Bitcoin Core is a software implementation allowing users to interact with the Bitcoin network. It belongs to the community of worldwide developers.
The original software was released by Satoshi Nakamoto under the name of Bitcoin and became known worldwide thanks to the famous Bitcoin whitepaper ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. Later the software was renamed to Bitcoin Core for reasons of clarity.
A Bitcoin Core user operates as a node in the network. The software enables him to verify the validity of received blocks and transactions from other users. This way miners are under control and there is no need for users to rely on wallet providers in order to display the correct vision of blockchain.
In addition, Bitcoin Core users get a wallet. It is possible to use it directly from the application or bind external wallets to user’s node to validate transactions received. Let’s have a closer look at Bitcoin Core wallet.
Using Bitcoin Core wallet gives users control over their digital assets. No third party is able to freeze user’s funds or lose them by no means.
The wallet is open-source; any developer can audit the code and make sure there are no milestones in the final code. In addition, users can download the wallet to devices vulnerable to malware.
It is harder to steal your coins using the security of your computer, a strong paraphrase or enabling two-factor verification.
What’s more, users get the option of controlling their fees. It enables users to change fees after the transactions via RBF and CPFP.
The Bitcoin Core wallet also has fee offers based on current network conditions. In this case users get transaction confirmation in due time and do not overpay.
The latest version of Bitcoin Core is 0.20.1. The software requires a one-time download of the size 300GB of data. Additionally, you will need 5-10GB per month. It is possible to reduce the volume of storage up to 6 GB, but you need to change settings.
Then it is recommended to download verification although it is optional. Experiences users can use Bitcoin Core reproducible builds and the signed checksums that were generated by contributors. Users can be aware of such terms as reproducible builds and verified reproduction.
The new version of Bitcoin Core was implemented in August 2020. The status of the nodes transmitting incorrect blocks to the network was lowered in the software code, and minor errors were eliminated.
The update fixed the notification bug that had been present in the client since version 0.19. Users will start receiving messages about deleted transactions from the mempool again when they conflict with new blocks.
Thirteen developers participated in the update, to compare 119 developers took part in the previous version.
On the Bitcoin Core official website users can find all the necessary information. The site is divided into several subcategories for an easier and faster search.
Users may follow Blog, Releases, Development, and FAQs sections to know more about the software. The team does not provide general support and users may explore questions in the general community support.
To conclude, Bitcoin Core is a full Bitcoin client and builds the main support of the network. What it offers is high levels of security, stability, and privacy. The disadvantages of the service are the requirement for a lot of space and memory and Bitcoin Core has fewer features in comparison to others.