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Essential pointsBitcoin is an electronic 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 Purchase other currencies or real 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 cases where individuals mined thousands of comparatively worthless bitcoins as a hobby years ago, only to now realise they're rich.One IT employee even threw out a hard drive containing 7,500 bitcoins.
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 mystery as he disappeared from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over years numerous individuals have claimed to be Satoshi, including Australian computer scientist Craig Wright.

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In case the website gets hacked or someone gets your login information they can access and drain your funds from the exchange.There is no way to get a transaction hop over to here to be revoked or revoked if a thief sends your bitcoins to their wallet.After buying your coins you should transfer them into a secure digital wallet created by you and not hosted online.You can even write down the wallet's private key on a sheet of paper (that is known as a paper wallet) and stick it in a safe.If you don't save the private key on your pc or online then recipients can never break in and access your funds.
Bitcoin means different things to different people. For many, it is a future of moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable value and dubious 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 much more complex 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 an electronic currency helpful site (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work information that is expensive and time-intensive to create but can be readily verified.
To mine a bitcoin, a computer must finish a complicated algorithm, essentially going through the work of an extensive calculation in exchange for some newly minted currency. That piece of digital currency is worth whatever the market determines through supply and demand.Transactions are connected to some users Bitcoin speech, which is saved on its general ledger, called the blockchain.
