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laBITconf 2020: How to Install a Bitcoin Node and Why You Should

5
, laBITconf 2020: How to Install a Bitcoin Node and Why You Should, Forex-News, Forex-News


, laBITconf 2020: How to Install a Bitcoin Node and Why You Should, Forex-News, Forex-News

The end of the bitconf is near. Important topics continue to be discussed there, such as the one we are supposed to cover in this note. Below we summarize what Julian Dragonosh said, in his panel, about installing a Bitcoin node and why it is worth doing.

To begin with his presentation, Julián tells us that a node is each of the parts that make up the blockchain network, interconnected, working in an equivalent way and sharing information with each other.

The nodes work simultaneously and run the software that makes the cryptocurrency work.

, laBITconf 2020: How to Install a Bitcoin Node and Why You Should, Forex-News, Forex-News
Julian Dragonosh conducting his panel where he talked about how to install a Bitcoin node. Source: laBITconf.

How to mount your Bitcoin node

After a brief introduction, the speaker goes into a technical tutorial for the installation of a Bitcoin node, telling us that the basic requirements currently are:

  • 250 GB of free hard disk space
  • Computer with a recent version of Windows, Mac OS, or Linux
  • 2GB of RAM
  • Internet connection with a speed of at least 50 kilobytes per second
  • Have the latest version of the Bitcoin Core wallet installed. To download it, here is the link.

Process

Open the wallet and wait for the Bitcoin network blocks to be downloaded and verified. This is a long process, since currently the total weight of the BTC blockchain is more than 175 GB.

Download and run a Bitcoin client.

Point port 8333 of your router to the IP of the computer. To do this, access the router’s configuration by entering 192.68.1.1 or 192.168.0.1 in your browser. Go to the section ‘’ Port Forwarding ’’ or similar depending on your router. It may be the trickiest step, but don’t worry, this won’t affect your browsing speed or anything like that.

Finish by restarting the router and Bitcoin client.

Wait a couple of minutes when you turn everything on again, and verify that all the lines of the signal indicator of the wallet, located at the bottom are active.

The good thing about having your own node

Sovereignty stands out as the main advantage of running your own Bitcoin node, since it is possible to connect it to your own wallet, giving you the key to the network. Nobody has to tell you if what you did reached where you sent it, you can verify and validate yourself, says the panel speaker.

In addition, you avoid giving information to third parties, thereby increasing your privacy. Not depending on anyone is precisely the vision of Bitcoin.

When you enter this ecosystem trying to escape the habit of having to depend on institutions that give you access to the system, it would not make sense to use third-party cryptographic services that run a node for you.

Basic commands to run on your node

To end the panel, Julián shared with us some basic commands that you can run on Bitcoin Core.

The node protocol offers an interface through which commands can be executed, useful for carrying out validations, operations or any other type of administrative nature. They can be run from the Bitcoin console, or from your computer’s command terminal.

The main commands to obtain information from the network are:

  • getblockchaininfo: Shows the total amount of work estimated to have been done on the active chain.
  • getrawmempool: Returns all the IDs of the transactions in the mempool.
  • gettxoutsetinfo: Statistical samples of the unspent transaction output set.
  • getdifficulty: Observe the difficulty miners are working with for proof of work validation.
  • getbestblockhash: Get the hash value of the most recent block in the main chain.
  • gettransaction: Get the information about a transaction from your wallet.
  • getrawtransaction; Get information about any transaction on the network.



, laBITconf 2020: How to Install a Bitcoin Node and Why You Should, Forex-News, Forex-News

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