Bitcoin Core: How to Install and Use It?
Now, there are probably no more people who do not know what Bitcoin is. Many people want to become the owners of the most famous cryptocurrency, so they are looking for options on how to earn it online in a variety of ways. But for this, you are supposed to have a place for storing digital coins. The market offers a lot of different options for cryptocurrency wallets, but Bitcoin Core is rightfully considered the most reliable.
Advantages and Disadvantages of Bitcoin Core
The Bitcoin Core cryptocurrency wallet is positioned as an official Bitcoin client. It is considered to be the most reliable way of storing earned cryptocoins. Its key pros are as follows:
- Reliability and high-level data safety;
- Access keys are stored on the user’s PC and not transferred to off-site servers;
- The setup is user-friendly;
- The possibility to utilize the wallet on Linux, Windows, and Mac OS;
- All updates are implemented by default;
- “Cold” (offline) keeping of coins is available.
Of course, there are some disadvantages as well:
- If you want to connect to third-party servers, you will have to download the entire block-chain to your device. Be ready to prepare about 150 GB of memory on your hard drive.
- Synchronizing the block-chain with the network is time-consuming (takes a few days at least).
- For transactions, only the desktop version can be utilized.
Next, we will consider the question of how to become the owner of an official Bitcoin wallet. Installing Bitcoin Core is usually done from its official website. To date, the current version of the purse is 0.16.0, which also supports the SegWit protocol. For information on how to update the old version without losing money, you need to look at specialized forums on the Internet. It should be noted that the anti-virus software installed on the PC must be disabled during installation in order to avoid program conflicts. After completing all procedures, it will be possible to activate it again. Here is a quick guide to installing the client.
The installation file itself is small (about 13 MB) and will load quickly. After that, the process of installing the wallet will begin, the user will only need to confirm the actions by clicking on the “Next” button. This option is applicable to operating systems Mac OS and Windows. Installation on Linux involves unpacking the archive and launching the client from a new folder.
After the installation is complete, you need to configure Bitcoin Core. The system will prompt you to select a folder on your hard drive into which the block-chain will be loaded. Currently, the official website indicates a minimum volume of 145 GB, but you need to remember that this volume will constantly increase, since the system will regularly synchronize the downloaded block-chain with the network block-chain. Therefore, there should be a reserve of at least 50 GB. It is advisable not to place the data on the C drive offered by the program “by default”. Firstly, there is less space, and secondly, there are more chances of catching the virus.
After selecting a disk to download, synchronization with the network begins. This procedure is lengthy, but you will have to endure, given that such a volume of information will need to be downloaded only once, subsequently, the program is synchronized very quickly, in just a few minutes.
Many impatient users are wondering how to speed up synchronization. Basically, it is advised to enhance the speed of the Internet connection, but this does not always help. At first, the program may indicate that the download will take several months, but after half an hour or an hour, the download speed increases, and you can see that the whole process will take from 1 to 3 days.