I've forgotten my wallets password. Luckly I haven't got any bitcoins yet, still reading about bitcoins. My question is, now do I reset or create a new password for my wallet?
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There is no way to reset your wallet's password, as Bitcoin-qt is a local application, not an online service.
In your case, as you have not sent any coins to your wallet, you can delete your wallet and create a new one with a new password.
Your wallet.dat file is located in:
C:\Users\YourUserName\Appdata\Roaming\Bitcoin (Vista/Win7)
C:\Documents and Settings\YourUserName\Application data\Bitcoin (Win XP)
~/.bitcoin/ (Linux)
~/Library/Application Support/Bitcoin/ (OSX)
Be careful, and make sure to use a password you can remember or store offline in a secure location next time.
