Reduced diameter bitcoins

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The current Bitcoin block size is around 1 MB and the developers are looking into reducing it to kb. Thus, countering one issue without putting in the necessary research might open gates for many other problems on the network. This article would try to look at both sides of the argument and give a better picture of whether Bitcoin block size reduction could cause any crypto conflict. Recently, during the Satoshi conference, there were two main proposals were made to the Bitcoin core team, Reduce the block size of Bitcoin Increase the upper limit of the total number of Bitcoin which is 21 million.

The second argument of increasing the upper limit of the total number of bitcoin was propagated to solve the problem of mining centralization by mining farms around the world. Coming to the main argument on why people are urging the core developers to reduce the size, currently, the Bitcoin node is around GB, i.

This is fairly difficult even in the modern day where PCs have become quite powerful. However, running a complete node plays a very significant part as it helps in maintaining the decentralization aspect of the cryptocurrencies. A blockchain node is the copy of the complete database of the network. The node has a copy of all the transactions made on the network right from the genesis block.

Hence the storage capacity needed to run a full node will only keeps increasing in the future. To overcome this issue Bitcoin core team have released a feature in version 0. Block pruning allows one to run a smaller version of full blockchain. It does this by deleting the older data that it no longer requires while downloading the latest blockchain.

Running wallet in prune mode simply throws away previous transaction and old chain history which in turn saves disk space. More information on how it works can be found here. Before you reduce Bitcoin wallet blockchain size: Here are few things to note before you go ahead and enable pruning mode to your Bitcoin wallet.

Pruning mode will not lessen your wallet security. It is same as running a full node wallet. Running a wallet in pruned mode is incompatible with -rescan and -txindex Pruning blockchain just takes a few moments. But remember that it is a one way ticket. Since files like chain state and block index database needs some storage the total amount of disk space consumed will exceed the pruning target; but not much.

By default Block pruning is disabled and it is easy to enable. But remember that once enabled there is no other shortcut to revert this setting. The only way is to download the whole blockchain again. Also note that pruning takes up CPU resources and is more taxing on your hard-disk as it has to read, write and delete files simultaneously.

So during this process ensure that you are not running any other intensive application especially if your PC is low on specs. How do I use the prune option in Bitcoin core? Follow the steps below to enable prune mode in Bitcoin core wallet. First locate your wallet configuration file.

The config file will be mostly empty. Now close your wallet and in the config file input the following. But is the minimum recommended value and setting anything lower will not work. Once this value has been entered save the config file and restart your wallet. Your wallet is now in prune mode.

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