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Essential pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a people ledger of all transactionsBitcoins can be stored in a virtual wallet and used to buy other currencies or actual world goods

Where once a single bitcoin has been worth a few cents it's now worth about $9,200 per coin (November 2017), creating millionaires in the process.There have been many reported cases where people mined thousands of relatively useless bitcoins as a hobby years back, only to now realise they are rich.One IT employee even threw out a hard drive containing 7,500 bitcoins.

This is done with no central authority or bank.Who created itBitcoin and the blockchain technology was made by someone under the pseudonym of Satoshi Nakamoto and released as a working beta in 2009. Satoshi's true identity remains a mystery as he disappeared from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over years numerous individuals have promised to become Satoshi, including Australian computer scientist Craig Wright.

Once the limit is reached, no longer bitcoins can be made.However, a single bitcoin can be subdivided as far down as the decimal place (0.00000001BTC) to buy smaller goods using just a fraction of the coin.How would you store or send bitcoinYou can store and send bitcoins from an encrypted digital wallet, which can be run as an app on your computer.The wallet functions using two keys a private key and a public key which look to be a seemingly random string of numbers and letters.The private key is kept confidential by you and acts as a password that unlocks the wallet and allows you to send any bitcoins associated with it.

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If the web site gets hacked or someone gets your login details that they could access and drain your funds from the exchange.There is no way to visit get a transaction to be reversed or recovered if a thief sends your bitcoins to their wallet.After buying your coins you need to transfer them into a secure digital pocket made by you and not hosted online.You can even write down the pocket's personal key on a piece of paper (that is known as a paper wallet) and stick it in a safe.If you don't save the private key on your computer or online then recipients can never break in and get your funds.

Bitcoin means different things to different people. For some, it is a future of moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable value and doubtful origin. However, what is Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, an electronic currency.

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In fact, it is two considerably more complex things.Bitcoin has been with us since 2009, when a person (or group) under the pseudonym Satoshi Nakamoto introduced a platform (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work data that is expensive and time-intensive to create but can be easily verified.

To mine a bitcoin, a computer has to complete a complicated algorithm, essentially going through the job of an extensive calculation in exchange for a few newly minted currency. That piece of electronic currency is worth whatever hop over to these guys the market decides through supply and demand.Transactions are connected to some users Bitcoin address, which can be stored on its own general ledger, called the blockchain.

This relative anonymity makes the system appealing for things such next page as incognito purchases over the internet.A key component of Bitcoins blockchain is the fact that it is an open, distributed ledger. Throughout the distributed nature of this ledger, the transactions on the blockchain are confirmed from the consensus of every member, offering security and trust without a third-party overseer.One of the most important things to bear in mind when thinking about exactly what Bitcoin (or bitcoin) is: that there is no single answer.