You’ve heard of Bitcoin and you’re ready to get your hands on some digital wealth. However, this may be easier said than done. When you “mine” Bitcoin, you actually verify Bitcoin transactions in the public, decentralized ledger of Bitcoin transactions (called the blockchain). Every time you find a new block to add to the chain, the system gives you some Bitcoin as a reward. Back in the early days of Bitcoin, it was easy to mine Bitcoin using your own computer. However, as the cryptocurrency has become more popular, it has become all but impossible for individuals to make a profit mining Bitcoin. That doesn’t stop a lot of people from trying, though. If you want to mine Bitcoin, you can either sign up with a cloud-mining company or build your own mining rig to mine for yourself
1.Download a software or mobile wallet if you’re just getting started. Software wallets are kept on your computer, while mobile wallets are apps that you install on your smartphone. Software and mobile wallets are reasonably secure, can be downloaded for free, and are suitable for smaller amounts of Bitcoin.
- You can find a list of secure wallets approved for use with Bitcoin at https://bitcoin.org/en/choose-your-wallet.
Some wallets are hybrid, meaning that you can access them through software on your computer and through an app on your mobile phone.
- Trezor and Ledger are two of the more popular hardware wallets available. You can buy them online or at brick-and-mortar stores that sell computer supplies and accessories.
- Make sure the password you choose is secure and would be difficult for anyone to guess. If you have a password manager on your computer or smartphone, you can use that to create a secure, encrypted password.
Tip: If you have a software or mobile wallet, keep in mind that your wallet is only as secure as the device where it’s located. Make sure you have set up robust security on your computer or smartphone, with encryption, a firewall, and up-to-date antivirus protection.