Finance

Bitcoin Update 0.9.0: What’s New and How to Install It

The new version of the Bitcoin client comes up with numerous, sometimes hot changes. Version 0.9.0 – the Bitcoin Core – lowers fees, introduces a new payment system, prevents transaction malleability, enables coin control and more. Hats off.

Even after a good 50 developers tinkered with the new Bitcoin client for months and tried it out on the testnet for several weeks, Bitcoin is still in beta: the current version is number 0.9. There are numerous updates and fixes. Small bugs have been fixed, the workflow has been liquefied and the program stability has been improved. In addition, some remarkable new features have been introduced.

What has changed?

First of all, the original client has been given a new name: Instead of Qt, the client is now called Bitcoin Core.

Several of the fixes target transaction malleability. This was a big issue in February when Mt. Gox claimed to have lost hundreds of thousands of bitcons because of it. You can study this article https://bitcoindata.org/binance/ in detail and understand the meaning of the spoken words. In short, transaction malleability can lead to a third party manipulating transactions in such a way that they are executed with the wrong ID, which causes confusion in the client and, in the worst case, shows Bitcoins as issued even though they are not. According to core developer Mike Hearn, transaction malleability is not yet completely eliminated, but there are several fixes that will reduce the problem.Among other things, it is now more difficult to enter transactions with a manipulated ID in blocks, and there are commands with which the wallet can easily restructure an incorrect “accounting”.

One of the most obvious and economical The most important change concerns the transaction fee. So far, the client has requested 0.1 mBTC (0.0001 BTC) per kilobyte to send a transaction. This fee is intended to prevent the network from being flooded with spam. For version 0.9.0 it was actually planned to “float” the fee, ie to adjust it to the price. However, this has been postponed to the next version. 0.9.0 only lowers the minimum fee to a tenth, i.e. to 0.01 mBTC per kilobyte. However, paying the fee does not guarantee that the miners will incorporate the transaction into a block. According to the default setting, miners fill the blocks with 50 kilobytes of high-priority transactions and then select a further 700 kilobytes according to the amount of the fees paid.

Bitcoin core developer Mike Hearns sees the most important innovation the implementation of the Bitcoin Payment System BIP 70. Unfortunately, this is also the hardest part to understand. BIP 70 processes transactions via payment requests and makes it possible to transfer not only to the known 34-digit Bitcoin addresses, but to a website, for example, and to provide the transaction with data. For example, a retailer can automatically send back a “money has arrived” message or a buyer can send an address for reimbursements.Since the transaction can also run via a direct connection between buyer and retailer, they are more fluid and secure in this case, for example against man-in-the-middle attacks.

With the implementation Coin Control also gave users the opportunity to manually select which coins are sent from which addresses and to which address the change goes.

In addition to all of this, there are numerous other small changes and also some new commands for the console. It will be some time before the update shows its full effect. After all, every user of the client has to update, which will take a while.

To install the new core, you first have to close the old client completely, which can take a few minutes. Then uninstall the old client. If you do not have an uninstall option, it is sufficient to delete the .exe.

Under no circumstances should you delete the wallet.dat! And if you don’t feel like waiting several weeks, you’d better not delete the blocks either.

To be on the safe side, you should make copies of the .exe and wallet.dat, in case something goes hugely wrong to have an emergency version. The large-scale installation of the new core has not yet been tested, so it cannot be ruled out that there will be complications with exotic systems or configurations.

Talen Lee
the authorTalen Lee