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Key pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a people 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 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 useless bitcoins as a hobby years ago, only to now realise they are 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 created by someone under the pseudonym of Satoshi Nakamoto and released 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 into Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over the years numerous individuals have claimed to become Satoshi, including Australian computer scientist Craig Wright.
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If the web site gets hacked or someone gets your login information they can access and drain your funds from the exchange.There is no way to get a transaction to be reversed or recovered if a burglar sends your bitcoins for 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 (that 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 get your funds.
Bitcoin means different things to different individuals. For many, it is a future of moving currency untied to any central bank. To others, it's a purely digital entity of questionable value and doubtful origin. However, what is Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, a digital currency.
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In fact, 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 a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work information which is expensive and time-intensive to create but can be easily verified.
To mine Learn More Here a bitcoin, a computer has to finish 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 decides through distribution and demand.Transactions are connected to a users Bitcoin address, which is stored on its own general ledger, known as the blockchain.