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Running a Bitcoin node on a $11.99 SBC

Running a Bitcoin node on a $11.99 SBC
Just wanted to let you guys know that I'm successfully running a (pruned) Bitcoin node + TOR on a $11.99 single board computer (Rock Pi S).
The SBC contains a Rockchip RK3308 Quad A35 64bit processor, 512MB RAM, RJ45 Ethernet and USB2 port and I'm using a 64GB SDCard. It runs a version of Armbian (410MB free). There's a new version available that even gives you 480MB RAM, but I'm waiting for Bitcoin Core 0.19 before upgrading.
To speed things up I decided to run Bitcoin Core on a more powerful device to sync the whole blockchain to an external HDD. After that I made a copy and ran it in pruned mode to end up with the last 5GB of the blockchain. I copied the data to the SD card and ran it on the Rock Pi S. After verifying all blocks it runs very smoothly. Uptime at the moment is 15 days.
I guess you could run a full node as well if you put in a 512GB SDcard.
The Rock Pi S was sold out, but if anybody is interested, they started selling a new batch of Rock Pi S v1.2 from today.
Screenshot of resources being used
Bitcoin Core info
Around 1.5 GB is being transferred every day
---
Some links and a short How to for people that want to give it a try:
  1. This is the place where I bought the Rock Pi S.
  2. Here you find more information about Armbian on the Rock Pi S. Flash it to your SDCard. Follow these instructions.
  3. Disable ZRAM swap on Armbian. If you don't do this eventually Bitcoin Core will crash. nano /etc/default/armbian-zram-config ENABLED=false
  4. Enable SWAP on Armbian sudo fallocate -l 1G /swapfile sudo chmod 600 /swapfile sudo mkswap /swapfile sudo swapon /swapfile sudo swapon --show sudo cp /etc/fstab /etc/fstab.bak echo '/swapfile none swap sw 0 0' | sudo tee -a /etc/fstab
  5. Set up UFW Firewall sudo ufw default deny incoming sudo ufw default allow outgoing sudo ufw allow ssh # we want to allow ssh connections or else we won’t be able to login. sudo ufw allow 8333 # port 8333 is used for bitcoin nodes sudo ufw allow 9051 # port 9051 is used for tor sudo ufw logging on sudo ufw enable sudo ufw status
  6. Add user Satoshi so you don't run the Bitcoin Core as root sudo adduser satoshi --home /home/satoshi --disabled-login sudo passwd satoshi # change passwd sudo usermod -aG sudo satoshi # add user to sudo group
  7. Download (ARM64 version) and install Bitcoin Core Daemon
  8. Download and install TOR (optional). I followed two guides. This one and this one.
  9. Create a bitcoin.conf config file in the .bitcoin directory. Mine looks like this: daemon=1 prune=5000 dbcache=300 maxmempool=250 onlynet=onion proxy=127.0.0.1:9050 bind=127.0.0.1 #Add seed nodes seednode=wxvp2d4rspn7tqyu.onion seednode=bk5ejfe56xakvtkk.onion seednode=bpdlwholl7rnkrkw.onion seednode=hhiv5pnxenvbf4am.onion seednode=4iuf2zac6aq3ndrb.onion seednode=nkf5e6b7pl4jfd4a.onion seednode=xqzfakpeuvrobvpj.onion seednode=tsyvzsqwa2kkf6b2.onion #And/or add some nodes addnode=gyn2vguc35viks2b.onion addnode=kvd44sw7skb5folw.onion addnode=nkf5e6b7pl4jfd4a.onion addnode=yu7sezmixhmyljn4.onion addnode=3ffk7iumtx3cegbi.onion addnode=3nmbbakinewlgdln.onion addnode=4j77gihpokxu2kj4.onion addnode=5at7sq5nm76xijkd.onion addnode=77mx2jsxaoyesz2p.onion addnode=7g7j54btiaxhtsiy.onion ddnode=a6obdgzn67l7exu3.onion
  10. Start Bitcoin Daemon with the command bitcoind -listenonion
Please note that I'm not a professional. So if anything above is not 100% correct, let me know and I will change it, but this is my setup at the moment.
submitted by haste18 to Bitcoin [link] [comments]

No inbound connections on my bitcoin full node with TOR

update: it's ok now, it only required some time. Also, looking at debug.log it won't show anything about inbound connections as I thought, it must be used `bitcoin-cli getpeerinfo` in order to get all the connections info (inbound + outbound)
Can someone connect to my node? u3ob433qu3ebkmsu.onion:8333
I'm behind a CG-NAT so I thought to use TOR to overcame it but still I have outbound connections but no inbound.
$ bitcoin-cli getnetworkinfo
{ "version": 180000, "subversion": "/Satoshi:0.18.0/", "protocolversion": 70015, "localservices": "000000000000040c", "localrelay": true, "timeoffset": 0, "networkactive": true, "connections": 10, "networks": [ { "name": "ipv4", "limited": true, "reachable": false, "proxy": "127.0.0.1:9050", "proxy_randomize_credentials": true }, { "name": "ipv6", "limited": true, "reachable": false, "proxy": "127.0.0.1:9050", "proxy_randomize_credentials": true }, { "name": "onion", "limited": false, "reachable": true, "proxy": "127.0.0.1:9050", "proxy_randomize_credentials": true } ], "relayfee": 0.00001000, "incrementalfee": 0.00001000, "localaddresses": [ { "address": "u3ob433qu3ebkmsu.onion", "port": 8333, "score": 4 } ], "warnings": "" } 
bitcoin.conf
server=1 daemon=1 # RPC rpcuser=***** rpcpassword=******* # TOR onlynet=onion proxy=127.0.0.1:9050 bind=127.0.0.1 dnsseed=0 dns=0 addnode=nkf5e6b7pl4jfd4a.onion addnode=yu7sezmixhmyljn4.onion # Raspberry Pi optimizations dbcache=100 maxorphantx=10 maxmempool=50 maxconnections=40 maxuploadtarget=5000 prune=6000 
submitted by LiL0u to Bitcoin [link] [comments]

I am now one of 6081 bitcoin nodes

It took about 2 weeks for me to download and verify the full blockchain on my 2011 iMac HD (no ssd), but I can proudly say that I'm now running a full node and it feels good. I highly recommend others to do the same and support the bitcoin network. If I can do it on my old machine, so can you. (assuming you have the hd space and bandwidth).
As others have mentioned, changing the dbcache value up to 50% of your available RAM while verifying helps. You can set it in the preferences (no need to use command line). And just let it run. I have seen no drops in internet performance during the dl and sync, but I have a fast connection (70Mb/s) so it's not the bottleneck.
It's a testament to the technology of Bitcoin that I can independently verify 8 years of global financial transactions on a 6 year old PC.
Happy Bitcoining!
EDIT: According to https://en.bitcoin.it/wiki/Clearing_Up_Misconceptions_About_Full_Nodes#Very_roughly_estimating_the_total_node_count, the estimated number of nodes is around 29,170. I was looking at https://bitnodes.21.co/, which only counts the listening nodes.
EDIT2: If you want to learn more about bitcoin nodes, please read this: https://bitcoin.org/en/full-node
submitted by shibenyc to Bitcoin [link] [comments]

PSA: Clearing up some misconceptions about full nodes

It's time to clear up some misconceptions floating around about full nodes.
Myth: There are only about 5500 full nodes worldwide
This number comes from this site and it measured by trying to probe every nodes on their open ports.
Problem is, not all nodes actually have open ports that can be probed. Either because they are behind firewalls or because their users have configured them to not listen for connections.
Nobody knows how many full nodes there are, since many people don't know how to forward ports behind a firewall, and bandwidth can be costly, its quite likely that the number of nodes with closed ports is at least another several thousand.
Nodes with open ports are able to upload blocks to new full nodes. In all other ways they are the same as nodes with closed ports. But because open-port-nodes can be measured and closed-port-nodes cannot, some members of the bitcoin community have been mistaken into believing that open-port-nodes are that matters.
Myth: This number of nodes matters and/or is too low.
Nodes with open ports are useful to the bitcoin network because they help bootstrap new nodes by uploading historical blocks, they are a measure of bandwidth capacity. Right now there is no shortage of bandwidth capacity, and if there was it could be easily added by renting cloud servers.
The problem is not bandwidth or connections, but trust, security and privacy. Let me explain.
Full nodes are able to check that all of bitcoin's rules are being followed. Rules like following the inflation schedule, no double spending, no spending of coins that don't belong to the holder of the private key and all the other rules required to make bitcoin work (e.g. difficulty)
Full nodes are what make bitcoin trustless. No longer do you have to trust a financial institution like a bank or paypal, you can simply run software on your own computer. To put simply, the only node that matters is the one you use
Myth: There is no incentive to run nodes, the network relies on altruism
It is very much in the individual bitcoin's users rational self interest to run a full node and use it as their wallet.
Using a full node as your wallet is the only way to know for sure that none of bitcoin's rules have been broken. Rules like no coins were spent not belonging to the owner, that no coins were spent twice, that no inflation happens outside of the schedule and that all the rules needed to make the system work are followed (e.g. difficulty.) All other kinds of wallet involve trusting a third party server.
All these checks done by full nodes also increase the security. There are many attacks possible against lightweight wallets that do not affect full node wallets.
This is not just mindless paranoia, there have been real world examples where full node users were unaffected by turmoil in the rest of the bitcoin ecosystem. The 4th July 2015 accidental chain fork effected many kinds of wallets. Here is the wiki page on this event https://en.bitcoin.it/wiki/July_2015_chain_forks#Wallet_Advice
Notice how updated node software was completely unaffected by the fork. All other wallets required either extra confirmations or checking that the third-party institution was running the correct version.
Full nodes wallets are also currently the most private way to use Bitcoin, with nobody else learning which bitcoin addresses belong to you. All other lightweight wallets leak information about which addresses are yours because they must query third-party servers. The Electrum servers will know which addresses belong to you and can link them together. Despite bloom filtering, lightweight wallets based on BitcoinJ do not provide much privacy against nodes who connected directly to the wallet or wiretappers.
For many use cases, such privacy may not be required. But an important reason to run a full node and use it as a wallet is to get the full privacy benefits.
Myth: I can just set up a node on a cloud server instance and leave it
To get the benefits of running a full node, you must use it as your wallet, preferably on hardware you control.
Most people who do this do not use a full node as their wallet. Unfortunately because Bitcoin has a similar name to Bittorrent, some people believe that upload capacity is the most important thing for a healthy network. As I've explained above: bandwidth and connections are not a problem today, trust, security and privacy are.
Myth: Running a full node is not recommended, most people should use a lightweight client
This was common advice in 2012, but since then the full node software has vastly improved in terms of user experience.
If you cannot spare the disk space to store the blockchain, you can enable pruning. In Bitcoin Core 0.12, pruning being enabled will leave the wallet enabled. Altogether this should require less than 900MB of hard disk space.
If you cannot spare the bandwidth to upload blocks to other nodes, there are number of options to reduce or eliminate the bandwidth requirement. These include limiting connections, bandwidth targetting and disabling listening. Bitcoin Core 0.12 has the new option -blocksonly, where the node will not download unconfirmed transaction and only download new blocks. This more than halves the bandwidth usage at the expense of not seeing unconfirmed transactions.
Synchronizing the blockchain for a new node has improved since 2012 too. Features like headers-first and libsecp256k1 have greatly improved the initial synchronization time.
It can be further improved by setting -dbcache=3000 which keeps more of the UTXO set in memory. It reduces the amount of time reading from disk and therefore speeds up synchronization. Tests showed that the entire blockchain can now be synchronized in less than 3 and a half hours (Note that you'll need Bitcoin Core 0.12 or later to get all these efficiency improvements) Another example with 2h 25m
How to run a full node as your wallet.
I think every moderate user of bitcoin would benefit by running a full node and using it as their wallet. There are several ways to do this.
So what are you waiting for? The benefits are many, the downsides are not that bad. The more people do this, the more robust and healthy the bitcoin ecosystem is.
Further reading: http://www.truthcoin.info/blog/measuring-decentralization/
submitted by belcher_ to Bitcoin [link] [comments]

A simple guide to financial sovereignty (set up your Bitcoin fullnode)

In 2009, a 9 pages white paper by satoshi Nakamoto described a protocol that made central banking obselete. It's a new paradigm where monney is no longer controlled by a few, but by the whole network.
The shift is already happening, as we speak, even if it's hard to see, especially if you lack the fundamental knowledege of cryptoghraphy, game theory and economics. It's just a matter of time before you realize that Bitcoin is hard money, and for the first time we have a framework to apply austrian economics, without permission. Time to reset the keynesian monopoly game.
I don't think people are inherently bad, it's just that in the actual system (which I call the legacy system) people are incentivised to make decisions that are good from their individual perspective, but unfortunately, the sum of those individual decisions are bad from the collective group perspective. That's just plain simple game theory. What makes Bitcoin so special is it's perfectly aligned set of incentives that makes individuals and collectives outcomes better. It switches the economic model from keynesian to austrian, inflation to deflation, spending to saving, modern slavery (throught debt) to financial sovereingty, de-evolution to evolution. We are currently shifting from fiat to Bitcoin.
What you think capitalism is has nothing to do with what Capitalism really is in a free market. Capitalism is beautiful, it's simply the act of evolution, saving and optimising for consumming only what's needed (don't forget with live in a world with limited ressources, yes we all forgot). Stop spending and start capitalising, that's what we should be doing. But it's near impossible in a world run by socialists imposing debt using violence. What do you think back the US dollar ? gold ? no no, only tanks, aircraft carriers, soldiers and corrupt politicians.
Our only way out of this madness with the minimum violence is Bitcoin.
To be clear, if you dont run a fullnode, then you don't validate the transactions yourself (which is one purpose of running a fullnode). If you don't do the job yourself, then you have no other choice then to trust someone else for it. That's not necesserely a bad thing, as long as you are aware of it. You have no say in what defines Bitcoin, you enforce no rules. You serve no purpose in the Bitcoin realm. Why not !
Now if you seek financial sovereignty and want to take part in the new money paradigm, you will need to operate a fullnode and get your hands a little dirty. This guide hopefuly will take you there while walking you through the steps of setting up your autonomous Bitcoin Core full node.
Why Bitcoin Core ? simply because the Bitcoin core client implement and enforce the set of rules that I myself define as being Bitcoin.

Prerequis

install

Choose & download the latest binaries for your platform directly from github: https://bitcoincore.org/bin/bitcoin-core-0.16.2
at the time of writing, the latest bitcoin core version is 0.16.2
wget https://bitcoincore.org/bin/bitcoin-core-0.16.2/bitcoin-0.16.2-x86_64-linux-gnu.tar.gz tar -zxvf bitcoin-0.16.2-x86_64-linux-gnu.tar.gz sudo mv bitcoin-0.16.2/bin/* /uslocal/bin/ rm -rf bitcoin-0.16.2-x86_64-linux-gnu.tar.gz bitcoin-0.16.2 # clean 

firewall

Make sure the needed ports (8333, 8332) are open on your server. If you don't know, you can & should use a firewall on your server. I use ufw, which stands for uncomplicated firewall.
sudo apt install ufw # install ufw 
configure default rules & enable firewall
sudo ufw default deny incoming sudo ufw default allow outgoing sudo ufw allow ssh # if you operate your server via ssh dont forget to allow ssh before enabling sudo ufw enable 
Once your firewall is ready, open the bitcoin ports :
sudo ufw allow 8333 # mainnet sudo ufw allow 8332 # mainnet rpc/http sudo ufw allow 7000 # netcat transfert (for trusted sync) 
check your firewall rules with sudo ufw status numbered

init

Start bitcoind so that it create the initial ~/.bitcoin folder structure.
bitcoind& # launch daemon (the & run the copmmand in the background) bitcoin-cli stop # stop the daemon once folder structure is created 

config

In my case, for a personnal fullnode, I want to run a full txindexed chain. We only live once and i want all options to be possible/available :) If you plan to interact with the lightning network in the future and want to stay 100% trustless, I encourage you txindexing the chain (because you'll need an indexed chain). it's not hard to txindex the chain later on, but the less you touch the data, the better. so always better to start with txindex=1 if you want to go for the long run. It only adds 26Go on top of the 200Go non indexed chain. So it's worth it !
Just to get an idea of the size of the bitcoin core chain (August 23, 2018) :
network folder txindexed height size
mainnet blocks + chainstate yes 538.094 209Go + 2.7Go = 221.7
mainnet blocks + chainstate no 538.094 193Go + 2.7Go = 195.7Go
testnet blocks + chainstate yes - -
testnet blocks + chainstate no 1.407.580 20Go + 982Mo = 21Go
Create a bitcoin.conf config file in the ~/.bitcoin folder. This is my default settings, feel free to adjust to your need. [ see full config Running Bitcoin - Bitcoin Wiki ]
# see full config here https://en.bitcoin.it/wiki/Running_Bitcoin # Global daemon=1 txindex=1 rpcallowip=0.0.0.0/0 # bind network interface to local only for now server=1 rest=1 # RPC rpcport=8332 rpcuser=admin rpcpassword=password # define a password rpcworkqueue=100 # zmq zmqpubrawblock=tcp://*:8331 zmqpubrawtx=tcp://*:8331 #zmqpubhashblock=tcp://*:8331 #zmqpubhashtx=tcp://*:8331 # numbers of peers. default to 125 maxconnections=10 # utxo cache. default to 300M dbcache=100 # Spam protection limitfreerelay=10 minrelaytxfee=0.0001 

Sync the blockchain

There are 2 ways you can donwload/sync the bitcoin blochain :

Network sync (default)

If this is the first time you are setting up a bitcoin full node, it's the only way to trust the data. It will take time, depending on your hardware and network speed, it could vary from hours to days. You have nothing to do but leave the bitcoind daemon running. check status with bitcoin-cli getblockchaininfo, kill daemon with bitcoin-cli stop.
Remember that this is the only procedure you should use in order to sync the blockchain for the first time, as you don't want to trust anyone with that data except the network itself.

Trusted sync

Skip this chapter if this is the first you're setting up a full node.
Once you operate a fully "network trusted" node, if you'd like to operate other nodes, syncing them from your trusted node(s) will go much faster, since you simply have to copy the trusted data from server to server directly, instead of going throught the bitcoin core network sync.
You will need to transfer the chainstate & blocks directory from the ~/.bitcoin folder of one of your trusted node to the new one. The way you achieve that transfer is up to you.
At the time of writing (August 23, 2018), the txindexed blockchain (chainstate + blocks up to height 538.094) is around 220Go. Moving that quantity of data over the network is not a trivial task, but if the transfer happens between 2 reliable servers, then netcat will be great for the job. (netcat sends raw tcp packets, there is no authentification or resume feature).
Note: with netcat, if one of the servers connection is not stable, and you lose connection, you will have to start again. that's a bummer. in that case you are better of with tools like rsync or rcp that let you resume a transfer.
In order to make the transfer a simple task, make sure you do the following on both of the receiver and the sender server :
Once both your servers (receiver & sender) are netcat ready, proceed as follow :
This is the transfer times for my last data sync between 2 servers hosted at time4vps.eu (not too bad) | folder | size | transfer time | - | - | - | blocks | 209Go | 5h20 | chainstate | 2.7Go | 4min

bitcoind as a service

For ease of use and 100% uptime, simply add bitcoind to your system service manager (in my case systemd) create the file /etc/systemd/system/bitcoind.service and add the following to it :
[Unit] Description=Bitcoin daemon After=network.target [Service] User=larafale RuntimeDirectory=bitcoind Type=forking ExecStart=/uslocal/bin/bitcoind -conf=/home/larafale/.bitcoin/bitcoin.conf ExecStop=/uslocal/bin/bitcoin-cli stop KillMode=process Restart=always RestartSec=120 TimeoutSec=240 # Hardening measures #################### # Provide a private /tmp and /vatmp. PrivateTmp=true # Mount /usr, /boot/ and /etc read-only for the process. ProtectSystem=full # Disallow the process and all of its children to gain # new privileges through execve(). NoNewPrivileges=true # Use a new /dev namespace only populated with API pseudo devices # such as /dev/null, /dev/zero and /dev/random. PrivateDevices=true # Deny the creation of writable and executable memory mappings. MemoryDenyWriteExecute=true [Install] WantedBy=multi-user.target 
Don't forget to correct the user name & the bitcoin.conf path. Once the systemd bitcoind config file is created, reload system services and start the bitcoind service:
sudo systemctl daemon-reload # reload new services sudo systemctl enable bitcoind # enable bitcoind sudo systemctl start bitcoind # start bitcoind sudo systemctl status bitcoind # check bitcoind status 
If everything worked, status should output the following:
● bitcoind.service - Bitcoin daemon Loaded: loaded (/etc/systemd/system/bitcoind.service; enabled; vendor preset: enabled) Active: active (running) since jeu. 2018-08-23 21:17:41 CEST; 5s ago Process: 5218 ExecStart=/uslocal/bin/bitcoind -conf=/home/larafale/.bitcoin/bitcoin.conf (code=exited, status=0/SUCCESS) Main PID: 5219 (bitcoind) CGroup: /system.slice/bitcoind.service └─5219 /uslocal/bin/bitcoind -conf=/home/larafale/.bitcoin/bitcoin.conf 
The bitcoind service is active and will automatically restart on statup/crash. Wait a couple minutes until the bitcoin-cli getblockchaininfo command returns the chain status. You can also query the rest interface by opening http://nodeIP:8332/rest/chaininfo.json in your browser.

Conclusion

You now have a full Bitcoin core node running on it's own. What's next ? Well I never blogged before, this is the first time I am outsourcing some of my work. I'm a passionnate enginner working on all kind of technologies. I've been dedicating half of my time to Bitcoin for the last 2 years already, so if this guide was usefull and want to go deeper , just let me know, depending on the feedback I get, i'll consider outsourcing more interesting work. For example next post could be about setting up an Electrum Server so you can safely use SPV wallets trusting your own fullnode.
Also I'm currently working on a trustless bitcoin payment processor called 8333, make sure you follow @_8333_ on twitter. I think I will release the project end of 2018. Ping me if interested.
The best way you can show support is via Bitcoin : 16FKGPiivpo3Z7FFPLdkoVRcV2ASBc7Ktu
submitted by larafale to Bitcoin [link] [comments]

Clearing up some misconceptions about full nodes | Chris Belcher | Feb 10 2016

Chris Belcher on Feb 10 2016:
I've been asked to post this to this mailing list too. It's time to
clear up some misconceptions floating around about full nodes.
=== Myth: There are only about 5500 full nodes worldwide ===
This number comes from this and similar sites: https://bitnodes.21.co/
and it measured by trying to probe every nodes on their open ports.
Problem is, not all nodes actually have open ports that can be probed.
Either because they are behind firewalls or because their users have
configured them to not listen for connections.
Nobody knows how many full nodes there are, since many people don't know
how to forward ports behind a firewall, and bandwidth can be costly, its
quite likely that the number of nodes with closed ports is at least
another several thousand.
Nodes with open ports are able to upload blocks to new full nodes. In
all other ways they are the same as nodes with closed ports. But because
open-port-nodes can be measured and closed-port-nodes cannot, some
members of the bitcoin community have been mistaken into believing that
open-port-nodes are that matters.
=== Myth: This number of nodes matters and/or is too low. ===
Nodes with open ports are useful to the bitcoin network because they
help bootstrap new nodes by uploading historical blocks, they are a
measure of bandwidth capacity. Right now there is no shortage of
bandwidth capacity, and if there was it could be easily added by renting
cloud servers.
The problem is not bandwidth or connections, but trust, security and
privacy. Let me explain.
Full nodes are able to check that all of bitcoin's rules are being
followed. Rules like following the inflation schedule, no double
spending, no spending of coins that don't belong to the holder of the
private key and all the other rules required to make bitcoin work (e.g.
difficulty)
Full nodes are what make bitcoin trustless. No longer do you have to
trust a financial institution like a bank or paypal, you can simply run
software on your own computer. To put simply, the only node that matters
is the one you use.
=== Myth: There is no incentive to run nodes, the network relies on
altruism ===
It is very much in the individual bitcoin's users rational self interest
to run a full node and use it as their wallet.
Using a full node as your wallet is the only way to know for sure that
none of bitcoin's rules have been broken. Rules like no coins were spent
not belonging to the owner, that no coins were spent twice, that no
inflation happens outside of the schedule and that all the rules needed
to make the system work are followed (e.g. difficulty.) All other kinds
of wallet involve trusting a third party server.
All these checks done by full nodes also increase the security. There
are many attacks possible against lightweight wallets that do not affect
full node wallets.
This is not just mindless paranoia, there have been real world examples
where full node users were unaffected by turmoil in the rest of the
bitcoin ecosystem. The 4th July 2015 accidental chain fork effected many
kinds of wallets. Here is the wiki page on this event
https://en.bitcoin.it/wiki/July_2015_chain_forks#Wallet_Advice
Notice how updated node software was completely unaffected by the fork.
All other wallets required either extra confirmations or checking that
the third-party institution was running the correct version.
Full nodes wallets are also currently the most private way to use
Bitcoin, with nobody else learning which bitcoin addresses belong to
you. All other lightweight wallets leak information about which
addresses are yours because they must query third-party servers. The
Electrum servers will know which addresses belong to you and can link
them together. Despite bloom filtering, lightweight wallets based on
BitcoinJ do not provide much privacy against nodes who connected
directly to the wallet or wiretappers.
For many use cases, such privacy may not be required. But an important
reason to run a full node and use it as a wallet is to get the full
privacy benefits.
=== Myth: I can just set up a node on a cloud server instance and leave
it ===
To get the benefits of running a full node, you must use it as your
wallet, preferably on hardware you control.
Most people who do this do not use a full node as their wallet.
Unfortunately because Bitcoin has a similar name to Bittorrent, some
people believe that upload capacity is the most important thing for a
healthy network. As I've explained above: bandwidth and connections are
not a problem today, trust, security and privacy are.
=== Myth: Running a full node is not recommended, most people should use
a lightweight client ===
This was common advice in 2012, but since then the full node software
has vastly improved in terms of user experience.
If you cannot spare the disk space to store the blockchain, you can
enable pruning as in:
https://bitcoin.org/en/release/v0.11.0#block-file-pruning. In Bitcoin
Core 0.12, pruning being enabled will leave the wallet enabled.
Altogether this should require less than 1.5GB of hard disk space.
If you cannot spare the bandwidth to upload blocks to other nodes, there
are number of options to reduce or eliminate the bandwidth requirement
found in https://bitcoin.org/en/full-node#reduce-traffic . These include
limiting connections, bandwidth targetting and disabling listening.
Bitcoin Core 0.12 has the new option -blocksonly, where the node will
not download unconfirmed transaction and only download new blocks. This
more than halves the bandwidth usage at the expense of not seeing
unconfirmed transactions.
Synchronizing the blockchain for a new node has improved since 2012 too.
Features like headers-first
(https://bitcoin.org/en/release/v0.10.0#faster-synchronization) and
libsecp256k1 have greatly improved the initial synchronization time.
It can be further improved by setting -dbcache=6000 which keeps more of
the UTXO set in memory. It reduces the amount of time reading from disk
and therefore speeds up synchronization. Tests showed that the entire
blockchain can now be synchronized in less than 3 and a half hours
(See
https://github.com/bitcoin/bitcoin/pull/6954#issuecomment-154993958)
Note that you'll need Bitcoin Core 0.12 or later to get all these
efficiency improvements.
=== How to run a full node as your wallet ===
I think every moderate user of bitcoin would benefit by running a full
node and using it as their wallet. There are several ways to do this.
(https://bitcoinarmory.com/) or JoinMarket
(https://github.com/AdamISZ/JMBinary/#jmbinary)
Multibit connecting only to your node running at home, Electrum
connecting only to your own Electrum server)
So what are you waiting for? The benefits are many, the downsides are
not that bad. The more people do this, the more robust and healthy the
bitcoin ecosystem is.
original: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2016-February/012435.html
submitted by dev_list_bot to bitcoin_devlist [link] [comments]

Bitcoin - Wiki THIS IS WHY BITCOIN DUMPED AGAIN!!! Michael Bloomberg breaks silence on Bitcoin! What is Bitcoin - Team Queen Wiki What is Bitcoin? Bitcoin Explained Simply for Dummies

Example bitcoin.conf. The bitcoin.conf file allows customization for your node. Create a new file in a text-editor and save it as bitcoin.conf in your /bitcoin directory.. Location of your /bitcoin directory depends on your operation system.. Windows XP C:\Documents and Settings\<username>\Application Data\Bitcoin Windows Vista, 7, 10 C:\Users\<username>\AppData\Roaming\Bitcoin Assuming they're all using default Bitcoin Core settings, they'll each provide 117 connection slots to the network on net (125 provided minus 8 consumed). SPV nodes typically use 4 connection slots, and full nodes typically use 8. So the network can support a maximum of around 170,644 SPV nodes or 85,322 non-listening full nodes at one time. Bitcoin Core is programmed to decide which block chain contains valid transactions. The users of Bitcoin Core only accept transactions for that block chain, making it the Bitcoin block chain that everyone else wants to use. For the latest developments related to Bitcoin Core, be sure to visit the project’s official website. Running Bitcoin Bitcoin Wiki; 0. Adding dbcache in. Bitcoin ArchWiki 2 oct. Im not sure if is still the max. Well it takes ages to shut down though, but I Are there faster methods of syncing Bitcoin Core. Informationsgehalt Bitcoin Dec 18, withdraw your earnings to the Bitcoin faucets, Earlier this month, by: David Gutierrez, at the same time Any computer that connects to the Bitcoin network is called a node.Nodes that fully verify all of the rules of Bitcoin are called full nodes.The most popular software implementation of full nodes is called Bitcoin Core, its latest release can be found on the github page.

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Bitcoin - Wiki

Team Queen Wiki is the fastest growing team in CFX! Earn Bitcoin while you Learn Forex! Cash FX Group has strategic alliances with the most recognized institutions in the financial markets. Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer or a group of programmers under the name Satoshi Nakamoto It was released as open source software in The s... Use the code R8avSs and get 3% every time you purchase hashpower to mine Bitcoin and Ethereum and a ton of other Cryptocurrencies at https://www.genesis-mining.com 3% discount code: R8avSs My BTC ... HOW TO BUY BITCOIN 2019 - Easy Ways to Invest In Cryptocurrency For Beginners! - Duration: 10:05. Bruce Wannng 434,476 views. 10:05. What is Bitcoin? Bitcoin is the first decentralized digital currency. All Bitcoin transactions are documented on a virtual ledger called the blockchain, which is accessible for everyone to see.

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