You may have heard of bitcoin. It is a type of digital, or cryptocurrency, which means it is not a physical coin. It is also decentralized, which means there isn’t a bank or a country that controls it. Because it is digital, there are also no physical wallets. Rather, people install a bitcoin wallet app instead. Let’s take a look at some of these apps.
Bitcoin Wallet App Choices
- Bitcoin QT
This was the first wallet around. It has all the features you could possible need, such as multiple addresses to send and receive bitcoins, back your wallet up and track transactions. It is also a very user friendly option, although it may take some time to sync.
Armory is placed over Bitcoin QT. This means it uses the same syncing requirements. It allows you to encrypt and backup your files, as well as enabling you to store your coins offline.
This does not need to you to sync all of bitcoin’s history, which means it requires far less memory and it doesn’t take as long to sync either. It is much more suitable for newbies, in other words.
Like Multibit, this does not require you to sync all of bitcoin’s history. Hence, it is light and quick. It also comes with a passcode that enables you to recover any data you have lost.
Getting to Know Your Bitcoin Wallet App
Once you install your wallet, you should take the time to click on different things so that you get to grips with it. Some of the things to look for include:
- How many bitcoins you currently have.
- What your most recent transactions are.
- An area allowing you to create a QR code and various addresses. You don’t have to have the bitcoin, but if you want to accept bitcoin as part of your business, then the QR code is the way to achieve that. Plus, it is recommended to have separate address labels for all the people who pay you or who you have paid.
- An area through which you can send bitcoin using a special code.
How to Get Your First Bitcoins
Now that you’re all setup, you need to get your first bitcoin. One way to do that is to navigate to http://faucet.bitcoin.st, where you can access a tiny amount of bitcoin to help you get to grips with it. Faucet was originally started by Gavin Anderson, who is also bitcoin’s lead developer. In return for the bitcoins you will receive, you have to accept advertisements each month, generally via SMS. The amount they send is incredibly small, so you can’t get rich from this freebie, but it is does allow you to check that your wallet is working and that you can receive bitcoin. Mainly, however, once you have gone to Faucet and signed up, you will have officially entered the world of bitcoin and started to be part of this growing economy.