Getting Started

Crypto Tony’s Guide to Bitcoins

1. Background Info

https://en.bitcoin.it/wiki/Main_Page

2. Getting your own personal bitcoin wallet

You need a wallet to be able to store and transfer bitcoins with the use of hash addresses. There are many wallets out there. Some cloud-based where you can access them via internet and there are some that you can download and store into your own personal computer.

I personally prefer to store into my own personal computer and bear the risk of losing them if my computer crashed or if it gets stolen. You would be responsible to secure your own wallet by encrypting it and backing it up in a separate storage media such as a flash drive.

Download the latest wallet over at bitcoin.org

After downloading the wallet, run the program and wait for it to sync. This would take a long time probably 2-3 days of letting it run in the background of your computer. If you are familiar with torrents, you may also do a manual download of the database and paste it in the relevant folder. This would probably be alot faster. More details of the wallet can be found over here.

There are 3 important things to take note with the wallet. First is transferring bitcoins out to another party. Second is to generate addresses to receive bitcoins. You can generate many addresses under the “RECEIVE” tab to receive bitcoins into your personal wallet.  It would be useful to have a different address for each person or site that you would be expecting bitcoins to come from as this would make tracking your source of funds hassle-free. Lastly, to encrypt the wallet with a password.

3. Getting a personal password generator/manager

While you are stepping into the world of bitcoins, it would be advisable to get a password generator and manager. You will be surprised to know just how many sites that you have to register to perform certain stuffs such as going into bitcoin forums, exchanging your bitcoins for your local currency in the exchanges, registering to a pool if you are looking to mine bitcoins or even surfing ads to earn some bitcoins. While it is convenient to have just one username and password, it is DEFINITELY NOT ADVISABLE to do that for all registrations, hence the need for a password manager. There are a couple of free software that you can download, some commercial and some open source. The password manager I use is KeePass. It is open source, free and very easy to use. You can download and know more about it here.

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