Sanjeev Sabhlok's notes on technology, hardware, gardening

How to buy Bitcoin > How to store Bitcoin > How to use Bitcoin > How to create a Bitcoin wallet

Last year I had purchased a fraction of a bitcoin on Hong Kong based ANXPRO (which verified my Australian bank account and ID details before opening the account – so much for the much-touted ‘anonymity’ of bitcoin).

The next step is to understand how to create a bitcoin wallet, transfer my fraction-of-a-bitcoin to the wallet, and pay for services using bitcoins.

Overall, the system seems to be far more complex than ordinary currency.

Good thing: one can become one’s own “banker” by setting up a “wallet” on one’s own computer.

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

Also: https://bitcoin.org/

BITCOIN HAS TO BE PRODUCED OR BOUGHT

If you mine it, you can produce Bitcoin. For most of us, we have to BUY it. Buying can be done in many ways. I bought it from ANXPRO. You can buy from other places. See this.

YOU DON’T NEED A WALLET TO BUY BITCOIN – EXCHANGES LIKE ANXPRO STORE IT IN YOUR ACCOUNT FOR YOU.

HOW TO STORE BITCOIN

In exchanges or in your own wallet.

HOW TO CREATE BITCOIN WALLET

Install this software (called Bitcoin core) on your computer. I had serious problems doing so. The computer froze, then Bitcoin said it is rebuilding something and started again. Its OK since I have unlimited data but if you have limited data on your internet plan, installing this software can be costly.

ADDENDUM

It’s Still Too Hard to Get Your First Bitcoin

Print Friendly, PDF & Email

sabhlok

View more posts from this author

Leave a Reply

Your email address will not be published. Required fields are marked *