How to Buy Bitcoin – Step One

The easiest method to learn about bitcoin, is to jump in and get a few in your “pocket” to get 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 great deal of ways, it is probably easier than opening an account at a traditional bank. And, given what has been occurring in the banking system, it is most likely safer too.

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

Preparation

Before getting started, you will need to get yourself a wallet. You can do this easily enough by registering with one of the exchanges 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 start with one on your own computer both to get a better feel for bitcoin and because the exchanges are still experimental them selves. 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 secure.

What is a wallet?

It is a way to store your bitcoins. Specifically, it is software that has been designed to store bitcoin. It could 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 concerned about being hacked, then that is a wise decision. Even the Winklevoss* twins, who have large numbers invested in bitcoin, put their expenditure on hard drives which they then put into a safety deposit box.

*The Winklevoss twins are the ones who else 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 should know about having a bitcoin wallet on your pc?

Below you can download the original bitcoin wallet, or client, in Home windows or Mac format. These are not just wallets, but are in fact part of the bitcoin network. They will receive, store, plus send your bitcoins. You can generate one or more addresses with a click (an address is a number that appears like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where one can copy and paste a number such as this from a person you want to send cash to and off it will move directly into that person’s wallet. You can even create a QR code which will allow someone take a picture with an app on their phone and send you several bitcoin. It is perfectly safe to give these out – the address and QR code are both to get my donations page. Feel free to donate!

NOTE: This type of wallet acts both as a wallet for you and as section of the bitcoin system. The reason bitcoin functions is that every transaction is transmitted and recorded as a number throughout the entire system (meaning that every transaction is confirmed and made irreversible by the network itself). Any pc with the right software can be portion of that system, checking and helping 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 finances, 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, therefore it is a good idea.

Bitcoin Qt

The original finances.
This is a full-featured wallet: create several addresses to receive bitcoins, send bitcoins easily, track transactions, and back up your wallet.
Outside of the time it takes to sync, this is a very easy to utilize 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, as well as the ability to store your bitcoins away line.
Search for Bitcoin Armory Wallet to find their site.
If you don’t wish to have that much memory used or don’t want to wait for your wallet in order to sync, there are good wallets that not make you sync the entire good bitcocin:

Multibit

A lightweight pocket 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 information using a passcode.
Search for Bitcoin Electum Wallet to find their site.
After you get the wallet set up, take a couple of minutes clicking around. Things to look for:

o There will be a page that shows you how numerous bitcoins are currently in your wallet.
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Keep in mind that bitcoins can be broken up into smaller pieces, so you may see a decimal with a lot of zeros after this. (Interesting note, 0. 00000001 is one Satoshi, named after the pseudonymous inventor of bitcoin).