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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 all transactionsBitcoins can be stored in a virtual wallet and used to buy 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 instances 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 disk containing 7,500 bitcoins.
All this is done without a central authority or bank.Who created itBitcoin and 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 mystery as he disappeared 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 people have promised to be Satoshi, including Australian computer scientist Craig Wright.
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If the website gets hacked or someone gets your login details that 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 for their wallet.After buying your coins you need to transfer them to a secure digital pocket made by you and not hosted online.You can even discover here write down the wallet's private key on a sheet of paper (that is known as a paper wallet) and stick it in a safe.If you don't save the personal key on your computer or online then recipients can never break in and get your funds.
Bitcoin means different things to different individuals. For many, it's a future of freely moving currency untied to any central bank. To the others, it is a purely digital entity of questionable worth and doubtful origin. But what is Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, basically, 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 stage is built on the concept of evidence of work information which is expensive and time-intensive to produce but can be easily verified.
To mine a bitcoin, a computer must finish 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 determines through distribution and demand.Transactions are connected to a users Bitcoin speech, which can be stored on its own general ledger, known as the blockchain.
