Bitcoin core - what is it and how to use it?

3 min reading

Bitcoin Core, which is one of many popular programs that provides secure Bitcoin storage. Check how to download Bitcoin Core software and how to use it.

wallet for money

What is Bitcoin core?

Bitcoin Core is a wallet for storing Bitcoins. This is a full node of the bitcoin network and it is the so-called heavy type wallet. This means that to run the wallet on your computer, you must first download the entire chain to your computer. Currently, it is over 68 GB, and full wallet synchronization takes up to several days. Bitcoin Core is an open source application and can be downloaded from www.bitcoin.org. The current version of the software is 0.19.1, which was updated on March 9 this year. The wallet is compatible with macOS 10.10+, Windows 7 and newer and Linux kernel.

The application is directed mainly to people who want to support the bitcoin community and who are interested in the technical aspects of the network. The wallet itself allows you to hold Bitcoins and send and receive them. Only one address can be connected to the application. As mentioned earlier, just synchronizing the wallet, which is a one-time process, can take up to several days, so quick implementation of Bitcoin Core and sending funds is not possible. The appearance of the application is also different from the wallets available on the market, which are accustomed to a convenient and intuitive interface. So it is an option directed at more advanced users.

How to use Bitcoin Core?

To use the Bitcoin Core wallet, you must first download it from https://bitcoin.org/pl/download, clicking on the left of the appropriate operating system that we have.

Then, after installation, the wallet synchronization will start. Its duration depends on the speed of the connection and the computer. However, as already mentioned at the beginning it will take a few days. After this time, the following menu will appear in the application window:

The following tabs give the following options:

  • Overview - here you can see the main and basic information of the portfolio
  • Send coins - here you can send Bitcoins. Clicking on the tab will display space for the recipient's address, space for entering the BTC quantity and the message content. Just like a bank transfer with a small difference. At the very bottom of the page, you can specify the amount of the transaction fee yourself. However, please note that the lower the fee, the longer the transaction will take. For those unfamiliar with the tables of current fees and network bandwidth, it is recommended to leave the default settings.
  • Receive coins - here you can create a request for Bitcoin collection. The tab itself looks almost identical to the previous one.
  • Transactions - this part displays the history of transactions made using the wallet. They are divided into completed and commissioned, but not yet implemented.
  • Address book - here you can add BTC addresses, which are often used to avoid the cumbersome rewriting or scanning of the QR code.
  • Export - in this tab you can export our wallet to a file. This is important and you should back up your wallets. Loss or damage of the wallet file results in the loss of access to funds deposited on it.

Staying with security issues, the wallet has the ability to encrypt. By clicking preferences and "encrypt wallet". This allows you to secure Bitcoin Core with a password. It should be remembered, however, that forgetting the password results in the lack of access to the wallet, and thus loss of funds.

Bitcoin Core reviews

By reading the entries and opinions on Bitcoin Core, you can mainly find requests for assistance in using people who are starting their adventure with cryptocurrencies. This is software for users familiar with the technical aspects of bitcoin and Blockchain technology. The very way the application works on an open source basis shapes it. Bitcoin Core gives everyone the opportunity to improve the application. Using a wallet you are responsible for can have a lot of value for you. For a person looking for a convenient place to breed their funds, Bitcoin Core may not be the best place.

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