Homework on Role of Wallets - Questions

Blockchain and Bitcoin 101
#1786

A bitcoin wallet stores your private and public keys, it allows you to send and receive transactions through your wallet address and digital signature.

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#1787

Describe in short what a bitcoin wallet does.
Answer: A bitcoin wallet stores an individual or entity’s private keys. It has the ability to create and sign transactions as well as broadcast transactions to the blockchain network. Wallets do not store coins because coins do not actually exist.

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#1788

A bitcoin wallet essentially stores the private keys of the user.
Depending on the type of wallet, holding the keys for security and transaction is its purpose.
There are various types of wallets, some online and some offline.
The online wallets are applications that interact with the blockchain when there is a transaction.
Offline wallets are disconnected from the internet or any communications until needed.

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#1789
  1. Describe in short what a bitcoin wallet does.

In short a Bitcoin wallet holds your private keys, creates, signs and broadcasts transactions and queries the blockchain via a full node or an SPV. Wallets do not hold coins, they only hold private keys.

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#1790

A bitcoin wallet stores your keys, creates and signs and broadcasts transactions. It can also read the blockchain

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#1791
  1. A Bitcoin wallet stores the private keys to your Bitcoin. These private keys can be used to sign transactions. It DOES NOT hold the Bitcoin itself. A wallet allows you to access the Bitcoin, send and receive funds.
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#1792

A BTC wallet functions by storing not coins, but your private key. When you are involved in a transaction, the wallet is what creates and digitally signs the transactions. Once signed, the wallet broadcasts the transactions to the nodes for approval.

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#1793
  1. A wallet stores your private keys.
    It signs transactions so they can be broadcasted and made public.
    It also lets you know when you receive funds.
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#1794

A bitcoin wallet stores your private key, which is used to create your public key. Your private key also is used to “signed” or authorize or validate transactions.

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#1795

stores private keys and facilitates transactions in different ways.

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#1796

A wallet stores your private keys, is able too create and sign transactions

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#1797
  1. A wallet stores the private key(s) that allow to create and sign transactions. Depending on the type of wallet, it can also broadcast transactions to the network.
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#1798
  1. A bitcoin wallet stores your private key that you would use to sign a transaction. In reality the wallet does not store any coins at all. All bitcoins are simply entries in the blockchain ledger.
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#1799

A wallet stores you private key and takes care tells me how much crypto I have stored on the blockchain

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#1800

A bitcoin wallet stores private and public keys that is used to create and sign transactions.

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#1801

A bitcoin wallet stores your public and private key, can use the private key to sign a transaction and broadcast it to the network so that miners can pick it up and eventually include it in the blockchain - then the transaction is confirmed

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#1802
  1. A Bitcoin wallet holds a users private keys and signs transactions for proof of origin.
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#1803

Describe in short what a bitcoin wallet does: 1. stores private keys 2. upon sending funds the wallet a.) creates the Transaction b.)signatures the Transaction c.) broadcasts the Transaction on the blockchain network----------------------------------------- 3. upon receiving funds the wallet a.) reads the blockchain to see if your funds are available b.) notifies you that you have funds to spend (monitors your balance). (Note: There are no actual coins in the wallet nor the blockchain only data. Also, when the wallet signs/sends the transaction the nodes change the entry in the database.) and lastly, there are different types of wallets each doing different types of jobs. Among those are the ones we spoke of in the lesson. a) getting a full node on pc gives you a wallet(which creates/houses your private key) and full BLOCKCHAIN, a S.P.V. which queries FULL NODES and also paper wallets(offline key holder).

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#1804

Wallet has following functions:

  1. stores private keys
  2. creates and signs transactions
  3. broadcast transactions
  4. reads blockchain database

It does not store any coins

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#1805 
1. A Bitcoin wallet 
* Creates private keys
* Creates and signs transactions
* Broadcasts transactions
* Reads the blockchain
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