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 exactly difficult and dangerous it can be, getting bitcoins is easier and safer than you may think. In a lot of ways, it is probably easier than opening a merchant account at a traditional bank. And, given what has been happening in the banking system, it is probably safer too.

There are a few things to learn: getting and using a software wallet, learning how exactly to send and receive money, learning how to buy bitcoin from a 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 I think you will definitely want to have one or more exchange wallets eventually, you need to start with one all on your own computer both to have a better feel for bitcoin and as the exchanges are still experimental themselves. When we get to that stage of the discussion, I am advising that you 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 solution to store your bitcoins. Specifically, it really is software that has been designed to store bitcoin. It usually is run on your pc, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins on things such as thumb drives. For anyone who is worried about being hacked, then that is clearly 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 his own and became immensely rich.

What do Bitcoin Cash Reference 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. They are not just wallets, but are actually the main bitcoin network. They will receive, store, and send your bitcoins. You can create one or more 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 the person you wish to send money to and off it will go directly into that person’s wallet. You may also create a QR code that will let someone have a picture with an app on the phone and send you some bitcoin. It really is perfectly safe to give these out – the address and QR code are both for my donations page. Feel absolve to donate!

NOTE: This sort of wallet acts both as a wallet for you and as portion of the bitcoin system. The reason why bitcoin works is that every transaction is broadcast and recorded as lots over the entire system (and therefore every transaction is confirmed and made irreversible by the network itself). Any computer with the proper software can be part of that system, checking and supporting the network. This wallet serves as your individual wallet and in addition as a support for that system. Therefore, be aware 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 computer, and makes the system all together more secure, so it’s advisable.

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