Bitcoin Knots Wallet Review

bitcoin
1 (20%) 1 vote

Bitcoin Knots is a Bitcoin wallet started way back in the year 2011 as a derivative of the Bitcoin Core wallet. Knots the bitcoin wallet, was launched as Bitcoin Next-Test a promising derivative of Bitcoin Core’s “master” branch with a vision to incorporate upcoming and proposed features merged in a manner as to be incorporate the changes without bias towards the changes themselves.

In the year 2014 due to limitation of time and the intent of maintaining a more stable and well maintained derivative the new versions were based on the latest stable releases instead of the base branch.

In this version only those modifications that both looked reasonably safe were included. This version was no longer an unbiased derivative it was renamed Bitcoin Core “ljr”, and later Bitcoin LJR.

In 2016 version 0.12 got released. The project was renamed as Bitcoin Knots. It is a general enhanced derivative of the reference Bitcoin Core software. Information about Knots Bitcoin wallet can be found at its official website http://bitcoinknots.org

Bitcoin Knots wallet can be downloaded for the following Operating Systems

Linux

  1. X86 64 Bit
  2. X86 32 Bit
  3. aarch64 arm
  4. Mac OS X
  5. Windows
  6. X86 64 Bit
  7. X86 32 Bit

The source code and GitHub patches are available to be downloaded. Before download verify the PGP Key is of Luke Dashjr http://bitcoinknots.org/luke-jr.asc. This is to ensure to avoid the risk of malware.

This bitcoin key is hosted on bitcoin.org. Download Bitcoin Knots from two independent web servers and ensure that they match.

Bitcoin Knots is packed with lots of optional features like it Adds options to build using system LevelDB, libsecp256k1, and UniValue libraries, and/or without the libevent library.

Note please ensure that while working using the optional features that you check the versions of LevelDB or libsecp256k1 and ensure that they have been audited to meet the bug-for-bug compatibility required by Bitcoin’s consensus protocol. By default these options are disabled for security reasons.

The default option is also to disable the automatic building the bitcoin-cli or bitcoin-tx individually, and avoids involving foreign git trees in the build.

Other optional features

configure: BITCOIN_SUBDIR_TO_INCLUDE: This improves compatibility with paths including space and multiline cpp output

This fixes a number of bugs in the BITCOIN_SUBDIR_TO_INCLUDE macro:

  • tr was deleting all ‘n’ and ‘r’ characters in addition to the backslash, due to too much escaping.
  • Escaped spaces in paths were ignored, parsing the space as a delimiter
  • Multiline output from cpp (used when there are a number of includes being listed) weren’t handled correctly.

The new sed takes two steps:

  1. Translate escaped newlines into a space, to work with single lines.
  2. Search for the file we want and return the complete path for it.

Support for building against system LevelDB

Step by Step Guide for installing and using the Bitcoin wallet Knots wallet

Step 1. Visit the official website of Knots the Bitcoin wallet http://bitcoinknots.org and download the appropiate Bitcoin Knots wallet software that is compatible with the operating system of the machine on which you want to intall and run the Bitcoin Knots wallet.

When you click and download the appropriate version of wallet for your machine “Save File” dialog window opens. Click the “Save file” button and save the file at a suitable location. Here we are saving and installing the file for the windows version of the file.

Once the download is complete run the setup file from the saved location.

The Bitcoin Knots setup wizard begins to load as shown in the image below

Click the next button. The next screen that loads asks you for an installation location.

Keep the default file location of the folder and click the next button. This loads the following screen

Accept the default folder name and then click the “Install” button.

The Bitcoin Knots wallet software begins to get installed on your machine. Next the “Installation Complete” screen loads after the installation is complete.

Click the “Next” button on this interface. This loads the following screen

On this interface ensure that the select the “Run Bitcoin Knots” check box is selected then click the “Finish” button.

The Bitcoin Knots wallet interface begins to load.

After a short interval of time the wallet interface loads with the following screen

As the wallet interface loads it shows up a screen with the notification that “the displayed information may be out of date. Your wallet automatically synchronizes with the Bitcoin network after a connection is established, but this process has not completed yet. This means that recent transactions will not be visible, and the balance will not be up to date until the process is completed.

Spending Bitcoins may not be possible during that phase!”

It also updates the user about the following information:

  • Number of blocks left
  • Last block time
  • Progress
  • Progress increase per hour
  • Estimated time left until synced

you can click the hide button to remove this screen and access the Bitcoin Knots wallet interface as shown in the image below

This takes you to the following wallet interface

From this interface you can send and receive Bitcoins and view the transactions done from your wallet.

The Overview interface of the Bitcoin Knots Wallet gives you one screen information about the available Bitcoin balance, Pending Bitcoin balance and the total Bitcoins available in your wallet.

Step 2

Send Bitcoins: To send Bitcoins from your wallet click the send button

This opens up the following interface

In this send form interface enter the Bitcoin address of the person you want to send the Bitcoin to, next to the “Pay To” text field

You as a user can manually enter the Bitcoin address in the field manually. This can be cumbersome and errors may creep in doing this. Thus you have an option to add it from a list of addresses used for a previous transaction.

Alternatively you can use an address present in the memory clipboard and paste it into the address field.

Label field. In the label field you can add a name or a tag which would be saved in the address book. This label and show up in your address book.

Amount field.

Next to the amount text field enter the amount to be sent out.

Next to the amount is a drop down field that offers you a choice of units

Next to this drop down is a checkbox which lets you subtract the fee to send out the Bitcoins from the sent amount.

Transaction Fee. The transaction fee selection has 2 features

I) Recommended. Recommended fee is 0.00020000 BTC/kb

The conformation time can be selected between normal to fast by sliding the conformation time slider.

II. Custom fee. The custom fee feature lets you select a fee per kilobyte basis by selecting the radio button.

The Custom fee selector lets you select the per kb fee of 0.00001000 BTC or alternatively pay only the required fee of 0.00001000 BTC/kb

Step 3: Receive Bitcoins

To access the receive Bitcoin interface click the “Receive” button.

This form interface gives you the following optional text fields to enter

Label: Enter a label or a tag that would act as an identifer Amount: In case you want to enter a fixed amount then enter it here and from the dropdown field next to the amount field select the units of currency.

Message: This field gives you an optional space to enter a message. Request Payment button. Press this button and the following screen would show up

 

The screen shows up your Knots Bitcoin address that you need to share with and send out to a person who is going to send you a Bitcoin payment.

This screen displays your Bitcoin address, You have a number of options to share and receive Bitcoins on the particular Knots Bitcoin address.

  1. I) Copy UTI here you can copy the URI and paste and send it out to the sender of Bitcoins. The sender can thus use this address to send the Bitcoins to you. A point of information about URI and its usage is that it comes in handy during the copy paste operation of android systems. This usually contains a content provider URI, although any URI is allowed. The application that provides the data puts the URI on the clipboard. Applications that want to paste the data get the URI from the clipboard and use it to access the content provider (or other data source) and retrieve the data.
  2. II) Copy address.
    You can click the copy address button and this would copy the address to the memory clipboard. You can thus paste it in an email or a document of your choice and request your payment.

III) The Save Image option.

To use this option you have to click the “Save Image” button. Using this saves the QR code present on the screen as an image. Thereafter you can send this saved QR code image to a person who would be sending you the Bitcoins. The sender can scan this QR code with a QR code scanner and translate it to a Bitcoin address to which he can send out the payment.

Transactions

Click the transaction button to bring up the transaction interface. This interface lists all the transactions done under your wallet.

1 Comment on "Bitcoin Knots Wallet Review"

  1. Right now I have been waiting over 15 hours for Bitcoin Knots to synchronise for the first time. Is this normal ?

Leave a comment

Your email address will not be published.


*