Newbie questions about Bitcoin

[bitcoinzapper]

Hello, I'm new to Bitcoin, I just installed it and downloaded the mega blockchain. Now I have some questions:


1. Is it beneficial for the Bitcoin network if I have a client running all the time? I do not have sufficient hardware for mining but I could run bitcoind on my server. Can I even benefit from it myself?

2. Is it possible to use the same wallet on multiple computers? How about copying the private keys from computer A and importing them on comp B? Or is this not recommended?

3. I read some old thread and it was said that the source of a transaction cannot be seen. Is it so? The blockchain records all transactions? But how they are shown there? "X bitcoins from A to B" or "X bitcoins to B"?

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[GrandmaJean]

Hello, I'm new to Bitcoin, I just installed it and downloaded the mega blockchain. Now I have some questions:


1. Is it beneficial for the Bitcoin network if I have a client running all the time? I do not have sufficient hardware for mining but I could run bitcoind on my server. Can I even benefit from it myself?

2. Is it possible to use the same wallet on multiple computers? How about copying the private keys from computer A and importing them on comp B? Or is this not recommended?

3. I read some old thread and it was said that the source of a transaction cannot be seen. Is it so? The blockchain records all transactions? But how they are shown there? "X bitcoins from A to B" or "X bitcoins to B"?

1. dont really know though i dont think so it would be beneficial
2. possible, for example i have a few pcs and i run multibit on all of them with the same wallet

[unamis76]

As for the 3rd question, no, you can see the source (X Bitcoins from A to B)

For the 2nd one, it is not advisable to run the same wallet at the same time in several places

[Kazimir]

1. Is it beneficial for the Bitcoin network if I have a client running all the time? I do not have sufficient hardware for mining but I could run bitcoind on my server. Can I even benefit from it myself?

Yes, the more nodes, the stronger + faster + more reliable the P2P network. You benefit in terms of not being dependent of any external 3rd party wallet service, but there's no financial benefit from running your own node (other than actively participating in escaping from the banking / fiat system, which is arguably a benefit in and by itself).

2. Is it possible to use the same wallet on multiple computers? How about copying the private keys from computer A and importing them on comp B? Or is this not recommended?

Yes, a wallet is essentially nothing more but a collection of private keys. If you export them from A and import them on B, you can control the same addresses / private keys / wallet at both A and B.

As for whether this is recommended or not: I wouldn't see any reason why it isn't, and it also acts as a kind of backup (if computer A explodes, you still have a copy at B) however it IS highly recommended to be very careful when messing around with private keys. Any malware / spyware / viruses / etc could be monitoring for private keys to steal your money. Never allow a 3rd party to intercept your data. For example, never ever email your private keys, as your email and internet providers can read along.

3. I read some old thread and it was said that the source of a transaction cannot be seen. Is it so? The blockchain records all transactions? But how they are shown there? "X bitcoins from A to B" or "X bitcoins to B"?

X bitcoins from A to B. But A and B are only addresses, they typically cannot be linked to any name, email address, IP address, geographical location, or other personal details.
Remember, there are no 'accounts' involved with Bitcoin whatsoever. Addresses are generated on the fly, semi-randomly, without registering anything anywhere.

[bitcoinzapper]

Thanks guys. I will consider setting up a client. Or perhaps try mining with some old junk computer.

To 2: Not at the same time. But on my laptop and desktop computer for example. I will check out other clients too.


To 3: Looks like Bitcoin Core client does not show the source address (it says "unknown") so I'd need another program to see it? Something that browses through the blockchain?


The client shows my current number of bitcoins in "Inputs..." (coin control features be enabled) and there is "Received with address" that is not displayed in my receiving address list, so is this address belonging to me? Does the client transfer all my bitcoins to a new address when a transaction happens?

[odolvlobo]

1. Is it beneficial for the Bitcoin network if I have a client running all the time? I do not have sufficient hardware for mining but I could run bitcoind on my server. Can I even benefit from it myself?
2. Is it possible to use the same wallet on multiple computers? How about copying the private keys from computer A and importing them on comp B? Or is this not recommended?
3. I read some old thread and it was said that the source of a transaction cannot be seen. Is it so? The blockchain records all transactions? But how they are shown there? "X bitcoins from A to B" or "X bitcoins to B"?

1. Yes. It is very beneficial to Bitcoin as long as port 8333 is open, but not as beneficial to you.

2. It is possible to copy a Bitcoin Core wallet.dat between computers, but you are likely to lose bitcoins unless you are very careful because the two copies will become out of sync when you make a transaction. Instead of copying private keys around, you can store the wallet on a flash drive or SD card and you can use it on any computer.

3. By "source of the transaction", they mean the IP address.

[randy8777]

1. Is it beneficial for the Bitcoin network if I have a client running all the time? I do not have sufficient hardware for mining but I could run bitcoind on my server. Can I even benefit from it myself?
2. Is it possible to use the same wallet on multiple computers? How about copying the private keys from computer A and importing them on comp B? Or is this not recommended?
3. I read some old thread and it was said that the source of a transaction cannot be seen. Is it so? The blockchain records all transactions? But how they are shown there? "X bitcoins from A to B" or "X bitcoins to B"?

1. Yes. It is very beneficial to Bitcoin as long as port 8333 is open, but not as beneficial to you.

2. It is possible to copy a Bitcoin Core wallet.dat between computers, but you are likely to lose bitcoins unless you are very careful because the two copies will become out of sync when you make a transaction. Instead of copying private keys around, you can store the wallet on a flash drive or SD card and you can use it on any computer.

3. By "source of the transaction", they mean the IP address.

if i run a full node how can i know or see that it is being used instead of staying active for no reason?

[unamis76]

if i run a full node how can i know or see that it is being used instead of staying active for no reason?

If you have more than 8 connection, you know you are serving as a node.

Also, there a list of reachable nodes here: https://getaddr.bitnodes.io/ You might end up finding yourself there. If you do, you are a good node

[jonnybravo0311]

In regards to number 2, you do not want to run the same address on multiple computers.  Things can get messed up.  Change addresses are different between the multiple machines for instance.  If you really must have wallets on multiple machines, point them all to a single data directory that is available to them... like if you've got some NAS device.  Backup your wallet.dat frequently (USB sticks, external drives, etc).

It's beneficial to the network if you're running a full node (i.e. you've got port 8333 open).  There is no direct financial benefit to you for doing so.

[dothebeats]

Hello, I'm new to Bitcoin, I just installed it and downloaded the mega blockchain. Now I have some questions:


1. Is it beneficial for the Bitcoin network if I have a client running all the time? I do not have sufficient hardware for mining but I could run bitcoind on my server. Can I even benefit from it myself?

2. Is it possible to use the same wallet on multiple computers? How about copying the private keys from computer A and importing them on comp B? Or is this not recommended?

3. I read some old thread and it was said that the source of a transaction cannot be seen. Is it so? The blockchain records all transactions? But how they are shown there? "X bitcoins from A to B" or "X bitcoins to B"?

1. Yes. Running bitcoind will benefit the Bitcoin network, but I'm not entirely sure if there are incentives given to those who decided to run as a full node.
2. You can always import the privkey from one pc to another, but I'm not sure if you can run the same wallet with different computers simultaneously. 3. Are you referring to the addresses? Like 1askjdwqkjeljqwkDasdaeb4 sent x amount of btc to 1daoeiwqueioquw3h2? Or are you referring to the location of the sender? Confused.

[lophie]

Hello, I'm new to Bitcoin, I just installed it and downloaded the mega blockchain. Now I have some questions:


1. Is it beneficial for the Bitcoin network if I have a client running all the time? I do not have sufficient hardware for mining but I could run bitcoind on my server. Can I even benefit from it myself?

2. Is it possible to use the same wallet on multiple computers? How about copying the private keys from computer A and importing them on comp B? Or is this not recommended?

3. I read some old thread and it was said that the source of a transaction cannot be seen. Is it so? The blockchain records all transactions? But how they are shown there? "X bitcoins from A to B" or "X bitcoins to B"?

1. Yes but it very minimal. No you cannot benefit from it aside donations.

2. Yes it is possible. Recommended or not depends on the client, the thinner the better (Like Electrum). The problems that might arise is the wallet arrangement of keys algo might get confused. In some cases people lost bitcoins because of automatically generated change address which typically were not present at the other computer.

3.The source can always be seen, Hence alot of devs here like gmaxwell started projects like zerocoin. (did I get the name right?)


cheers

[randy8777]

if i run a full node how can i know or see that it is being used instead of staying active for no reason?

If you have more than 8 connection, you know you are serving as a node.

Also, there a list of reachable nodes here: https://getaddr.bitnodes.io/ You might end up finding yourself there. If you do, you are a good node

thanks for the link. i indeed see my self there. bitcoin core shows i have 35 connections. i will keep my wallet open as long as possible.

[bitcoinzapper]

Thanks for many answers guys!

2. Yes it is possible. Recommended or not depends on the client, the thinner the better (Like Electrum). The problems that might arise is the wallet arrangement of keys algo might get confused. In some cases people lost bitcoins because of automatically generated change address which typically were not present at the other computer.

3.The source can always be seen, Hence alot of devs here like gmaxwell started projects like zerocoin. (did I get the name right?)

In regards to number 2, you do not want to run the same address on multiple computers.  Things can get messed up.  Change addresses are different between the multiple machines for instance.  If you really must have wallets on multiple machines, point them all to a single data directory that is available to them... like if you've got some NAS device.  Backup your wallet.dat frequently (USB sticks, external drives, etc).

What is the change address actually? So the client transfers your bitcoins from one or more of your receiving addresses to the change address (which is automatically and randomly generated?) when a transaction happens?

My question/problem was basically about a situation if one has 2 computers and wants to use bitcoins on both of them. If he receives bitcoins on computer A (let's say it's a desktop computer) then goes travelling and must pay using his laptop (comp B), what is the best solution?

3. Are you referring to the addresses? Like 1askjdwqkjeljqwkDasdaeb4 sent x amount of btc to 1daoeiwqueioquw3h2? Or are you referring to the location of the sender? Confused.

3. By "source of the transaction", they mean the IP address.

I was basically referring to the bitcoin address. So it can be seen even though Bitcoin Core client doesn't show it.?

[poisenrang]

1. No its not beneficial, if you mine its beneficial. But these days the miners in your pc arent worth anything.

Things of today is ASICS! or am i old?

[Amph]

1 you will only help the network, which is good, but no earning for that sadly(it would be good to earn something even the equivalent of a faucet to run a node)

2 sure no problem with this, you can use as many as you want, will be seen as a one

3 there are mixers that can hide well a transaction, but they don't obscure at 100%

[vishwaratna]

BTCADVANTAGES OF BITCOINBTC

    Payment freedom - It is possible to send and receive any amount of money instantly anywhere in the world at any time. No bank holidays. No borders. No imposed limits. Bitcoin allows its users to be in full control of their money.
    Very low fees - Bitcoin payments are currently processed with either no fees or extremely small fees. Users may include fees with transactions to receive priority processing, which results in faster confirmation of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants' bank  accounts daily. As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks.
    Fewer risks for merchants - Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.
    Security and control - Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Bitcoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Bitcoin users can also protect their money with backup and encryption.
    Transparent and neutral - All information concerning the Bitcoin money supply itself is readily available on the block chain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable.

[Mikestang]

As has been pointed out, yes, it is a benefit to the network to leave your node up and running all the time.  You can register your node with a btc address and participate in bitnodes incentive program (https://bitcointalk.org/index.php?topic=952996.0), but there's no real way you benefit from running it other than knowing you're helping the network.

[notlist3d]

As has been pointed out, yes, it is a benefit to the network to leave your node up and running all the time.  You can register your node with a btc address and participate in bitnodes incentive program (https://bitcointalk.org/index.php?topic=952996.0), but there's no real way you benefit from running it other than knowing you're helping the network.

This is a pretty good summary.  You are doing it for the good of everyone.

If looking for something that makes you money, no running a node will not be the thing for you.