The best way to learn about bitcoin, is to jump in and get a few in your “pocket” to obtain a feel for how they work.
Despite the hype about how exactly difficult and dangerous it could be, getting bitcoins is easier and safer than you might think. In plenty of ways, it is probably easier than opening an account at a normal bank. And, given what has been happening in the bank operating system, it really is probably safer too.
There are a few what to learn: getting and using a software wallet, learning how to receive and send money, learning how exactly to buy bitcoin from the person or an exchange.
Before getting started, you will have to get yourself a wallet. You can do this easily enough by registering with among the exchanges that will host wallet for you personally. And, although I think you will definitely want to have a number of exchange wallets eventually, you need to start with one by yourself computer both to have a better feel for bitcoin and because 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 money 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 designed to store bitcoin. It could be run on your pc, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins on things like thumb drives. In case you are concerned about being hacked, then that is a great 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 are the ones who originally had the idea for a social media site that became Facebook. wallet paper bitcoin They hired Mark Zuckerberg who took their idea as their own and became immensely rich.
What do you should know about having a bitcoin wallet on your computer?
Below you can download the original bitcoin wallet, or client, in Windows or Mac format. They are not just wallets, but are actually portion of the bitcoin network. They will receive, store, and send your bitcoins. It is possible to create one or more addresses with a click (an address is really a number that appears like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will notice a field where you can copy and paste a number like this from a person you need 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 take a picture with an app on the phone and send you some bitcoin. It is perfectly safe to provide these out – the address and QR code are both for my donations page. Feel absolve to donate!
NOTE: This sort of wallet acts both as a wallet for you personally and as area of the bitcoin system. The reason bitcoin works is that each transaction is broadcast and recorded as lots across the entire system (and therefore every transaction is confirmed and made irreversible by the network itself). Any computer with the proper software can be section 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, remember that it will take up 8-9 gigabytes of one’s computer’s memory. After you install the wallet, it will require as much as each day for the wallet to sync with the network. That is normal, does not harm your computer, and makes the system as a whole more secure, so it’s a good idea.
The original wallet.
This is the 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 get their site.
Runs along with Bitcoi Qt, so that it has all the same syncing requirements.
Armory enables you to back up, encrypt, and the ability to store your bitcoins off line.
Seek out Bitcoin Armory Wallet to find their site.
If you don’t want that much memory used or don’t desire to wait for your wallet to sync, you can find good wallets that do not make you sync the complete history of bitcocin:
A lightweight wallet that syncs quickly. This is very good for new users.
Seek out Bitcoin Multibit Wallet to get their site.
Not only is it quick and light, this wallet lets you recover lost data using a passcode.
Seek out Bitcoin Electum Wallet to get their site.
After you obtain the wallet set up, have a few minutes clicking around. What to look for:
o There will be a page that shows you how many bitcoins are currently in your wallet. Keep in mind that bitcoins can be split up into smaller pieces, so you may see a decimal with plenty of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).