Topic: [Guide] How to run a Bitcoin Core full node for under 50 bucks! - page 4. (Read 2080 times)

Sadly I am still three years behind. I don't run my computer 24/7. But, Whenever I run, I let the core download the blocks. Meanwhile, I moved my Bitcoin into an Atomic wallet.

Sounds great! Yes, it can take a few days up to a week on bad connections or low-end hardware, but just let it run in the background, it shouldn't affect your overall system performance at all.

I have downloaded the file from the Forum header
I have already installed the Bitcoin core, synchronizing with the network. Look like it's going to take a lot of time. I have a terrible internet connection. I am 9 years and seven weeks behind. The number of blocks left is almost 500K. So, I guess I have to wait a long time.

Thanks, no worries! I'm glad I could explain it well. Make sure to download Bitcoin core either from its official GitHub or from the link you always find in the top section of this forum (https://bitcoincore.org/en/download/).

In case you are using Windows (which most people do on their personal machines), I would recommend you NeuroticFish's guide:
https://bitcointalksearch.org/topic/bitcoin-electrum-server-block-explorer-under-windows-with-wsl-and-debian-5367296

If you're using Linux, you could follow my guide:
https://bitcointalksearch.org/topic/guide-full-node-opensuse-153-bitcoind-electrs-c-lightning-rtl-5366854

For everyday usage, I believe electrs and BTC RPC block explorer that NeuroticFish added to his guide make a lot of sense, since by using those you get the full benefits of running your own node.

HDD crashes are not a big deal and no worries about backups either; since you won't be storing coins on that HDD. If you are, e.g. by using Electrum as your wallet, then make sure to backup your seed onto paper or steel and you have nothing to fear, since you can always restore those seed word backups.
Here's a topic of mine about creating steel backups for around $3-4 USD in materials:
https://bitcointalksearch.org/topic/n0nces-steel-washer-backup-jig-customisable-5363596

And a more in-depth walkthrough by fillippone:
https://bitcointalksearch.org/topic/securing-your-seed-phrase-with-washers-5389446

If you're willing to invest some money for a standalone offline hardware wallet, which is much harder to hack than a software wallet, I would recommend to get one (don't forget to still do a steel washer backup though). A cheap one that still holds its own is the original Trezor Model One, which is tried and tested for many years and fully open-source. It's also got reproducible builds, which some others don't - meaning you can't know that they actually run the code they claim to run.

I agree, although IMO a week for sync is long enough to discourage few people even if they don't need it up quickly.


That makes sense, but there are few use cases where you need to use remote/centralized server. For example, small business or non-profit organization who run BTCPaySever.

I guess I am convinced. I don't have any sendable merit. This explanation deserves some of it. I have already started downloading the Bitcoin core. I will let you know once I finish. I have watched a few youtube videos earlier. So, I have a basic idea about that. What if I lost my backup or something like that? What if my HDD Crashes? I am afraid a bit. But, Let's give it a try.

Oh, wow, so first, you can't just bunch together 'wallet/exchanges', they're two very different things. An exchange is nothing other than a bank that lets you buy and custody some foreign currency for you. However, besides the broken privacy when buying BTC through exchanges; if you actually use them as a wallet... then you don't actually own your Bitcoin!
Have a good read about this topic here: https://notyourkeys.org/

So you absolutely don't want to keep coins on exchanges.

It's so mind boggling to me that people buy and hodl their coins on an exchange, since that's so completely against the whole idea and concept of Bitcoin.
To reiterate: Bitcoin is a A Peer-to-Peer Electronic Cash System.
Bitcoin lets you pay from one party to another without going through a financial institution_{https://bitcoin.org/bitcoin.pdf} - an exchange is such a financial institution.
Bitcoin lets you own and transfer coins without anyone knowing they are yours. The public can see that someone is sending
an amount to someone else, but without information linking the transaction to anyone_{https://bitcoin.org/bitcoin.pdf} - unless you bought the coins on an exchange that has a picture of your ID and a selfie of your face.

This doesn't matter. Running a node doesn't have a lot to do with holding your keys (which again, is essential). You can use any open-source non-custodial wallet and be safe from your funds being stolen or confiscated, without having to run a node. In fact, that's what I recommend; since a full node is always online and that computer might be infected by a virus.

The reason you want to run a node is to make Bitcoin decentralized. If only the big exchanges ran a node, it would be trivial to attack the network. Blockchain is meaningless without a decentralized network.

That's a terrible idea; you risk losing it all just for a tiny amount of 'rent' you get from it.

Yes; you can point your wallet software at your own node in its settings, like Trezor software or Electrum. This will cause it to look up addresses and balances on your own local copy of the blockchain, making your Bitcoin usage much more anonymous.

Running a (Lightning) node is not for profit; that's because Lightning is made to be cheap and the routing fees are incredibly low. But that's by design. As I just said, the main benefit of running your own node (for you) is that you gain more privacy and you can't be fooled by a malicious block explorer. Such a site could lead you into the belief that a payment was sent, while it was not, for instance.
You don't have to run Bitcoin 24/7, but for Lightning it is required. The reason why is a bit outside the scope of this topic, but there are lots of good resources about it.

Sure; the whole point of the thread you've read here is that Bitcoin runs on super low-end laptop hardware. As far as I can tell, you've got a pretty good CPU so it will work.

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I know, I know, just wanted to highlight the importance of independent node operators and hobbyists!

Some people simply not patient. Idea for faster IBD such as UTXO commitment already suggested several times, but receive little support/interest.


It's not like we can tell a node is part of the "secure, reliable backbone" unless they use popular VPS which it's IP range is known without VPN or Tor.


TLDR, better privacy and you actually have control over your Bitcoin. Although you can use SPV non-custodial (with Tor/VPN) such as Electrum to receive similar benefit.


Yes.

I am sorry if this is a bullshit question. I am a newbie (Not in crypto). Why do you think I should run a Bitcoin core wallet while there are many wallet/exchanges like Binance and Coinbase? I know it's essential if you hold a bunch of Bitcoin. But, I have such a tiny amount of Bitcoin (below $1K). I think I can hold them on Binance and stake it to accumulate more satoshi. Are there any benefits of running a full node? I know that sometimes Running a lightning network node can give you some benefits which also not profitable (less than $1/month). Suppose I installed a full node. Why do I have to run it 24/7? What are the benefits? I have a Ryzen 3 3200G CPU+ 16GB Ram + 2TB HDD PC. Can I install the full node in this setup?

I am sorry, but I am interested to learn. I appreciate any help you can provide.

Why that hurry, though? I am confident if there was a strong demand for faster IBD, we would have many more people working on and campaigning for stuff like checkpoints on the blockchain.

Correct, yes. In that case, the node may be required to run the payment server on top of it, but those nodes shouldn't be considered part of the 'secure, reliable backbone' of the network, in my opinion.

I strongly believe that full nodes do belong in people's homes; that's why I made this guide and why I'm so hell-bent on reasonably small blocks.
Just like laws are kicking in in the EU right now, and probably other places in the future, laws could be put in place that categorize node operators similarly to payment providers, requiring some kind of license or KYC. Hence, cloud providers might either hand out this sort of information if queried or just forbid to run e.g. Bitcoin Core.
It's also in general a bad concept running 'decentralized' software on 'centralized' servers. Isn't this what altcoins are doing? Spinning up a few AWS instances and calling it decentralized?

That's right: my last node install was on such a 'budget build' as described here and it was taking too long, so I installed 4 extra GB and it went super fast. My internet connection wasn't great, but RAM still was the bottleneck. As you guys are saying; $50 can be a lot of money in some places, so I believe it's great to see that Bitcoin still manages with pretty low system requirements and such a low cost barrier to 'entry' as a node runner.

Well, I thought you want to index only non-pruned transactions. Then it makes some sense, but still, enabling those two options together is like mixing water with fire. Because it is not that you cannot query transactions: you can, but you need to always provide block hash, when doing that without txindex.

Do you mean you want to create the index (TX ID) without storing the content (the transaction itself)? I think it's possible, but i don't see any practical usage.

Me neither. I had probably misunderstood this. Transaction indexing has a purpose when you also keep the transactions, which means when you don't prune.

Going to have to disagree with you here.

With unlimited bandwidth I can sync a node from scratch on an 4GB RPi4 with a 5400 RPM USB drive in under a week.
Using an SSD will get that down to 4 days or so. Literally just did both with Umbrel builds.

Yes if you need it up now, a week is an intolerably long time. If you just want to run a node, you can start it and walk away and come back next weekend and it should be done.

-Dave

It's valid concern, but IMO time for initial block download (IBD) is bigger concern. I expect some people who interested to run full node discourage time for IBD could take some time.


First of all, how do you index transaction which isn't exist on your device? Block which contain transactions already pruned/removed.

I agree, although it's different case if you need to host full node on remote server.


Aside from bandwidth, you also need to consider CPU speed, RAM capacity and HDD speed. HDD speed can be partially solved by moving chainstate directory to SSD or allocate very big RAM to Bitcoin Core (IIRC at least 8GB).

Drive prices are falling insanely fast even with all the chip shortages and shipping issues all over the world. I just got an 18TB drive (on sale) for $300 1 & 2 TB are under $50.
While I know that may be a lot of money for some people in parts of the world those are new prices. I have seen 1TB used for under $5 in places.

Time to download is probably not as big a concern then people who have bandwidth amount limited plans.

Yes with 1meg download speed it can take close to 2 months to download the entire blockchain. BUT if you only have a 100GB max download a month total before extra billing or fees kick in then do you pay more or take 6 months to download?

-Dave

During IBD, can't you index the transactions and then remove them?

Sure, it's oxymoron and there's no essential utility unless one wants to store all the outputs, but no blocks for some reason. That reason could perhaps be to run an SPV server with less expense?

If you don't want to store everything, but verify everything for your own good: Run a pruned node.
If you don't care of storing everything or you want to go beyond personal use: Run a non-pruned node.