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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 public ledger of all transactionsBitcoins can be stored in a virtual wallet and used to buy other currencies or real 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 instances 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 created itBitcoin and also 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 individuals have promised to become Satoshi, including Australian computer scientist Craig Wright.

Once the limit is reached, no longer 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 the coin.How would you store or send bitcoinYou can shop and send bitcoins via an encrypted electronic wallet, which is run as an app on your computer.The wallet functions with two keys a private key and a public key which look like a seemingly random string of numbers and letters.The private key is kept secret by you and acts as a password that unlocks the wallet and allows you to send any bitcoins associated with it.

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If the website gets hacked or someone gets your login information that they could 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 into a secure digital wallet created by you and not hosted online.You can even write down the pocket's personal key on a sheet of paper (this is known as a paper wallet) and stick it in a safe.If you don't store the private key on your computer or online then recipients can never break in and get your funds.

Bitcoin means different things to different individuals. For some, 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. But what's Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, a digital currency.

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In reality, it is two much 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 visit this page hosts a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of evidence of work data which is expensive and time-intensive to create but can be readily verified.

To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the job 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 some users Bitcoin speech, which can be stored on its own general ledger, called the blockchain.

This relative anonymity makes the system appealing for things like incognito purchases over the internet.A key component of Bitcoins blockchain is the simple fact that it is an open, distributed ledger. Throughout the distributed nature of this ledger, the transactions on the blockchain are verified by the consensus of every member, offering protection and trust without a third-party overseer.One of the most important things to bear in mind when thinking about what Bitcoin (or even bitcoin) is: there is no single answer.