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Essential pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's known as the blockchain a people ledger of all transactionsBitcoins can be stored in a virtual wallet and used to Purchase other currencies or real world goods

Where once a single bitcoin was 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 worker 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 released 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 in the Bitcoin Foundation.Over the years numerous individuals have claimed 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 eighth decimal place (0.00000001BTC) to buy smaller goods using only a fraction of the coin.How do you shop or send bitcoinYou can shop and send bitcoins via an encrypted electronic wallet, which can be run as an app on your computer.The wallet works with two keys that a private key and a public key which look like a seemingly random string of numbers and letters.The private key is kept confidential by you and functions as a password that unlocks the wallet and lets you send any bitcoins associated with that.

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In case the website gets hacked or someone gets your login details that they could get and drain your funds from the exchange.There is no way to get 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 into a secure digital pocket made by you and not hosted online.You can even write down the pocket's personal 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 computer or online then recipients can never break in and access click this your funds.

Bitcoin means different things to different people. For some, it is a future of moving currency untied to any central bank. To others, it's a purely electronic entity of questionable value and dubious origin. But what's Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, a digital currency.

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In fact, 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 a digital currency (bitcoin, lowercase). Bitcoin the platform 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 has to complete a complicated 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 determines through supply and demand.Transactions are connected to a users Bitcoin speech, which can be stored on its general ledger, known as the blockchain.

This comparative anonymity makes the system appealing for things such as incognito purchases within the internet.A key component of Bitcoins blockchain is the simple fact it is an open, distributed ledger. Through the distributed nature of this ledger, the transactions on the blockchain are confirmed from 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: that there is no single answer.