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What I think is that this present government are like the old government that has nothing unique to offer. The government should come up with plans to make Nigeria to export more than import. There should be a solution to this. We have minerals and other things needed for the growth and development of our nation. Many countries can depend on our goods and services, but we are not producing enough, yet discouraging foreign investors in the country. Can you see how electricity is in Nigeria, our government is not different in doing. We are just not getting anything right.
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The article is talking about the possible "upload" bandwidth because a full node may also send its blockchain to its peers that are in IBD.
Which also means more data are required, especially if your node is active 😳 Although, I was referring to what I quoted. It was a typo from me. I meant 20 gigabyte monthly of download, and not 200 gigabyte. Download usage is around 20 gigabytes a month, plus around an additional 340 gigabytes the first time you start your node. |
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It should be "every month" rather than "everyday".
I am not a node runner, but I think it was weekly that I saw when I went through an article 2 years ago about it. Likely 5 gigabyte or more every week was what that I saw. I went through this article just now: https://bitcoin.org/en/full-node#minimum-requirementsWhen the full blockchain download was still around 340 gigabytes, the monthly download usage specified in the article was 200 gigabyte or more monthly. Download usage is around 20 gigabytes a month, plus around an additional 340 gigabytes the first time you start your node. |
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You are referring to legacy bitcoin addresses. Addresses that start from 1.
For the address that is not compressed, its public key will start from 04, while its private key will start from 5.
For compressed, its public key start from 02 or 03, while its private key starts from K or L.
Compressed legacy address has low fee than legacy address that is not compressed.
But for low fee, do not use legacy addresses, use segwit addresses. Addresses that start from bc1.
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The best way to maintain privacy is by running your own full node and also using different address for different transactions. If you run your own node and then point electrum server towards it then your privacy might be protected and you won’t depend on other nodes for information and also you can use Tor or VPN to hide your IP too if you’re connected to other nodes
It is worth mentioning also that running your own node or personal electrum server should be connected with Tor for privacy reason. Connecting it with IP is not private enough as your Internet network provider can still see some information about you and that you are using Bitcoin Core. what's the many benefits of running your own full node because that seems to be an interesting thing to do for me, I really don't have much to do when it comes to passing the time and I don't even have a lot of hobbies so this could be a good one for me, I just wish that this doesn't cost a lot of money to do though.
Privacy is the benefit. You will not have to depend on other nodes/servers. If your wallet is synchronizing with the blockchain using the nodes/servers, the nodes/servers will know your wallet addresses and also your IP address. If your IP address can be known, your real identity can be known through your Internet service provider. Mind you running a bitcoin node plus this personal electrum server requires you to have enough storage space.
It is worth knowing that downloading the full blockchain requires over 500 gigabyte of blockchain download. Also that you will need like 20 gigabyte of data to keep downloading the lastest blocks monthly. If you are beginner and want to maintain full privacy, then it’s better to use newly generated addresses for each transaction that you do in the blockchain. Electrum wallet has the facility of generating new and unlimited addresses. Hence each time you send or receive the coins, use new addresses. People can easily track the activity done of a particular Bitcoin address, hence in order to become completely anonymous use different address.
This is part of it. But there are times you will also need coin control for this while sending coins and not only while receiving. Also to have full privacy, you will needs mixers or converting to monero at times. You can run Electrum with Tor for anonymity. But for privacy, you need to run your own node with Tor. |
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It is a scam.
You are explaining the tactics that scammers are using to scam people. That is the approach they have for you that you are falling for.
You gave them your information? Your information might be used against you. Like to be used illegally or be sold to people that might use it illegally.
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Edit: Association of Bureau De Change Operators of Nigeria (ABCON) said it was a rumour. https://bitcointalk.org/index.php?topic=5483998.msg63621386#msg63621386Is crypto P2P market the cause of BDC operation closedown in FCT? This is wrong. Is this not funny? How is forex and crypto the same? Because there is shortage of US dollar supply, Bureau De Change operators in Abuja are blaming the crypto P2P. They are deviating away from the cause of the problem to bitcoin and other crypto P2P in Nigeria. Nigeria has continued to be a depending nation and rely mostly on imports than they are producing and exporting. They can not blame it on our government which are actually the primary cause. https://cointelegraph.com/news/nigerian-analysts-refute-claims-of-crypto-role-in-the-capitals-bdc-shutdownThis video I saw on the news is worth watching. https://youtu.be/SAzM9BLG3fA?si=Kv0dmrWqVJYrTlU4In the video, it is explained that cryptocurrencies like bitcoin and stablecoins are even helping for naira not to fall as it should have fallen. That if no cryptocurrencies, it would have been worse. What determines the price of naira to foreign currencies are mostly related to forex and not cryptocurrencies. Do you agree with his? |
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It's got less than $50 worth of digital assets that's why I wasn't interested in backing it up.
You were not interested in backing up your seed phrase, which literally means you are not interested in the money that you saved on the address the seed phrase generated. If you do not have access to the wallet, your coin there are lost. |
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Yeah, we no get problem but em get our people or friends wey no are into crypto, remember? The only thing wey dem d do na to store up their money for dollar currency only cos dem I know sae dollar go d increase d go. This news go come as shock to them and them no go d happy about am
It is good to learn about wallets, exchanges, bitcoin and stablecoins. Stablecoins can depeg. But what option left when we can not store up money in foreign currencies? People should learn and have knowledge about digital assets, or they can prefer to just hold naira. If federal government make this possible, domiciliary account has no use for me again, at least for now. |
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I mean they are considered hard forks no? I guess I see what you mean, as to not confuse people. I'm also curious if there's ever been a soft fork.
Your question is understandable without confusion and it is about hard fork and not soft fork. If there is a soft fork, no new coin will be created, only hard fork can lead to the creation of a new coin and the last one that happened was in some years. If it is soft fork, there will still be new improvement proposals that will lead to soft fork to improve bitcoin network. |
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Don't you ever really think that the day is not far away when people will no longer ask for dollar for anything?
Dollar is a legal tender and more stable. But in long term, it is a depreciative asset. Dollar is better than the fiat of many countries. Why is bitcoin not dominating yet in those countries with high inflation rate? There is nothing that will compete against fiat because it has its own purpose. Bitcoin is not a substitute but an alternative because it is more volatile but it is an appreciative asset. That does not makes it a substitute but an alternative. |
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What character does your address starts with? Maybe your address starts from 3 or bc1. Use this format to import the private key: p2pkh:your private key. For address that starts from 1. Adding p2pkh is not necessary for addresses that start with 1. p2wpkh-p2sh:your private key. For address that starts from 3 p2wpkh:your private key. For address that starts from bc1 if your address starts with bc1, you should add "p2pkh:" before the private key.
You mean p2wpkh. |
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For sweeping you need to pay for transaction fee. Why I actually advise sweeping although it requires transaction fee which is external cost is because you never can tell where that private key from the paper wallet as been exposed to.
If you want to spend from a paper wallet and be sure that the private key is not exposed online, you can import the private key on a wallet on an airgapped device and use a watch-only wallet to make an unsigned transaction, use the wallet on airgapped device to sign it and transfer the signed transaction to watch-only to broadcast it. In this way, the private key is not exposed. |
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If the private key starts from 5, K or L. Create a new wallet on Electrum and click on 'imported bitcoin addresses or private keys'. Paste the private key on the space you see and you will be able to see your coins as the bitcoin address starts from 1.
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All the hacker has to do is get hold of your private keys or seed phrase and they can
You have your seed phrase on a cold wallet and you backup its strong passphrase differently in different locations. Such wallet will be difficult to compromise. You have a cold wallet and a hot wallet to create a 2-of-2 multisig wallet. That is very safe if you know what you are doing. Online wallets are the ones that are vulnerable. 2-of-3 multisig wallet will be difficult to compromise. I have many ways that no malware can get to my wallet or able to steal from me. 100% certainty. |
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An important detail, when importing descriptors, whether xpriv or singular key in a blank wallet, the send button is not active (I cannot send funds to another address), it says that there is no change address, so how do I import both an xpriv ex and internal so that I can enable this blank wallet to enable spending?
Which wallet are you referring to? If you import seed phrase, master private key or private key (WIF) into a wallet, you will be able to spend the coins. If you import the master public key or the address. That is just a watch-only wallet. You can not use such wallet to spend your coins. Watch-only wallet are used to make unsigned transaction, broadcast transaction that has been signed on another wallet which is sent to it. Also watch-only wallets are used to track your transactions. It also make it easy to have access to your addresses. |
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You can use Bluewallet because you can download it on an iPhone. You will need the address private key which you will import, or import the seed phrase. Bluewallet official site: https://bluewallet.io/ |
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Na one of the downside of lifting this crypto ban by Nigerian government.
How? So if CBN do not lift the ban and something like that happens, police will not take the victim on the exchange for questioning and if possible to collect the money from the person? Deal with people that their accounts are old and reputed on exchanges. This will reduce the chance of scam and unwanted situations. |
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