How to Buy Bitcoin - Step One

The best way to learn 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 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.

Preparation

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?

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 invested in bitcoin, put their investment on hard drives which they then put into a safety deposit box.

The Winklevoss twins are the ones who originally had the idea for a social networking site that became Facebook. They hired Mark Zuckerberg who took their idea as his 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. 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!

NOTE: This type of wallet acts both as a wallet for you and as part of the bitcoin system. The reason bitcoin works is that every transaction is broadcast and recorded as a number across the entire system (meaning that 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 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 a day for the wallet to sync with the network. This is normal, does not harm your computer, and makes the system as a whole more secure, so it's a good idea.

The Definition of Bitcoin

Bitcoin is known as the very first decentralized digital currency, they're basically coins that can send through the Internet. 2009 was the year where bitcoin was born. The creator's name is unknown, however the alias Satoshi Nakamoto was given to this person.

Advantages of Bitcoin.

Bitcoin transactions are made directly from person to person trough the internet. There's no need of a bank or clearinghouse to act as the middle man. Thanks to that, the transaction fees are way too much lower, they can be used in all the countries around the world. Bitcoin accounts cannot be frozen, prerequisites to open them don't exist, same for limits. Every day more merchants are starting to accept them. You can buy anything you want with them.

How Bitcoin works.

It's possible to exchange dollars, euros or other currencies to bitcoin. You can buy and sell as it were any other country currency. In order to keep your bitcoins, you have to store them in something called wallets. These wallet are located in your pc, mobile device or in third party websites. Sending bitcoins is very simple. It's as simple as sending an email. You can purchase practically anything with bitcoins.

Why Bitcoins?

Bitcoin can be used anonymously to buy any kind of merchandise. International payments are extremely easy and very cheap. The reason of this, is that bitcoins are not really tied to any country. They're not subject to any kind regulation. Small businesses love them, because there're no credit card fees involved. There're persons who buy bitcoins just for the purpose of investment, expecting them to raise their value.


Ways of Acquiring Bitcoins.

1) Buy on an Exchange: people are allowed to buy or sell bitcoins from sites called bitcoin exchanges. They do this by using their country currencies or any other currency they have or like.

2) Transfers: persons can just send bitcoins to each other by their mobile phones, computers or by online platforms. It's the same as sending cash in a digital way.

3) Mining: the network is secured by some persons called the miners. They're rewarded regularly for all newly verified transactions. Theses transactions are fully verified and then they are recorded in what's known as a public transparent ledger. These individuals compete to mine these bitcoins, by using computer hardware to solve difficult math problems. Miners invest a lot of money in hardware. Nowadays, there's something called cloud mining. By using cloud mining, miners just invest money in third party websites, these sites provide all the required infrastructure, reducing hardware and energy consumption expenses.

Storing and saving bitcoins.

These bitcoins are stored in what is called digital wallets. These wallets exist in the cloud or in people's computers. A wallet is something similar to a virtual bank account. These wallets allow persons to send or receive bitcoins, pay for things or just save the bitcoins. Opposed to bank accounts, these bitcoin wallets are never insured by the FDIC.

Types of wallets.

1) Wallet in cloud: the advantage of having a wallet in the cloud is that people don't need to install any software in their computers and wait for long syncing processes. The disadvantage is that the cloud may be hacked and people may lose their bitcoins. Nevertheless, these sites are very secure.

2) Wallet on computer: the advantage of having a wallet on the computer is that people keep their bitcoins secured from the rest of the internet. The disadvantage is that people may delete them by formatting the computer or because of viruses.

Bitcoin Anonymity.

When doing a bitcoin transaction, there's no need to provide the real name of the person. Each one of the bitcoin transactions are recorded is what is known as a public log. This log contains only wallet IDs and not people's names. so basically each transaction is private. People can buy and sell things without being tracked.

How to Use a Free Bitcoin Generator

Bitcoin is the new cryptocurrency designed by Satoshi Nakamoto in 2007 and was brought into existence in the business-world in 2009, widely accepted by a large number of investors as it promises the higher return on their investments. Bitcoin is used in many countries as an alternative currency. Many bitcoin companies have been established expanding their customer base in various countries by providing lucrative returns and easy convertible policy. A bitcoin generator is becoming a new trend that gives twice or thrice time the sum invested.

Companies are giving security base to their investors still it is influenced by market fluctuations, and the most modern software and hardware solutions, making it understandable to common people bitcoin companies are earning millions of dollars by encouraging their customers to invest more and more and giving higher returns on their investments.


HOW TO USE A BITCOIN GENERATOR

In order to learn how to use a free bitcoin generator, first open the bitcoin software on your desktop screen. Now connect it to your internet server, as it is secured and anonymous you can easily generate or double your problem without any trouble. So the main step in doubling your bitcoin is to first deposit the sum. For depositing the money, you need to enter your bitcoin wallet address in the deposit bar. Now your wallet window is opened, from there transfer your sum to the deposit bar. For this purpose, click on the send button and paste your bitcoin deposit address to send the money to the bitcoin software for doubling your amount. You will see a notification of successful payment transfer in your bitcoin software window. Now, this bitcoin currency will get converted into the software currency, after a few minutes the amount will be doubled automatically. Now click the button deposit, to view the amount deposited and the money doubled. Afterwards click on the button refresh, to get the full summary of your transaction, for example, if you deposited 0.10 bitcoins the amount doubled will be 0.20 bitcoins in your wallet. Now to withdraw your bitcoin money, you need to go to your bitcoin wallet, from there click on receive button and copy the address popping on your window. Next step is to paste the address on withdraw bitcoin bar and click the withdraw button. The whole process will take some time, but after the completion, you will see a notification popping on your screen stating "Bitcoin received" and bitcoins will appear on your wallet.

A bitcoin generator is a simple way of earning easy money. Bitcoin functions on the basis of the cryptographic protocol. Bitcoins are the symbol of currency through which user makes the transaction of receiving and sending the money in bitcoins instead of actual money. Bitcoin generators are a programming software that doubles or triples your bitcoins in 5 to 10 minutes with minimal balance in your bitcoin wallet. There are many companies offering a free bitcoin generator, but before investing do the thorough research as many of them are frauds. Bitcoin is the new currency for the new generation and has a wide scope in coming future.