Topic: I downloaded the bitcoin core wallet, what now? - page 2. (Read 2323 times)
Pretty normal situation for someone who wants to use Bitcoin Core. Meaning you need to download and sync all the blockchain information since the genisis block. AFter that, you have a running node and helping the network stay decentralized
Any wallet where I don't have to download the whole blockchain?
SPV wallets like Electrum, MultiBit don't download the entire Blockchain, just the block headers. This means that they do not verify the whole block but follows the longest chain that it can find. It presents a problem since it trust the miners and it was affected in the 4th July fork. However, this is a minor issue since most miners have stopped SPV mining.No one reported any double spending attempts however. Miners SPV mine to eliminate verification time and thus reducing the stale rate.
Thank you for you suggestion, I will stop my bitcoin core wallet because I dont want 60 gb to be wasted.
Any wallet where I don't have to download the whole blockchain?
SPV wallets like Electrum, MultiBit don't download the entire Blockchain, just the block headers. This means that they do not verify the whole block but follows the longest chain that it can find. It presents a problem since it trust the miners and it was affected in the 4th July fork. However, this is a minor issue since most miners have stopped SPV mining.No one reported any double spending attempts however. Miners SPV mine to eliminate verification time and thus reducing the stale rate.
Edit: SPV clients are actually safe if the client connects to a node that enforces the correct network rules. Electrum automatically go for the node that has the longest chain so you need to edit the preference to prevent going to the wrong fork.
Any wallet where I don't have to download the whole blockchain?
SPV wallets like Electrum, MultiBit don't download the entire Blockchain, just the block headers. This means that they do not verify the whole block but follows the longest chain that it can find. It presents a problem since it trust the miners and it was affected in the 4th July fork. However, this is a minor issue since most miners have stopped SPV mining.No one reported any double spending attempts however. Miners SPV mine to eliminate verification time and thus reducing the stale rate.
Any wallet where I don't have to download the whole blockchain?
SPV wallets like Electrum, MultiBit don't download the entire Blockchain, just the block headers. This means that they do not verify the whole block but follows the longest chain that it can find. It presents a problem since it trust the miners and it was affected in the 4th July fork. However, this is a minor issue since most miners have stopped SPV mining.No one reported any double spending attempts however. Miners SPV mine to eliminate verification time and thus reducing the stale rate.
* I believe there is more story to it. I can't understand it well and can't give a good explanation.
Any wallet where I don't have to download the whole blockchain?
SPV wallets like Electrum, MultiBit don't download the entire Blockchain, just the block headers. This means that they do not verify the whole block but follows the longest chain that it can find. It presents a problem since it trust the miners and it was affected in the 4th July fork. However, this is a minor issue since most miners have stopped SPV mining.
Any wallet where I don't have to download the whole blockchain?
SPV wallets like Electrum, MultiBit don't download the entire Blockchain, just the block headers. This means that they do not verify the whole block but follows the longest chain that it can find. It presents a problem since it trust the miners and it was affected in the 4th July fork. However, this is a minor issue since most miners have stopped SPV mining.
Any wallet where I don't have to download the whole blockchain?
I have the same issue.. it takes sometime to sync...I just leave my laptop, for it to sync, I haven't check it yet if it had already sync its time.. I installed it just the other day,.. 
they said that its a good wallet and a secure one too...
they said that its a good wallet and a secure one too...
You need a lot of space in your computer. At present, it needs 56GB harddisk space in my PC. The requirement will rise fast next year when bitcoin becomes popular.
-snip-
That is very confusing, I think I will stick to blockchain then and backup my privte key.
If I have my private key, that is good enough for getting my coins back if I loose access to the wallet?
That is very confusing, I think I will stick to blockchain then and backup my privte key.
If I have my private key, that is good enough for getting my coins back if I loose access to the wallet?
Each address has a private key, if you use bitcoin core it will create and use more addresses, e.g. for change. If you only received coins on one address and never spend any coins you can just export the private key and import it into a different wallet/serivce. I think multibit or electrum are more up your alley, they only need a single backup of the seed and sync quickly. It will cover all keys (unless those imported). Maybe create a wallet and just look at it for a bit without having any coins in it.
Well if you dont really use it you might as well set no password and just move the coins out of there. If you plan to use any wallet for a longer time you should get a good password for it.
And then after locking save wallet .dat and copy the ptivate key?
The private key(s) are in the wallet.dat yes. If you set a password the private keys are encrypted in the file.
Just another newbie question: saving private key means copying the text and paste somewhere u can always reach(on paper and usb)??
Depends on the wallet. MultibitHD and Electrum have seed words you can write on paper. Bitcoin core has the wallet.dat file you would make copies of.
-snip-
That is very confusing, I think I will stick to blockchain then and backup my privte key.
If I have my private key, that is good enough for getting my coins back if I loose access to the wallet?
That is very confusing, I think I will stick to blockchain then and backup my privte key.
If I have my private key, that is good enough for getting my coins back if I loose access to the wallet?
Each address has a private key, if you use bitcoin core it will create and use more addresses, e.g. for change. If you only received coins on one address and never spend any coins you can just export the private key and import it into a different wallet/serivce. I think multibit or electrum are more up your alley, they only need a single backup of the seed and sync quickly. It will cover all keys (unless those imported). Maybe create a wallet and just look at it for a bit without having any coins in it.
And then after locking save wallet .dat and copy the ptivate key?
Just another newbie question: saving private key means copying the text and paste somewhere u can always reach(on paper and usb)??
-snip-
That is very confusing, I think I will stick to blockchain then and backup my privte key.
If I have my private key, that is good enough for getting my coins back if I loose access to the wallet?
That is very confusing, I think I will stick to blockchain then and backup my privte key.
If I have my private key, that is good enough for getting my coins back if I loose access to the wallet?
Each address has a private key, if you use bitcoin core it will create and use more addresses, e.g. for change. If you only received coins on one address and never spend any coins you can just export the private key and import it into a different wallet/serivce. I think multibit or electrum are more up your alley, they only need a single backup of the seed and sync quickly. It will cover all keys (unless those imported). Maybe create a wallet and just look at it for a bit without having any coins in it.
Yeah, the lock basically puts a password on it. Which is essential.
Thank you, I thought it was like locking it so you can't send from the address. So if it is locked I still can spend mt bitcoin or do I need to unlock it then and after spending lock it again?You dont need to lock it no, it will automatically do that. You will however need a new backup after setting a password for the first time. Bitcoin core comes with 100 pregenerated keys. Only those shown to you in the GUI will be part of the encrypted wallet, all others will be removed. This is to make sure there are as little unprotected private keys on your disk as possible. Due to the 100 keys you will also have to make regular backups, depending on the amount of address/priv. key pairs you need.
If I have my private key, that is good enough for getting my coins back if I loose access to the wallet?
Yeah, the lock basically puts a password on it. Which is essential.
Thank you, I thought it was like locking it so you can't send from the address. So if it is locked I still can spend mt bitcoin or do I need to unlock it then and after spending lock it again?You dont need to lock it no, it will automatically do that. You will however need a new backup after setting a password for the first time. Bitcoin core comes with 100 pregenerated keys. Only those shown to you in the GUI will be part of the encrypted wallet, all others will be removed. This is to make sure there are as little unprotected private keys on your disk as possible. Due to the 100 keys you will also have to make regular backups, depending on the amount of address/priv. key pairs you need.
Nah, anytime you try to spend anything u need to unlock it. To get sent btc you obviously dont need to do anything.
Yeah, the lock basically puts a password on it. Which is essential.
Thank you, I thought it was like locking it so you can't send from the address. So if it is locked I still can spend mt bitcoin or do I need to unlock it then and after spending lock it again?
Yeah, the lock basically puts a password on it. Which is essential.
after the clien finish to sync, do a back up of the holw bitcoin folder, so the next time you don't need to download the whole blockchain again
now you can simply acquire bitcoin in some way and send them to the address of your wallet
Hmm backup is prety sure thing I must do that. But what means lock wallet and unlock wallet?now you can simply acquire bitcoin in some way and send them to the address of your wallet
If I don't lock it, there is no password on it?
after the clien finish to sync, do a back up of the holw bitcoin folder, so the next time you don't need to download the whole blockchain again
now you can simply acquire bitcoin in some way and send them to the address of your wallet
now you can simply acquire bitcoin in some way and send them to the address of your wallet
watch some bitcoin documentaries on youtube, you will get a little grasp what bitcoin isnext buy some little of bitcoin from any exchange, send to your wallet and wait until it will synchronize
then sent it to anyone, to see how it works
now u understand how bitcoin is easy, fast and cheap
Today I have won a 0.1 BTC promotion and now have over 100$ in bitcoin, if my withdrawl gets in
I have never had an amount of over 100$ in bitcoin.
My wallet is now on 4 years and 11 weeks behind, with a little pause inbetween
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