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Key pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a public ledger of all transactionsBitcoins can be stored in a digital wallet and used to buy other currencies or real world goods

Where once a single bitcoin was 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 individuals mined thousands of relatively 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.

All this is done without a central authority or bank.Who generated itBitcoin and also 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 to Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous people have promised 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 decimal place (0.00000001BTC) to buy smaller goods using only a fraction of these coin.How do you store or send bitcoinYou can store and send bitcoins from an encrypted electronic wallet, which can be run as a program on your computer.The wallet works using two keys a private key and a public key which seem to be a seemingly random string of numbers and letters.The private key is kept secret by you and functions as a password that unlocks the wallet and allows you to send any bitcoins associated with it.

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If the web site 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 to be reversed or recovered if a burglar sends your bitcoins to their wallet.After buying your coins you need to transfer them to 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 (that is known as a paper wallet) and stick it in a safe.If you don't save the personal key on your pc or online then recipients can never break in and get your funds.

Bitcoin means different things to different people. For many, it's a future of freely moving currency untied to any central bank. To others, it is a purely electronic entity of questionable value and doubtful origin. But what's Bitcoin, in the most pop over here elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, 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 introduced a platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform is 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 bit of digital currency is worth whatever the market decides through distribution and demand.Transactions are connected to some users Bitcoin speech, which can be stored on its own general ledger, called the blockchain.

This comparative anonymity makes the platform 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 the ledger, the transactions on the blockchain are confirmed by the consensus of every member, offering security and trust without a third-party overseer.One of the most important things to bear in mind when thinking about exactly what Bitcoin (or even bitcoin) is: there is no single answer.