Wallet Bitcoin Core – the first wallet created for the BTC cryptocurrency. It is considered the most reliable (as confirmed by research), but quite difficult for beginners. We invite you, together with the editors of Profinvestment.com, to consider all the features, pros and cons of this software wallet. In this review, we'll look at how to get started with it, what features the developers provide, and what problems you might encounter in the process.
Bitcoin Core wallet review
Let me start with the fact that I myself have always used only online Bitcoin wallets and have never experienced any problems with them. But time passed, the amounts accumulated, and the moment came when trusting coins to online services became too risky for me.
As you know, in addition to storing coins online, you can store them on your computers. Bitcoin Core is just such a wallet; I recently switched to it and have no regrets.
First of all, this is the safety of both your coins and your nerves.
Your bitcoins do not depend on the operation of services or crypto exchanges, everything is located only on your devices.
The safest option for working with bitcoins is only possible when you remain face-to-face with the network and interact without intermediaries - Bitcoin Core is great for this.
General information
Before starting to consider the features of the service, you should understand what BTC core is. In simple terms, this is the official software for storing digital currency. The wallet carries out any operations with Bitcoin and stores all information about completed transactions.
To use the program, the blockchain is installed on a personal computer. Note that the service is considered official because it is maintained by a team close to the creators of Bitcoin. Therefore, there is no doubt about reliability.
The creators of bitcoin regularly update the software. Any action is viewed from different angles. In addition, before implementing changes, developers consult with users. Bitcoin core will soon receive important updates: interaction with several wallets at once and faster data loading.
The main disadvantage of the service is that it only works with Bitcoin. You cannot store other cryptocurrencies on it. Competitors win in this matter.
Bitcoin Core or how to store bitcoins on your computer
Various online services offer us ease of use, but can easily take our money or close down altogether, which is why users are increasingly turning their attention to desktop clients.
Such clients offer the highest level of security (although they are inferior to hardware ones), and when working with money this is sometimes the main factor. And if we talk about software wallets, then the main and most popular one is Bitcoin Core.
Advantages
The official client offers us the following advantages:
- High level of security of funds - if you don’t forget your password and don’t get a virus, then your bitcoins are safe.
- Access keys are stored only by the user and are not transferred to a third-party server.
- It does not require special settings to operate and provides basic functions for working with cryptocurrency.
- Since the wallet is official, all updates appear in it immediately and only after some time appear in other wallets.
- Supports all popular operating systems.
- Provides cold storage of bitcoins (later in the article I will explain what this is).
Flaws
Along with the advantages, there are also disadvantages that cannot be avoided:
- Takes up a lot of hard drive space. The entire blockchain will be downloaded to your PC, which today weighs about 145 GB and continues to grow in size. However, this size can be cut down very well; I will return to this point in the article.
- The first synchronization takes a long time - it can take a day or even several days.
- As a user, you will be constantly tied to your computer, because you cannot make payments without it. But this is already a problem with all software wallets.
Despite the shortcomings described above, many users prefer it. If security also comes first for you, then you can get Bitcoin Core right now. Read the article below and you will learn how to store bitcoins on your computer.
How to Create a Bitcoin Core Wallet
In order to create a Bitcoin Core wallet, you need to go to the official website at https://bitcoin.org/ru/download, where you can download Bitcoin Core. On the download page, you need to decide on the choice of operating system; if you have traditional Windows on your PC, then select it from the list.
The selected installation file takes up a little more than 13 MB and will download in a matter of seconds, and then there is a simple process of installing the client, where almost all that is required of us is to click the “ Next ” button:
After installation, launch it. You will be asked to select a hard drive and a folder where the entire blockchain will be downloaded. Choose a disk that has enough space to fit all the blocks (as I said earlier, more than 145 gigabytes ). Keep in mind that the volume will grow, so do not choose a HDD where you have back-to-back space.
After this, the most interesting thing will begin - the great and terrible synchronization. Among users, this process has already become a favorite parable, which is told on all crypto resources. Indeed, Bitcoin Core synchronization takes a long time, but this is an inevitable moment that needs to be experienced only once - in the future, synchronization will be a matter of minutes.
Don’t be alarmed when, from the start, the system gives you information that you will have to wait two weeks, a month or even a year - gradually the download speed will accelerate and after half an hour of downloading the blockchain, this long period will be reduced to 1-3 days.
The download speed itself is quite slow and does not use the full potential of your internet - hence the long download times, even if you have super-fast internet.
Your PC does not need to be running continuously during synchronization. You can close the program - when you turn it on, synchronization will resume from where it left off.
But during synchronization, and even just when working with the client , you cannot turn off the computer until you exit the program - the developers warn that this can lead to undesirable consequences in the form of data corruption.
Even a non-synced wallet can be examined for features, but they cannot be used. All your attempts to do anything will be rejected, so you just have to wait until the entire blockchain is downloaded. In the meantime, you can minimize the program and use your computer.
But if you have a weak PC, be prepared for the fact that your machine will spend a lot of effort on synchronization and will be quite slow in relation to other tasks. The main load goes to the hard drive, so when working in “heavy” programs, for example, for video editing, this will be especially noticeable.
Setting up Bitcoin Core
Creating a Bitcoin Core wallet is not difficult. The operation of the client itself should not cause difficulties, because it contains only the most necessary functions. However, I will describe in detail how to use Bitcoin Core and configure it.
It’s better to start working with your wallet by setting it up - to do this, go to the appropriate section (1). You won’t need all the settings right away; first, you can enable input management (2) and set the block explorer domain (3) that you want to use to display transactions. Now in more detail about each function.
Input management
With each transfer, a new address will be generated for you. This option will allow you to choose from which addresses to make transfers. This will also allow you to see the balance at each individual address.
Third Party Transaction URLs
In the “Display” tab, insert the link https://blockchain.info/tx/%s into the “Third-Party Transaction URLs” field - and during transfers, the transaction hash will be automatically substituted for “%s”.
This is convenient if you need to send a link to your transaction. For example, in an investment project your deposit has not been credited and the admin asks for a link to the transaction to verify your deposit.
Phishing
As soon as my program appeared on the Internet, duplicates immediately began to appear with a description of my program. But, instead of links to download Qt Bitcoin Trader, it is suggested to download the virus. I was surprised why there are so many fake Qt Bitcoin Traders on the Internet. And even qtbitcointrader.com is a fake with a link to a virus, and www. qt-tradar.ru is also a fake. If I had known that the program would be so popular, I would have blocked these domains right away. I think this is a lesson for me and for everyone who reads this article. Be careful, if you don’t know if the link is reliable, then google the name. I recommend using the program's built-in secure update.
Safety
You've figured out a few settings, what next? Of course, before you start, you need to take care of security and first of all, be sure to set a wallet password.
Encryption
This is done in the “ Settings ” section, where you should select the “ Encrypt wallet ” function. In the window that opens, you will be asked to enter your password and repeat it. This can be any set of characters longer than 10 characters or a set of words (at least 8).
It goes without saying that if you want to store bitcoins on your computer and have access to them, then the password should be set as complex as possible and stored securely, preferably in several different places at once.
Attention! Losing the specified password will result in you losing access to your money and it is impossible to recover it .
Content
- A little about the Qt Bitcoin Trader program.
- Getting started with Qt Bitcoin Trader.
- Description of the Qt Bitcoin Trader program interface.
- Multilingualism in Qt Bitcoin Trader.
- Phishing versions of the program.
- Conclusion.
If you want to start trading on such trading exchanges as Wex, Binance, Bitfinex, Bittrex, Poloniex, EXMO, HitBTC, Bitfinex, BTC-e, Bitstamp, BitmarketPL, BTCChina, GOC io and Indacoin, then this article is a must read, because In this article we will look at the work of one bot that works using a special API protocol. This bot is called Qt Bitcoin Trader, and the main specialization of this bot is, as you understand, the notorious and well-known currency Bitcoin.
Qt Bitcoin Trader download
Backup copy
But what good is a password if we lose the most valuable thing - our wallet file? Therefore, the next step is to back it up. This file is called wallet.dat and is located in the folder with the database. If you don’t want to manually search and copy, go to the “File” tab (1), and then select the “Back up wallet” function (2).
After this, a window will open in which you only need to specify the name of the file and select the location where it should be saved. You need to make at least 2-3 such copies and store them on different media, because if something happens to the hard drive, you will simply lose your coins.
If you have 2 computers, for example a PC and a laptop, it would be a good idea to copy the file to it. You need to make a copy of the file every time you create new addresses.
What is expected in the next versions of Qt Bitcoin Trader?
The BTC-e and Mt.Gox exchanges are currently supported. If I have free time, I will complete support for the remaining most popular exchanges one by one. It is possible to work websocket api and http api simultaneously. Next is the display of graphs in real time. It will be possible to add APIs of different exchanges and different currencies to one profile for simultaneous monitoring. A scripting language, as a supplement to the rules, with which you can write a strategy in a few lines that analyzes prices on different exchanges.
How to use Bitcoin Core
Synchronization is completed, the password and settings are set - all that remains is to study the functionality and start actively using Bitcoin Core.
Review Tab
The main tab, which displays the main account status. Here you can not only see how many coins are in your wallet, but also see how many coins have been sent and are waiting for network confirmation. The main function of this tab is for informational purposes; it does not require any action.
“Send” tab
Responsible for outgoing transactions. Here you can specify the recipient's Bitcoin address and send coins to his account. In addition, there is a function to add a note to a specific address to add it to the address book. You can also set the commission to be charged on the specified amount (by default, the commission is paid on top of the amount sent).
The nearest button on the right opposite “ Recipient ” can open the address book to send to the wallet to which we have previously made a transfer. With the second button you can paste the wallet number from the clipboard.
In the same tab, at the very bottom, you can set the size of the commission - the larger it is, the faster the transaction will be included in the block, while the minimum values can send it back or the transaction will be lost somewhere. In principle, you can choose the commission recommended by the program.
Once you have entered all the transfer data, you should check them carefully - after sending, it is impossible to change anything or cancel the operation. Then click the “Send” button, enter the password you specified during encryption and the transfer will be completed.
If you have checked the “ manage inputs ” box in the settings, then you will have this function at the top and by clicking on the “ Inputs ...” button you can choose from which addresses to make transfers.
“Receive” tab
If everything is clear with the “Send” tab, then the “Receive” section causes confusion for many users. Why is it needed? It is in this tab that you can generate a Bitcoin address to which funds will be sent to you. You can use the same account each time, but for security it is better to generate a different address for each transfer.
There are several fields in the tab, but don’t let them confuse you - you only need the “Request payment” button, which generates the addresses.
Immediately after generating the address, we can use this address to receive cue balls. You can buy bitcoins through electronic currency exchangers; the whole process will take a few minutes.
Transactions Tab
The last section displays all your transactions. They can be sorted by date, type, label or amount, which is convenient for maintaining statistics.
The tabs described are quite enough to store bitcoins on your computer and use them for your own purposes, and if these functions are not enough for you, then in the “Help” - “Command Line Options” section there are many additional functions. We will now get acquainted with one such option.
Basic Operations
The crypto wallet has all the necessary functionality for working and transactions with digital assets.
Address and number
To conduct all types of transactions with crypto assets, you need an address or identifier.
It can be issued after launching the program on the “Reviews” tab or in the “Receive” menu by clicking “Receive payment”.
A Bitcoin address is a combination of 33-34 numbers, letters - large and small - of the Latin alphabet.
The Core wallet has the ability to create and use multiple BTC IDs. Its address is also displayed as a QR code.
Replenishment methods
You can top up your crypto wallet balance in several ways. The most common:
- replenishment from a private person;
- buying bitcoins on exchanges;
- through exchangers.
From a private person
If you send a BTC ID to another person, they can transfer any amount of cryptocurrency to it.
He can do this free of charge or by prior arrangement.
There is a growing number of resources on the network where you can get a certain amount of digital money as payment for user actions.
The crypto wallet address can be used to receive rewards from these sites.
Buying on exchanges
Cryptocurrency exchanges provide the widest opportunities for exchanging some digital currencies for others or purchasing bitcoins for traditional fiat money.
After registering on the exchange, the user gets the opportunity to carry out all operations.
To transfer BTC from the exchange to the Core wallet, you need to select the tab responsible for withdrawing funds in your personal account of the trading platform, indicate the number of coins and the identifier in the address field for sending bitcoin.
On average, a full transaction takes from 30 minutes to 3-4 hours, depending on the load on the Bitcoin blockchain.
How to trim your Bitcoin Core wallet
As you already know, the entire blockchain database is quite power-hungry and takes up a lot of disk space. A reasonable question arises: is it possible to reduce the size of Bitcoin Core and, if so, how?
Answer: it is possible, and very simple. But nevertheless, you still have to go through all the block synchronization! So the amount of downloaded data will not decrease - only the amount of disk space taken up will be reduced.
- Right-click on the Bitcoin Core shortcut and go to properties. You can find the shortcut on your desktop.
- In the “Object” field at the end, add -prune=551 and click “apply”.
It will look something like this: “D:\Program Files\Bitcoin\bitcoin-qt.exe” -prune=551
Thus, I managed to reduce the space I occupied from 145 GB to three!
What does the “prune” command do? It removes old blocks, leaving only the newest ones, due to this the size is reduced. And the number 551 is the minimum possible; it will not be possible to reduce the size of the database any further. But you must admit, a few gigabytes against the background of one and a half hundred look like a ridiculous number.
Bitcoin cold storage
Above in the article I mentioned that with Bitcoin Core you can organize cold storage of bitcoins. This means storing your coins in a location that is not connected to the network. It’s very easy to do this, and the benefits are really huge - you will be protected from all kinds of risks and keep your money safe and sound.
The essence of this action is as follows:
- Through the “Receive” tab, you need to generate several addresses on your computer and write them down somewhere.
- Then make backup copies of the wallet.dat file and transfer them to flash drives or an external hard drive.
- Remove wallet.dat from your computer.
Thus, we organized cold storage of bitcoins - backup copies are stored only on media disconnected from the network. If your computer has access to the Internet, then there is always a chance that the wallet.dat file can be stolen and the password can be guessed. If there is no file, then there is nothing to steal. And to receive transfers, use the addresses that you generated in the first step.
Beginners may have a misunderstanding: “How will we receive transfers if the file is completely disconnected from the network?” So, the wallet.dat file is just the key to our bitcoins, and the generated wallets are still stored on the network.
