The best way to understand about bitcoin, is to jump in and get a few in your “pocket” to have a feel for how they work.
Despite the hype about how difficult and dangerous it usually is, getting bitcoins is easier and safer than you might think. In a lot of ways, it is probably easier than opening an account at a traditional bank. And, given what has been happening in the banking system, it is probably safer too.
There are a few what to learn: getting and using a software wallet, learning how exactly to send and receive money, learning how exactly to buy bitcoin from the person or an exchange.
Preparation
Before getting started, you will need to get yourself a wallet. You can do this easily enough by registering with one of many exchanges that will host wallet for you. And, although I think you are going to want to have one or more exchange wallets eventually, you should start with one on your own computer both to have a better feel for bitcoin and as the exchanges remain experimental themselves. When we reach that stage of the discussion, I will be advising that you get in the habit of moving your cash and coins off the exchanges or diversifying across exchanges to help keep your money safe.
What is a wallet?
It is a solution to store your bitcoins. Specifically, it is software that has been made to store bitcoin. It usually is run on your desktop computer, laptop, mobile device (except, up to now, Apple) and can also be produced to store bitcoins on things such as thumb drives. For anyone who is concerned about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions invested in bitcoin, put their investment on hard disks which they then put into a safety deposit box.
*The Winklevoss twins will be the ones who originally had the theory for a social media site that became Facebook. They hired Mark Zuckerberg who took their idea as their own and became immensely rich.
What do you must know about having a bitcoin wallet on your pc?
Below you can download the original bitcoin wallet, or client, in Windows or Mac format. They are not just wallets, but are actually the main bitcoin network. They’ll receive, store, and send your bitcoins. It is possible to create a number of addresses with a click (an address is a number that looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will notice a field where you could copy and paste a number like this from the person you wish to send money to and off it will go directly into that person’s wallet. You can even create a QR code that may let someone have a picture with an app on their phone and send you some bitcoin. It really is perfectly safe to provide these out – the address and QR code are both for my donations page. Feel absolve to donate!
NOTE: This type of wallet acts both as a wallet for you personally and as section of the bitcoin system. The reason bitcoin works is that every transaction is broadcast and recorded as lots over the entire system (and therefore every transaction is confirmed and made irreversible by the network itself). Any computer with the proper software can be part of that system, checking and supporting the network. This wallet serves as your personal wallet and in addition as a support for that system. Therefore, be aware that it will require up 8-9 gigabytes of one’s computer’s memory. After you install the wallet, it will require as much as a day for the wallet to sync with the network. This is normal, does not harm your computer, and makes the system all together more secure, so it’s advisable.
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The original wallet.
This can be a full-featured wallet: create multiple addresses to get bitcoins, send bitcoins easily, track transactions, and back up your wallet.
Outside of the time it requires to sync, this can be a very easy to use option.
Search for Bitcoin Qt wallet download to find their site.
Armory
Runs along with Bitcoi Qt, so that it has each of the same syncing requirements.
Armory permits you to back up, encrypt, and the capability to store your bitcoins off line.
Search for Bitcoin Armory Wallet to get their site.
If you don’t want that much memory used or don’t want to wait for your wallet to sync, there are good wallets that not make you sync the complete history of bitcocin:
Multibit
A lightweight wallet that syncs quickly. This is very good for new users.
Search for Bitcoin Multibit Wallet to find their site.
Electum
In addition to being quick and light, this wallet enables you to recover lost data utilizing a passcode.
Search for Bitcoin Electum Wallet to find their site.
After you get the wallet set up, have a few minutes clicking around. What to look for:
o There will be a page that shows you just how many bitcoins are in your wallet. Take into account that bitcoins can be split up into smaller pieces, so you may see a decimal with a lot of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).
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