How to Buy Bitcoin – Step One

The ultimate way to learn about bitcoin, is to jump within and get a few in your “pocket” to obtain a feel for how they work.

Regardless 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 wide range of ways, it is probably easier compared to opening an account at a traditional financial institution. And, given what has been occurring in the banking system, it is probably safer too.

There are a few things to find out: getting and using a software wallet, learning how to send and receive money, learning how to purchase bitcoin from a person or a good exchange.

Preparation

Before getting started, you will have to get yourself a wallet. You can do this easily sufficient by registering with one of the trades which will host wallet for you. And, although I think you are going to want to have one or more exchange wallets eventually, you should begin with one on your own computer both to obtain a better feel for bitcoin also because the exchanges are still experimental by themselves. When we get to that stage of the discussion, I will be advising that you get within the habit of moving your money and coins off the exchanges or diversifying across exchanges to keep your money safe.

What is a wallet?

It is a way to shop your bitcoins. Specifically, it is software that has been designed to store bitcoin. It can be run on your desktop computer, laptop, cellular device (except, as yet, Apple) and may also be made to store bitcoins upon things like thumb drives. If you are worried about being hacked, then that is a wise decision. Even the Winklevoss* twins, who have thousands invested in bitcoin, put their purchase on hard drives which they then put into a safety deposit box.

*The Winklevoss twins are the ones who also originally had the idea for an online community site that became Facebook. They 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 develop one or more addresses with a click (an address is a number that appears to be this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where you 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 can also create a QR code which will let someone take a picture with an application on their phone and send you several bitcoin. It is perfectly safe to give these out – the address and QR code are both with regard to my donations page. Feel free to contribute!

NOTE: This type of wallet acts each as a wallet for you and as section of the bitcoin system. The reason bitcoin functions is that every transaction is broadcast and recorded as a number across the entire system (meaning that every transaction is confirmed and made irreversible by the network itself). Any pc with the right software can be section of that system, checking and supporting the network. This wallet serves as your personal wallet and also as an assistance for that system. Therefore , be aware that it will take up 8-9 gigabytes of your pc’s memory. After you install the pocket, it will take as much as a day for the pocket 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 a full-featured wallet: create several addresses to receive bitcoins, send bitcoins easily, track transactions, and online backup your wallet.
Outside of the time it takes to sync, this is a very easy to make use of option.
Search for Bitcoin Qt budget download to find their site.
Armory

Runs on top of Bitcoi Qt, so it has all of the same syncing needs.
Armory allows you to back up, encrypt, and the ability to store your bitcoins away from line.
Search for Bitcoin Armory Pocket to find their site.
If you don’t wish 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 good bitcocin:

Multibit

A lightweight finances that syncs quickly. This is very good for new users.
Search for Bitcoin Multibit Wallet to find their site.
Electum

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 couple of minutes clicking around. Things to look for:

um There will be a page that shows you how several bitcoins are currently in your wallet. Remember that bitcoins can be broken up into smaller pieces, so you may see a decimal with a lot of zeros after it. (Interesting note, 0.
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00000001 any Satoshi, named after the pseudonymous inventor of bitcoin).

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