Bitcoin Core 0.17.0 New Features Reviewed

The new version of Bitcoin Core 0.17.0 has been officially released on the network, and ready to use.

The 17th generation of the original software of Bitcoin, founded by Satoshi Nakamoto around 10 years ago, was developed over about seven months, by around 135 contributors, under supervision by Wladimir van der Laan- Bitcoin Core lead maintainer.

The new version includes improvements in performance, and bug fixes, in addition to some other changes.

Coin Selection is Even Better

Bitcoin Core 0.17.0 introduces the “Branch and Bound” algorithm, which allows the fee for each chunk to be calculated before it is selected as part of a transaction. This helps to avoid adding new chunks later.

The new algorithm bypasses the need of changing the address when possible, in trying to match different chunks to add to the exact amount needed, furthermore, the new release has even better privacy settings.

The new release allows the user as well to prioritize adding chunks tied to the same address, along with a transaction, leaving out any other chunks where possible. 

Creating New Wallets Got Easier

The new “Scantxoutset” feature in the release 0.17.0 allows the user to quickly verify whether their new wallet contains coins already or not, for any reason like having the private keys imported from another wallet for example.

This can be done by checking the unspent transaction output (UTXO) set, which is better than rescanning the entire history of transactions.

The Ability of Upgrading Non-HD Wallets to HD Ones

Bitcoin Core 0.17.0 now offers the capability of upgrading to the HD format easily, and those who already had HD wallets, can either generate or import new HD seed.

Watch Only–Only Wallets

Bitcoin Core 0.17.0 makes keeping track of funds in a hardware wallet or a paper wallet as HD seed easier.

This is enabled in the new Bitcoin version as it allows users to create specific watch only wallets, where the address can be set as “Watch Only Address”.

Bitcoin Transactions Can Now Be Partially Signed

BIP 174 Partially Signed Bitcoin Transaction (PSBT), is a new feature in Bitcoin Core 0.17.0.

This framework gives Bitcoin Core users the ability to sign transactions partial, along with adding metadata to the transaction signed.

The metadata added can also be used by another person to complete the transaction.

Pruning from the User Interface

The new GUI toggle in the core 0.17.0 is more convenient for enabling pruning from the wallet.

This makes it easier for casual and non-experienced Bitcoin users who desire to have optimal security via funning a full node.

More about Bitcoin Core update.

Bitcoin Founder in Lines

According to Wikipedia: Satoshi Nakamoto is the name used by the unknown person or people who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin’s original reference implementation. As part of the implementation, they also devised the first blockchain database. In the process, they were the first to solve the double-spending problem for digital currency using a peer-to-peer network. They were active in the development of bitcoin up until December 2010.

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