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Well, I think I understand the basics of bitcoin transactions now. I still feel clueless.
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Sweet. I've downloaded that one and have it set up currently. It's probably five times better than having your BTC on an exchange account.
In 2013-2014 I ran a full node with Bitcoin Core on the PC I'm using right now...but now the blockchain is a pretty big file size and that's pretty annoying. If you wind up amassing a large amount of Bitcoin, running the full install of Core is wise, if not then Electrum is great.
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You trade it on an exchange just like you would with an e-Trade account, etc. There are a bunch of purely online Bitcoin exchanges where traders (read: degenerate gamblers) all over the world are trading Bitcoin.
You deposit real dollars to your exchange account and then buy Bitcoin. Then that Bitcoin either sits in your account, or you withdrawal it to a wallet program on your computer like Danny did, or you trade it on your exchange account.
And the cool thing is, unlike let's say the NYSE, there's no open & close times. It's 24/7.