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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 people ledger of transactionsBitcoins can be stored in a virtual wallet and used to Purchase other currencies or actual 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 people mined thousands of relatively useless bitcoins as a hobby years back, 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 also the blockchain technology was made 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 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 individuals have claimed 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 buy smaller goods using only a fraction of the coin.How do you store or send bitcoinYou can shop and send bitcoins from an encrypted electronic wallet, which can be run as a program on your computer.The wallet works using two keys that a private key and a public key which seem to be a seemingly random string of numbers and letters.The private key is kept secret by you and functions as a password that unlocks the wallet and lets you 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 revoked or revoked if a thief sends your bitcoins to 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 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 private key on your computer or online then recipients can never break in and get your funds.

Bitcoin means different things to different people. 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 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 considerably 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 an electronic 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 easily 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 visit the website newly minted currency. That bit of electronic currency is worth whatever the market determines through distribution and demand.Transactions are connected to a users Bitcoin address, which can be saved on its own general ledger, known as the blockchain.

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