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Key pointsBitcoin is a digital 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 virtual wallet and used to buy other currencies or actual world goods
Where once a single bitcoin was worth a few cents it is now worth about $9,200 per coin (November 2017), creating millionaires in the process.There have been many reported instances where people mined thousands of comparatively useless bitcoins as a hobby years back, only to now realise they are rich.One IT employee even threw out a hard drive containing 7,500 bitcoins.
This is done with no central authority or bank.Who created itBitcoin and 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 mystery as he disappeared 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 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 could get and drain your funds from the exchange.There is no way to get a transaction to Recommended Reading be revoked or revoked if a thief sends your bitcoins to 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 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 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 the others, it is a purely digital entity of questionable value and doubtful origin. But what is Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, a digital currency.
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In fact, it is two much more complex things.Bitcoin has been with us since 2009, when a person (or group) under the pseudonym Satoshi Nakamoto a knockout post introduced a platform (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin 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 must complete 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 can be saved on its own general ledger, called the blockchain.
