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 difficult and dangerous it might be, getting bitcoins is easier and safer than you might think. In a lot of ways, it really is probably easier than opening an account at a normal bank. And, given what has been happening in the bank operating system, it is probably safer too.
There are a few what to learn: getting and utilizing a software wallet, learning how exactly to receive and send money, learning how exactly to buy bitcoin from a person or an exchange.
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 personally. And, although I think you will definitely want to have one or more exchange wallets eventually, you need to start with one on your own computer both to acquire a better feel for bitcoin and because the exchanges remain experimental themselves. When we get to that stage of the discussion, I am 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 way to store your bitcoins. Specifically, it is software that has been designed to store bitcoin. It usually is run on your desktop computer, laptop, mobile device (except, up to now, Apple) and can also be made to store bitcoins on things such as thumb drives. Should you be worried about being hacked, then that is clearly a great option. Even the Winklevoss* twins, who have millions committed to bitcoin, put their investment on hard drives which they then put into a safety deposit box.
*The Winklevoss twins will be the ones who originally had the idea for a social networking 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 original bitcoin wallet, or client, in Windows or Mac format. These are not just wallets, but are actually the main 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 could copy and paste lots like this from the person you intend to send money to and off it’ll go straight into that person’s wallet. You can also create a QR code which will let someone take a picture with an app on their phone and send you some bitcoin. It really is perfectly safe to give these out – the address and QR code are both for my donations page. Feel free to donate!
NOTE: This kind of wallet acts both as a wallet for you personally and as portion of the bitcoin system. The reason why bitcoin works is that every transaction is broadcast and recorded as a number 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 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. This 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 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, it is a very easy to use option.
Seek out Bitcoin Qt wallet download to get their site.
Runs on top of 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 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 do 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.
Not only is it quick and light, this wallet enables you to recover lost data using a passcode.
Seek out Bitcoin Electum Wallet to find their site.
After you get the wallet set up, have a few minutes clicking around. Things to look for:
o There will be a page that shows you just how many bitcoins are in your wallet. Remember that bitcoins can be broken up into smaller pieces, so you might see a decimal with plenty of zeros after it. buy bitcoin (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).