If you want to learn about bitcoin, you should download a bitcoin wallet app and just start to get a feel for them. There is a hype about bitcoin being really difficult and really dangerous as well, but this simply isn’t true. This scaremongering is possibly happening because banks are afraid that someone could have set up something completely decentralized and actually have spending power with it! At the end of the day, you have nothing to lose by giving bitcoin a try. You can even get a tiny amount of bitcoin for free so you can get to grips with it.
Preparing for Bitcoin
Before you can understand bitcoin, you need a wallet. There are lots of bitcoin exchanges around, and they can host your wallet. Most people have multiple wallets with different exchanges and this is something you might want to start doing immediately. This is because bitcoin exchanges are new and still quite volatile, so you need to keep your money safe by regularly moving it around.
What Is a Bitcoin Wallet App?
A bitcoin wallet app is a digital wallet that runs on your smart device. At present, they only work on Android devices, however. You can also have external devices, such as a thumb drive, as a bitcoin wallet, which ensures you are more protected from hackers. This is something the Winklevoss Twins have done, who have millions invested in the system.
You need to stop seeing a bitcoin wallet as something separate from bitcoin itself. A physical wallet is something you buy according to your personal needs and preferences. Perhaps you like leather, or maybe you prefer a purse. You get to decide how many card slots have to go in there, how big of a coin department you want, and so on. A bitcoin wallet, by contrast, is actually part of the network itself. Inside your wallet, there will be fields where you can create bitcoin addresses, which are the codes for people you want to send money to, or receive money from. Your personal code, meanwhile, can be turned into a QR code that others can scan to make payments to you.
Whenever there is a bitcoin transaction, the entire system has to be aware of it. This is why the bitcoin wallet is not a separate thing, but rather part of the whole. Each transaction is recorded on the system and can never be reversed again. Wallets, as such, support the system as a whole. They are your personal space within the network, but they also support the system as a whole. One thing to be aware of, however, is that you will spend between eight and nine gigabytes of memory on your computer to install this wallet. It will also often take a full 24 hours for the wallet to be synced. This may sound awful, but it actually makes the network as a whole more secure for everybody who uses it.