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Essential 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 Purchase 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 cases where individuals mined thousands of comparatively worthless bitcoins as a hobby years back, only to now realise they're 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 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 in the Bitcoin Foundation.Over the years numerous people have promised to become 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 only a fraction of the coin.How would 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 functions with two keys 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 find more acts as a password that unlocks the wallet and allows you to send any bitcoins associated with that.

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If the web site gets hacked or someone gets your login details they can access and drain your funds from the exchange.There is no way for a transaction to be reversed or recovered if a from this source thief sends your bitcoins for their wallet.After buying your coins you need to transfer them to 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 (this is known as a paper wallet) and stick it in a safe.If you don't store the personal key on your pc or online then hackers can never break in and get your funds.

Bitcoin means different things to different people. For some, it's a future of freely moving currency untied to any central bank. To others, it is a purely digital entity of questionable worth and doubtful origin. However, what's Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, an electronic currency.

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In fact, it is visit the site two much more complicated 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 platform 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 has to complete a complicated algorithm, essentially going through the job of an extensive calculation in exchange for a few newly minted currency. That bit of digital currency is worth whatever the market determines through supply and demand.Transactions are connected to some users Bitcoin address, which can be stored on its own general ledger, called the blockchain.

This relative anonymity makes the platform appealing for things such as incognito purchases within the internet.A key component of Bitcoins blockchain is the simple fact 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 security and trust without a third-party overseer.One of the most important things to keep in mind when thinking about exactly what Bitcoin (or even bitcoin) is: that there is no single answer.