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Essential pointsBitcoin is a digital 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 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 cases where people mined thousands of comparatively worthless bitcoins as a hobby years ago, only to now realise they're rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.
All this is done with no central authority or bank.Who created 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 puzzle as he vanished 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 people have promised 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 to their wallet.After buying your coins you should transfer them into a secure digital pocket made 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 newspaper 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 people. For some, it's a future of freely moving currency untied to any central bank. To others, it is a purely electronic entity of questionable value and doubtful origin. But what's Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, basically, 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 a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of evidence of work information that is expensive and time-intensive to create but can be see this site easily verified.
To mine a bitcoin, a computer must finish a complicated algorithm, essentially going through the work of an extensive calculation in exchange for a few newly minted currency. That piece of digital currency is worth whatever the market decides through distribution and demand.Transactions are connected to some users Bitcoin address, which is stored on its own general ledger, known as the blockchain.
