Homework on Role of Wallets - Questions

Homework on Role of Wallets - Questions

  1. Describe in short what a bitcoin wallet does.
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A bitcoin wallet stores your private keys and uses them to sign transactions and checks your balance.

The Bitcoin wallet holds holds your private keys and is used to sign transactions as proof of origin. It also ether stores ledger copy or query from full node. Query has impact of privacy loss vs running a full node. Though privacy loss can be mitigated through increasing the size of bloom filter.

Bitcoin wallet stores private key, create and sign transactions.

A wallet is a program that stores your private keys which you can use to release your unspent funds.

A wallet stores your private keys, is able too create and sign transactions and is able to check your unspent funds.

Bitcoin wallet stores private key which is used to sign the transaction. It does not store any coins as and such. Wallet usually sends transactions over Bitcoin network which will be validated by other nodes Its used to send or receive funds though actual changes happen at the blockchain database.

  1. Describe in short what a bitcoin wallet does.

Storage private key, create public key, sign the transaction, broadcast the transaction and read transaction. There is no coins inside the wallet.

A bitcoin wallet is something that stores your private keys, which can then be used to sign a transaction to be sent to nodes on the bitcoin network for processing.

  1. A Bitcoin wallet holds your private key.

A wallet will hold your private key to access and spent your UTXO’s on the chain.

It stores and generates private keys and uses them to sign transactions and know your balance.

1. Describe in short what a bitcoin wallet does.

It generates a private key that is used to generate public keys so you can “receive” bitcoin from other parties or to “send” bitcoin to other parties. No bitcoin is stored in a wallet but the keys are needed to know what amount of bitcoin on the blockchain belongs to those keys you manage through your wallet.

  1. A bitcsoin wallet is an application where you can send and receive Bitcoin. And it holds both your private and public key.

Wallet stores your private keys. When sending bitcoin, the wallet will use your private keys to create and sign transaction. The database will verify the transaction and record it in the ledger

A bitcoin wallet stores your private key, which is needed to generate your public key and to sign a transaction. The public key is needed to receive bitcoins

A bitcoin wallet is can show the balance (UTXOs) for each private key you add to it, so it can store those keys and use them to sign transactions if you wish to spend your UTXOs. It also manages how to combine the available utxo’s when forming a transaction in the most efficient way, because the bigger the transaction the more expensive it will be in the fees (paid per byte)

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  1. A Bitcoin wallet holds your private key so that it can create and sign a transaction.

A Bitcoin wallet is the interface between the bitcoin protocol and blockchain ledger that holds your private key that is required to sign a transaction for it to added as a verified transaction on the bitcoin blockchain.