If you want to purchase something with Bitcoin, you’ll need to set up a Bitcoin wallet. A bitcoin wallet is like a regular wallet that shops use, but for digital currency. An excellent place to start is the Electrum Wallet. This wallet does not download the whole Blockchain as the Reliable Bitcoin Wallet Core and Exodus do, so it will be much quicker for your computer to sync with this wallet’s chain. If you are looking for an even easier cryptocurrency experience, then Mycelium may be right for you as it has a user interface that is simple and ‘unbelievably fast.’ However, if your primary intention when purchasing bitcoin was security or anonymity, consider using Blockchain or Tor Wallet instead of Mycelium.
Q: Where can I buy bitcoin?
A: Most retailers that accept credit cards and chargebacks accept Bitcoin. There are many places to go to buy your first bitcoin, but most reputable exchanges require that you verify your identity before you can purchase Reliable Bitcoin Wallet. If that’s a problem, there are some websites like LocalBitcoins.com you can use to meet up in person and purchase your first Bitcoin.
Q: Who makes the software I need to get started with Bitcoin?
A: The open-source code that makes up the software is called a ‘Bitcoin client.’ The most typical client is the ‘Bitcoin Core’ wallet created by Satoshi Nakamoto (the person who created the currency). Other clients include the ‘Electrum’ wallet and the ‘Mycelium’ wallet.
Q: How do I set up my Bitcoin Core Wallet?
A: The Bitcoin Core Wallet comes as a zip file containing a ‘blockchain’ folder with two files named bloc and db. The two files contain the whole ledger, so it will be slow to download the entire Blockchain at first. Once you have downloaded the Blockchain from your internet connection, it is recommended that your computer store it on an external hard drive for safekeeping. However, depending on how fast your internet connection is, you may need to wait days or weeks for your computer to finish downloading the Blockchain from this wallet. Therefore, do not remove these files from their default location until completely synchronous with Blockchain. Additionally, if you want to use the ‘blockchain’ folder on your computer as your wallet backup location, you can copy that folder to another location. If you don’t know what to do next, then take a look at this guide on installing and setting up a Bitcoin Core Wallet.
Q: How do I create a backup of my Bitcoin Core Wallet?
A: When you first set up the Reliable Bitcoin Wallet, it will prompt you to store your backup. If this is the first time your computer has downloaded blockchain data, it will take some time to sync with other users around the world and eventually complete. The wallet cannot back up its data until blockchain synchronization has been completed. If you attempt to use the wallet before it is fully synced, your bitcoin will be lost. It is recommended that you ensure your wallet by storing it on an external hard drive.