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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 Purchase 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 instances where people mined thousands of comparatively worthless 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 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 puzzle as he disappeared from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist in 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 purchase smaller goods using only a fraction of these coin.How do you store or send bitcoinYou can store and send bitcoins via an encrypted electronic wallet, which can be run as an app on your computer.The wallet functions with 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 lets you send any bitcoins associated with that.

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If 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 for a transaction to be revoked or revoked if a thief sends your bitcoins to their wallet.After buying your coins you need to transfer them into a secure digital wallet created by you and not hosted online.You can even write down the pocket's personal key on a piece of visit the website paper (this is known as a newspaper 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 access your funds.

Bitcoin means different things to different people. For many, it's a future of moving currency untied to any central bank. To others, it's a purely electronic entity of questionable worth and doubtful origin. But what is Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, a digital currency.

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In fact, 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 stage (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work information which is expensive and time-intensive to create but can be readily verified.

To mine a bitcoin, a computer must finish a complicated redirected here algorithm, essentially going through the work of an extensive calculation in exchange for a few newly minted currency. That bit of electronic currency is worth whatever the market decides through distribution and demand.Transactions are connected to a users Bitcoin speech, which is saved on its own general ledger, known as the blockchain.

This comparative 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. Through the distributed nature of this ledger, the transactions on the blockchain are confirmed by the consensus of each 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.