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Does anyone here use Bitcoins?

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tomos:
Also, the initial sync was brutal. Over 50GB of blockchain data. If I had known then what I know now, I'd have chosen a different, "lightweight" bitcoin wallet software.
-Deozaan (November 08, 2015, 11:16 PM)
--- End quote ---

is that 50GB stored on your machine :tellme:

Deozaan:
Also, the initial sync was brutal. Over 50GB of blockchain data. If I had known then what I know now, I'd have chosen a different, "lightweight" bitcoin wallet software.
-Deozaan (November 08, 2015, 11:16 PM)
--- End quote ---
is that 50GB stored on your machine :tellme:
-tomos (November 08, 2015, 11:44 PM)
--- End quote ---

Yes. I downloaded a client which locally downloads/stores the full blockchain because I was told it was more secure (for verifying transactions), and I guess it also makes me act as another node on the P2P Bitcoin network so it helps improve the network.

This wallet is a full node that validates and relays transactions on the Bitcoin network. This means no trust in a third party is required when verifying payments. Full nodes provide the highest level of security and are essential to protecting the network. However, they require more space (over 20GB), bandwidth, and a longer initial synchronization time-https://bitcoin.org/en/choose-your-wallet
--- End quote ---

I knew getting into it from the info quoted above that it was going to be a large download, but it didn't set my expectations properly because it said the blockchain is "over 20GB." While that is a true statement, it made me think that it might be as large as 25-30GB. The full blockchain is currently about 53.5GB. Not only that, but the download was relatively slow. I'm currently on a 200Mbps download plan but it took me about 24 hours to download it all. (Not quite that long, since I put my computer to sleep overnight--twice!--during the sync process.)

But if you use a "lightweight" wallet application, it doesn't store the full blockchain, just the parts that are relevant to your transactions (or something along those lines) and only uses a relatively few MB of local storage IIUC. For example, the app I downloaded to my Android device only uses about 8MB of internal storage, and most of that is the APK itself!

Honestly, I still don't feel I understand very well how it works, but I'm starting to get a feel for some of it.

Renegade:
@Deozzan - Check your wallet. I just sent you about $10 in bitcoins. By the time you see this message, it will be in your wallet.

You can do anything you want with that, and **NOBODY** can stop you. Nobody.

That could just as well be any amount of money you can imagine. $10,000. A million. 10 million. And you could send it to anyone you want without any interference.

And it would cost you almost nothing.

It cost me about $0.01 to send it to you.

Jack all. Nothing. Near zero transaction fees.

I only asked that you PM me so that the transaction would be just between you and me.

Bitcoin is "pseudoanonymous". That means that it's not 100% anonymous, but close. As long as nobody knows our addresses, they can't track us.

If you don't know what to do with it, send it to mouser as a donation. He'll put it to good use. ;)

But, do play around with it. Send $0.50 or $1 to a few people here just to see how fast and easy it is.

Here's an address for me where you can send some just to test:

1F1Eiruf9yzCH49jvjxtajVuzV6mBP3tef

But do check it out and see just how easy it is. Try it a few times.

Maybe someone else (that has participated in this thread) can post an address for you to send $0.50 or so.

You'll see just how easy it is.

Heck, it's fun~! :D

BTC FTW!

4wd:
Finally reinstalled Bitcoin-core on my machine, still about a year and a half of blocks to download but I've got back the US$0.03 I had in the wallet ... YAY!   ;D

Stoic Joker:
I've been using the Multibit (lightweight) wallet, and have been quite happy with it (very fast sync). But I wonder do the "Full Node" wallets get paid anything - like from the transaction fees - for their troubles (space usage etc.)? I'd go full node in a flash if is/could be profitable...otherwise I'd rather save the space.

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