#1597

a bitcoin wallet’s role is to store your private and public key for sending and receiving transactions , compared to a node it doesn’t store a copy of the blockchain as it checks regularly other nodes , exchanges or liquidity providers run so called “hosted wallets” but that’s another story : not your keys not your crypto , it is important to understand that this entities hold your crypto and they can use it .

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#1598
  1. A wallet stores your private key.when you want to send bitcoin it will create and sign transaction and then it will broadcast to the nodes.
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#1599

A bitcoin wallet in form of an app, application on a website, paper form ( offline wallet) , hardware wallet ( offline wallet) are storage mediums to store pvt. keys only and not any coins which helps to create transactions( unconfirmed state) which is embedded with a digital signature ( proof of origin) and shows summary of unspent funds like a balance sheet or ledger

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#1600

Bitcoin wallet is an app that stores your private key, has generated public address using hash function from private key and is able to sign transactions generated from public address using private key

2 Likes
#1601

The wallet does not store any BTC. The coins are stored on the blockchain and you can access it using your keys :slight_smile:

2 Likes
#1602

Hash functions are not used to derive public keys. For that another function is used called the Elliptic curve :slight_smile:

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#1603

The bitcoin wallet is in esence your private key, which creates and manages your public keys or addresses to send/receive bitcoins.

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#1604

Thx
I think i missed that point

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