Is there a wallet, which can send and receive bitcoins without the need of havin

[DrakonX]

Is there a wallet, which can send and receive bitcoins without the need of having downloaded the complete blockchain?

[Pandji02]

Yep, there's an OWNR and trust wallet for example. I've been using both of them. There is more but i don't have experience with them.

[BlackHatCoiner]

Is there a wallet, which can send and receive bitcoins without the need of having downloaded the complete blockchain?

Yes, these wallets are called SPV (Simplified Payment Verification) and the most popular one, at least from this community, is electrum^[1]. Generally, you don't have to download the entire blockchain if you want to just use a wallet, but I should mention the downsides of following that way;

• Less privacy. The node you'll connect to update your balance and broadcast transactions will know your IP and which addresses you own. (You can face the IP exposal with Tor)
• Less security. By verifying the transactions you don't have to trust anyone's words that what he's telling you is true. Your computer's verification speaks by itself.

If I said something hard to understand, please tell it to me.


[1] https://electrum.org/#home

[DrakonX]

• Less security. By verifying the transactions you don't have to trust anyone's words that what he's telling you is true. Your computer's verification speaks by itself.

There's indeed one point I don't understand so far. Why is my security compromised that way?

you don't have to trust anyone's words

I don't understand what is meant by this.

Your computer's verification speaks by itself.

What does this mean? You may help me, by explaining those points in a different way.

[Lordhermes]

Is there a wallet, which can send and receive bitcoins without the need of having downloaded the complete blockchain?

Trust wallets carries every wallets and can send and receive all coins and they are non-custodial wallet but closed source, I am currently using trust wallet for my bitcoin transactions and it's very good for storing Bitcoin and other cryptos for long term.

Yep, there's an OWNR and trust wallet for example. I've been using both of them.

Is ownr wallet a non custodial, I mean do they generate security words phrase to users.

[BlackHatCoiner]

What does this mean? You may help me, by explaining those points in a different way.

Sure.

In Bitcoin you have to either trust others for knowing your balance or downloading the block chain and seeing it by yourself. If you be a Bitcoin node, which is the second option that is to verify the entire chain, you'll be sure that every information you receive is true and if it's not you can reject it. You're independent of any other nodes' words. Your computer checks the validity of each block and it sums your final balance given your address. Thus, you're following the chain with the most work which is whole system's reliance and you know that anything you see is valid.

On the other hand, if you need other nodes to know your balance you're automatically dependent to their words. For example, your address may have 1 BTC, but a malicious node may return you that you have 0 BTC. There is no way to verify that this is true, you have to trust it.

The best way for maximizing your security and privacy is running a pruned node which doesn't require to keep the whole chain. Yes, you have to download it all and verify each block, but after an amount of blocks downloaded you get rid of the previous blocks and thus, you don't need hundreds of gigabytes to operate.

You may have spotted the following common used phrase: “Don't trust, verify!”. That is why.