How to use a Bitcoin wallet (for newbies)

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This page aims to be the best resource for new users to understand how Bitcoin wallets work, and how to use them.

Introduction

To use Bitcoin, some sort of wallet is needed. There are several wallet programs from you to choose from, as well as a web wallet called My Wallet.

Security

Before proceeding, you should make sure your computer system is secure.

My Wallet

My Wallet is a web wallet. It is rather similar to PayPal in its usage. Here is a simple how to:

  1. Open an account
  2. Choose a strong password
    1. Note - there is no "reset your password" feature. You must not lose your password.
  3. Recommended: Associate an email address with the account, for backup purposes.
  4. You now have a Bitcoin Address, which you can use to receive payments - just email your address to another person, and he can send money directly to this address.
    1. Note - anyone who knows your address might be able to analyze your transactions and estimate how much Bitcoins you own. Understand that Bitcoin is pseudonymous, not anonymous.
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