The best way to understand about bitcoin, is to jump in and get a few in your “pocket” to get a feel for how they work.
Despite the hype about how exactly difficult and dangerous it might be, getting bitcoins is a lot easier and safer than you might think. In a lot of ways, it really is probably easier than opening an 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 using a software wallet, learning how exactly to receive and send money, learning how to buy bitcoin from the person or an exchange.
Preparation
Before getting started, you will have to get yourself a wallet. You are able to do this easily enough by registering with one of the exchanges that may host wallet for you personally. And, although I think you will definitely want to have a number of exchange wallets eventually, you should start with one all on your own computer both to have a better feel for bitcoin and because 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 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 might be run on your desktop computer, laptop, mobile device (except, up to now, Apple) and can also be produced to store bitcoins on things such as thumb drives. For Bitcoin Cash Token who is worried about being hacked, then that is a good option. Even the Winklevoss* twins, who’ve millions committed to bitcoin, put their investment on hard disks which they then placed into a safety deposit box.
*The Winklevoss twins will be the ones who originally had the theory for a social media 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. They are not just wallets, but are in fact 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 really a number that looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where one can copy and paste lots like this from the person you want to send money to and off it will go directly into that person’s wallet. You can also create a QR code that will let someone take a picture with an app on their 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 free to donate!
NOTE: This kind of wallet acts both as a wallet for you and as the main bitcoin system. The reason bitcoin works is that every transaction is broadcast and recorded as a number across 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 also 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 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.