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Key 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 digital wallet and used to Purchase other currencies or actual 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 individuals mined thousands of relatively useless bitcoins as a hobby years back, only to now realise they are rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.
All this is done without a 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 vanished from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over years numerous people have promised to become Satoshi, including Australian computer scientist Craig Wright.
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If the website gets hacked or someone gets your login details that they could access and drain your funds from the exchange.There is no way to get a transaction to be revoked or revoked if a burglar sends your bitcoins for their wallet.After buying your coins you need to 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 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 individuals. For many, it is a future of freely moving currency untied to any central bank. To others, it is a purely electronic entity of questionable worth and dubious origin. However, what is 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 reality, it is two much more complex 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 an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of evidence of work information which 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 read more job of an extensive calculation in exchange for a few newly minted currency. That bit of electronic currency is worth whatever the market determines through distribution and demand.Transactions are connected to some users Bitcoin address, which is stored on its own general ledger, known as the blockchain.