September 23, 2020

Buying Bitcoin – Step One

The easiest method to learn about bitcoin, is to jump within and get a few in your “pocket” to obtain a feel for how they work.

Regardless of the hype about how difficult and harmful it can be, getting bitcoins is a lot easier and safer than you might think. In a lots of ways, it is probably easier than opening an account at a traditional financial institution. 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 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 a number of exchange wallets eventually, you should start with one on your own computer both to obtain 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 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 way to shop your bitcoins. Specifically, it is software that has been designed to store bitcoin. It can be run on your desktop computer, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins upon things like thumb drives. If you are worried about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions invested in bitcoin, put their expenditure on hard drives which they then placed into a safety deposit box.
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*The Winklevoss twins are the ones who else originally had the idea for a social network site that became Facebook. They will hired Mark Zuckerberg who got their idea as his own and became immensely rich.

What do you need to 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 merely wallets, but are in fact part of the bitcoin network. They will receive, store, plus send your bitcoins. You can produce 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 like this from a person you want to send cash to and off it will go directly into that person’s wallet. You may also create a QR code which will allow someone take a picture with an application on their phone and send you some bitcoin. It is perfectly safe to give these out – the address and QR code are both intended for my donations page. Feel free to donate!

NOTE: This type of wallet acts each as a wallet for you and as area of the bitcoin system. The reason bitcoin functions is that every transaction is transmit and recorded as a number throughout the entire system (meaning that every deal is confirmed and made permanent by the network itself). Any pc with the right software can be portion of that system, checking and helping the network. This wallet is your personal wallet and also as a support for that system. Therefore , be aware that it will require up 8-9 gigabytes of your computer’s memory. After you install the finances, it will take as much as a day for the finances to sync with the network. This is normal, does not harm your computer, plus makes the system as a whole more secure, therefore it is a good idea.

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