The predicted growth of BitCoin popularity has also touched HYIP-investors. At least, users give regular hints to it in their e-mails concerning the question of system peculiarities and projects accepting this payment method. Moreover, the other day I’ve got my first referral commission in this currency, and it speaks about investors’ desire to join the experiment and try the capacities of the cryptocurrency in action. Everyone who wishes to learn basic BitCoin nuances, choose an appropriate BTC wallet and register it in a compact mode, are invited to read today’s article by clicking More…
To say that BitCoin development is a new step in the progress of virtual payment system sphere is to say nothing. The number of users excited with the idea of being anonymous while sending transactions and complying with the need of paying small or even zero fees keeps growing. Together with that, the question of BitCoin wallet safety is getting more ardent as the experimental status attached to the currency makes us think about unpredictable future of this self-managed system. So before you get involved into a direct registration process of your wallet, I’d recommend you to consider some curious facts that are a must for everyone:
- BitCoin system can be called secured but the responsibility for security of your private wallet utterly and completely rests with you in order to secure your funds stored in BTC wallet from computer and human errors, create autonomous backups which you can store on portable devices (for instance, on a flashcard) or print out set passwords to access your wallet for everyone who wants to sign in (this encryption helps avoid hacker attacks but doesn’t protect from key or program spies). Also, remember to record your password because it is impossible to restore it once it is forgotten in case you use Internet wallets, keep in mind that not a single Internet service can give you a 100% guarantee that your savings are secured since the price for BitCoin is unstable, it is not recommended to store bitcoins in your wallet. It is better to convert your savings into a more static currency if you send money to another BTC user, the transaction can’t be cancelled. That’s why check the recipient’s address carefully, otherwise you will be supposed to count only on honesty of the person who has received your money by mistake (still, BitCoin can detect the misprint in receiving address) BitCoin is not an official currency but it is not worth evading taxes with its help it is possible to be anonymous in the system but you have to take care about it: for instance, user Tor service to hide your IP address and do not name yourself (your BitCoin address is not associated with your name). More details about advantages and outlooks of BitCoin are provided in our previous article (click here to view it).
BitCoin developers have seen to it that you can access your wallet and make a necessary financial transaction on any device and at any place, i. e. on PC, from mobile phone or with the help of Internet wallet. In that way, each user is offered three types of BitCoin wallets:
- a desktop one – it is an optimal type in respect of safety; it is installed on your computer and used to control your funds a mobile one – it is an optimal type in respect of convenience: your money is always at hand and you can use your wallet to pay for goods in shops by having your QR code scanned or applying NTC technology. As for safety, this type is far less safe than the previous one Internet wallet – it allows accessing the system at any place that provides Internet. The most important thing is to choose a reliable Internet service to which you can entrust your wallet.
There are two ways of registering BitCoin wallet for users who are new to the system:
- MultiBit – for Windows, Mac and Linux BitCoin Wallet – for Android-based mobile phones and tablets
We have chosen the first way. Now let’s start the registration process of our desktop wallet!
1. Enter the site multibit. org and pay attention to the right column of the opened page – Download v0.5.13. Pick a necessary type of operation system – Windows Installer~11.7MB (compatible with Windows 2000-8):
2. After that the installation pack for your BTC wallet will be automatically downloaded to your PC. As soon as the download is over, press “Open”.
3. Now you can see the “Welcome to the MultiBit installation” window. Press “Next”. This window suggests you to make wallet backups, go to “Next”.
4. At the fourth stage you should agree with license terms by putting a tick near “I agree the terms of this license agreement” – Next.
5. Indicate the installation path, for instance, C:\Program Files (x86)\MultiBit-0.5.13 and continue the process by clicking on “Next”.
6. Now you can setup backups of the program in the Start-up menu on on desktop. Put the corresponding ticks and go on.
7. Wait till Pack installation progress is shown as finished and Overall installation process is displayed as 1/1 (done).
8. READY! Press “Done”. If you have created a shortcut on your desktop, just double click on it. Here is the result of our actions:
The wallet has been created successfully. The system has given it an individual address (you can check it inside your wallet – Request tab).
Now let’s talk a little bit about wallet management. Here is a brief list of transactions and options available in the system:
1. Create a new wallet. Go to menu File – New wallet – in a dialogue window type a location and a name of the wallet on your PC.
2. Open/Close/Delete a wallet. The first two options can be completed by a standard scheme: File – Open wallet/Close wallet. The delete wallet option is hidden by default in order to prevent unintentional deletion.
3. Password management. To add password and secure your wallet, go to the menu File – Add password. Enter your password and repeat it in the corresponding lines. If both variants coincide, you can save a new password.
If you want to change password, choose the menu option File – Change password. Enter your current password, then add new password and save changes. To delete password go to File – Delete password. Enter current password and press delete.
4. Send bitCoin. To send bitcoin to someone choose the menu Trade – Send bitcoin or click on the Send tab. You need to indicate the address you want to send bitcoin to. Copy/paste the address to the corresponding line, drag and paste the QR-code in the marked field. Add in the amount of bitcoin to be sent. Check all pieces of data and press “Send”.
5. Request bitcoin. To request bitcoin from someone go to Trade – Request bitcoin or click on the Request tab. In order to copy your BTC address use the copy button to the right from the address line (see red marks on the screenshot below). You can copy QR code in the same way and send it to receivers of your address by e-mail, Skype and so on.
6. Transactions. Here you can see the status of the transaction (for example, completed successfully), the data of the transaction, its description and the amount of sent/received bitcoin. Each transaction is confirmed in one hour (as soon as it is done, you will see a green tick near the transaction). The transaction fee is about 0.001 BTC but it can vary depending on the place it takes in the block.
7. Charts. This option allows viewing changes in your active balance within last 30 days (View – Charts).
8. Currency ticker. In short, it shows price of 1 bitcoin to other currencies. All necessary options (including show bitcoin converted to fiat currency) can be set by clicking on ticker as shown below. The current exchange rate can be also traced on this website.
9. Wallet backups. We have talked about it earlier and I’d like to add that while you are working, the system is saving multiple copies of your wallet on the disk. But they will not help if your PC is stolen or broken. That’s why make wallet backups on USB devices.
10. Private keys. A private key is a set of numbers and symbols allowing to manage your balance. Only one private key is intended to each address. To save a private key backup use the Export private keys option (Wallets – Use one wallet – Tools – Export keys). Then repeat all steps from this screenshot. You are supposed to do almost the same actions to import private keys (Wallets – Tools – Import private keys).
11. Get your first bitcoin (or more exactly – 0.00005 BTC) by following this link and doing 3 clicks:
– Enter your BTC wallet address
– Enter captcha
– Press “Done”.
After that you will see the following message:
In other words, we are asked to wait for a while. In the near 24 hours this bonus must be sent to our wallet. Besides that, you will probably win +0.003 BTC more as ad credits. To get them complete an easy registration process, go to your cabinet, press Redeem Voucher and enter the code you’ve got.
I’ve got it!
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