How to Establish a BitCoin Wallet, and Collect Coins

BitCoin is a popular digital currency that anyone can invest in, but the basics of earning and keeping BitCoins is a bit more complex than most people may realize.


There is more than one way to invest in BitCoin. A single coin may cost hundreds of dollars, which is the cumulative representation of the power and effort it takes to get one. BitCoins are identifiable by a mathematic string that is used to differentiate one coin from another. Computers can be setup to “mine” these coins, by attempting to solve complex mathematical problems. Solving those strings will reveal the coin, and also helps to reduce the chances of duplication (you would need to know how the algorithm worked in order to solve the equation, so the currency is nearly impossible to replicate).

Rather than mining, or buying a coin worth several hundred dollars, you could try buying a portion of a coin. You can find a milli or microbitcoin, or even a “Satoshi” (which is just a fraction of a bitcoin).

Basic Tips

Don’t over invest! Bitcoin is a new currency that isn’t stable. If you over invest, you’ll end up losing your money if the market takes a downturn. You should be investing only discretionary income, and only after you’ve read up on the currency. It’s suggested that you read Satoshi Nakamoto’s paper explaining how Bitcoin works, and that you monitor the markets before you invest.

Investing in Bitcoin can be fun, but you should take proper precautions to secure your investment from thieves and shield yourself from loss.

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