Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Should I, we, run a bitcoin node?
by
franky1
on 31/10/2023, 06:48:09 UTC
⭐ Merited by ETFbitcoin (1)
...
There is no financial gain but you can't say there is no direct advantage while running your own node, cause you don't need to rely to 3rd party to validate your transaction. Also when you run your own node the privacy of the address and transaction history seems to be more valuable than few sats.

I don't understand something here.  When I use an exchange, such as Coinbase, they do all the work. Or at least get it started. When I use a wallet, such as Trezor, the request is submitted to the Bitcoin network and some number of the Bitcoin nodes validate the transaction.  In the response you wrote, I get the hint that I might need to do something more to validate the transaction.  Please explain a bit more.

when you log into coinbase. you are not logging into any network. you are viewing coinbase website data. which they can remove your access to or manipulate the data or be hacked. yep the balance you see in coinbase is not of soe locked coins with your name on.. the coins you deposited into coinbase get co-mingled with other customers and become coinbases assets in their cold wallet. none of the coins in their cold wallet have your name on it. #not-your-key-not-your-coin

by you having coin on a key which only you have the privat/secret/seed to control signing movements of. you control the funds. and then to ensure no one can edit a database/ledger of who has what. having access to the decentralised immutable blockchain means you are sure the data is clean and shows you own the funds

running a node removes the middleman. you can inspect the data, analyse the data without concern that someone is telling you lies
knowing you can independently see transactions destined to you arrive is more confident then relying on a third party that makes mistakes