How to Buy Bitcoin – THE FIRST STEP

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

Despite the hype about how difficult and dangerous it usually is, getting bitcoins is easier and safer than you may think. In plenty of ways, it is probably easier than opening an account at a traditional 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 using a software wallet, learning how exactly to receive and send money, learning how exactly to buy bitcoin from the person or an exchange.

Preparation

Before getting started, you need to get yourself a wallet. You are able to do this easily enough by registering with one of many exchanges that will host wallet for you. And, although mining think you will want to have a number of exchange wallets eventually, you need to start with one by yourself computer both to get 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 get in 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 solution to store your bitcoins. Specifically, it really is software that has been made to store bitcoin. It is usually run on your pc, laptop, mobile device (except, up to now, Apple) and can also be made to store bitcoins on things like thumb drives. In case you are worried about being hacked, then that is a good option. Even the Winklevoss* twins, who’ve millions invested in 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 networking site that became Facebook. They hired Mark Zuckerberg who took their idea as their own and became immensely rich.

What do you need to 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 in fact the main 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 a number that looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will notice a field where you could copy and paste a number like this from the person you want to send money to and off it’ll go straight into that person’s wallet. You can even create a QR code that may let someone take a picture with an app on their phone and send you some bitcoin. It really is perfectly safe to provide these out – the address and QR code are both for my donations page. Feel absolve to donate!

NOTE: This kind of wallet acts both as a wallet for you personally and as section of the bitcoin system. The reason why bitcoin works is that every 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 take up 8-9 gigabytes of your computer’s memory. After you install the wallet, it will take 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.

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