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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 public 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 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 instances where individuals mined thousands of comparatively worthless bitcoins as a hobby years ago, only to now realise they're 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 created itBitcoin and 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 vanished 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 be Satoshi, including Australian computer scientist Craig Wright.

Once the limit is reached, no more 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 just 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 an app on your computer.The wallet works with two keys that a private key and a public key which seem 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 allows you to send any bitcoins connected with it.

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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 for a transaction to be revoked or revoked 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 private key on your pc or online then hackers can never break in and get your funds.

Bitcoin means different things to different people. For many, it is a future of moving currency untied to any central bank. To 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, an electronic 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 a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of evidence of work data that is expensive and time-intensive to create but can be readily verified.

To mine a bitcoin, a computer must finish a complicated algorithm, essentially going through the work of an extensive calculation in exchange for a few newly minted currency. That piece of digital currency is worth whatever the market decides through distribution and demand.Transactions are connected to some users Bitcoin address, which is saved on its general ledger, known as the blockchain.

This relative anonymity makes the platform appealing for things like incognito purchases over the internet.A key component of Bitcoins blockchain is the simple fact that it is an open, distributed ledger. Through the distributed nature of the ledger, the transactions on the blockchain are confirmed by the consensus of each member, offering security and trust without a check this third-party overseer.One of the most important things to bear in mind when thinking about what Bitcoin (or even bitcoin) is: there is no single answer.