Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#1706

A wallet holds your private keys to use when you want to access your cryptocurrency and/or sign transactions

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#1707

Wallets are place to store, send and receive btc. You have different kinds of wallets. Cold wallet which is offline and hot wallets which are connected to the internet. Also hosted wallets from companies who store your private keys.

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#1708
  1. BTC wallets stores your private key, which can be used to sign a transaction (digital signature). When you sign the transaction with your private key, it will be distributed on the network (peer-to-peer). The whole blockchain is a huge database (a ledger), where your funds are. With your private key you can make a transaction on this database from person A to person B. So actually, in your wallet you do not own any bitcoins, just your private key
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#1709

1)It stores private keys, it create and sign transactions, broadcast blockchain, and read blockchain.

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#1710

They only store the keys to BTC :slight_smile:

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#1711
  • A wallet basically store private keys (that seems to be basic functionality which includes the paper wallets). Most of the wallets are able to create transactions, sign them and broadcast them to the block chain. They also can confirm the transactions by reading the blockchain or sending queries to the nodes.
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#1712

Wallet stores private key, create & sign transactions, broadcast transactions, & read blockchain.

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#1713

Answer: A bitcoin wallet stores your private and public keys, it enables the storing, sending and receiving of transactions by signing and broadcasting the transactions to the network.

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#1714

Welcome to the forum @sven! :smiley:

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#1715

1 Describe in short what a bitcoin wallet does
wallets store your public and private keys and can create, sign and broadcast transactions. They can also query the blockchain to show your available funds (but dont actually store funds)

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#1716

It holds your private key that keeps track of the amount of Bitcoin on the key. It allows users to send and receive Bitcoin to and from the wallet.

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#1717

Bitcoin wallet stores your private keys and uses the keys to sign transactions for you to spend your bitcoin.

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#1718

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.
  • A wallet stores your private keys to send and recieve transactions.
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#1719
  1. A bitcoin wallet hold your private and public keys. The wallet signs off on transactions that the holder makes. It does not hold bitcoin itself.
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#1720

A bitcoin wallet stores the private keys which sign the transactions, and it generates public keys which are needed to receive bitcoin.

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#1721

A Bitcoin wallet stores the private key and this is used to digital sign a transaction whenever you send funds.

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#1722

Stores your private keys which show how much crypto you own :slight_smile:

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#1723

A program that allows to send and receive signed transactions through stored public keys and generates public key.

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#1724

I assume you meant to say private and public keys?

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#1725

Yes, Mauro. Of course I meant it this way :slight_smile: Thanks for noticing

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