Bitcoind is the software that connects you to other nodes in the network. There is no single point of failure, and the more nodes there are the faster and more secure the network becomes. Peers are rewarded with a transaction fee for the first validation of a transaction and are assigned randomly.

After installing Bitcoind by using the following command, we have to synchronize it with the network, which means downloading millions of transactions exceeding a gigabyte in size to your Pi.

sudo apt-get install bitcoind

Before running the background daemon, you need to consider changing the data directory as the database files can take up many gigabytes of space. Mount a new storage place and always start Bitcoind with the following line:

bitcoind –datadir /mnt/HDD/bitcoin –daemon

After a few minutes, you can type in the following basic commands. You will need to wait until the entire block chain data is downloaded before you can do anything useful. During this time, the Pi...