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Essential pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a public ledger of transactionsBitcoins can be stored in a virtual wallet and used to buy 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 cases where people mined thousands of comparatively worthless bitcoins as a hobby years ago, only to now realise they are rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.

All this is done with no central authority or bank.Who generated itBitcoin and the blockchain technology was made 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 individuals have claimed 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 purchase smaller goods using just a fraction of these coin.How would you shop or send bitcoinYou can shop and send bitcoins via an encrypted electronic wallet, which is run as a program on your computer.The wallet functions using two keys a private key and a public key which look to be 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 they could get and drain your funds from the exchange.There is no more tips here way to get 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 wallet created by you and not hosted online.You can even write down the wallet's private key on a piece of paper (that is known as a newspaper wallet) and stick it in a safe.If you don't save the private key on your computer or online then hackers can never break in and get your funds.

Bitcoin means different things to different individuals. For some, it is a future of moving currency untied to any central bank. To the others, it's a purely electronic 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, a digital 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 (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work information that is expensive and blog here 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 job of an extensive calculation in exchange for some newly minted currency. That bit of electronic currency is worth whatever the market decides through distribution and demand.Transactions are connected to a users Bitcoin address, which is stored on its own general ledger, called 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 it is an open, distributed ledger. Through the distributed nature of the ledger, the transactions on the blockchain are verified from the consensus of every member, offering security 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.