Author: Patrick Shirkey 2016-02-11 07:03:18
Published on: 2016-02-11T07:03:18+00:00
A post on bitcoin-dev mailing list by Chris Belcher debunks some myths about the number of full nodes, their importance and incentive to run them. The number of 5,500 full nodes worldwide is a misconception; this number only represents nodes with open ports that can be probed. There are likely several thousand more nodes with closed ports that cannot be measured. Full nodes are important because they help ensure all of Bitcoin’s rules are being followed, making it trustless and secure. It is also in the user's best interest to run a full node as their wallet because it is the only way to know for sure that none of Bitcoin's rules have been broken. Running a full node as a wallet increases security and privacy and "the only node that matters is the one you use." In terms of incentive to run a full node, it is very much in an individual bitcoin user's rational self-interest to run a full node and use it as their wallet. Bitcoin-qt dominates CPU/GPU resources, making it unlikely for the majority of normal/desktop users to run a full node full time. However, there are several ways to run a full node as your wallet such as using wallet software backed by a full node e.g. Armory or Multibit connecting only to your node running at home. The hard fork to 2MB will affect the entire bitcoin ecosystem and its rollout effect is difficult to plan in advance. The ecosystem doesn't suffer from instant degradation and Bitcoin brand loyalty ensures that users who want to move forward with the economic potential of the 2MB blocksize will keep their existing funds safe while testing the waters with the new blocksize. The old blockchain may become obsolete but it may also become the digital equivalency of Silver which has a proven history of success.
Updated on: 2023-06-11T03:56:54.037183+00:00