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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 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'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 relatively useless bitcoins as a hobby years back, only to now realise they're rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.
This is done without a central authority or bank.Who generated 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 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 years numerous people have claimed to be Satoshi, including Australian computer scientist Craig Wright.
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If the website gets hacked or someone gets your login information they could get and drain your funds from the exchange.There is no way to get a transaction to be reversed or recovered if a thief sends your bitcoins to their wallet.After buying your coins you should transfer them to a secure digital wallet created 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 personal key on your computer or online then hackers can never break in and access your funds.
Bitcoin means different things to different individuals. For some, it's a future of moving currency untied to any central bank. To the others, it is a purely electronic entity of questionable value and dubious origin. But what's Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, a digital currency.
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In fact, 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 stage you can find out more (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of evidence of work data 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 work of an extensive calculation in exchange for a few newly minted currency. That bit of digital currency is worth whatever the market decides through supply and demand.Transactions are connected to some users Bitcoin speech, which can be saved on its general ledger, known as the blockchain.
