It's a way to store bitcoins. It is specifically designed to store bitcoins. It can run on any computer (including Apple's), laptop or mobile device. You can also use it to store bitcoins on thumb drives. This is an option if you are worried about being hacked. The twins Winklevoss*, who have invested millions in bitcoin, stored their money on hard drives, which they then placed into a safe deposit box.
The Winklevoss twins were the original ones to invent the social networking site Facebook. They hired Mark Zuckerberg, who took their idea and made it his own.
What do you need to know about having a bitcoin wallet on your computer?
You can now download the original Bitcoin wallet or client in Windows and Mac formats. These wallets are not only for your bitcoins. They are part of the entire bitcoin network. They can receive, store and send bitcoins. You can create one or more addresses with a click (an address is a number that looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). A field will appear where you can paste a number from someone you wish to send money to. A QR code can be created that allows someone to take a photo with their smartphone and send you bitcoin. These can be given out in a safe manner. The QR code and address are for my donation page. Don't hesitate to give!
This wallet can be used as both a wallet and part of the Bitcoin system. Bitcoin works because every transaction is broadcast as a number and stored across the entire network. This means that each transaction is verified and made irreversible. Any computer that has the appropriate software can join the system to support and check the network. This wallet acts as both your personal wallet as well as a support system for the network. It will take up between 8 and 9 gigabytes of memory on your computer. It can take up to a day for your wallet to connect with the network after you have installed it. This is normal and does not cause any harm to your computer. It also makes the system safer overall, so it's a good idea.
Bitcoin Qt
The original wallet.
This is a full-featured wallet: create multiple addresses to receive bitcoins, send bitcoins easily, track transactions, and back up your wallet.
Outside of the time it takes to sync, this is a very easy to use option.
Search for Bitcoin Qt wallet download to find their site.
Armory
Runs on top of Bitcoi Qt, so it has all of the same syncing requirements.
Armory allows you to back up, encrypt, and the ability to store your bitcoins off line.
Search for Bitcoin Armory Wallet to find their site.
If you don't want to have that much memory used or don't want to wait for your wallet to sync, there are good wallets that do not make you sync the entire history of Bitcoin
Multibit
A lightweight wallet that syncs quickly. This is very good for new users.
Search for Bitcoin Multibit Wallet to find their site.
Electum
In addition to being quick and light, this wallet allows you to recover lost data using a passcode.
Search for Bitcoin Electum Wallet to find their site.
After you get the wallet set up, take a few minutes clicking around. Things to look for:
There will be a page that shows you how many bitcoins are currently in your wallet. Keep in mind that bitcoins can be broken up into smaller pieces, so you may see a decimal with a lot of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).
There will be an area showing what your recent transactions are.
You will find an area to create an address and a code QR (like the one shown above). The QR code is optional and can be removed at any time. However, if your business accepts bitcoin payments, you will need to show the QR code to someone and have them take a photo of it. You can also create as many addresses you wish. If you need to track where the money came from, each payee could be given a separate labeled address.
