Bitcoin cli commands

This option was originally intended to allow for rescuing wallets which were affected by a malleability attack. More recently, it has been used in the fee bumping of transactions that did not signal RBF. This functionality has been superseded with the abandon transaction feature. And by default it will also load a top-level unnamed "" wallet.

However, if specified wallets don't exist, Bitcoin Core will now just log warnings instead of creating new wallets with new keys and addresses like previous releases did. Additionally there may be some bugs and current functions may change in the future. Descriptor Wallets store scriptPubKey information using output descriptors.

This is in contrast to the Legacy Wallet structure where keys are used to implicitly generate scriptPubKeys and addresses. Because of this shift to being script based instead of key based, many of the confusing things that Legacy Wallets do are not possible with Descriptor Wallets. Descriptor Wallets use a definition of "mine" for scripts which is simpler and more intuitive than that used by Legacy Wallets. Descriptor Wallets also uses different semantics for watch-only things and imports.

As Descriptor Wallets are a new type of wallet, their introduction does not affect existing wallets. Users who already have a Bitcoin Core wallet can continue to use it as they did before without any change in behavior. Newly created Legacy Wallets which remains the default type of wallet will behave as they did in previous versions of Bitcoin Core.

The differences between Descriptor Wallets and Legacy Wallets are largely limited to non user facing things. Creating Descriptor Wallets Descriptor wallets are not the default type of wallet. Without those options being set, a Legacy Wallet will be created instead. This is used to determine whether an output belongs to the wallet. With Descriptor Wallets, descriptors explicitly specify the set of scripts that are owned by the wallet.

Since descriptors are deterministic and easily enumerable, users will know exactly what scripts the wallet will consider to belong to it. P2PKH , mutate it into another address type e. P2WPKH , and the wallet would still detect outputs sending to the new address type even without that address being requested from the wallet.

Descriptor Wallets do not allow for this and will only watch for the addresses that were explicitly requested from the wallet. However for the vast majority of users, this change is largely transparent and will not have noticeable effect. Imports and Exports In Legacy Wallets, raw scripts and keys could be imported to the wallet.

Those imported scripts and keys are treated separately from the keys generated by the wallet. Descriptor Wallets handle importing scripts and keys differently. Only complete descriptors can be imported. These descriptors are then added to the wallet as if it were a descriptor generated by the wallet itself.

As such, the watchonly model for Descriptor Wallets is also different and described in more detail in the next section. As Legacy Wallets and Descriptor Wallets use different mechanisms for storing and importing scripts and keys the existing import RPCs have been disabled for descriptor wallets.

Those watched scripts would not contribute to your normal balance. However it is easy to forget to include this option. Descriptor Wallets move to a per-wallet watchonly model. Instead an entire wallet is considered to be watchonly depending on whether it was created with private keys disabled. This eliminates the need to distinguish between things that are watchonly and things that are not within a wallet itself. This change does have a caveat. This issue is worsened if the wallet contains both single key e.

This is due to some transactions containing only single key inputs, while others would contain both single key and multiple key inputs, depending on which are available and how the coin selection algorithm selects inputs. However this is not considered to be a supported use case; multisigs should be in their own wallets which do not already have descriptors.

Although users cannot export descriptors with private keys for now as explained earlier. Descriptors with different derivation paths can be imported without issue. For the most part, you won't have to worry about that private key: bitcoind will use it when it's needed. However, this makes the wallet. Sweet, now you have a Bitcoin wallet.

But a wallet will be of little use for receiving bitcoins if you don't create an address first. That's great, because descriptor wallets are very powerful, except they don't currently work with multisigs! Create an Address The next thing you need to do is create an address for receiving payments.

This is done with the bitcoin-cli getnewaddress command. Remember that if you want more information on this command, you should type bitcoin-cli help getnewaddress. Currently, there are three types of addresses: legacy and the two types of SegWit address, p2sh-segwit and bech If you do not otherwise specify, you'll get the default, which is currently bech However, for the next few sections we're instead going to be using legacy addresses, both because bitcoin-cli had some teething problems with its early versions of SegWit addresses, and because other people might not be able to send to bech32 addresses.

This is all unlikely to be a problem for you now, but for the moment we want to get your started with transaction examples that are mostly guaranteed to work. First, restart bitcoind so your new unnamed wallet is set as default and automatically loaded. You can require legacy address either with the second argument to getnewaddress or with the named addresstype argument. It would be a "2" for a P2SH address or a "tb1" for a Bech32 address.

Take careful note of the address. You'll need to give it to whomever will be sending you funds. A Bitcoin address is literally where you receive money. It's like an email address, but for funds. Technically, it's a public key, though different address schemes adjust that in different ways. However unlike an email address, a Bitcoin address should be considered single use: use it to receive funds just once.

When you want to receive funds from someone else or at some other time, generate a new address. This is suggested in large part to improve your privacy. The whole blockchain is immutable, which means that explorers can look at long chains of transactions over time, making it possible to statistically determine who you and your contacts are, no matter how careful you are.

However, if you keep reusing the same address, then this becomes even easier. By creating your first Bitcoin address, you've also begun to fill in your Bitcoin wallet. More precisely, you've begun to fill the wallet. With a single address in hand, you could jump straight to the next section and begin receiving funds.

However, before we get there, we're going to briefly discuss the other sorts of addresses that you'll meet in the future and talk about a few other wallet commands that you might want to use in the future. As noted above, the foundation of a Bitcoin address is a public key: someone sends funds to your public key, and then you use your private key to redeem it.

Except putting your public key out there isn't entirely secure. At the moment, if someone has your public key, then they can't retrieve your private key and thus your funds ; that's the basis of cryptography, which uses a trap-door function to ensure that you can only go from private to public key, and not vice-versa. But the problem is that we don't know what the future might bring.

Except we do know that cryptography systems eventually get broken by the relentless advance of technology, so it's better not to put raw public keys on the 'net, to future-proof your transactions. Classic Bitcoin transactions created P2PKH addresses that added an additional cryptographic step to protect public keys. This is a Legacy address of the sort used by the early Bitcoin network. We'll be using it in examples for the next few sections. Using a hash of your public key as your address creates a two-step process where to spend funds you need to reveal both the private key and the public key, and it increases future security accordingly.

This sort of address remains important for receiving funds from people with out-of-date wallet software. SegWit simply means "segregated witness" and it's a way of separating the transaction signatures out from the rest of the transaction to reduce transaction size. This is fine because the bitcoin-cli entirely supports their usage.

But we won't use them otherwise. This is the first generation of SegWit.

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The wallet is available for Windows, Mac and Linux. The core wallet have to fully validate transactions and blocks. At the time of writing this article the minimum disk space requirements to run a Bitcoin core is more than GB. It downloads enormous amounts of data so ensure you have good Internet connection and bandwidth requirements.

If you have trouble syncing your wallet then check this guide on wallet not syncing issue. Once it has fully synced your wallet is ready to use and you can start interacting with the client. The GUI is convenient for beginners. One can view their current balance, recent transactions, send, receive Bitcoins, can adjust fees, has coin control and some other basic functions. But to use the software to its fullest potential and to have full control over your Bitcoins you need to learn to use the console window.

Now before you get into this guide and before you enter any commands on the console window we hope your wallet is encrypted and you have a backup. To know how to encrypt check out this core wallet beginners guide. Also if you do not know then here is a guide to backup and restore core wallet. In the latest version drop down windows menu and open up console window. The transaction itself become high priority to miners by you opting to leave a higher fee amount to the miner miners are greedy and choose the transactions that pay more - which the payer themselves chooses.

The fee is based on the amount of data you are sending in the transaction. Make sure you optimise your selection of UTXOs to reduce the number of bytes in the transaction - then you can provide a smaller fee without impacting its queue "priority". Currently miners expected around 40 satoshis per byte, but check an online tool to see what the estimated processing times are for the various amounts.

If you pay them less per byte , then they'll leave you in the mempool for longer as a lower "priority" in their context.