Author

Topic: Have some confusion (Read 261 times)

legendary
Activity: 2898
Merit: 1253
So anyway, I applied as a merit source :)
January 13, 2020, 07:42:15 AM
#14
Now let's see how long it takes to download the full Bitcoin Blockchain. 284 GB it's huge.
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.
legendary
Activity: 2870
Merit: 7490
Crypto Swap Exchange
January 12, 2020, 01:59:13 PM
#13
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.

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.

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

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
legendary
Activity: 2310
Merit: 4085
Farewell o_e_l_e_o
January 11, 2020, 09:49:40 AM
#12
This means I have to download the 284 GB file first then prune mode will delete some files from there.
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.


Someone correct me if I'm wrong, but SSD and newer CPU combined with fast internet is something that would speed up sync?
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.
legendary
Activity: 3234
Merit: 5637
Blackjack.fun-Free Raffle-Join&Win $50🎲
January 11, 2020, 09:07:38 AM
#11
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?
brand new
Activity: 0
Merit: 48
January 11, 2020, 06:39:59 AM
#10
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.
HCP
legendary
Activity: 2086
Merit: 4363
January 10, 2020, 11:19:26 PM
#9
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.
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.



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
legendary
Activity: 2170
Merit: 1789
January 10, 2020, 10:53:08 PM
#8
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.

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.
legendary
Activity: 3150
Merit: 2185
Playgram - The Telegram Casino
January 10, 2020, 03:25:38 PM
#7
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.
What does a hot wallet mean? Are there any automated mechanisms or software for detecting malware?

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.
legendary
Activity: 1652
Merit: 1483
January 10, 2020, 02:19:42 PM
#6
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.
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.

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

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

Quote
A hot wallet refers to a Bitcoin wallet that is online and connected in some way to the Internet. It is a term that refers to bitcoins that are not being kept in cold storage.
https://en.bitcoin.it/wiki/Hot_wallet
Quote
Cold storage in the context of Bitcoin refers to storing Bitcoins offline and spending without the private keys controlling them ever being online. This resists theft by hackers and malware, and is often a necessary security precaution especially dealing with large amounts of Bitcoin.
https://en.bitcoin.it/wiki/Cold_storage

you can't depend on automated malware detection. the only truly safe method is to keep your private keys offline.
brand new
Activity: 0
Merit: 48
January 10, 2020, 02:17:02 PM
#5
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.
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.

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

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.
What does a hot wallet mean? Are there any automated mechanisms or software for detecting malware?
legendary
Activity: 3290
Merit: 16489
Thick-Skinned Gang Leader and Golden Feather 2021
January 10, 2020, 01:51:28 PM
#4
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.
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.
staff
Activity: 3500
Merit: 6152
January 10, 2020, 01:07:59 PM
#3
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?
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.

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





legendary
Activity: 2800
Merit: 2736
Farewell LEO: o_e_l_e_o
January 10, 2020, 01:03:43 PM
#2
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?
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.

Quote
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?
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.
brand new
Activity: 0
Merit: 48
January 10, 2020, 12:59:50 PM
#1
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.
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