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Essential pointsBitcoin is a digital 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 digital wallet and used to buy other currencies or real world goods

Where once a single bitcoin was worth a few cents it is 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're rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.

This is done with no central authority or bank.Who generated itBitcoin and also the blockchain technology was made 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 vanished from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over the years numerous individuals have promised to be 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 purchase smaller goods using only a fraction of these coin.How would you store or send bitcoinYou can shop and send bitcoins from an encrypted digital wallet, which is run as a program on your computer.The wallet works with two keys that a private key and a public key which look like a seemingly random string of numbers and letters.The private key is kept confidential by you and acts as a password that look at more info unlocks the wallet and allows you to send any bitcoins associated with it.

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In case 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 for a transaction to be reversed or recovered if a thief sends your bitcoins for their wallet.After buying your coins you need to transfer them to a secure digital wallet created by you and not hosted online.You can even write down the pocket's personal key on a sheet of paper (this is known as a paper wallet) and stick it in a safe.If you don't store the personal key on your pc 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 freely moving currency untied to any central bank. To the others, it's a purely digital entity of questionable value and dubious origin. However, what is Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, 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 stage (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform 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 must finish a complicated algorithm, essentially going through the job of an extensive calculation in exchange for some newly minted currency. That bit of digital currency is worth whatever the market determines 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 comparative anonymity makes the system appealing for things such as incognito purchases within the internet.A key component of Bitcoins blockchain is the simple fact that it is an open, distributed ledger. Through the dispersed nature of the ledger, the transactions on the blockchain are verified by the consensus of every member, offering protection and trust without a third-party overseer.One of the most important things to keep in mind when thinking about what Bitcoin (or even bitcoin) is: that there is no single answer.