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Key pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a public ledger of transactionsBitcoins can be stored in a digital wallet and used to Purchase other currencies or real 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 cases where individuals mined thousands of relatively worthless bitcoins as a hobby years ago, 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 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 disappeared 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 become Satoshi, including Australian computer scientist Craig Wright.
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In case the website gets hacked or someone gets your login information they could get and drain your funds from the exchange.There is no way for a transaction to be reversed or recovered address if a thief sends your bitcoins for 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 sheet of paper (this is known as a newspaper wallet) and stick it in a safe.If you don't save the private key on your pc or online then hackers can never break in and access your funds.
Bitcoin means different things to different people. For many, it is a future of freely moving currency untied to any central bank. To the others, it's a purely digital entity of questionable worth and dubious origin. However, what is Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, basically, a digital currency.
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In fact, it is two considerably more complex 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 platform is find out here 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 has to finish a complicated algorithm, essentially going through the job of an extensive calculation in exchange for some newly minted currency. That piece of digital currency is worth whatever the market decides through supply and demand.Transactions are connected to a users Bitcoin address, which can be saved on its general ledger, called the blockchain.
