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Essential pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's known as the blockchain a people ledger of all transactionsBitcoins can be stored in a digital wallet and used to Purchase other currencies or real world goods
Where once a single bitcoin was 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 instances where people mined thousands of comparatively worthless bitcoins as a hobby years ago, only to now realise they are rich.One IT employee even threw out a hard drive containing 7,500 bitcoins.
All this is done without a central authority or bank.Who created itBitcoin and also the blockchain technology was created by someone under the pseudonym of Satoshi Nakamoto and published as a working beta in 2009. Satoshi's true identity remains a puzzle as he disappeared from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous individuals have promised to be Satoshi, including Australian computer scientist Craig Wright.
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In case the web site gets hacked or someone gets your login details that they could get and drain your funds from the exchange.There is no way for a transaction to be reversed or recovered if a burglar sends your bitcoins to their wallet.After buying your coins you need to transfer them to a secure digital pocket made by you and not this post hosted online.You can even write down the pocket's personal key on a piece of paper (that is known as a newspaper wallet) and stick it in a safe.If you don't store the personal key on your computer or online then hackers can never break in and get your funds.
Bitcoin means different things to different people. For many, it is a future of freely moving currency untied to any central bank. To others, it's a purely electronic entity of questionable value and doubtful origin. But what's Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, a digital currency.
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In reality, it is two considerably more complicated 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 evidence of work data that is expensive and time-intensive to produce but can be readily verified.
To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the job of an extensive calculation in exchange for a few newly minted currency. That bit of digital currency is worth whatever the market determines through supply and demand.Transactions are connected to a users Bitcoin address, which can be stored on its general ledger, called the blockchain.
