Thursday, January 16, 2014

Part 1 - Bitcoin 101: What is Bitcoin? Where do I start?

Bitcoin 101: What is Bitcoin? Where do I start? 
This is the first post in a series. Read the 2nd post here

This is the first post in the series Bitcoin 101. Bitcoin 101 are all helpful guides on how to get started with Bitcoin. If you are new to Bitcoin and Cryptocurrencies welcome. For most folks Bitcoin can seem a bit confusing or even mysterious at first. However, with some basic knowledge it will all begin to make scene and your will be able to see why Bitcoin is truly revolutionary.

What is Bitcoin?
Many more people have been able to explain what Bitcoin is more concise and eloquent than I could, so in this section I will direct you to towards that information. 

*Coindesk has a helpful Beginner's guide to Bitcoin 
 Additionally, you may want to read this article - Still don't get Bitcoin? Here's an explanation a 5-year-old will understand

*The official Bitcoin Forums has tons of information. However, because there is so much information is can be hard to find what you need sometimes. For the most part the users are friendly and helpful. It may be useful to you to make an account and participate in the forum.

* Reddit has a nice Bitcoin section also with an active and helpful community.

* The Bitcoin wiki is another great source of information.

*This Iconographic does a good job of explaining some of the basics of Bitcoin 

*The denominations in Bitcoin can be confusing to some (they were for me at first) so I made a blog post explaining it - mBTC, ╬╝BTC, Satasha-what? Denominations for small amounts of Bitcoin

Bitcoin Wallet 

Ok, now that you know all about Bitcoin the next step is getting some of your very own. To do this first you must establish a Bitcoin "wallet." A wallet is just a specific Bitcoin address that you control. There are 3 different types of Bitcoin wallets, Software, Web, and Moblie. 

Software wallets are installed on your computer. They give you complete control over your wallet. You are responsible for protecting your money and doing backups. However, they can be somewhat resource intensive. 

Bitcoin QT - The original and still updated full QT. It is resource intensive but it gives you full control over your wallet.  

Multibit - newer and less resource intensive than the original QT

Web wallets with a web wallet a company or organization hosts your wallet, private keys, and content. Great because they can be accessed anywhere with an internet connection. However, you have to trust the website to take care of your information. If the website gets hacked, or is malicious, you will loose your coins. 

Coinbase - I recommend this wallet for beginners. Its secure and connected to an exchange so you can easily buy your first Bitcoins. Has secure and helpful Android and iPhone aps. 

Blockchain  - Also great wallet for beginners and a good resource to track Bitcoin transactions. 

Mobile wallets allow you to bring Bitcoin with you in your pocket. You can exchange coins easily and pay in physical stores by scanning a QR code or using NFC "tap to pay". However, some may be unnecessary as good web wallets also have a phone ap. 


Android Mobile Wallet

***This post is still a work in progress. More will be added. If there are any other good sources of information or wallets that I should include please let me know. -  @Bitcoin_Altcoin ****

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