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Key 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 digital wallet and used to Purchase 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 instances where individuals mined thousands of relatively useless bitcoins as a hobby years back, only to now realise they are rich.One IT worker even threw out a hard disk containing 7,500 bitcoins.
All this is done without a central authority or bank.Who generated 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 puzzle as he vanished 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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In case the web site gets hacked or someone gets your login details 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 to their wallet.After buying your coins you need to transfer them into a secure digital wallet created 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 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 freely moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable value and dubious origin. However, what's Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, 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 find more person (or group) under the pseudonym Satoshi Nakamoto introduced a stage (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin this hyperlink the platform is built on the concept of evidence of work information which is expensive and time-intensive to create but can be readily verified.
To mine a bitcoin, a computer has to finish a complicated algorithm, essentially going through the job of an extensive calculation in exchange for a few newly minted currency. That piece of digital currency is worth whatever the market decides through supply and demand.Transactions are connected to some users Bitcoin speech, which can be stored on its own general ledger, known as the blockchain.