What you should know about Bitcoin Client
Basically, the Bitcoin client is the software behing the well-known cryptocurreny. Bitcoin is a centralized network in which each terminal or node is the same in the hierarchy. Bitcoin is essentially a peer-to-peer network. Each node operates a special software called Bitcoin Client.
This client downloads the entire network (i.e. the history of all transaction blocks) to the node in one go and takes care of all required communications. The client connects to the user’s wallet and updates it with incoming and outgoing transactions.
It also uses keys generated by the wallet to sign the transactions. The protocol is designed to ensure that a Bitcoin client cannot enforce its own rules on other nodes running the client.
In short, it ensures all nodes follow the rules, while protecting against events such as hacker attacks or data corruption attempts. The Bitcoin client must therefore constantly synchronize with the entire network.
The different types of Bitcoin clients available
Otherwise known as a full node. In the early days of Bitcoin, even a simple laptop could run a full client.
Today, however, complete clients run on specially designed hardware. Synchronization with the entire network takes about two days and requires approximately 100 gigabits of storage space. Every aspect of the protocol is taken over by the full client. There is also no dependency on third-party services.
This client appears much like MS Outlook on your conventional computer. Only information that is relevant to you will be downloaded. With respect to Bitcoin, only the information about your Bitcoin addresses and keys will be downloaded.
These clients do not download the entire transaction history. These clients are also known as thin clients, and if the clients are accessed via a web browser, they are referred to as web clients. If they run on a smartphone, they’re referred to as mobile clients.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.