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judymcconville@roadrunner.com 2017-04-28 12:03:30 -07:00
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[[ch05_wallets]]
== Wallets
The word "wallet" is used to describe a few different things in bitcoin.
((("bitcoin", "wallets", id="Bwallets05")))The word "wallet" is used to describe a few different things in bitcoin.
At a high-level, a wallet is an application that serves as the primary user interface. The wallet controls access to a user's money, managing keys and addresses, tracking the balance, and creating and signing transactions.
@ -476,7 +476,7 @@ The first-level "purpose" is always set to +44'+. The second-level "coin_type" s
The third level of the tree is "account," which allows users to subdivide their wallets into separate logical subaccounts, for accounting or organizational purposes. For example, an HD wallet might contain two bitcoin "accounts": m/44++'++/0++'++/0++'++ and m/44++'++/0++'++/1++'++. Each account is the root of its own subtree.
On the fourth level, "change," an HD wallet has two subtrees, one for creating receiving addresses and one for creating change addresses. Note that whereas the previous levels used hardened derivation, this level uses normal derivation. This is to allow this level of the tree to export extended public keys for use in a nonsecured environment. Usable addresses are derived by the HD wallet as children of the fourth level, making the fifth level of the tree the "address_index." For example, the third receiving address for bitcoin payments in the primary account would be M/44++&#x27;++/0++&#x27;++/0++&#x27;++/0/2. <<table_4-9>> shows a few more examples.
On the fourth level, "change," an HD wallet has two subtrees, one for creating receiving addresses and one for creating change addresses. Note that whereas the previous levels used hardened derivation, this level uses normal derivation. This is to allow this level of the tree to export extended public keys for use in a nonsecured environment. Usable addresses are derived by the HD wallet as children of the fourth level, making the fifth level of the tree the "address_index." For example, the third receiving address for bitcoin payments in the primary account would be M/44++&#x27;++/0++&#x27;++/0++&#x27;++/0/2. <<table_4-9>> shows a few more examples.((("", startref="Bwallets05")))
[[table_4-9]]
.BIP-44 HD wallet structure examples