Bitcoin - Environmental Setup

Bitcoin – Environmental Setup

Satoshi Nakamoto released the first bitcoin software as open source code in January 2009. He later renamed it to “Bitcoin Core” to differentiate it from Bitcoin network.

Bitcoin Core is a bitcoin implementation. It is a full Bitcoin client and is backbone of the network which provides high levels of security, stability, and privacy. It also assists network in relaying transactions. It requires at least 50 GB of hard disk space and is not recommended for new Bitcoin users who can opt for lightweight mobile or desktop wallets.

What is a Bitcoin full node?

full node is a software program that fully validates transactions and blocks. Most full nodes also assist the network by accepting and validating transactions and blocks from other full nodes, and then relaying them further to other full nodes.

Bitcoin Core full nodes need to have certain requirements. If a node is run on weak hardware, it may work − but with a host of issues. It will be an easy-to-use node, if the following requirements are met −

  • Desktop or laptop hardware running latest versions of Windows, Mac OS X, or Linux
  • About 150 Gb of free disk space, accessible at a minimum speed of 100 MB/s
  • 2 GB of RAM memory
  • A broadband internet connection with upload speed of at least 50 kilobytes per second
  • Preferably, an unmetered connection, a connection with high upload limits. It is common for full nodes on high-speed connections to use 200 GB upload or more a month. Download usage is around 20 GB a month, plus an additional 150 GB the first time you start your node
  • 6 hours a day of full node running

Bitcoin Core can be downloaded from the site https://bitcoin.org

Apart from downloading bitcoin client, we have to set up several accounts. Going further in this tutorial, we will learn how to open accounts in bitcoin sites and to create accounts in bitcoin wallets, bitcoin exchanges, bitcoin mining sites, faucet sites, and sites that offer bitcoin tools and value added services.

Java Installation

To run a mining software like BitMinter client, we need to have latest compatible version of Java installed. BitMinter client can be downloaded from https://bitminter.com

To install Java, you can follow these steps −

  • Go to www.java.com/download.
  • Click on the button “Free Java Download“.
  • Click on “Agree and Start Free Download” button.
  • Select the version that is compatible with your operating system.
  • Follow the onscreen instructions to continue installing the software.
  • Once the installation is completed, click on Finish button.
  • Continue on to the next step to set up a miner.