The best way to learn 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 exactly difficult and dangerous it might be, 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 normal bank. And, given what has been happening in the banking 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 are able to do this easily enough by registering with among the exchanges that will host wallet for you personally. And, although I think you are going to want to have one or more exchange wallets eventually, you should start with one all on your own computer both to acquire a better feel for bitcoin and as the exchanges are still experimental themselves. When we reach that stage of the discussion, I will be advising that you will get in the habit of moving your cash and coins off the exchanges or diversifying across exchanges to 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 really is run on your pc, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins on things such as thumb drives. If you are concerned about being hacked, then that is a great option. Even the Winklevoss* twins, who have millions committed to bitcoin, put their investment on hard disks which they then placed into a safety deposit box.
*The Winklevoss twins will be the ones who originally had the idea for a social media site that became Facebook. They hired Mark Zuckerberg who took 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 initial bitcoin wallet, or client, in Windows or Mac format. They are not just wallets, but are actually portion of the 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 really a number that appears like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where you can copy and paste lots like this from the person you would like to send money to and off it’ll go straight into that person’s wallet. You may also create a QR code which will 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 type of wallet acts both as a wallet for you and as portion 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 right 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 your 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 personal computer, and makes the system all together more secure, so it’s a good idea.
The original wallet.
That 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 requires to sync, this is usually 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 allows you to back up, encrypt, and the ability to store your bitcoins off line.
Seek out Bitcoin Armory Wallet to get their site.
If you don’t want to have that much memory used or don’t want to await your wallet to sync, there are good wallets that not make you sync the entire history of bitcocin:
A lightweight wallet that syncs quickly. This is good for new users.
Seek out Bitcoin Multibit Wallet to find their site.
bitcoin wallet Electum
Not only is it quick and light, this wallet permits you to recover lost data using a passcode.
Search for Bitcoin Electum Wallet to get their site.
After you get the wallet set up, take 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 broken up into smaller pieces, so you may see a decimal with plenty of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named following the pseudonymous creator of bitcoin).