Topic: Have some confusion (Read 261 times)

I dont know how cheap external hard drives are where you live and if you got some spare to waste on this download, keeping the internet fees aside of course which is another headache. Are you doing this just for an experimentation purpose? That disconnected USB saving you from hackers can also be done using a Airgapped device to store coins in a wallet of a Linux Build that has never been brought online.

Like others have suggested you can use a lightweight wallet like Electrum. It is NOT something that is better. But it saves you from having to download the entire blockchain to use the wallet.

I hope you don't store Bitcoin Core and it's files on external HDD. Not only it's slow (especially if you use 2.5 inch HDD), it might lead to file corruption due to unsafe shutdown and unstable USB connection.

Your external HDD definitely will hold back download process.


True, but take note that :
1. RAM capacity/speed also affect sync speed (even though you should have decent amount of RAM if you use SSD/newer CPU)
2. Proper Bitcoin Core configuration would help for high-end device

No. You have to download the full blockchain, but the full blockchain will not be stored on your computers. As you see in the image above (See: "Discard blocks after verification, except most recent 2GB"), if you set up the n parameter at 2 GB, your prune node will start downloading from Genesis block then when total data reaches 2 GB, it will start to discard the data of the past block, and your wallet will keep moving forwards with younger blocks. The process repeats till your wallet fully sync with the newest block on the network.

It downloads whole blockchain, but stores the most recent portion of blockchain, up to 2 GB.

Pros and Cons of Bitcoin Node types (Full node and Prune node)
By default, you can choose the n parameter to prune the blockchain at 2 GB, but the total storage space required will be~ 5 GB (for chainstate, block, and initial setup). To have better experience (in case you really want to stay with Prune node), the good value suggested is around 100 GB. That value of data storage is enough to store the blockchain transaction within 2 years (~ 50 GB annually).

Prune node is good if you want to familiarise yourself with Bitcoin Core, learn how to use it.

In contrast, if your purpose is only for sendind and receiving BTC, using SPV - Simplified Payment Verification - wallet is better. It is lighter than Bitcoin Core and if you want to go with SPV, I recommend Electrum wallet.
Electrum wallet has good advantage in term of wallet synchronisation time, it almost instantly sync with the network (if your wallet has good connection to peers) because it does not store the full blockchain, instead block headers only.

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On the one hand, wallet operates on computers and sync on computers so it is obviously that the synchronisation speed depends on the operational condition of your computer. If your computer is strong, and don't operate with too multi-task, and other things, the speed of sync process is fast (with same internet connection). On the other hand, internet connection has its effects on total time required to fully synchronise wallet.

The Counselor, you can by no means avoid downloading the entire BTC blockchain, but this is the only way if you want to try "Satoshi's own handmade Bitcoin wallet". My first wallet was also Core, but some 5-6 years ago blockchain was much smaller in size, although the internet speed was also slower in my case.

I agree that 284 GB is not small size, even for fast internet - but I think that the whole procedure not only depends on the speed of the internet, but also on the speed of the CPU, and the hard drive on which the blockchain is downloaded.

Someone correct me if I'm wrong, but SSD and newer CPU combined with fast internet is something that would speed up sync?

This means I have to download the 284 GB file first then prune mode will delete some files from there. Well then I started downloading the full Bitcoin Blockchain file on my device. I thought installing it on an external hard drive would give me support like a USB wallet. But now I realize my confusion is a lot clearer now. Now let's see how long it takes to download the full Bitcoin Blockchain. 284 GB it's huge.

It sounds like you think that having your Bitcoin Core "wallet.dat" stored on an external USB drive is the same as a "USB-based Hardware Wallet" (like a Trezor or Ledger) and provides the same level of protection.

It is NOT the same thing and does NOT provide the same level of protection!!


Do not use Bitcoin Code on an external USB drive believing that your wallet is "secure" like a USB-based hardware wallet! An external USB drive is simply a storage device like an internal HDD or SSD in your PC... whereas a "USB-based Hardware Wallet" is a relatively secure device that NEVER exposes your private keys/seeds externally.

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If you don't want to store the 280+ gigs of Blockchain data, then either use "pruning" mode (NOTE: Bitcoin Core will still have to download the full 284 gigs, it just discards most of it once it is finished validating it)... or use a lightweight desktop wallet like Electrum: https://www.electrum.org/#home

You don't have to. Just set the storage size and the rest will be processed by the wallet. You still need to 'download' the full blockchain if you start from scratch though.

A hot wallet is any wallet that is connected to the internet. Cold storage is when you have a wallet that is not connected to the internet in any way whatsoever.

The first is more convenient and recommended for daily usage. The latter is more secure and recommended for long term storage.

Hardware wallets aim to provide the convenience of a hot wallet while being as secure as cold storage.

The reasoning behind hot wallets vs cold storage is that you can never be sure that your device is not infected. No malware detection is sophisticated and reliable enough to achieve this, hence the only way to be sure is to cut off any and every internet and network access a device may have.

even though i'm not a fan of hardware wallets (because they are not true cold storage, closed source firmware, etc) i see why they are advisable for noobs. they just don't intuitively understand the security implications of hot vs cold wallets.

unfortunately, bitcoin core doesn't work very well for offline signing, although it can technically be done: https://people.xiph.org/~greg/signdemo.txt

i recommend the OP starts with a more intuitive UX like electrum, where he can easily set up an offline wallet. the importance of cold storage really can't be stressed enough. i also advise transferring transactions between online/offline computers using QR codes rather than USB drive. https://electrum.readthedocs.io/en/latest/coldstorage.html



you can't depend on automated malware detection. the only truly safe method is to keep your private keys offline.

As far as I know Electrum is better. But I want to try Satoshi's own handmade Bitcoin wallet. Before, I used cloud wallets. Now I am running towards the hardware wallet or the desktop wallet. But thanks for the suggestion.

Well if I use prune mode do I have to specify the old blocks just for deletion? Or will the old block delete proxy be completed automatically? I have no problem downloading because I already have a separate hard drive for bitcoin core.

What does a hot wallet mean? Are there any automated mechanisms or software for detecting malware?

This won't protect you: once a wallet has been online, it's a hot wallet. If your computer is compromised, malware will patiently wait until you connect your USB drive again.

You can also use prune mode and store a couple of GB's instead of the whole thing. Settings => Options => Main.

You will have to download the entire blockchain unfortunately. Without full synchronization you will not be able to see your balance and possibly can not use the client.

Yes you can.

The better solution is to download Electrum and use it. With Electrum, you will not need to download the entire blockchain since others people voluntarily is running the server for you.
Link: https://electrum.org/#download
Make sure you verify the signature to avoid installing fake version.

Just installed Bitcoin Core. But after installing, I was asked to download a full file of Bitcoin Blockchain that 284 GB. But I just want to use Bitcoin Core Wallet. Why do I have to download the 284 GB file? Can I run Bitcoin Core without downloading it?

One more thing I want to be clear about. If I can install Bitcoin Core on my external hard drive and download the full file of 284 GB Bitcoin Blockchain, can I use it as my external USB wallet?

Because if I use a USB wallet it will protect my bitcoins from hackers and malware. Because I only connect it to my device when I need it. Also, it will be disconnect the rest of the time. Then I no longer have to buy a USB wallet to spend extra money from the market. However, I still haven't tried it. Because I want to know better about it first.