BitcoinPrivate Full-Node Desktop Wallet

BitcoinPrivate Full-Node Desktop Wallet

Blockchain Technology
September 6, 2019 by admin
123
BITCOIN PRIVATE NODE WALLET

Running a full node is an easy way for all of us to support the Bitcoin Private network. Full nodes do so by storing a copy of the blockchain and enforcing the consensus rules. They accomplish this by rejecting blocks and transactions that don’t follow the rules and by rejecting connections from peers that send them. More Bitcoin Private nodes, equate to a faster, more stable, and more decentralized network.

In this guide I will cover how to install, run and use the Bitcoin Private Full Node Wallet, which will allow you to send and receive private transactions which can be sent for a fee as low as 1 sat! In addition I will discuss what is shown in the block explorer when each type of transaction is made.

Full Node Desktop wallet — Windows Install

To start you will need to go to btcprivate.org, click on the 3 bars to the upper right and select “Wallets” from the menu.

On the next page click the “See on Github” button under Full-Node Desktop wallet.

The first thing you will need to do on the following page is scroll down to the “Updates” section.

  • I recommend downloading the blockchain in advance as this will significantly reduce syncing time. You can download it from the “Here” link circled in red below. Save the file somewhere you will be able to find it later. Otherwise the nodes first time syncing could take 4 hours or more to download the whole blockchain.
  • You will also need to install the latest version of Java from the “Java” link also circled in red below. This is needed to open files coded in JAVA that end in the “.jar” file extension.

After installing Java, go back up to the “Assets” section and Click on the latest version of the “BitcoinPrivateDesktopWallet_X.X.X_win.7z” link to begin the download.

Click on the file downloaded, usually found at the lower left of you browser.

It will open in your archiving program. In my case this is WinRar.

Drag/Extract the “BitcoinPrivateDesktopWallet” folder to wherever you wish to store it.

Once extracted open the the folder and double click on the “.jar” file seen below.

On the Windows Defender Firewall window click the “Allow Access” button.

You will then see the below splash screen as the Wallet begins to load.

Once complete the Full Node wallet will open. To the lower left of the window you will see how much of the block chain has been synced.

At this point if you downloaded the block chain earlier(as mentioned in one of the previous steps above), you can close out of the wallet now that it has created the folders where we want to put the blockchain. The next steps will explain how to replace the blockchain files with the downloaded files.

In the search field in your Windows start menu type %AppData%BTCPrivate and click Enter.

The below window will open. Replace the “blocks” and “chainstate” folders with the same two folders found in the download. If you receive a prompt during the copy, reply with Replace Existing files.

Once the files have been copied over successfully you may reopen the full node wallet using the “.jar” file as directed earlier. The wallet should sync significantly faster now.

After the initial download it will just need to sync what it has missed between now and the last time it was opened.

Running a full node to support the Bitcoin Private Network is just a matter of leaving the Full Node Wallet open on a PC that is on all the time, or as much as possible.

The Bitcoin Private community appreciates your ongoing support of the network. 🙂

Transactions Tab

First off, lets explore the first screen. To the upper right you will find your Transparent, Private, and Total Balances.

The body shows your transaction history.

And finally the lower left shows your connection, status, and current Block. As you can see below, after several hours mine has finally synced 100% of the block chain.

My Addresses tab.

This tab shows a list of your addresses, allows you to create new Transparent and Private addresses and lets you refresh the list.

To create a new address, click either the “New B…” or “New Z…” address button. Then click “OK” on the “Address created” pop up window.

A new Transparent address created.

A new Shielded address created.

You will then see your new address in the list. If you don’t see it right away, click the “Refresh” button.

Send BTCP tab

This is the tab you will use to send Bitcoin Private.

To do so, you need to pick the address you want to send from out of the drop down. Only Addresses with balances will appear in the list.

Paste or type in your destination address.

IMPORTANT — Make sure this address is correct! Funds sent to the wrong address are forever lost

If sending to a shielded “Z” address you can add a memo as seen below.

Key in the amount you want to send and adjust the Transaction fee if desired (fee can be as low as 1 sat, 0.00000001), and then click “Send”.

Normally, higher fees get preferential treatment from miners (get processed faster). However, due to Bitcoin Private’s larger block size, and faster block times it will be a long time before the network has to pick and choose which transactions get processed first. So enjoy your 1 sat fees for the foreseeable future 🙂

You will then see the “BTCP sent successfully” pop up window.

Here you can click “Ok” to finish the transaction, “Copy the transaction ID”, or “View on the BlockChain”.

Clicking “View on the BlockChain” brings you to the transaction as seen at https://explorer.btcprivate.org. If you are looking at the transaction right away, it may show as UNCONFIRMED in the lower right as seen below.

Otherwise, after a couple refreshes it will have its first of several confirmations.

If you changed the fee to 1 Sat, it will be represented like this to the lower left in the Fees section.

1 Sat Fees for Everyone!!

Sending and Receiving Bitcoin Private

Now that we know how to send and receive using the Full Node Wallet Lets explore what happens when each of the 4 transaction types are used.

  • Transparent to Transparent
  • Transparent to Shielded
  • Shielded to Shielded
  • and Shielded to Transparent.

Transparent to Transparent — Public Transaction

This was our basic transaction in the example above. As the destination was not private, I could not use a Memo.

After completing the transaction if you go back to the “Transactions” tab you will see the transaction information as seen below.

As the sender, Direction is Out, Confirmed is No until the first confirmation is made.

After the first confirmation which takes a few seconds to a couple minutes the recipient will see the following on their transactions tab.

As the recipient Direction is in. Confirmed changes to Yes after first Confirmation.

To view the transaction in the block explorer you can right click anywhere on the transaction and select “View on the Blockchain

This will open up the transaction at https://explorer.btcprivate.org.

The top section shows the transaction ID and summary including the block this transaction was a part of.

The bottom section shows the details of the transaction.

Since this was a transparent to transparent address transaction the details show both sender and recipient addresses and the amount that moved from one to the other.

This is basically similar to all Bitcoin Core transactions, and most other cryptos. Everything is recorded in the blockchain.

Transparent to Shielded — Where funds are going is hidden.

This time since we will be sending to a shielded address we can test out the memo function.

Since we are sending to a shielded address it takes a little while for your PC to sign the transaction.

It took my 6 year old PC about 2 minutes to sign. 7:23:10pm to 7:25:05pm

Once I saw the Successful status at 7:25pm the recipient address was immediately showing the unconfirmed transaction in their wallet.

It took another 2–3 minutes for the block explorer to show the transaction receiving its first confirmation. So all in all, about 5 mins to send a Public to Private Address transaction.

Notice above how in the block chain the transparent address shows its address and amount leaving that wallet while the recipient side’s address and amount received is completely hidden.

No one but the party’s involved will ever know where those funds were sent.

On the recipients side if they right click on the transaction and select “Get Transaction Memo” they will see the following pop up.

Shielded to Shielded — Completely Private transaction

Now this is what Bitcoin Private is all about, fully private transactions.

Took about two minutes again to sign the transaction. 7:50:30 to 7:52.30pm, and about another 5 to get the first confirmation.

First thing to note here is that when sending from a Private address, the senders only record of the transaction, is the below pop-up. These transactions do not appear in the senders transaction history in the wallet.

Take notice below at how NO sender or recipient addresses or funds moved are recorded in the block chain.

There is nothing to even attempt to trace through the block chain. Complete Privacy!

Before moving on to our next transaction I want to show what is seen if you look at the Private address in the block explorer.

The address is not found. No record of it. Completely Hidden from public observation!!

In contrast, if we look up a public transparent address we see the following.

Notice above, that the address is not only found, it’s total sent, received, current balance, and transaction count is visible. If you scroll down the page it will show the details of every transaction that it has ever been involved in.

This is how, Bitcoin Core, and most other cryptos store information in the blockchain, with no option to conceal any of it.

I think it’s obvious that the Private to Private address transactions are preferable in that they leave no transaction data visible in the block chain. In addition your addresses and account balances are completely hidden from anyone who may want to hack you, if you are a whale 😉

I don’t put my bank account up for public viewing, why should our crypto be?

Shielded to Transparent — Where the funds came from is hidden.

I think at this point we are all familiar with the process of sending and receiving Bitcoin Private. However, as a reminder, when sending from a shielded address, your only record as the sender is the “BTCP Sent Successfully” popup window. I would suggest taking a screenshot, if you want to have a record of it.

Besides that, this transaction is the opposite of Transparent to Shielded. Where the funds came from is hidden, while where they are going is Public.

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