How to Create and Use Bitcoin Wallet 2014

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Sending coins with Coinbase



How to Create and Use Bitcoin Wallet Complet Guide

What Is Bitcoin:

  • Bitcoin is a decentralized digital currency that uses peer to peer software to make your 'wallet' extremely secure. Bitcoins are worth a lot more than regular digital currency (PP, PZ, LR, Etc.) because there is a cap on how many there can be and each Bitcoin can take an extremely long time to get


  • The trading price of Bitcoins right now is $474.47 USD for 1 BTC. Bitcoin is also completely anonymous so this is the currency that is used for arms and illicit substance trading on the deep web. If you've been there before then you would have seen Bitcoins advertised.



How to get started with Bitcoin:

To get started with Bitcoin you will want to head over to http://bitcoin.org/ and download the Bitcoin software (Windows, Mac, Linux, Ubuntu) I also recommend that you do some reading on what Bitcoin is as the subject can be quite hard to grasp.
Next you'll want to install the Bitcoin software however you won't be able to use it straight away as it needs to synch with every other bitcoin software on other PC's and download every single Bitcoin to your PC (Your PC isn't a user but it's a node, this is why Bitcoin is so secure.) Synchronizing can take up to 40 hours if you are on a slow computer so if you are download Electrum which is a lite version of the Bitcoin client that doesn't need to synchronize, this client however is not as secure nor does it contribute to the health of the Bitcoin network so if you can don't use this.

 Bitcoin is installed and ready you now have your own personal Bitcoin wallet that you can receive and said funds to and from, click on 'Recieve Coins' and you'll be able to see your own Bitcoin wallet's ID, however you can create new ones for different customers as keeping track of transactions can be extremely difficult.

Head over to the Bitcoin wiki for more info on getting started and other general things.

How To Set Up a Wallet:
A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. There are two main types of wallets. A software wallet is one that you install on your own computer or mobile device. You are in complete control over the security of your coins, but they can sometimes be tricky to install and maintain. A web wallet or hosted wallet is one that is hosted by a third party. They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins. There are four main wallets that we recommend for beginners.

Coinbase: 

Coinbase is a web wallet with a simple design and a number of very useful features that make it excellent for beginners. You can send and receive bitcoins via email and buy and sell bitcoins directly from Coinbase. A full-featured Android app enables access to all account functions on the go. Coinbase’s founders have a proven startup track record and have raised money from very prominent venture capitalists. This gives Coinbase a level of legitimacy unparalleled in the Bitcoin space. They are also one of the only large Bitcoin companies to never suffer a major hack. Click here to sign up.




Electrum

Electrum is a software wallet that enables you to set up a strong level of security very quickly. During the simple installation process, you are given a twelve word phrase that will allow you to recover all of your bitcoins in the event that your computer fails. Your wallet is also encrypted by default which helps protect your coins against hackers. Electrum is available for Windows, OSX, and Linux and is our recommended software wallet for beginners. Click here to download the right version for your operating system.

Bitcoin Wallet for Android and Blackberry,IOS

For those looking for mobility and security, we recommend the simply-titled Bitcoin Wallet mobile app. There is a version for both Android and BlackBerry OS. It is a software wallet, so you retain complete control over your bitcoins. It also works well with QR codes and NFC, making transferring coins to someone else’s phone easier than writing a check. Be sure to backup your wallet (with the included “Backup Wallet” feature) or you risk losing all your coins the next time you get too close to a pool.

Blockchain.info:

One of the quickest and easiest ways to get a Bitcoin wallet is to simply go to Blockchain.info and fill out their brief requirements. Blockchain.info is another web wallet like Coinbase and provides a simple setup and mobile access to your account via their Android app. They also provide a number of other useful services to the Bitcoin community. How to create a bitcoin wallet See here


Other Wallets :

We also recommend a few other wallets, but not for the beginning Bitcoin user. If you are up for more of a challenge, Armory is a good choice for those requiring the highest possible security, and the original Bitcoin-Qt client is also trusted and worth learning how to use.

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