Just a few weeks ago, MicroStrategy’s acquisition of Bitcoin as a part of its investment strategy grabbed eyeballs and headlines. It currently owns $475 million worth of Bitcoin and has decided to take every attempt to see the network through long-term success.
Microstrategy is now operating a full Bitcoin validating node for the Bitcoin Blockchain. In a tweet shared by the CEO of MicroStrategy, a major supporter of Bitcoin, said that his company is taking every little step to contributing to the success of the network. Their node runs the latest version of the Bitcoin core release.
Having an operable full node of Bitcoin will see to it that the participants read on the same page ensuring that the blockchain stays peer-to-peer as was envisioned by its founder. The high reliable network is driven by the community with the miners broadcasting the BTC transactions so that other network participants can validate the BTC transactions with the use of these full nodes. Apart from this, if the full node operators are to become a part of the core, they have to download the whole Bitcoin file. The size of the blockchain file will stand at over 307GB but it will keep expanding especially when users opt for further censorship and cheap transactions.
It is very important to have inputs because, without it, it will not be possible to ensure security and a cohesive pattern of operations. This will make possible the seamless operation of the vast and expansive digital ledger without the need to spend covering risks. With wide participation and to enforce the true meaning of decentralization, the consensus rules are enforced and without the need of a middle person, billions can be moved easily.
Also, the point to note is that security can be beefed up when there are more node operators. The number of node operators present in the network will ensure the security is beefed up which is gauged by their density and distribution. So, a stretched and extended network of node operators would imply that there is a higher level of decentralization thereby leading to the security of the Bitcoin blockchain. The best part about it all is that it becomes extremely difficult for the miners to double-spend transactions through what is known as a majority or in terms of percentage a 51% attack.
As discussed earlier, Microstrategy despite having a considerable $475 million worth of Bitcoin, as a public limited company and also despite running a full Bitcoin node, the organization will not be directly controlling these coins. Rather than this, their BTC will be secured by a US-based as well as approved custodian because as per the current laws it is not possible for them to store coins. This is essential considering the security concerns right now that are crippling the crypto sector.
As per the reports from BTC manager public listed companies currently have over $6.75 billion in BTC already.