Bitcoin is a revolutionary cryptocurrency that is becoming mainstream in many countries across the globe. As more and more people are getting involved with Bitcoin, there is a need for a secure, low-cost, and easy to use wallet to store your Bitcoin. Bitcoin Core 0.19 is the latest version of the Bitcoin Core wallet that provides a high level of security, much lower transaction fees and improved performance.
In this blog post, we'll walk you through setting up an extremely low-cost Bitcoin wallet with Bitcoin Core 0.19. Before getting into the specifics, let's review the basic system requirements.
Before starting to use Bitcoin Core, you'll need to create entries in Bitcoin Core's configuration file. First, open the bitcoind.conf file. This can be found in the ~/.bitcoin/ folder.
For the purpose of low-cost transactions, you can use the following settings in the bitcoind.conf file.
maxmempool=2
dbcache=2
dbcache=4
minrelaytxfee=0.00000001
minfee=0.00000001
Once you've done that, save and close the file. Now, you can start the Bitcoin Core wallet by running the following command from the terminal:
./bitcoind -daemon
This will start the Bitcoin Core wallet in the background and it will connect to the Bitcoin network to start synchronizing the blockchain. Now, you can securely send and receive Bitcoins.
For low-cost transactions, one need to create a BTC address and then use it to send and receive transactions. To create a BTC address, go to the 'Receive' tab in the Bitcoin Core wallet and click on the 'Request Payment' button.
Once you have created the address, copy it and go to 'Send' tab. Here, you can paste the address and enter the amount you want to send. Now, click on the 'Send' button to initiate the transaction.
After the transaction is initiated, the wallet will show you the status of the transaction. Once all the nodes in the network confirm the transaction, the balance in your wallet will be updated accordingly.
We've seen how to use Bitcoin Core 0.19 to setup a low-cost Bitcoin wallet in this blog post. This wallet is suitable if you plan on doing small level transactions with Bitcoin. For more details, you can refer to Bitcoin Core’s official documentation