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Author Topic: All of my bitcoin questions gathered. I need some help here...  (Read 451 times)
bob123
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April 20, 2020, 04:35:25 PM
 #21

Yes, but it's not fully decentralized, since there are prepared nodes written in bitcoin core. Right?

No.
There is a list for your node to initially find other nodes.

You could also just enter your own IP address to connect to. This doesn't change anything regarding the decentralization.



Let me get this straight. Node is a list of IPs that have installed bitcoin core too?

No.
Look at my previous answer, i explained what a node is two times already.

BlackHatCoiner (OP)
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April 20, 2020, 04:40:50 PM
 #22

Yes, but it's not fully decentralized, since there are prepared nodes written in bitcoin core. Right?

No.
There is a list for your node to initially find other nodes.

You could also just enter your own IP address to connect to. This doesn't change anything regarding the decentralization.



Let me get this straight. Node is a list of IPs that have installed bitcoin core too?

No.
Look at my previous answer, i explained what a node is two times already.

I searched for it a bit more in their github and now it makes sense:
https://github.com/bitcoin/bitcoin/blob/master/contrib/seeds/nodes_main.txt

So in the case that all these nodes do not work (which is something impossible) they will simply update the software and write other ips right?

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jackg
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April 20, 2020, 04:46:34 PM
 #23

Quote
it also helps keep the network a tiny bit more decentralized as your node won't have a single fixed list to connect to, instead it will choose a random one and connects to.

Yes, but it's not fully decentralized, since there are prepared nodes written in bitcoin core. Right?

Let me get this straight. Node is a list of IPs that have installed bitcoin core too?

Decentralised is what it is. Distributed isn't....

Nothing on the Internet can really fully be distributed anyway since it'll have to pass through an isp or something at current.

Fully p2p solutions may come and turn the network into a distributed architecture but for now we're stuck with being decentralised and reliant on IPs and DNS server assignments from icann.

A node is something that propagates the network by storing both the mempool and other nodes ip addresses.
BlackHatCoiner (OP)
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April 24, 2020, 08:16:56 PM
 #24

What will happen if someone sends me bitcoins to my address? Will I have to make any confirmations? What if I never open the electrum wallet? The transaction will still be written to the blockchain and I will get my bitcoins right?

I'm just asking, because of some misunderstandings with private keys.

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TryNinja
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April 24, 2020, 09:37:31 PM
 #25

What will happen if someone sends me bitcoins to my address? Will I have to make any confirmations? What if I never open the electrum wallet? The transaction will still be written to the blockchain and I will get my bitcoins right?

I'm just asking, because of some misunderstandings with private keys.
Yes. Basically, your wallet is just a client that reads the blockchain and make the transactions + sign them + broadcast them for you, all in a user-friendly interface. If in the blockchain it says that your address X has an input of 1 BTC (received 1 BTC), you have it. Whenever you open it with any wallet you will see it. If you have the private-key, you can spend it.

You don't need to have the wallet open when receiving the transaction.
You don't need to open it to "complete the receiving transaction".

That's why cold storage wallets work. You don't have a internet connection, but can still make the transaction outside of it (by grabbing the inputs, etc...), send to the device (through USB, scanning a QR, etc...), sign with the private-key, send back to an online device and broadcast it.

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bob123
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April 25, 2020, 12:50:56 PM
 #26

What will happen if someone sends me bitcoins to my address? Will I have to make any confirmations? What if I never open the electrum wallet? The transaction will still be written to the blockchain and I will get my bitcoins right?

When someone sends you bitcoin, he assignes them to your public key.
This is being recorded on the blockchain.

Whenever you want to spend them, you can use your corresponding private key to sign a transaction.

So.. no, you don't have to actively do anything. Just keep your private key (or master seed / mnemonic code) safe, and you are good to go.

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