Many people want to answer this question: what is a Bitcoin node, and how does it contribute to the blockchain platform. Many people say that a bitcoin node is an ordinary computer, and many people say that a bitcoin node is machinery that works for the blockchain platform. So there are a lot of doubts regarding Bitcoin nodes that we will shout out in this blog post. Here you can check that will Bitcoin succeed?
Bitcoin in brief
Bitcoin is a virtual tool that we can send and receive as a currency from one wallet to another wallet without the involvement of the government and other financial institutions. Furthermore, it is a globally accepted virtual currency, which means you do not need to convert it into any other currency to use it.
What is a Bitcoin node?
So it is true that a bitcoin node is a computer, but we cannot say it is an ordinary computer. And it is also true that the bitcoin node is mining machinery that works for the blockchain platform. So in simple words, a bitcoin node is a supercomputer with more advanced features than an ordinary computer that helps validate the transactions and the copy of blockchain stored on this node.
There are a lot of bitcoin nodes around the world, and you can also be a miner by keeping bitcoin nodes if you have the skills to validate the transactions by implementing the right strategies. The founder of bitcoin, Satoshi Nakamoto, called his mining machine or computer a node and the word became famous in this crypto world. The specific name of the bitcoin machine, “node,” shows the feature of this machine for particular work, which is mining. You can use it only to validate the trades and work for the blockchain platform, so the bitcoin node recognizes it.
Why is there a need for Bitcoin nodes?
There are the following reasons for having bitcoin nodes on the network given below:-
1. Transaction validation – The only miners can validate the transactions of bitcoin using their resources such as their electrical power, mathematical skills, programming skills, time, efforts, etc. These skills and resources are essential, but a node or computer is vital because all things are useless without nodes. When a person spends his bitcoin, then bitcoin is broadcasted to the blockchain network, and the blockchain platform works on the nodes, which means the nodes will recognize the transactions, and miners will check whether the trade is actual or wrong. After checking the trade, one node broadcasts those transactions on the network so other nodes can also check the validation.
2. Third parties removal – Miners will work open source by using their nodes so that the third parties cannot interfere on the platform. All the things in the currency are the same as fiat currency but replacing third parties with nodes becomes a unique currency.
3. To reduce the security risk – Since there are many bitcoin nodes worldwide and you can also start your node now, you need skills and resources, so transactions are divided among these nodes, and every computer has a copy of the blockchain which means if a couple of nodes get hacked, then it will not affect the workflow of the bitcoin and blockchain network. So the risk is divided among many nodes worldwide, and it becomes unhackable machinery, and third parties cannot copy this process or system.
Types of Bitcoin nodes
There are the following two types of bitcoin nodes given below:-
1. Full node – Full bitcoin node is a very powerful node used for heavy transactions because many people do transactions such as 10 BTC, 20 BTC, 50 BTC, 100 BTC, etc. So it requires a high power supply as well as mining machinery. The second feature of this node is that it verifies the state of the bitcoin trade, which means miners need less effort. It also prevents double-spending because the invalid transaction will automatically go back.
2. Lightweight node – As the name of this bitcoin explains, a lightweight bitcoin node is used to validate the lightweight transactions, or we can say bitcoin transactions with tiny amounts. Many people make little bitcoin trade for online shopping or other purposes, and the miners validate these transactions quickly. Thus there is no need for heavy mining machinery, and it is very cheap and easy to set up for beginner miners.