You Don’t Verify Bitcoin Yourself, Who Are You Actually Trusting.

[God Tim]

The ability for the users to verify the network rules by themselves is given by Bitcoin how many Bitcoin user really do this ?
‎Some users for example, can keep their Bitcoin in a seif custody wallet to control their private keys , only the depend on a wallet provider, exchange, block explorer or other servers available to them this makes one insinuate the presence of the different kinds of trusts that may be involved.
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‎You may be trusting someone for information about the happening on the Bitcoin network, even though you may avoid the need to trust someone with your coins by utilizing seif custody alone give the full benefit of Bitcoin trust less design or if independent verification can be an important part of it I am not concluding that all Bitcoin users need to run a node or verify everything them selves, but more of interest is where we draw the difference between convenience and trusting an intermediary.
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‎What matters more is either controlling your own keys, verifying the network independently or both

[ZeroVinsonN]

Trust in this case isn't necessary, it's not like someone running a node can just move your coin out of your wallet if it's already there, I understand the need to want to verify transactions yourself but comparing between controlling your own key and verifying the network to find which is more important is like comparing two fundamentally different principles, it will not get you anywhere.
Sure, it's not wrong to want to control your coin while also being responsible for verifying whether or not the bitcoin you are recieving is valid but being able to do that requires technical knowledge about bitcoin that not everyone wants to bother with having, some can just choose convenience and while you can argue that it is reckless you will need to make an actual comparison of the people who own bitcoin and ask yourself how many of them are actually doing things like running a node, when you see the numbers you will find that expecting them all to verify every Blockchain information the receive themselves to be unrealistic.

[Bitcoin-Forever]

The ability for the users to verify the network rules by themselves is given by Bitcoin how many Bitcoin user really do this ?
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Latest comes in, not even the developers now we are putting our trust in, but the source codes, the network and protocols that make up the entire bitcoin network and the blockchain technology.

[Cookdata]

The ability for the users to verify the network rules by themselves is given by Bitcoin how many Bitcoin user really do this ?
‎Some users for example, can keep their Bitcoin in a seif custody wallet to control their private keys , only the depend on a wallet provider, exchange, block explorer or other servers available to them this makes one insinuate the presence of the different kinds of trusts that may be involved.

If you are a regular Bitcoin person that makes some few transactions, you don't have to run node before you can make a transactions but itherr us nothing  bad if you have a node at home, at least to support the network and help validate transactionss. There is nothing wrong in using a custodial wallet that depends on other severs to run a transaction when you don't have a node of your own, it's more better instead of using centralized exchanges or some custodial wallet.

You can use bluewallet or electrum and connect to some popular servers run on this forum and you have nothing to worry about them, they don't keep your IP address. You can always rely on them and you can also use VPN to hide your location. Even if you run your node, you still have to rely on public explorers unless you set up your own rpc explorer with your node.

[Obim34]

The ability for the users to verify the network rules by themselves is given by Bitcoin how many Bitcoin user really do this ?

Running a node doesn't add more to your security, it is likely rendering support to strengthen the network rather than protection for your wallet. There are public nodes you can connect with, and you don't need to worry, they work just fine.

I will rather have to worry lately concerning the recent attacks and hacks happening than worry about running a node.

[Mia Chloe]

Running a node doesn't add more to your security, it is likely rendering support to strengthen the network rather than protection for your wallet. There are public nodes you can connect with, and you don't need to worry, they work just fine.

I will rather have to worry lately concerning the recent attacks and hacks happening than worry about running a node.

This is not true. Running a node adds to your personal privacy and security as well as rendering support to strengthen the network in general. You share a lot of private information every single time you connect to a public node. To start with you give out your IP and your public keys.

And remember that your public key is literally a public ledger of your entire wallet so whoever has it sees every single transaction in your wallet including consolidations.

[CryptopreneurBrainboss]

‎What matters more is either controlling your own keys, verifying the network independently or both

What's important is controlling your private key and owning the Bitcoin in your wallet, if you understand how Bitcoin works then you don't have to bother about the network because it's working just fine and secured too that it can't just be over powered by a centralized system and seize control of it. Bitcoin network doesn't work like that of Banks and even with banks, did you go to verify how their network work?

Bitcoin network is kept alive by different miners both independently and those ran by mining companies but both are working together in keeping the network functional. What matters most in Bitcoin is the fact that you control your seed phrase and nobody else can restrict you from sending or accessing your Bitcoin anytime you want.

The moment you can't do that then there isn't any need of being in the industry because then you aren't doing anything different from how the fiats system functions. You should always own your Bitcoin first through self custody before thinking about other things.

[Orpichukwu]

‎What matters more is either controlling your own keys, verifying the network independently or both

What's important is controlling your private key and owning the Bitcoin in your wallet, if you understand how Bitcoin works then you don't have to bother about the network because it's working just fine and secured too that it can't just be over powered by a centralized system and seize control of it. Bitcoin network doesn't work like that of Banks and even with banks, did you go to verify how their network work?

Bitcoin doesn't work like the banking sector, and we also don't need to reference the verification of transactions to banking, since the bank is centralized and the bitcoin protocol is not and it's also an open source which everyone with the right technical knowledge can decode and understand how it works, but for someone who can't, there is nothing wrong in just allowing those who have the ability to do the job instead of complicating things themselves.

[adultcrypto]

‎What matters more is either controlling your own keys, verifying the network independently or both

Bitcoin network is kept alive by different miners both independently and those ran by mining companies but both are working together in keeping the network functional. What matters most in Bitcoin is the fact that you control your seed phrase and nobody else can restrict you from sending or accessing your Bitcoin anytime you want.

The moment you can't do that then there isn't any need of being in the industry because then you aren't doing anything different from how the fiats system functions. You should always own your Bitcoin first through self custody before thinking about other things.

I like the way you take put this in layman's language unlike many people wey been don explain but their own side of the story come dey sound too technical for people to understand. The way you take open am dey perfectly ok for a beginner wey never sabi much about bitcoin and how e dey work. You hit am well when you say na to control the private keys be the most important thing. As person don do this one, e go easy to learn other things wey go like running node, using privacy policies and plenty things wey go make using bitcoin safer and easier.

[Emjay24]

‎What matters more is either controlling your own keys, verifying the network independently or both

What's important is controlling your private key and owning the Bitcoin in your wallet, if you understand how Bitcoin works then you don't have to bother about the network because it's working just fine and secured too that it can't just be over powered by a centralized system and seize control of it.

Controlling your keys is non-negotiable, verifying the networks and broadcasting your transactions yourself through running a full-node can bring extra privacy and security to you but not a must do, security in the sense that there can be malicious servers which can exploit unsuspecting users. We still remember what happened during the 2018 Electrum phishing scam where scam servers delivered phishing links to Electrum users in their self-custody wallets and led to loss of funds, such things wouldn't happen to those who run full node themselves.

[Merit.s]

What's important is controlling your private key and owning the Bitcoin in your wallet, if you understand how Bitcoin works then you don't have to bother about the network because it's working just fine and secured too that it can't just be over powered by a centralized system and seize control of it.

Controlling your keys is non-negotiable, verifying the networks and broadcasting your transactions yourself through running a full-node can bring extra privacy and security to you but not a must do, security in the sense that there can be malicious servers which can exploit unsuspecting users. We still remember what happened during the 2018 Electrum phishing scam where scam servers delivered phishing links to Electrum users in their self-custody wallets and led to loss of funds, such things wouldn't happen to those who run full node themselves.

Me and you know say e no dey easy to run full node for naija here based on the instability of power supply and unstable network. If you won run full node, e means say you must get enough money to pay for the bills because running a full node for this country dey expensive especially if you no get solar inverter for your house.

No need to worry much when we already get good wallets wey you fit connect to their own server and make your transactions. Uninterrupted power supply dey oyinbo land na e make them find am easy to run their own full node. For security, add strong passphrase to your seed phrase because if you run your full node and lose guard your seed phrase, your wallet go still get compromised.

[Freeveto]

‎
‎You may be trusting someone for information about the happening on the Bitcoin network, even though you may avoid the need to trust someone with your coins by utilizing seif custody alone give the full benefit of Bitcoin trust less design or if independent verification can be an important part of it I am not concluding that all Bitcoin users need to run a node or verify everything them selves, but more of interest is where we draw the difference between convenience and trusting an intermediary.
‎
‎What matters more is either controlling your own keys, verifying the network independently or both

Before you see users who understand all these better, you have to search; the basic understanding we have is enough for now to hold our Bitcoin. The only bad idea is holding in an exchange or any third party platform that will control your Bitcoin for you, but as long as you decides to use a self custody wallet, you are safe because your private key will be with you. Using public blockchain is not anything bad since it is not everyone that have what it takes to run personal node.

[Franklyn-wood]

‎What matters more is either controlling your own keys, verifying the network independently or both

What's important is controlling your private key and owning the Bitcoin in your wallet, if you understand how Bitcoin works then you don't have to bother about the network because it's working just fine and secured too that it can't just be over powered by a centralized system and seize control of it. Bitcoin network doesn't work like that of Banks and even with banks, did you go to verify how their network work?

Bitcoin doesn't work like the banking sector, and we also don't need to reference the verification of transactions to banking, since the bank is centralized and the bitcoin protocol is not and it's also an open source which everyone with the right technical knowledge can decode and understand how it works, but for someone who can't, there is nothing wrong in just allowing those who have the ability to do the job instead of complicating things themselves.

Verifying Bitcoin Is a lot of different process, and can only be done with some verified personal information to help access it which includes having a valid means  of identification and being of age at least 18 years above, location also matters when verifying due to government policies and restrictions. Comparing the banking system like you said is different from the Bitcoin, and it is decentralized while bank is centralized.

[Cryptomultiplier]

What's important is controlling your private key and owning the Bitcoin in your wallet, if you understand how Bitcoin works then you don't have to bother about the network because it's working just fine and secured too that it can't just be over powered by a centralized system and seize control of it.

Controlling your keys is non-negotiable, verifying the networks and broadcasting your transactions yourself through running a full-node can bring extra privacy and security to you but not a must do, security in the sense that there can be malicious servers which can exploit unsuspecting users. We still remember what happened during the 2018 Electrum phishing scam where scam servers delivered phishing links to Electrum users in their self-custody wallets and led to loss of funds, such things wouldn't happen to those who run full node themselves.

Me and you know say e no dey easy to run full node for naija here based on the instability of power supply and unstable network. If you won run full node, e means say you must get enough money to pay for the bills because running a full node for this country dey expensive especially if you no get solar inverter for your house.

No need to worry much when we already get good wallets wey you fit connect to their own server and make your transactions. Uninterrupted power supply dey oyinbo land na e make them find am easy to run their own full node. For security, add strong passphrase to your seed phrase because if you run your full node and lose guard your seed phrase, your wallet go still get compromised.

Solar panels, renewable energy dey available and even though e still cost much, na only once person need to invest in am to setup private node, but I no blame anyone wey no fit run am because e no easy and myself never even reach that level.

The truth is essence is that, anyone of us using a mobile wallet or practicing self custody without a node is basically trusting a third party for the truth or verification and any excuse can be given as to why our transactions are modified in the end and that's why the importance of running a node to verify Bitcoin ourselves is very important.

Hardware wallets might be safe, but running a personal node, no matter how expensive it might be for the setup is still the sole true value of soverignty.

[Dogedegen]

The ability for the users to verify the network rules by themselves is given by Bitcoin how many Bitcoin user really do this ?

You only need to install and run Bitcoin Core to verify the network rules, it is very easy and does not involve any experience or knowledge or code. If the person knows how to install a simple application like that and run it, they are able to do this. How many users really do it is missing the point, this question is not that important. You can't force anyone to do the right things in life, many people choose the wrong paths or options even when they have the best options available. For example someone solves the rat race of trying to earn money and survive by getting an inheritance or money from rich parents. Instead of enjoying, and doing good things they go do drugs or fuck up their lives. The same is with Bitcoin and verifying the network.

What really is important is that there is an ability to verify the rules, that it is provided and can be accomplished by anyone who want stop do it. This is what makes Bitcoin different from the centralized systems, it gives you a choice and freedoms.

Before you see users who understand all these better, you have to search; the basic understanding we have is enough for now to hold our Bitcoin. The only bad idea is holding in an exchange or any third party platform that will control your Bitcoin for you, but as long as you decides to use a self custody wallet, you are safe because your private key will be with you. Using public blockchain is not anything bad since it is not everyone that have what it takes to run personal node.

A lot of people have lost money in self custody, so claiming that it is automatically bad to hold it with a custodian or third party is completely false. Rich people almost always use custodians. Self-custody is not for everyone, that is an ideological position that has no basis in practical reality.

[EL MOHA]

A lot of people have lost money in self custody, so claiming that it is automatically bad to hold it with a custodian or third party is completely false. Rich people almost always use custodians. Self-custody is not for everyone, that is an ideological position that has no basis in practical reality.

There is absolutely no one denying the fact that self custody also leads to losses of funds due to either user own mistake or even some wallets RNG mistake like or it’s likes of leaks but you can definitely not tell me that losses of self custody have anything close to that of all this custodian or third party platforms, so it’s a decision of choosing your own evil and dealing with it but I will say that I will most certainly be my own bank than anything.

For me self custody is the major reason why bitcoin itself came so why would I trade that for anything, yes rich people do trust custodial platforms but I tell you they are also the biggest users of self custody. I think that once you don’t want self custody then you’re better off using banks than any crypto related platforms like exchanges because they are easily the most insecure platform in this space

[SPIDERMAN008]

Sometimes we see security issues in different wallets. But as we know bitcoin cannot be lost without  private key, but in the case of wallets, many things can be controlled. In this case, I usually think that if the amount of funds is not too large, then bitcoin can be kept in any relatively secure wallet. In this case, I prefer electrum. However, if the amount of funds is large, a hardware wallet can be used for additional security.

Now, through the bitcoin core node a person gets the freedom to verify the entire bitcoin network and wallet . There is nothing hidden here because there is no need to rely on any third party wallet provider. Through the node, a person has the ability to independently obtain all the information about the bitcoin and the bitcoin network under his control.

[Pikiboy]

‎What matters more is either controlling your own keys, verifying the network independently or both

What's important is controlling your private key and owning the Bitcoin in your wallet, if you understand how Bitcoin works then you don't have to bother about the network because it's working just fine and secured too that it can't just be over powered by a centralized system and seize control of it. Bitcoin network doesn't work like that of Banks and even with banks, did you go to verify how their network work?

Bitcoin doesn't work like the banking sector, and we also don't need to reference the verification of transactions to banking, since the bank is centralized and the bitcoin protocol is not and it's also an open source which everyone with the right technical knowledge can decode and understand how it works, but for someone who can't, there is nothing wrong in just allowing those who have the ability to do the job instead of complicating things themselves.

Sincerely, the reason why many people compared the both is as a reason that both are serving the same purpose as alternative to fiat, where as, Bitcoin is always decentralized while bank is centralized.
Again the difference is clear and even if it is serving as alternative, the both differs in same function.