How do Bitcoin Wallets Work?
A physical wallet helps in storing money securely within one place. Similarly, a bitcoin wallet is simply a place where
the bitcoins are safely held or stored. Though the bitcoins are an inseparable part of the Block Ledger, but...
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How do Bitcoin Wallets Work?
A physical wallet helps in storing money securely within one place. Similarly, a bitcoin wallet is simply a place where
the bitcoins are safely held or stored. Though the bitcoins are an inseparable part of the Block Ledger, but virtually if it
is thought to have a separate identity than the Block Ledger, these are similar to physical coins which are safely
stored in a virtual wallet.
A more refined way of defining a bitcoin wallet would be a store of the digital credentials of all bitcoin holders by a
miner. This wallet or the safe holding where the credentials are safely put in can be easily accessed and transacted
whenever required. The transactions of bitcoins from these wallets are secured by a two key system.
Such transactions are dependent on a Public Key and a Private Key. The Public Key is identical to the account
number of a physical bank account that we hold. The private key holds the details of our ownership credentials. A
wallet is basically a
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