You might be a Bitcoin investor thinking, “I’ve already got a hardware wallet, why should I bother running a bitcoin node?”. Or, you might think, “Running a full node requires a lot of technical work, can’t someone else handle that for me?”
You could be tricked
If you don’t run your own node, you’re trusting someone else’s node. That other person could lie to you about your bitcoin balance or transactions. They could also impose their views of what ‘Bitcoin’ is on you. For example, they might broadcast your transactions on a blockchain with 25 million bitcoins instead of the 21 million we all know and have come to consensus on. Or they could be selling out your privacy. By trusting and using someone else’s node, there’s no way to tell.
What a full node verifies
Think of your bitcoin node as a fake bitcoin detector. Your bitcoin node checks that the rules of bitcoin haven’t been broken, and that you haven’t been cheated. This is especially important when you receive bitcoins. Most people don’t understand that this is mostly a selfish endeavour!
You also want to run your own node because it helps keep bitcoin decentralised. Bitcoin is valuable because it is not easy to control or confiscate. Participate in bitcoin the way it was intended to be done.
How to do it
Bitcoiners have found it difficult to run their own bitcoin node and connect it to their own hardware wallet in the past. But this is changing nowadays. It’s getting easier and cheaper. Here are some suggested options:
- You can easily achieve it using myNode with a Raspberry Pi. This is a very cheap computer that can be left on all day. See Ketan’s video guide series here. You can either build it yourself, or buy one outright from myNodebtc.com
- If you’re more interested in privacy and using Samourai Wallet, see Ketan’s Ronin Dojo video guide here.
- Learn command line using Ketan’s Ubuntu Node Box Guide. Video guide series here. If you have an old computer, this may be the cheapest, most cost effective way, but you will need to spend more time and learn how to do it.
- Set up your own payment processor and full node with BTCPayServer.
- Look into nodl or RaspiBlitz node devices.
Webinars for guidance
We are happy to talk you through the options, recommend a solution and answer questions you have in our Webinars.