The best way to learn about bitcoin, is to jump in and get several in your “pocket” to get 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 may think. In plenty 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 things to learn: getting and using a software wallet, learning how to receive and send money, learning how to buy bitcoin from the person or an exchange.
Preparation
Before getting started, you need to get yourself a wallet. You can do this easily enough by registering with among the exchanges that will host wallet for you. And, although I think you will want to have one or more exchange wallets eventually, you should start with one by yourself computer both to obtain a better feel for bitcoin and because the exchanges remain experimental themselves. When we reach 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 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 might be run on your desktop computer, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins on things such as thumb drives. In case you are worried about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions committed to 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 networking site that became Facebook. They hired Mark Zuckerberg who took their idea as his own and became immensely rich.
What do you need to 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 part 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 one can copy and paste lots like this from the person you wish 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 free to donate!
Offline paper wallet NOTE: This sort of wallet acts both as a wallet for you and as section of the bitcoin system. The reason why bitcoin works is that each 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 also as a support for that system. Therefore, be aware 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 a 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.
Bitcoin Qt
The original wallet.
This is the 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 the 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 all of 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 wait for your wallet to sync, there are good wallets that do not make you sync the complete history of bitcocin:
Multibit
A lightweight wallet that syncs quickly. This is good for new users.
Search for Bitcoin Multibit Wallet to find their site.
Electum
In addition to being quick and light, this wallet lets you recover lost data utilizing a passcode.
Search for Bitcoin Electum Wallet to find their site.
After you obtain the wallet set up, have a few minutes clicking around. Things to look for:
o There will be a full page that shows you how many bitcoins are currently in your wallet. Take into account that bitcoins can be broken up into smaller pieces, so you might see a decimal with plenty of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).
