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Essential pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a people ledger of transactionsBitcoins can be stored in a digital wallet and used to Purchase 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 instances where individuals mined thousands of comparatively worthless bitcoins as a hobby years back, only to now realise they are rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.
All this is done without a central authority or bank.Who created itBitcoin and also 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 puzzle as he vanished from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over the years numerous people have claimed to become 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 navigate to this site can get and drain your funds from the exchange.There is no way to get a transaction to be revoked or revoked if a burglar sends your bitcoins for their wallet.After buying your coins you should transfer them into a secure digital wallet created 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 save the private key on your computer or online YOURURL.com then recipients can never break in and get your funds.
Bitcoin means different things to different individuals. For many, it's a future of moving currency untied to any central bank. To the others, it's a purely digital entity of questionable value and doubtful origin. But what's Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, basically, a digital currency.
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In fact, it is two considerably more complex things.Bitcoin has been with us since 2009, when a person (or group) under the pseudonym Satoshi Nakamoto introduced a stage (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work data which is expensive and time-intensive to create but can be easily verified.
To mine a bitcoin, a computer has to complete a complicated algorithm, essentially going through the work of an sites extensive calculation in exchange for a few 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 own general ledger, known as the blockchain.
