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 a lot easier and safer than you might think. In plenty of ways, it is probably easier than opening a merchant account at a traditional bank. And, given what has been happening in the bank operating system, it really is probably safer too.
There are a few things to learn: getting and utilizing a software wallet, learning how to send and receive money, learning how to buy bitcoin from a person or an exchange.
Before getting started, you need to get yourself a wallet. You can certainly do this easily enough by registering with among the exchanges which will host wallet for you. And, although I think you will want to have one or more exchange wallets eventually, you should start with one all on your own computer both to obtain a better feel for bitcoin and as the exchanges remain 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 is software that has been designed to store bitcoin. It usually is run on your pc, laptop, mobile device (except, up to now, Apple) and can also be made to store bitcoins on things such as thumb drives. Should you be worried about being hacked, then that is a great 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 you should know about having a bitcoin wallet on your computer?
Below you can download the initial bitcoin wallet, or client, in Windows or Mac format. They are not just wallets, but are in fact portion 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 see a field where one can copy and paste lots like this from a person you would like to send money to and off it’ll go directly into that person’s wallet. Tipping Token can 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 absolve to donate!
NOTE: This type 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 a number across the entire system (meaning that every transaction is confirmed and made irreversible by the network itself). Any computer with the proper software can be section 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, remember that it will take up 8-9 gigabytes of one’s 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 as a whole more secure, so it’s a good idea.