Topic: Are you running a Bitcoin node? You SHOULD be - page 2. (Read 411 times)
So it seems that the disincentive is the time spent in downloading the blockchain, and having to store it.
Good suggestions, but running a full node isn't for me. I know these things why running a full node is recommended (more secured and less centralized network, more privacy and etc), but my computer is just too old and slow. I predict it would take very long time to download Bitcoin Core wallet with full blockchain with my current internet speed. I don't even have enough space on my PC. Over 145 Gbs are needed. But when I will buy new PC I will consider running a full node. I'm not only sure about electricity consumption - does full node seriously affect it?
Before I list why you should be running your own Bitcoin node I just want to say that there is no monetary gain for those that are running a Bitcoin node. You will not receive transaction fees or rewards for it. What you will receive is the gratitude from the Bitcoin community for making it less centralized and overall more secure.
1. It makes the network more secure.
A full bitcoin node is constantly verifying and relaying every block and transaction that is on the Blockchain. This means that its ensuring the legitimacy of the network. When someone sends a transaction on the network it is verified by all the nodes connected to the network. The more nodes verifying this information means its less likely that there will be any errors and that the rules are being followed. This means that nodes can reject any blocks, transactions that might not follow the consensus rules of Bitcoin. If the Bitcoin network forked and an alternative chain was implemented nodes run by people looking after the Bitcoin network would be able to reject this or accept it if they think its bettering the Bitcoin network.
2. More privacy for you
If you use SPV wallets such as electrum as an example you know that these clients connect to an external sever which could be controlled by anyone. Lets say that the NSA control the node that you are connecting to and they want information on whether you are avoiding tax through Bitcoin when you are legally required to declare it in your jurisdiction.Having your wallet hosted on your main node ensures that it is sent here and of course you know you own this node.
3. The network is less centralized
Running a node reduces the chances of a small amount of people owning several nodes and therefore be able to invade the privacy of others as well as possibly support hostile hard forks. By running a node yourself you will be able to make the decision yourself and not rely on others. If someone who had enough resources to buy out those running nodes or simply have a large majority of nodes then they would be able to perform a hostile takeover if a hard fork was done.
1. It makes the network more secure.
A full bitcoin node is constantly verifying and relaying every block and transaction that is on the Blockchain. This means that its ensuring the legitimacy of the network. When someone sends a transaction on the network it is verified by all the nodes connected to the network. The more nodes verifying this information means its less likely that there will be any errors and that the rules are being followed. This means that nodes can reject any blocks, transactions that might not follow the consensus rules of Bitcoin. If the Bitcoin network forked and an alternative chain was implemented nodes run by people looking after the Bitcoin network would be able to reject this or accept it if they think its bettering the Bitcoin network.
2. More privacy for you
If you use SPV wallets such as electrum as an example you know that these clients connect to an external sever which could be controlled by anyone. Lets say that the NSA control the node that you are connecting to and they want information on whether you are avoiding tax through Bitcoin when you are legally required to declare it in your jurisdiction.Having your wallet hosted on your main node ensures that it is sent here and of course you know you own this node.
3. The network is less centralized
Running a node reduces the chances of a small amount of people owning several nodes and therefore be able to invade the privacy of others as well as possibly support hostile hard forks. By running a node yourself you will be able to make the decision yourself and not rely on others. If someone who had enough resources to buy out those running nodes or simply have a large majority of nodes then they would be able to perform a hostile takeover if a hard fork was done.
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