Post
Topic
Board Beginners & Help
Re: I downloaded the bitcoin core wallet, what now?
by
FruitsBasket
on 08/12/2015, 15:55:38 UTC
Any wallet where I don't have to download the whole blockchain?
SPV wallets like Electrum, MultiBit don't download the entire Blockchain, just the block headers. This means that they do not verify the whole block but follows the longest chain that it can find. It presents a problem since it trust the miners and it was affected in the 4th July fork. However, this is a minor issue since most miners have stopped SPV mining.
What happened on 4th july? And what does SPV mining mean, like staking?
On July 4, majority of the blocks mined were V3 block and hence the network reaches consensus to switch to v3 blocks. On that day, a miner mined a v2 block which was considered invalid under v3 and hence miners rejected it and bitcoin Core V0.9.5+. However, miners running SPV mining continued on that wrong chain which resulted in those Bitcoins mined in those invalid blocks being invalid and there was a long block reorg for SPV clients(multibit/electrum etc) since it took time for big mining pools to switch to the correct fork.

No one reported any double spending attempts however. Miners SPV mine to eliminate verification time and thus reducing the stale rate.
So I only need to download the v3 blockchain, is that correct? If yes, what wallet should I use, an SPV or Electrum/Multibit?