Crypto Wallet

Bitcoin Core Wallet Review

Are you aware of what is Bitcoin Core? If this topic is something you wanted to know in detail you are at the right place.

Bitcoin Core Wallet Review

QUICK NAVIGATION :

What is Bitcoin Core?

It was originally called as “Bitcoin” when it was declared online in 2009 by Satoshi Nakamoto. Later, it was named as Bitcoin-Qt. Today; it’s usually known as Bitcoin Core, or sometimes spelled as the “Satoshi Client”.

Let’s Break Down- Bitcoin Core Review!

The participants keep the blockchain entirely decentralized, and it is dissimilar from other fork-out versions like Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond.

This platform allows users to get better security for their bitcoin holdings, built-in privacy features, and good user interfaces.

Charts representation to demonstrate the Stats:

Bitcoin core price chart
Bitcoin Core price
Bitcoin Core Market Value Graph
Bitcoin Core Market Value Graph
24 hr Value
24 hr Value

What is Bitcoin Core Wallet?

It is a secure digital wallet which user can use to store, send and receive bitcoin. While using this wallet you can authorize transactions and keep a copy of the blockchain.

Compatible with:

  • Mac OS X
  • Windows 7/8.x/10
  • Linux
  • Few ARM chipsets (including Raspberry Pi V.1 and V.2)

Note: Only Bitcoin can be stored in the this wallet!

How Much It Costs?

The wallet is free to download and use, however it’ll cost you bandwidth, and hard-drive space as well. You need to pay transaction fees to send/receive bitcoin. Furthermore, you are allowed to set your fees on a sliding scale based on transaction priority.

Some Key Features

  1. Transaction verification engine
  2. Connects to the bitcoin network as a full node
  3. Able to generate QR codes to receive payment
  4. The validation system for complete blockchain including every bitcoin transaction ever recorded
  5. A distributed ledger that’s more than 110GB in size
  6. Alternative blockchain where real bitcoin is not in use
  7. Network alert system to inform users about the latest bitcoin news
  8. Scripting language to denote transactions and enable several transaction parameters

How to Add Currency to the Wallet?

To use the wallet > download Bitcoin Core. Before downloading the software, ensure that your system meets the requisite criteria to run Bitcoin Core.

The recommended base requirements include:

  • At least 145 GB disk space
  • Downloading volume capacity of 500MB/day (15GB/month), plus one-time 140GB download the initial time you launch the wallet
  • Uploading speed of 5GB/day (150 GB/month)
  • 1GB RAM
  • Laptop, Desktop, or compatible ARM chipset
  • Mac OS X, Windows 7/8.x/10, or Linux operating system

Download Bitcoin Core

You can download the Wallet via Bitcoin.org

Bitcoin Core Wallet
Bitcoin Core Wallet

Open the file > it downloads the complete blockchain (which holds the history of all former bitcoin transactions and it’s around 100 GB in size).

Wallet Overview
Wallet Overview

Make sure you Encrypt your wallet > follow the prompts > Restart to finish the process.

Encrypt Bitcoin Wallet
Encrypt Bitcoin Wallet

Now, back up the wallet file on an external hard drive or USB flash drive. Your wallet file (wallet.dat) stores the data for all your public and private keys.

Backup Bitcoin Wallet
Backup Bitcoin Wallet

Click under File > Go to “receiving addresses”.

Receiving Bitcoin Address
Receiving Bitcoin Address

Now you are ready to accept bitcoin.  Share this address with anyone you want to receive money from.

The notification pops up prompting you to check the Bitcoin Core Wallet.

Confirmation pop up message
Confirmation pop up message

You can track the transaction progress from the transactions tab.

Transaction board
Transaction board

Create a new bitcoin address for each individual purposes and label them accordingly.

Go back to your receiving addresses > generate a new address with a label.

Create new Bitcoin Address
Create new Bitcoin Address

Create a new address > again back up your wallet files.

New Receiving address
New Receiving address

Let’s send 0.01 to the new address

Bitcoin Transactions
Bitcoin Transactions

If you are a service provider or a merchant and accept bitcoin, you can utilize the “Request tab” to ask for a particular amount.

Using QR code you can easily scan and quickly transfer the amount.

Request Bitcoin Payment
Request Bitcoin Payment

Click “request payment” > QR code will generate.

Bitcoin Payment QR code
Bitcoin Payment QR code

Go to the “send tab” > fill all the information to whom you want to send the amount to.

Sending Bitcoin Payment
Sending Bitcoin Payment

Click the “send” button > enter your password 

Bitcoin Transaction Fee
Bitcoin Transaction Fee

Finally, you get the message of the applicable transaction fees and the total bitcoin deduction from the wallet balance.

Is the Wallet secure?

Bitcoin Core provides a very high level of privacy and security. Users also use add-ons security measures to support Bitcoin Core.

  • Perfect privacy for receiving transactions
  • Strong level of privacy for sent transactions
  • Decentralized peer-to-peer networking
  • Compatible with Tor

Latest Updates

  • Sep 24, 2019: Bitcoin core wallet was redesigned.
  • Aug 9, 2019: Bitcoin Core 0.18.1 Released

Final Verdict on Bitcoin Core Review

In conclusion, here is the only downside in regards to the time period especially while downloading the copy of the blockchain and the interface.

However, Bitcoin Core has continued to be amongst preferred bitcoin protocol for the number of communities. So let’s watch out what comes next.

Also Read: Copay Wallet Review

Hope you enjoyed reading this guide, share and follow us on Twitter and Telegram.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency.In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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