user4823: 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?

user3067: 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.

4823: <p>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?</p>
 3067: <p>There is no way to reset your wallet's password, as Bitcoin-qt is a local application, not an online service.</p>

<p>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.</p>

<p>Your wallet.dat file is located in:</p>

<pre><code>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)
</code></pre>

<p><strong>Be careful, and make sure to use a password you can remember or store offline in a secure location next time.</strong></p>
