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| Image taken from Coindesk |
Now that the gloomy, boring and rather discouraging part about trading is over, let’s get into the thick of the whole trading business. Before you start with anything you’d want someplace to store your Bitcoins. While real world currency has a whole centralized system in place the digital currency is more decentralized.
The first step is to get a wallet for yourself. The wallet is from where you
send and receive Bitcoins. There are multiple websites and software that allow you to set up a wallet. But you need to remember that with all the crackdown on various services a third party system could go down any day and with that all your Bitcoins will disappear. That’s a worst case scenario but something that has been happening. There are three types of wallets you can go with.
send and receive Bitcoins. There are multiple websites and software that allow you to set up a wallet. But you need to remember that with all the crackdown on various services a third party system could go down any day and with that all your Bitcoins will disappear. That’s a worst case scenario but something that has been happening. There are three types of wallets you can go with.
1. Software based
These are software that you download onto
your system and let’s you start immediately. There are plenty of software available with Bitcoin-Qt, MultiBit, Armory
These are software that you download onto
your system and let’s you start immediately. There are plenty of software available with Bitcoin-Qt, MultiBit, Armory
and Electrum being the most popular ones.
2. Mobile wallets
Adding an extra layer of flexibility gives
you the option of carrying your Bitcoin
wallet around with you on your smartphone. Most of these clients are free and
some of them link up to your NFC so you
can pay using the same at stores that
accept Bitcoins.
Adding an extra layer of flexibility gives
you the option of carrying your Bitcoin
wallet around with you on your smartphone. Most of these clients are free and
some of them link up to your NFC so you
can pay using the same at stores that
accept Bitcoins.
3. Web-service
If you don’t want to worry about hosting
your precious Bitcoins on your personal
computer or mobile device then you have
the option of web-services where all you
need to do is make an account.
If you don’t want to worry about hosting
your precious Bitcoins on your personal
computer or mobile device then you have
the option of web-services where all you
need to do is make an account.
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