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Key pointsBitcoin is an electronic 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 instances where people mined thousands of relatively worthless bitcoins as a hobby years back, 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 puzzle 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 the years numerous individuals have promised to be 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 purchase smaller goods using only a fraction of the coin.How would you shop or send bitcoinYou can store and send bitcoins via an encrypted electronic wallet, which is 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 acts as a password that unlocks the wallet and lets you send any bitcoins associated with that.

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In case the web site gets hacked or someone gets your login details that they could get and drain your funds from the exchange.There is no way for a transaction to be reversed or recovered 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 go to this site on a sheet of paper (that is known as a paper wallet) and stick it in a safe.If you don't store the private key on your pc or online then recipients can never break in and get your funds.

Bitcoin means different things to different individuals. For many, it is a future of freely moving currency untied to any central bank. To the others, it is a purely electronic entity of questionable value and dubious origin. But what's Bitcoin, in the most basic senseIn official website most casual conversations, you can eliminate knowing that bitcoin is, basically, a digital currency.

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In reality, it is two considerably more complex things.Bitcoin has been with us since 2009, when a person (or group) under the pseudonym Satoshi Nakamoto Our site introduced a platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work information which is expensive and time-intensive to produce but can be readily verified.

To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the work of an extensive calculation in exchange for some 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 address, which is saved on its own general ledger, called 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 fact that it is an open, distributed ledger. Throughout the dispersed nature of this ledger, the transactions on the blockchain are verified from the consensus of every member, offering protection and trust without a third-party overseer.One of the most important things to bear in mind when thinking about exactly what Bitcoin (or bitcoin) is: there is no single answer.