Part 1: The Redundant Reminder Of Node Redundancy
“It won’t succeed unless the user experience is simply better than trusted third parties, but we need to start the education process with the very basic fundamental: trusting a third-party with full access to your Bitcoin is just replacing one centralized banking system with another.”
For those in the crypto space who are relatively versed in Bitcoin language, we’ve all heard the proverbial “run your own node” preached throughout Bitcoin literature many times. It’s synonymous and up there with “not your keys, not your crypto” or “HODL.”
Regardless if they are adhered to by the crypto community, they do hold their own merit and ways of conjuring up regret at the worst moments. Human nature tends to make the same mistakes again; Mt.Gox, QuadrigaCX, OKEx, etc.
Then why do we continue to keep falling into the same mistakes time after time?
Because of ease. It’s very easy to open an account with a centralized exchange and keep your bitcoin on there. It’s also extremely easy to buy high and sell low when the concomitant FUD infiltrates our decisions.
But one area of the Bitcoin ecosystem that really hasn’t captured too much retail attention, let alone usage, is running your own bitcoin node. It’s one of the few areas of bitcoin that has not been “institutionalized” or “monetized.” For good reason though, as it’s not supposed to generate monetary incentives. Rather, it consumes costs that are somewhat linear to blocks mined. It was designed to be grown in a grassroots manner rather than the other financially-motivated areas of mining, trading and custody.
When one runs his/her own node, they don’t have to rely on a third party to broadcast, propagate, validate and…