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Key pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's known as the blockchain a public ledger of 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 cases where people mined thousands of comparatively useless 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 with no central authority or bank.Who generated 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 mystery as he vanished from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over the years numerous people have promised to be Satoshi, including Australian computer scientist Craig Wright.
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If the website gets hacked or someone gets your login information they can get 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 for their wallet.After buying your coins you need to transfer them to a secure you can try these out digital wallet created 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 save the personal key on your computer or online then hackers can never break in and access your funds.
Bitcoin means different things to different people. For some, it's a future of freely moving currency untied to any central bank. To others, it is a purely electronic entity of questionable worth and doubtful origin. But what is Bitcoin, in the most elementary senseIn most casual conversations, you can get away with 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 an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work data which is expensive and time-intensive to create but can be easily verified.
To mine a bitcoin, a computer has to complete a complicated algorithm, essentially going through the work of an extensive calculation in exchange for some newly minted currency. That piece of electronic currency is worth whatever the market decides through supply and demand.Transactions are connected to some users Bitcoin speech, which is stored on its own general ledger, known as the blockchain.
