Is having the whole blockchain better for me? - page 2.

aso118

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Quote from: Mike Man on January 07, 2017, 05:04:00 AM

Would it be fair to say that 'cold storage' is the way to go? I read earlier today that most users go with 'cold storage'
If so, can most clients work with this?

Cold storage can be used when you stash away your coins and forget about them. These coins are not in a wallet which is connected to the internet.
If you do a lot of transactions frequently, these funds can be drawn from a wallet connected to the internet. i.e. a "hot" wallet.

Mike Man

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Thanks :-)

You mentioned bitfinex I'll check it out.
Mat bitstamp also be worth looking at?

Jet Cash

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I have a simplistic approach to things. If you aren't using core, then you are effectively using a banking service, and one of the advantages of Bitcoin is that it cuts out banks in its pure form.

ranochigo

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Quote from: Mike Man on January 07, 2017, 05:04:00 AM

Would it be fair to say that 'cold storage' is the way to go? I read earlier today that most users go with 'cold storage'
If so, can most clients work with this?

Any can be. The term cold storage defines an address that is created offline, on a clean computer. As long as the client does not require an internet connection to make an address, it can be used as one. Electrum, Armory, Multibit, Bitcoin Core will work. Electrum is my personal favorite though, visit this link to find out more about Electrum.

Quote from: Mike Man on January 07, 2017, 05:04:00 AM

When I want to change back my bitcoins to regular money, what do I do? These exchange things seem pretty unregulated.

Create an account at a reputable exchange (bitfinex etc.) and transfer your Bitcoins there. You might need to go through a verification procedure if their local laws say so. After that, just exchange it and you can withdraw it to your bank account. Most are regulated. Otherwise, you can try Localbitcoins.

Mike Man

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Thanks to all who have replied.

Another one;

  Would it be fair to say that 'cold storage' is the way to go? I read earlier today that most users go with 'cold storage'
  If so, can most clients work with this?

And another (might seem kinda dumb, but I'm new to all this)

  When I want to change back my bitcoins to regular money, what do I do? These exchange things seem pretty unregulated.

Thanks again,

Mike

franky1

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Quote from: shield132 on January 07, 2017, 04:45:08 AM

Personally I don't see any requisite thing to download whole blockchain and I don't need it. If you have bitcoin business (exchange, etc) than you must download whole blockchain but I think you aren't that person so don't fill your disk space or flash memory. Also I use wallets that doesn't need blockchain download.

as long as you have full access to your private key to import the keys to another service should the one you use stop operating. your fine.

but if you start getting to a point of holding enough value that it would hurt you to lose, then you may desire the independence of running a full node

shield132

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Personally I don't see any requisite thing to download whole blockchain and I don't need it. If you have bitcoin business (exchange, etc) than you must download whole blockchain but I think you aren't that person so don't fill your disk space or flash memory. Also I use wallets that doesn't need blockchain download.

ranochigo

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If you are using a client like Bitcoin Core which downloads the entire Blockchain, you will reduce your reliance on others to supply you with the correct information about the network. Full clients independently verifies the data and they are much much safer in that aspect. You are helping the network by running a full node.

Quote from: Mike Man on January 07, 2017, 04:35:14 AM

Downloading the whole shebang will take me a while. While the blockchain is downloading how difficult would it be to start using Electrum and then switch over to something fullblown?

Not difficult at all. If you are using Electrum from the start, you can easily transfer it to Bitcoin Core and use the coins from there.

It would be better if you could ask all your questions in a post, I will try to answer all of them.

Mike Man

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Great! Thanks for an inspiring answer. Then really, the whole deal is the good way to go.

Next question;

Downloading the whole shebang will take me a while. While the blockchain is downloading how difficult would it be to start using Electrum and then switch over to something fullblown?

Thanks again,

Mike

franky1

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so here it is the last 8 years worth of data
yep thats right 8 years of international financial transactions, fitting on the same size as a fingernail.

as for is it worth it for yourself.

well its more like a hive mindset. if everyone does their part it helps everyone out.
however if the value of bitcoin you hold is not life changing for you, then you wont notice or need to worry much about changing your life.

id say the more bitcoin you own and afraid of losing the more you should consider running a full node

Mike Man

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The blockchain is really big now. Are there advantages for me, going forward, in having the whole thing?

I have other questions too, but one at a time might be a good way to go.

Thanks,

Mike

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