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judymcconville@roadrunner.com 2017-04-26 13:49:07 -07:00
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@ -132,7 +132,7 @@ image::images/mbc2_0101.png["MyceliumWelcome"]
[TIP]
====
((("adresses", "security of")))Bitcoin addresses start with the digit 1 or 3. Like email addresses, they can be shared with other bitcoin users who can use them to send bitcoin directly to your wallet. There is nothing sensitive, from a security perspective, about the bitcoin address. It can be posted anywhere without risking the security of the account. Unlike email addresses, you can create new addresses as often as you like, all of which will direct funds to your wallet. In fact, many modern wallets automatically create a new address for every transaction to maximize privacy. A wallet is simply a collection of addresses and the keys that unlock the funds within.
((("adresses", "security of")))((("security", "bitcoin addresses")))Bitcoin addresses start with the digit 1 or 3. Like email addresses, they can be shared with other bitcoin users who can use them to send bitcoin directly to your wallet. There is nothing sensitive, from a security perspective, about the bitcoin address. It can be posted anywhere without risking the security of the account. Unlike email addresses, you can create new addresses as often as you like, all of which will direct funds to your wallet. In fact, many modern wallets automatically create a new address for every transaction to maximize privacy. A wallet is simply a collection of addresses and the keys that unlock the funds within.
====
Alice is now ready to receive funds. Her wallet application randomly generated a private key (described in more detail in <<private_keys>>) together with its corresponding bitcoin address. At this point, her bitcoin address is not known to the bitcoin network or "registered" with any part of the bitcoin system. Her bitcoin address is simply a number that corresponds to a key that she can use to control access to the funds. It was generated independently by her wallet without reference or registration with any service. In fact, in most wallets, there is no association between the bitcoin address and any externally identifiable information including the user's identity. Until the moment this address is referenced as the recipient of value in a transaction posted on the bitcoin ledger, the bitcoin address is simply part of the vast number of possible addresses that are valid in bitcoin. Only once it has been associated with a transaction, does it become part of the known addresses in the network.
@ -142,7 +142,7 @@ Alice is now ready to start using her new bitcoin wallet.((("", startref="GSquic
[[getting_first_bitcoin]]
==== Getting Your First Bitcoin
((("getting started", "acquiring bitcoin")))The first and often most difficult task for new users is to acquire some bitcoin. Unlike other foreign currencies, you cannot buy bitcoin at a bank or foreign exchange kiosk, yet.
((("getting started", "bitcoin acquisition")))The first and often most difficult task for new users is to acquire some bitcoin. Unlike other foreign currencies, you cannot buy bitcoin at a bank or foreign exchange kiosk, yet.
Bitcoin transactions are irreversible. Most electronic payment networks such as credit cards, debit cards, PayPal, and bank account transfers are reversible. For someone selling bitcoin, this difference introduces a very high risk that the buyer will reverse the electronic payment after they have received bitcoin, in effect defrauding the seller. To mitigate this risk, companies accepting traditional electronic payments in return for bitcoin usually require buyers undergo identity verification and credit-worthiness checks, which may take several days or weeks. As a new user, this means you cannot buy bitcoin instantly with a credit card. With a bit of patience and creative thinking, however, you won't need to.