Bitcoin for Beginners: How to Get a Wallet

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Bitcoin for Beginners

A Bitcoin Wallet is ]a file that is used to send and receive Bitcoins. We can say that file contains “digital money”; though in more technical terms, it contains encryptions keys that makes you the sole master of your Bitcoin. This digital, encrypted identification also allows you to authorize your payments to other users.

Getting a Bitcoin Wallet is as easy as buying a leather-made wallet. What you, at the end, need is a market that provides you such objects. In case of digital currency, the Bitcoin wallet can be owned by two simple, and most popular methods, explained consecutively as follows:

1. Through an official Bitcoin client
An official Bitcoin client is more like software that can be installed on your computer, running on either Windows, MAX or Linux operations system. You can download and install it from Bitcoin.org – the official Bitcoin page. Upon being installed, this client automatically creates a wallet and starts downloading transaction history (string of blocks). This step might take 30 minutes to over an hour.

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2. Through Online Services
There are several websites that offer online wallet services. They don’t usually require you to download any software; you just need to register yourself as a user for each account you want to open. Though, please note that private keys for the online wallets are not stored on your hard disk or any of your storage devices; instead, it is saved online. This means the safety of your wallet is managed by the website at which you are opening your account. So always check the reputation of these wallet providers before signing up with them.

Although to ensure maximum safety for your online wallets, we recommend you use an extensive password that is hard to decipher by hackers.

The aforementioned options provide you with Bitcoin addresses, which looks something like this:

14yK18YMcFeTLKcDFqj1482kBPFqafYdk8

This addresses are used to receive Bitcoin in your wallet. To send Bitcoin, you are given the similar addresses of other users.

In our next lesson, we will discuss how to obtain Bitcoins.

To contact the writer of this tutorial: Yashu Gola at yashu@forexminute.com

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