The simplest way to learn about bitcoin, is to jump within and get a few in your “pocket” to obtain a feel for how they work.
Inspite of the hype about how difficult and dangerous it can be, getting bitcoins is a lot easier and safer than you might think. In a great deal of ways, it is probably easier than opening an account at a traditional financial institution. And, given what has been taking place in the banking system, it is most likely safer too.
There are a few things to understand: getting and using a software wallet, learning to send and receive money, learning how to purchase bitcoin from a person or an exchange.
Before getting started, you will have to get yourself a wallet. You can do this easily sufficient by registering with one of the exchanges which will host wallet for you. And, although I think you are going to want to have a number of exchange wallets eventually, you should start with one on your own computer both to get a better feel for bitcoin also because the exchanges are still experimental by themselves. When we get to that stage from the discussion, I will be advising that you get within the habit of moving your money plus coins off the exchanges or diversifying across exchanges to keep your money secure.
What is a wallet?
It is a way to store your bitcoins. Specifically, it is software that has been designed to store bitcoin. It could be run on your desktop computer, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins upon things like thumb drives. If you are worried about being hacked, then that is a good option. Even the Winklevoss* twins, who have thousands invested in bitcoin, put their expenditure on hard drives which they then put into a safety deposit box.
*The Winklevoss twins are the ones which originally had the idea for a social media site that became Facebook. These people hired Mark Zuckerberg who required their idea as his own and became immensely rich.
What do you should know about having a bitcoin wallet on your pc?
Below you can download the original bitcoin wallet, or client, in Windows or Mac format. These are not merely wallets, but are in fact part of the bitcoin network. They will receive, store, plus send your bitcoins. You can create one or more addresses with a click (an address is a number that appears to be this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where one can copy and paste a number like this from a person you want to send money to and off it will go directly into that person’s wallet. You may also create a QR code which will let someone take a picture with an application on their phone and send you some bitcoin. It is perfectly safe to give these out – the address and QR code are both to get my donations page. Feel free to donate!
NOTE: This type of wallet acts each as a wallet for you and as portion of the bitcoin system. The reason bitcoin works is that every transaction is transmit and recorded as a number over the entire system (meaning that every deal is confirmed and made irreversible by the network itself). Any computer with the right software can be component of that system, checking and assisting the network. This wallet is your personal wallet and also as an assistance for that system. Therefore , be aware that it will require up 8-9 gigabytes of your pc’s memory. After you install the budget, it will take as much as a day for the budget to sync with the network. This really is normal, does not harm your computer, plus makes the system as a whole more secure, so it’s a good idea.
The original budget.
This is a full-featured wallet: create multiple addresses to receive bitcoins, send bitcoins easily, track transactions, and back up your wallet.
Outside of the time it takes to sync, this is a very easy to utilize option.
Search for Bitcoin Qt pocket download to find their site.
Runs on top of Bitcoi Qt, so it has all of the same syncing specifications.
Armory allows you to back up, encrypt, and the ability to store your bitcoins off line.
Search for Bitcoin Armory Budget to find their site.
If you don’t want to have that much memory used or may want to wait for your wallet to sync, there are good wallets that do not make you sync the entire history of bitcocin:
A lightweight wallet that syncs quickly. This is very great for new users.
Search for Bitcoin Multibit Wallet to find their site.
In addition to being quick and light, this wallet allows you to recover lost data using a passcode.
Search for Bitcoin Electum Wallet to find their site.
Once you get the wallet set up, take a few minutes clicking around.
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Things to look for:
o There will be a page that shows you how many bitcoins are currently in your wallet. Remember that bitcoins can be broken up into smaller sized pieces, so you may see a decimal with a lot of zeros after this. (Interesting note, 0. 00000001 is one Satoshi, named after the pseudonymous originator of bitcoin).