Any other stimulus that comes to Bitcoin Nodes?

Quickseller

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Quote from: Charles-Tim on October 22, 2021, 04:40:18 PM

Quote from: Cookdata on October 22, 2021, 04:22:44 PM

And in other to be a node, ones device must be up 24/7 with available internet and stable power, it doesn't appear to be like a mining but can be tasking to some that's why I want to know if there are more incentives I don't know.

No incentive paid to node operators, but many people are using a wallet that have the full blockchain and run the full node because they want to just run their own node for privacy reasons. So, no incentive but it is really worth it to make use of a wallet that runs a node (pruned or full blockchain wallet) than making use of an SPV wallet that depends on central servers which links IP addresses and bitcoin addresses together.

While there are no financial benefits explicitly paid to non-mining node operators, there are incentives received for running a node.

As you noted, node operators have additional privacy above what non-node operators have. Node operators receive the full value of censorship resistance that bitcoin offers, as SPV servers and other services that facilitate the broadcasting of transactions can trivially censor any transaction they want. You can also be certain that you are aware of any transaction received to an address, as SPV nodes and block explorers can trivially withhold this information.

All of the above give substantial value to node operators. While difficult to quantify and will vary from person to person, the value still very much exists.

ranochigo

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There isn't. Running a Bitcoin node carries no monetary incentive nor is there a need for one. Whilst the network definitely needs full nodes to function, the importance of an average Joe running one can often be misconstrued. An bunch of centralized full nodes is no better than a far lesser number of full nodes but with vastly larger decentralization. There is little to no opportunity costs for most when running a full node, and it doesn't necessarily mean that it has to be turned on 24/7. The actual cost for it is far lower than the 'perceived' benefits to self and to the network.

aliashraf

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By means of running a Bitcoin full node, you are guaranteed to have unlimited and unconditional ownership of your asset booked in the ledger, a totally new phenomenon in human history. It is the main incentive, but I could add another one, which is very important for me personally:

Being part of a distributed, censorship free, decent and democratic movement, which, I believe, is the unique opportunity for humanity to survive amid climate crisis, deconstruction of classical democratic institutions as a result of far-right populism surge, terrorism, and violence.

BlackHatCoiner

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Quote from: Cookdata on October 22, 2021, 04:22:44 PM

that's why I want to know if there are more incentives I don't know.

No, the incentive is one. You confirm you own money. You don't need a third party to confirm it that for you. You're a true wealth sovereign who generates invoices and verifies that they're paid without revealing any IPs or connections with other addresses.

Now that's the main benefit for yourself. There are others too, but only for the network;

Quote from: DannyHamilton on August 05, 2021, 09:46:09 AM

Here are a few ways that a non-mining node benefits the network:
1. It enforces all consensus rules on all transactions and blocks that it receives and forwards.
2. It provides a source of pieces of the blockchain for new nodes which wish to join the network.
3. It provides a list of well-behaved nodes for other nodes to connect to.
4. It increases interconnectivity, reducing the risk that the network becomes fractured.

pooya87

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Quote from: Cookdata on October 22, 2021, 04:22:44 PM

And in other to be a node, ones device must be up 24/7 with available internet and stable power,

No, it doesn't have to. You can shut down your computer and only run it a short amount of time during every day or only a couple of days a week. The amount of data that has to be processed every day (downloaded, verified and stored) is about 170 MB on average.
Someone running a full node 24/7 specially if they accept incoming connections is doing the maximum contribution to the network.

Charles-Tim

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Quote from: Cookdata on October 22, 2021, 04:22:44 PM

And in other to be a node, ones device must be up 24/7 with available internet and stable power, it doesn't appear to be like a mining but can be tasking to some that's why I want to know if there are more incentives I don't know.

No incentive paid to node operators, but many people are using a wallet that have the full blockchain and run the full node because they want to just run their own node for privacy reasons. So, no incentive but it is really worth it to make use of a wallet that runs a node (pruned or full blockchain wallet) than making use of an SPV wallet that depends on central servers which links IP addresses and bitcoin addresses together.

Cookdata

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I've been studying Bitcoin anatomy, and I'm particularly interested in the Bitcoin network's exceptional privacy and decentralization. I'm curious to learn if there are any other benefits to being a node on the bitcoin network for confirming transactions.

I'm quite aware that bitcoin transaction is been made and confirm in this manner:

[A] Transaction is signed in the wallet the rightful owner.

[B.] The wallet broadcasted the transaction to the memory pool.

[C] Miners chooses the transaction to be process from the pool ( due to difference in fee that comes with every transactions).

[D] Miners find the Nonce that complete the hash output after which the miners is eligible to take the fee and block reward.

[E] Nodes will verify the transaction and add the new block to the existing blockchain history.

[A] >> [B.] >> [C] >> [D] >> [E]

And in other to be a node, ones device must be up 24/7 with available internet and stable power, it doesn't appear to be like a mining but can be tasking to some that's why I want to know if there are more incentives I don't know.

Topic: Any other stimulus that comes to Bitcoin Nodes? (Read 164 times)