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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 transactionsBitcoins can be stored in a virtual 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 individuals mined thousands of relatively worthless bitcoins as a hobby years back, only to now realise they are rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.

All this is done without a central authority or bank.Who generated itBitcoin and also 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 vanished from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous people have promised to become Satoshi, including Australian computer scientist Craig Wright.

Once the limit is reached, no more 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 shop or send bitcoinYou can shop and send bitcoins via an encrypted electronic wallet, which can be run as an app on your computer.The wallet functions using two keys that a private key and a public key which seem to be a seemingly random string of numbers and letters.The private key is kept confidential by you official source and functions as a password that unlocks the wallet and allows you to send any bitcoins associated with that.

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In case the website gets hacked or someone gets your login details that they could access and drain your funds from the exchange.There is no way to get a transaction to be revoked or revoked if a thief sends your bitcoins for their wallet.After buying your coins you should transfer them to a secure digital pocket made by you and not hosted online.You can even write down the wallet's private key on a sheet of paper (this is known as a newspaper wallet) and stick it in a safe.If you don't store the private 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's a future of moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable worth and dubious origin. But what's Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, an electronic currency.

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In reality, it is two much 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 which is expensive and time-intensive to produce but can be readily verified.

To mine a bitcoin, a computer has to finish a complicated algorithm, essentially going through the work of an extensive calculation in exchange for a find few newly minted currency. That piece of digital currency is worth whatever the market decides through supply and demand.Transactions are connected to some users Bitcoin address, which can be saved on its own general ledger, known as the blockchain.

This comparative anonymity makes the platform appealing for things like incognito purchases over the internet.A key component of Bitcoins blockchain is the simple fact it is an open, distributed ledger. Through the dispersed nature of the ledger, the transactions on the blockchain are verified from 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 bitcoin) is: there is no single answer.