If you want to learn more about bitcoin, buying some and use it can be a good idea to get started.
And it’s possible you have read in many websites or heard some friends commenting that purchasing bitcoins can be complicated or dangerous, but it isn’t so difficult – actually, you can figure it like easier than you imagine. Actually, it can be more simple than open an account in a bank. And by judging recent banking system security flaws, it’s safer too.
Three is the number of situations to consider about purchasing bitcoin: how to create and use a wallet, send or receive money and buy from other person or exchange.
As the first step, you need to create your wallet. Period. And it isn’t so difficult to get, because you can do it through one exchange selling cryptocurrencies. And you can (and you will eventually) have more than one wallet, in several exchanges, but it’s advisable to get started with one in your own computer while learning about it. Later, when you feel comfortable, you’ll probably have several wallets in several exchanges and transfer your money between them to keep it safer.
But, what is a bitcoin wallet?
It works like a real wallet, by storing “bitcoin money”, but it exists only digitally. In this case, imagine it as a software written to store bitcoin, can run on almost any device – desktop computer, laptop or mobile device – and be stored on small devices like pen drives. And who’s afraid of missing or being hacked, by storing it in a pen drive or external hard drive and put it in a safe place can be a good decision.
Tips to have your wallet on computer
If you use a Windows or Mac compatible device, you’ll find several exchanges offering a bitcoin wallet. Actually, it doesn’t only store bitcoins, but works like part of bitcoin system – by sending, receiving and store data (your bitcoins). In that software, you can create one or more addresses, that you’ll use to send or receive money, each address is a big sequence or letters and numbers, something like: 1TyFcQatbg4BvL9gGTz6VdqqNKpPn5QAuk. There, you can see a place to paste addresses from other people when you wishing to send money and that value will be transferred directly to that person’s wallet. Some wallets let you create a QR corde, becoming easier to share that information with other people want to send you some bitcoin.
Obs: As said earlier, this kind of wallet acts as part of bitcoin network. It means your wallet will do part of a system that broadcast and record every transaction, becoming each one virtually irreversible. This way, any computer or device can be part of that network, needing only that software. It explains why your wallet will take up 8 or 9 GB from your device storage. And in first time, it will take several hours to create that local register and sync with the network. So don’t worry about it, it’s normal and good for whole bitcoin system.
It’s the first and original wallet. It offers all features you need: multiple addresses creation, bitcoin sending and receiving, transaction tracking and back up. Its only downside can be time needed to sync with network, but despite of it, it’s very easy to learn and operate. Look for “Bitcoin Qt wallet download” in a search engine and you should find their site.
Armory runs on top of Bitcoin Qt, so it offers same features – and also requires syncing time. It adds some features, like encryption and storing bitcoins off line. Look for “Bitcoin Armory wallet” and you will find more info and where to download. Now, if you don’t want to wait for wallet syncing or don’t have enough storage for it, there are some options you can consider.
New users like this wallet because it’s lightweight and syncs quickly. You can find it searching for “Bitcoin Multibit wallet”.