Join The Crypto Revolution
“The Crypto Revolution is here”. -Ashton Kutcher
Joining the “crypto” revolution is very simple… You just have to have a bitcoin or other type of “crypto” wallet to participate. I recommend starting with Bitcoin because it’s the original and first cryptocurrency. Although you will want to check out other cryptocurrencies later.
First off, there are three different types of wallets. These types are based on where they function. You have a web wallet, where your bitcoin is accessed by logging into it online. You have a mobile wallet which is an application that resides on your phone. (Note: currently the only mobile wallets available are on Android and Blackberry. Apple has not yet embraced Bitcoin… YET!) Finally you have a computer wallet which is installed on your computer. To get more details about these wallets, you can go here: https://bitcoin.org/en/choose-your-wallet
to acquire a wallet on your computer, follow these simple instructions:
If you want a Bitcoin wallet, go to www.bitcoin.org/en/ and install the Bitcoin Core program. Once you have it fully downloaded, install and run the application. Please be patient. Let the wallet synchronize with the network.
(Note: There are further instructions on https://bitcoin.org/en/choose-your-wallet to choose the right wallet for you.)
Once the synchronization with the network is complete, you can begin using your wallet. At first, you will have no coins there and will need to learn some ways to get some. I will give you some strategies later in this book to get coins cheap, easy, and sometimes free.
First you will need to create your own bitcoin address under the receive bitcoin tab in the Bitcoin Core wallet. The string of code it creates is your receiving address. That string of code is the equivalent of your bank wiring code, and will serve the same purpose. To send bitcoin use the send tab of the Bitcoin Core wallet and enter the amount and to what address you wish to send bitcoin.
If you want to support my writing career and test out sending coin, you can send it to my Bitcoin College Fund here:
1Je1CzBHk8Jg2XFhEDFs6rn5UmnYjizUPH (by the way, this is what a wallet address looks like) – you can create as many of these as you want. See example below:
BITCOIN AND UNIT LINGO
Just like using quarters, nickels and dimes, there are units of measure that you will hear when working with bitcoin. So, remember the following and you will be fine:
bitcoin = 1 unit
decibitcoin = 0.1 or “decibit”
centibitcoin = 0.01 or “centibit”
millibitcoin = 0.001 or “mbit” or “milliebit”
satoshi = 0.00000001
If you want the value in your currency go and visit Coinbase.com and get the current exchange rate then multiply that by the above to get the value.
Example: millibit calculation in dollars.
1 Bitcoin = $450 (as an example, this amount changes by the second because of the market).
The equation is this. if the amount requested was 3.4 millibits, then you would multiply $450 and 0.0034 to get the value of the millibits in USD: $1.53.
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