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Key pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a public 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 is 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're rich.One IT worker even threw out a hard disk containing 7,500 bitcoins.

All this is done without a central authority or bank.Who created itBitcoin and 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 people have claimed to be Satoshi, including Australian computer scientist Craig Wright.

 

 

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Once the limit is reached, no longer bitcoins can be made.However, a single bitcoin can be subdivided as far down as the eighth decimal place (0.00000001BTC) to buy smaller goods using only a fraction of these coin.How would you shop or send bitcoinYou can store and send bitcoins via an encrypted electronic wallet, which is run as an app on your computer.The wallet functions with two keys that a private key and a public key which seem like a seemingly random string of numbers and letters.The private key is kept secret by you 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 information that they can access and drain your funds from the exchange.There is no way for a transaction to be revoked or revoked if a burglar sends your bitcoins to their wallet.After buying your coins you should transfer them into a secure digital pocket made by you and not hosted online.You can even write down the wallet's private key on a piece of paper (this is known as a newspaper wallet) and stick it in a safe.If you don't store the personal key on your pc or online then hackers can never break in and access your funds.

Bitcoin means different things to different individuals. For many, it is a future of freely moving currency untied to any central bank. To others, it's a purely digital entity of questionable value and doubtful origin. But what is Bitcoin, in the most basic senseIn most casual conversations, you can eliminate 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, click for source 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 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 job of an extensive calculation in exchange for some newly minted currency. That bit of digital currency is worth whatever the market determines through distribution and demand.Transactions are connected to a users Bitcoin address, which can be stored on its general ledger, known as the blockchain.

 

 

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This relative anonymity makes the system appealing for things like incognito purchases over the internet.A key component of Bitcoins blockchain is the fact that it is an open, distributed ledger. Throughout the dispersed nature of the ledger, the transactions on the blockchain are confirmed from the consensus of each member, offering security 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.

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