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Key pointsBitcoin is an electronic 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 digital wallet and used to buy other currencies or real world goods

Where once a single bitcoin has been 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 relatively worthless bitcoins as a hobby years back, only to now realise they are rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.

All this is done without a central authority or bank.Who generated 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 at the Bitcoin Foundation.Over years numerous individuals have claimed to be Satoshi, including Australian computer scientist Craig Wright.

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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 only a fraction of the coin.How do you store or send bitcoinYou can store and send bitcoins from an encrypted digital wallet, which is run as a program on your computer.The wallet functions using two keys that a private key and a public key which seem 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 that.

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If the website gets hacked or someone gets your login information that they can access and drain your funds from the exchange.There is no way to get 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 write down the pocket's personal key on a piece 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 pc or online then hackers can never break in and get your funds.

Bitcoin means different things to different individuals. For many, it is a future of freely moving currency untied to any central bank. To the others, it is a purely electronic entity of questionable value and dubious origin. However, what is 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 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 a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work information which is expensive and time-intensive to produce but can be readily verified.

To mine a bitcoin, a computer has to finish a complicated algorithm, essentially going through the work of an extensive calculation in exchange for some newly minted currency. That bit of electronic currency is worth whatever the market determines through supply and demand.Transactions are connected to a users Bitcoin speech, which is stored on its general ledger, called the blockchain.

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This relative anonymity makes the platform appealing for things like incognito purchases within the internet.A key component of Bitcoins blockchain is the fact that it is an open, distributed ledger. Through the dispersed nature of the ledger, the transactions on the blockchain are verified by the consensus of every member, offering security and trust with no third-party overseer.One of the most important things to keep in mind when thinking about exactly what Bitcoin (or look at here now even bitcoin) is: there is no single answer.

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