The best way to understand about bitcoin, would be to jump in and get a few in your “pocket” to have a feel for how they work.
Despite the hype about how difficult and dangerous it usually is, getting bitcoins is easier and safer than you might think. In plenty of ways, it really is probably easier than opening a merchant 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 utilizing a software wallet, learning how to send and receive 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 can certainly do this easily enough by registering with among the exchanges that may host wallet for you. And, although I think you are going to want to have one or more exchange wallets eventually, you need to start with one on your own computer both to have a better feel for bitcoin and as the exchanges remain experimental themselves. When we reach 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 really is software that has been made to store bitcoin. It really is 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 anyone who is concerned about being hacked, then that is clearly a great 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 idea for a social networking site that became Facebook. They hired Mark Zuckerberg who took their idea as their own and became immensely rich.
What do you need to know about having a bitcoin wallet on your computer?
Below you can download the original bitcoin wallet, or client, in Windows or Mac format. They are not just wallets, but are actually part 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 really a number that looks 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 straight into that person’s wallet. You can also create a QR code which will let someone have a picture with an app on the phone and send you some bitcoin. It is perfectly safe to provide 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 each transaction is broadcast and recorded as lots over the entire system (and therefore every transaction is confirmed and made irreversible by the network itself). Any computer with the right software can be part of that system, checking and supporting the network. This wallet serves as your personal wallet and in addition as a support for that system. Therefore, remember that Spice Token will require up 8-9 gigabytes of one’s computer’s memory. Once you install the wallet, it will take as much as a day for the wallet to sync with the network. This is normal, does not harm your computer, and makes the system all together more secure, so it’s a good idea.