Welcome to the first lesson in the Bitcoin For Beginners series. Today you will be learning how to create a Bitcoin Wallet which will securely store your precious Crypto. But before we start let's get some basic stuff out of the way. Since you are here, click on "Bitcoin" in the upper left corner to get a briefing on what Bitcoin is. It's pretty basic but gives a general understanding. After reading, come on back so we can get started.
So now you know that Satoshi Nakamoto created Bitcoin after the financial crisis of 2008. It's an open-source project like the internet and is not controlled by any centralized person or group of persons, which is where the term "Decentralized" originates from. The main purpose to be decentralized is so that YOU are in control of your finances and, YOU are your own bank. It eliminates the need for Banks and Governments to hold and control YOUR money and charge you for it. Whether you send $100 or $1 Billion, the fees are fixed and not a percentage with Bitcoin. Imagine what your bank would charge you to send a billion dollars!
Before we get your first wallet set up, I want you to understand what all those decimals mean. EX. 0.00015625 BTC is 15625 Satoshi. "Satoshi" are the individual units that make up a Bitcoin. 1 Bitcoin = 100,000,000 Satoshi so 0.5 BTC = 50,000,000 Satoshi which is half of a Bitcoin. So if you hear someone say they have 1 million Satoshi then they have 1 percent of a Bitcoin or 0.01 BTC. Yes, you can buy less than 1 whole Bitcoin and this is one of the biggest misunderstandings about Bitcoin. If the price of Bitcoin is $10,000 and you have $250 to buy with, then you can buy 0.025 BTC. Please ask questions in the comments if you need more help understanding this. You need to fully understand this before you go any further.
There are lots of wallets you can use to store your Bitcoin and Crypto but the easiest one for beginners is a Blockchain wallet. There you can create a wallet and get your first Bitcoin address.
In the "Bitcoin for Beginners Introduction" I stated that many Bitcoin tasks seem daunting or intimidating and that may be true at first glance. But you will begin to see now as we create your wallet, that in fact it's not that hard at all. Let's get you a wallet now!
Go to Blockchain.com and click "Sign Up"
Use Your Best Email & Very Strong Passphrase
Confirm Your Email and Please Take The Tour
Now You Have A Bitcoin Wallet WooooHoooo
Congratulation, you now have your very own Bitcoin Wallet! Protect and secure it the same ways you would your bank account, after all that's what it is. Thank you very much for your time, I hope you learned something and enjoyed it.
Look for the next lesson of the "Bitcoin For Beginners" series in the next day or so. The Topic will be "How and Where To Get Bitcoin For FREE" and I'll teach you all of the different methods. Until next time...
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