BitCoins - You need a wallet for them

You can't just have all your BitCoins lying around, get them stored in a wallet.

Choose your wallet wisely.

There are several software applications which you can download and use as your wallet. After going around the webs I chose the software BitCoin-qt, which seemed as the most trustworthy program, and has been working like a charm since I got it. As mentioned in my former post, you can make a back up file of your BitCoins (there is a back up option in BitCoin-qt). Then if you have to upgrade your OS you can store the back up on a flash drive.

If you don't like having a software applications that stores your BitCoins directly on your computer, there are other but risky options. There are sites such as instawallet, where you have your wallet in the browser. I admit it is smart to be able to access your BitCoins from any computer, just by using the browser. Keep in mind your BitCoins are then stored in other people's hands, if something fails on their site/server, it is your lost, it is not their responsibility to restore your lost BitCoins.

If you just want to test out how a wallet works and looks like, sure you can just try instawallet.

Once you enter the site instawallet it immediately directs you to a unique generated address just for you (still on their own domain) This unique url-address is the address to access the inside of your wallet, in here you can receive and transfer BitCoins.

Keep two important things in mind:

Save the url/bookmark it.
The reason it's important to bookmark/write down the url-address is because, if you loose it, you don't have any chance of getting back into that wallet. So if you stored BitCoins in it, you can't ever access or claim them. Any one can say: "Oh hello instawallet.org, I made a wallet on your site, and I had like 50 BitCoins, could you give me the url-address?" Nobody can see it is truly yours/who it belongs to, and therefore anybody can claim it's theirs.

Never share the url/bookmark.
Don't ever give the url-address to anybody. It would be like going to the local library, log into your bank account and then just leave it, while it's still open there, free for anybody to transfer money from your account to themselves.