Getting Started with Bitcoin
Storing, sending and receiving Bitcoin has never been easier!
A Bitcoin wallet is typically an app, website, or software that allows access to send Bitcoin. To help you choose a wallet, we have reviewed many wallets, discussing what makes each one unique, along with its target audience. These apps usually do the following:
- store addresses
- scan QR addresses (to eliminate errors in typing addresses)
- confirm balances
We recommend blockchain.info as a beginner wallet because of ease-of-use and integration with smartphones. There are wallet apps for both iOS and Android.
This is probably the most lengthy part of beginning with Bitcoin. Bitcoin can be received from a variety of free services, or bought with a variety of choices. Our Bitcoin exchange reviews and free bitcoin section help you find out how to get Bitcoin!
You can get free Bitcoin once you input your address in these websites:
Why does Bitcoin matter?
Bitcoin’s origins and “secret sauce” lies in cryptography making it both the most powerful and secure decentralized distributed computational network on the planet. In comparison, this power far exceeds many other large scale businesses and entities forming government. Since Bitcoin has a limit production of 21 million bitcoins (divisible in smaller units), it is innately deflationary. Dollars are not backed by gold anymore since long time ago, they are printed by the trillions out of nothing by the all powerful “Federal” Reserve. Bitcoin directly opposes fiat money.
“Although Bitcoin is slowly moving past the “Wild West” period, it is still a liberating idea. Bitcoin is not controlled by any centralized entity, and is worth only what people are willing to pay. It embodies the culture of the internet.”
What is Bitcoin?
“Understanding how Bitcoin is transferred, created, and mined is unnecessary to buy and spend them.”
For anyone that does want to know, it begins with machines “mining” for Bitcoin by solving “blocks”. These machines help to keep a log of Bitcoin transactions. This ledger is called the blockchain. Mined bitcoin go to those who helped mine them and are collected, stored, and moved between wallets, based on user inputs. In a nutshell, all cryptocurrency operate off this premise, a blockchain, addresses, and mining.
Then these created cyber coins are held by end users in a few different mediums. Exchanges, wallet storage applications, other crypto coin service providing websites, and some are stored directly on computer hardware. We’re talking about a computer generated currency here. Crypto coins are a new revolutionary disruptive technology that act as another asset class. Crypto currencies are taking shape as a new financial asset vehicle never before seen, which by our estimates are here to stay.
How to Store and send your Crypto Coins
Just use your Bitcoin app’s QR reader to send and receive bitcoin, or use your wallet’s address. The address is a long string of letters and numbers that starts with a 1, and that’s it. All the major exchanges and crypto currency service providers are setup to facilitate transactions in a similar manner using QR code and/or address. There are a growing number of vendors who are beginning to accept payment in bitcoins/cryptocoins.
- Setup your crypto coin wallet. There are a few apps and services that allow you to store your crypto coins, (we’ve been using Blockchain.info to handle short-term storage of low volumes of BTCs think of it as a real life wallet or checking account) This is good enough to begin with but not recommended for storing serious quantities of bitcoins.
- Collect crypto coin(s) by mining yourself, a cloud mining service, buying in person through a Localbitcoins.com type service, or purchasing online through an exchange like bitstamp.net or Linkup and pair your cryptocoins to your storage device.
- And that’s it. All you need is a wallet or exchange and a way to obtain your cryptocoins, and you’re ready to begin your journey into the exciting world of a new class of currency. Once you have your cryptocoins the next step is to figure out what you plan on doing with your haul, figure out your long-term crypto strategy. Are you going to buy and hold for the long run, hoping for a significant price increase over the months or even coming years? Do you want to setup your own mining operation? Or are you interested in setting up your own payment processor application, or another crypto coin related service/program. The possibilities are vast. Where you go with it is based on your personal preferences and capabilities.
Don’t hesistate, get started with Bitcoin Now!
The time to get involved is now, don’t wait. Buying Bitcoin is like buying Apple before the iPod.
Even if you never get a bitcoin, send them, or recieve them, having a wallet is invaluable to helping Bitcoin muster towards mainstream adoption. Crypto currencies are emerging as a new force on the global financial scene and it would be foolish to ignore its presence. Getting started is as simple as grabbing an app or setting up a account with a major exchange or wallet provider and buying crypto coins. Where you go from there, whether it’s with short term price speculation, long term holding, or using your crypto coins to purchase goods and services is your choice. We can’t recommend enough for you to try it out and see for yourself. Where you go from here is up to you, but we will help you explore the vast and intriguing world of Bitcoin!
Last Edited: March 26, 2016