To begin with, let's break down the word, Bit-Coins. That in itself says a lot about the currency itself. It is a coin made of computer bits. You know, the bytes and the bits story you hear from your phone company when they want to charge you like they own the zeroes on your hard drive. So, coins made from bits. Yes, simply put, they are coins that exist on and in our world of technology, our phones, our computers and tablets, anything with a computer operating system today can very likely store bitcoins.
Bitcoin, the Currency and How it is Divided
When Bitcoins started out they were worth very little. I remember reading that the very first transaction was made at a pizza placeopen_in_new the first guys knew and they convinced them to be the first to accept bitcoins. 10,000 bitcoins were paid for that pizza! A little over 6 million dollars in today's value.
The Important Bitcoin Denominations
Simple Formula for Bitcoin Denominations
The actual formula to arrive at a Bitcoin amount is like so:
Where do I get a Bitcoin Wallet?
We like Mycelium. They seem to have the most popular wallet. Buyer beware statement, do your research and make sure you get a wallet you are comfortable with. There are other bitcoin wallets, and here is a short list of the possibilities just to prime your search options: This list and much more is available (stolen) from https://www.weusecoins.com/en/find-the-best-bitcoin-wallet/open_in_new So if you want to read more in-depth descriptions and get more information, feel free to visit them.
Mobile Wallets for Desktop
We are only going to mention one wallet for a desktop, though there are many more. This wallet works on Windows, Mac, Linux and Android. Solid wallet.
Mobile Wallets for Android
Mycelium is a favorite among experienced Bitcoin users. It’s an HD wallet with many advanced features, like support for hardware wallets TREZOR and Ledger, watch-only accounts, cold storage spending, and Tor.
Bitcoin Wallet was the first Bitcoin wallet for Android. It’s simple, easy to backup, and connects directly to the Bitcoin network with SPV.
AirBitz is another Bitcoin wallet that’s great for everyday use. It’s integrated with Fold, meaning you can get 20% discounts at Starbucks from within the wallet. Airbitz manages accounts with usernames and passwords, but doesn’t have access to your funds. This type of account creation is easier for less technical users.
GreenBits is the native version of GreenAddress. It’s fast and simple.
Mobile Wallets for iOS
Breadwallet’s combination of simplicity and security has made it the most popular iOS wallet. iPhone users in search of their first Bitcoin wallet should find Breadwallet easy to understand.
Copay is available in the App Store.
AirBitz is also available in the App Store.