How to Buy Bitcoin – Step One

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

Despite the hype about how difficult and dangerous it really is, getting bitcoins is a lot easier and safer than you might think. In plenty of ways, it is probably easier than opening a merchant 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 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 can do this easily enough by registering with one of the exchanges that may host wallet for you personally. And, although I think you will want to have one or more exchange wallets eventually, you should start with one on your own computer both to acquire a better feel for bitcoin and as the exchanges remain experimental themselves. When Tipping Token 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 way to store your bitcoins. Specifically, it really is software that has been made to store bitcoin. It is usually run on your desktop computer, laptop, mobile device (except, as yet, Apple) and can also be produced to store bitcoins on things such as thumb drives. Should you be concerned about being hacked, then that is clearly a great option. Even the Winklevoss* twins, who have millions committed to bitcoin, put their investment on hard drives which they then placed into a safety deposit box.

*The Winklevoss twins will be 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 should know about having a bitcoin wallet on your pc?

Below you can download the initial bitcoin wallet, or client, in Windows or Mac format. These are not just wallets, but are in fact section of the bitcoin network. They’ll receive, store, and send your bitcoins. You can create a number of addresses with a click (an address is a number that appears like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will notice a field where you can copy and paste a number like this from a person you would like to send money to and off it’ll go straight into that person’s wallet. You may also create a QR code that may let someone have 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 free to donate!

NOTE: This type of wallet acts both as a wallet for you and as portion of the bitcoin system. The reason bitcoin works is that each transaction is broadcast and recorded as a number 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 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 require as much as each 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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