It creates your Private and Public keys. And makes it possible to send and receive Bitcoin by signing transactions without giving sending your Private Key to the Internet.
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Bitcoin wallet can create/store private key, sign transactions and connect to a full bitcoin node/SPV to broadcast its transactions. Another thing is that it can read full node and tell your how much bitcoin your public address has.
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- Creates, signs and broadcasts transactions.
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Describe in short what a bitcoin wallet does.
A bitcoin wallet stores your private key that can be used to do transactions.
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1.A bitcoin wallet is analogous to a physical wallet.However instead of storing physical currency, the wallet stores relevant information such as the secure private key used to access bitcoin addresses and carry our transactions. types of wallets are desktops, mobile,web,and hardware.
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Describe in short what a bitcoin wallet does.
A bitcoin wallet creates transactions and stores private keys which which are used to sign those transactions to send the transactions to other nodes in the blockchain to be verified.
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âHas anyone else missed the video that Ivan says is about to show on Bitcoin ecosystem, Miners, Wallets, Nodes, SPVs. There is no video at the end of the lecture like he says, or is there a link one can share please?â-- @Lilian
Thatâs actually a series of lectures in both the new (green) and old (blue) versions of the course. Some old lectures were recycled into the new course. Others didnât make the cut. And thereâs new material in the new course. Unfortunately I havenât seen the original course up since the Academy went all pink and purple.
Hereâs all my notes if you like. Just give it a while to load. The sphere isâŚdense.
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Describe in short what a bitcoin wallet does?
A bitcoin wallet is storing your private keys. Furthermore It signs and broadcasts your transactions. The nodes change the entry in the ledger when the transactions signature is verified and the transaction is accepted. A check of the ledger will occur to determine how many coins are available. There are no coins in the wallet.
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1. Describe in short what a bitcoin wallet does.
A wallet stores private keys, create and sign transaction, broadcast transaction, and read blockchain to notify other people of transactions.
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Wallets keep your Bitcoin safe by storing the private keys, this gives control over your bitcoin using the private keys to sign the transactions.
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- A wallet saves private keys to sign any transaction that it will be verified in the blockchain.
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- A bitcoin wallet stores your private key basically.
Through your private key sign the transactions.
Your wallet can also broadcast and read the transactions.
Your wallet doesnât store coins.
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Describe in short what a bitcoin wallet does.
A Bitcoin wallet is on the outside functioning like a normal physical wallet. It can send money (take money out of the wallet to spend) and it can receive money from someone else (put in cash in to the physical wallet). It differs in a lot of ways when it has the possibilities of being used over several medium of exchanges unlike the physical wallet we are used to see, maybe more so back in the days. Under the hood is where the wallet differs a lot from what we are used to see. It is not storing any money or Bitcoins, it only stores the private key that have the possibility of digitally sign a number of unspent transactions that currently exists on the longest blockchain that the network has agreed on is the one and only truth.
A wallet comes in many forms like a software on a PC or a smartphone, hardware wallets like a USB drive and even paper wallets that stores the private key on a piece of paper.
You can think of if a physical wallet held a map to all the money you own and are hidden somewhere in the world in a place that without the map NOBODY can find it. That map then becomes like a proof of that you actually have access to that value that is hidden somewhere. Maybe a bad comparison but a matter of fact is the big difference is that the Bitcoin wallet doesnât store the actual Bitcoins, it stores the âmapâ private keys to them.
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Functions of a Bitcoin Wallet
A bitcoin wallet creates transactions e.g. selling or buying of bitcoins. It generates private keys which are used to sign the transaction and private keys to broadcast the transaction in the network. There are no coins inside a wallet. A wallet can store private keys on nodes, SPVs, paper wallets or hardware wallets. When you have a hosted wallet like in an exchange you do not have any private keys.
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A bitcoin wallet stores your private keys. It can verify your balances by asking the network. It can also sign your transactions.
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A bitcoin wallet stores private keys, creates and signs transactions, and reads the blockchain ledger
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A bitcoin (or any crypto-wallet) stores your private keys, generates public keys and signs transactions. It broadcasts the transaction and can read the blockchain.
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- A bitcoin wallet is an application that can send and receive cryptocurrency funds and stores private and public keys to verify its legitimacy for the transactions it takes part in.
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- Stores Private Keys. Create and sign transactions, but no actual âcoinsâ are present. It can broadcast these transactions and also read the bitcoin blockchain.
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- Bitcoin wallet has no coins, it is used to store private key, to create public key, to sign, send and read the transactions.
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