Benefits of Running a Bitcoin Node

Running a full bitcoin node doesn’t have any coin rewards, however, it comes with its intangible benefits. They include:

• Direct Access to Transaction Data: Running a full bitcoin node increases the security of a transaction. If you carry out multiple BTC transactions a day, you can access updated information regarding your transactions directly from Bitcoin’s blockchain. 

• Strengthening the Bitcoin Network: By running a full node, you can enforce Bitcoin’s consensus rules and have the authority to reject a transaction that breaks the rules. Plus, the more copies of the Bitcoin blockchain exists, the more resilient the platform is. So, you’re not just helping to improve the security but also strengthening the Bitcoin network. 

• Proprietary Knowledge: If you are a trader or holder, you can monitor for large transactions that can move the market. In fact, a research paper published by Lennart Ante recommends that traders should run a Bitcoin node themselves to assess the market. 

• Privacy: Outside of Nodes, Bitcoin transactions are processed through a third party. People who are very concerned about their privacy should run Bitcoin nodes of their own to take full advantage of Bitcoin’s privacy system. 

• Governance: In the event of a hard fork, bitcoin full nodes have the option to choose which chain to join. So, if you run a full Bitcoin node, you can get involved in the governance of the Bitcoin protocol. Read more about forks here.