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How to buy bitcoin

Lusinda Lush
Lusinda Lush

Getting bitcoins is easier and safer than opening a bank account. You need a wallet to store bitcoins, which can be software on your computer or mobile device. To get started, download a wallet client like Bitcoin Qt, Armory, Multibit, or Electrum to your computer. The wallet will allow you to receive, store, and send bitcoins to addresses or by scanning QR codes.

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How to Buy BitcoinHow to Buy Bitcoin
Despite the hype about how difficult and dangerous it can be, getting bitcoins is a lot easier and safer than you might think. In a lot of ways, it is probably easier than opening an 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 to send and receive money, learning how to buy bitcoin from a person or an exchange.
PreparationPreparation 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 one or more exchange wallets eventually, you should start with one on your own computer both to get a better feel for bitcoin and because the exchanges are still experimental themselves. 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?What is a wallet? It is a way to store 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 on things like thumb drives. If you are concerned about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions buy bitcoins , put their investment on hard drives which they then put into a safety deposit box.
What do you need to know about havingWhat do you need to know about having a bitcoin wallet on your computer?a bitcoin wallet on your computer? Below you can download the original bitcoin wallet, or client, in Windows or Mac format. These are not just wallets, but are in fact part of the 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 looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where you can copy and paste a number like this from a person you want to send money to and off it will go directly into that person's wallet. You can even create a QR code which will let someone take a picture with an app on their phone and send you some bitcoin. It is perfectly safe to give these out - the address and QR code are both for my donations page. Feel free to donate!
Bitcoin QtBitcoin Qt The original wallet. This is a full-featured wallet: create multiple addresses to receive bitcoins, send bitcoins easily, track transactions, and back up your wallet. Outside of the time it takes to sync, this is a very easy to use option. Search for Bitcoin Qt wallet download to find their site.
ArmoryArmory Runs on top of Bitcoi Qt, so it has all of the same syncing requirements. Armory allows you to back up, encrypt, and the ability to store your bitcoins off line. Search for Bitcoin Armory Wallet to find their site.
MultibitMultibit A lightweight wallet that syncs quickly. This is very good for new users. Search for Bitcoin Multibit Wallet to find their site. ElectumElectum In addition to being quick and light, this wallet allows you to recover lost data using a passcode. Search for Bitcoin Electum Wallet to find their site.

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How to buy bitcoin

  • 1. How to Buy BitcoinHow to Buy Bitcoin
  • 2. Despite the hype about how difficult and dangerous it can be, getting bitcoins is a lot easier and safer than you might think. In a lot of ways, it is probably easier than opening an 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 to send and receive money, learning how to buy bitcoin from a person or an exchange.
  • 3. PreparationPreparation 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 one or more exchange wallets eventually, you should start with one on your own computer both to get a better feel for bitcoin and because the exchanges are still experimental themselves. 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.
  • 4. What is a wallet?What is a wallet? It is a way to store 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 on things like thumb drives. If you are concerned about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions buy bitcoins , put their investment on hard drives which they then put into a safety deposit box.
  • 5. What do you need to know about havingWhat do you need to know about having a bitcoin wallet on your computer?a bitcoin wallet on your computer? Below you can download the original bitcoin wallet, or client, in Windows or Mac format. These are not just wallets, but are in fact part of the 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 looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where you can copy and paste a number like this from a person you want to send money to and off it will go directly into that person's wallet. You can even create a QR code which will let someone take a picture with an app on their phone and send you some bitcoin. It is perfectly safe to give these out - the address and QR code are both for my donations page. Feel free to donate!
  • 6. Bitcoin QtBitcoin Qt The original wallet. This is a full-featured wallet: create multiple addresses to receive bitcoins, send bitcoins easily, track transactions, and back up your wallet. Outside of the time it takes to sync, this is a very easy to use option. Search for Bitcoin Qt wallet download to find their site.
  • 7. ArmoryArmory Runs on top of Bitcoi Qt, so it has all of the same syncing requirements. Armory allows you to back up, encrypt, and the ability to store your bitcoins off line. Search for Bitcoin Armory Wallet to find their site.
  • 8. MultibitMultibit A lightweight wallet that syncs quickly. This is very good for new users. Search for Bitcoin Multibit Wallet to find their site. ElectumElectum In addition to being quick and light, this wallet allows you to recover lost data using a passcode. Search for Bitcoin Electum Wallet to find their site.