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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 people ledger of 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's 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 relatively useless 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 with no 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 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 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 purchase smaller goods using just a fraction of the coin.How do 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 functions using two keys 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 allows you to send any bitcoins connected with that.

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In case the website gets hacked or someone gets your login details they could access and drain your funds from the exchange.There is no way to get a transaction to be reversed or recovered if a thief sends your bitcoins to their wallet.After buying your coins you should 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 sheet of paper (that is known as a newspaper 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 some, it's a future of moving currency untied to any central bank. To others, it is a purely digital entity of questionable value and doubtful origin. However, what's Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, an electronic currency.

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In reality, it is two considerably more complicated things.Bitcoin has been with us since 2009, when a person (or group) under the pseudonym Satoshi Nakamoto introduced a stage discover here (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of evidence of work information which is expensive and time-intensive to produce 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 determines through supply and demand.Transactions are connected to a users Bitcoin address, which can be saved on its general ledger, known as the blockchain.

This relative anonymity makes the platform appealing for things like incognito purchases within the internet.A key component of Bitcoins blockchain is the simple fact it is an open, distributed ledger. Through the dispersed nature of this ledger, the transactions on the blockchain are verified from the consensus of every member, offering protection and trust with no third-party overseer.One of the most important things to keep in mind when thinking about what Bitcoin (or bitcoin) is: there is no single answer.