- What is testnet in Bitcoin?
The Bitcoin testnet is a network with rule nearly identical to that of the bitcoin mainnet, but where “the satoshis spent have no real-world value.” They then are available for a variety of sources, for free to aid in development.
- What is regtest mode?
“Bitcoin Core’s regression test mode (regtest mode) lets you instantly create a brand-new private block chain with the same basic rules as testnet—but one major difference: you choose when to create new blocks, so you have complete control over the environment.”
- What is the advantage and disadvantage of each? (TRY TO THINK FOR YOURSELF)
The advantage to regtest mode is not having to spend time acquiring testnet coins or waiting for code to execute through miners on a full network, the disadvantage is similar; it lacks real world clarity on how the application will perform.
Inversely the time required to acquire coins on the testnet (through mining the testnet or a development faucet) is a disadvantage, however this like other aspects of the testnet over a regtest may provide a distinct advantage by allowing inputs to run very similarly to how they will on the main net (given the testnet is mined much like the mainnet)