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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 public ledger of all transactionsBitcoins can be stored in a virtual 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 individuals mined thousands of comparatively useless bitcoins as a hobby years ago, only to now realise they're rich.One IT employee even threw out a hard drive 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 published 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 to Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous individuals have claimed to be Satoshi, including Australian computer scientist Craig Wright.
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If the web site gets hacked or someone gets your login details that they could 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 should transfer them into a secure digital pocket made by you and not hosted online.You can even write down the wallet's private key on a piece of paper (this is known as a newspaper wallet) and stick it in a safe.If you don't save the personal key on your pc or online then hackers can never break in and get your funds.
Bitcoin means different things to different people. 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 value and doubtful origin. But what is Bitcoin, in the most elementary 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 complex 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 stage is built on the concept of proof of work data which is expensive and time-intensive to produce but can be easily verified.
To mine a bitcoin, a computer has to complete a complicated algorithm, essentially going through the work of an extensive calculation in exchange for a few newly minted currency. That bit of electronic currency is worth whatever the market decides through supply and demand.Transactions are connected to visit a users Bitcoin address, why not look here which can be saved on its own general ledger, called the blockchain.
