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While trying to maintain a local full Monero or Aeon node with limited bandwith available, does the --hide-my-port option reduce traffic (even if no port forwarding is enabled at the router)?

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The --hide-my-port option is used to prevent incoming connections of peers to your node, which would reduce traffic if your node could receive incoming connections.

But if your node is behind a router without port forwarding, it already can't receive incoming connections, therefore the --hide-my-port option won't have any extra effect on traffic reduction.

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