Your guide to getting started with Bitcoin and other altcoins and cryptocurrencies.
STEP ONE: Get A Bitcoin or Altcoin Wallet
A wallet is the place where your cryptocurrency is stored. Wallets have public addresses, which you share with people if you want to receive payments from them, and private keys, which you must keep secret, otherwise anyone can access the money in your wallet.
You’re going to end up with a lot of wallets along the way. You’ll end up with different wallet addresses for each currency you wish to invest in, and then, different wallet addresses for each currency on the different websites you use.
It can all get very confusing! Depending on the amount of cryptocurrency you intend to hold, signing up for an exchange account is a good way to set up a lot of addresses at once. The exchanges will generate addresses for each currency they allow trade in. However, as different exchanges trade in different cryptocurrencies, you may end up joining a lot of them!
For the purpose of this tutorial, set up a simple Bitcoin Wallet. Choose the option that most suits your needs from the Bitcoin.Org Wallet Wizard and move on to STEP TWO to get your first Satoshi, (1 Satoshi = 0.00000001฿ – which is roughly the equivalent of £0.00005 or $0.0001 – whoever said that Bitcoin will make you rich?!)