Starting Out With Bitcoin

An old friend of mine sent me a message yesterday asking me how to start out with Bitcoin. After discussing at length, I told him he needed a wallet to get started.

Setting up a wallet is just like setting up a paypal account or a bank account, except it requires A LOT less information from you.

Ok, so here are a few options...

1. BlockChain.info - This is one of the best around no matter where in the world you live. In fact, it is one of the few wallets that doesn't require any information and they DO NOT hold your private key so if you lose it, you may lose access to the Bitcoin. As far as security and privacy this is our favorite! (they also have a very easy to use mobile app)

2. Coinbase.com - This wallet is one of the most widely supported wallets. They require a lot of verification from you and they do store your private key, although it is likely encrypted so this is just as safe as any bank, but the downside is no privacy. You are required to confirm information about yourself to move Bitcoin around.

3. Xapo.com - This wallet is tops in security and they offer a great cold storage vault. I recommend if you are in a country they support and you are holding a significant amount of Bitcoin you create one of their wallets and then open a vault.

There are also many other options to chose from more launching weekly, you may want to set up multiple wallets and try them out, they are all free!

After you have set up your wallet you will need to purchase Bitcoin and fund your wallet. If you are in #Nigeria, i use luno.com, localbitcoins.com and naira4dollar anytime I am unable to from friends. Outside Nigeria there are many ways to do this from buying it on an exchange like Coinbase, BitStamp, OkCoin, or using a credit card (Circle.com is a good one for this).

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