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Key pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's known as the blockchain a people ledger of all transactionsBitcoins can be stored in a digital wallet and used to buy other currencies or actual 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 comparatively worthless bitcoins as a hobby years back, only to now realise they're rich.One IT employee even threw out a hard drive containing 7,500 bitcoins.
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 mystery as he disappeared from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over the years numerous people have promised to become Satoshi, including Australian computer scientist Craig Wright.
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In case the web site gets hacked or someone gets your login details that they can access and drain your funds from the exchange.There is no way to get a transaction to be revoked or revoked 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 piece of paper (this is known as a newspaper wallet) and stick it in a safe.If you don't store the personal key on your pc or online then recipients can never break in and access your funds.
Bitcoin means different things to different individuals. 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 dubious origin. However, what's Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, basically, a digital currency.
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In fact, it is two considerably more complicated things.Bitcoin has been with us since 2009, when a person (or group) under anonymous the pseudonym Satoshi Nakamoto introduced a platform (Bitcoin, uppercase) that hosts an electronic 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 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 bit of electronic currency is worth whatever the market determines through supply and demand.Transactions are connected to a users Bitcoin address, which is stored on its general ledger, known as the blockchain.