How to Buy Bitcoin – Step One

The best way to understand about bitcoin, would be to jump in and get a few in your “pocket” to acquire a feel for how they work.

Despite the hype about how exactly difficult and dangerous it usually is, getting bitcoins is a lot easier and safer than you may think. In a lot of ways, it really is probably easier than opening an account at a traditional bank. And, given what has been happening in the banking system, it is probably safer too.

There are a few what to learn: getting and utilizing a software wallet, learning how to send and receive money, learning how to buy bitcoin from the person or an exchange.

Preparation

Before getting started, you will have to get yourself a wallet. You can do this easily enough by registering with among the exchanges which will host wallet for you. And, although I think you will want to have one or more exchange wallets eventually, you need to start with one by yourself computer both to acquire a better feel for bitcoin and because 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 way to store your bitcoins. Specifically, it is software that has been designed to store bitcoin. It really is run on your pc, laptop, mobile device (except, as yet, Apple) and can also be produced to store bitcoins on things such as thumb drives. When you are worried about being hacked, then that is clearly a great option. Even liquidity pools , who have millions committed to bitcoin, put their investment on hard disks which they then placed into a safety deposit box.

*The Winklevoss twins are 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 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. These are not just wallets, but are in fact portion of the bitcoin network. They will receive, store, and send your bitcoins. You can 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 a person you need to send money to and off it’ll go straight into that person’s wallet. You can even create a QR code that will let someone take a picture with an app on their 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!

NOTE: This kind of wallet acts both as a wallet for you and as part of the bitcoin system. The reason bitcoin works is that each transaction is broadcast and recorded as a number across the entire system (and therefore every transaction is confirmed and made irreversible by the network itself). Any computer with the right software can be section of that system, checking and supporting the network. This wallet serves as your individual wallet and also as a support for that system. Therefore, remember that it will require up 8-9 gigabytes of one’s computer’s memory. Once you install the wallet, it will require as much as a 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.