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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 virtual 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 cases where people mined thousands of relatively worthless 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.
All this is done with no 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 disappeared from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist in 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 website gets hacked or someone gets your login details they could get and drain your funds from the exchange.There is no way for 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 my sources 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 paper wallet) and stick it in a safe.If you don't save the personal key on your computer or online then recipients 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's a purely digital entity of questionable value and doubtful origin. But what is Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, a digital currency.
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In fact, 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 stage (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work information that is expensive and time-intensive to create but can be easily verified.
To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the job of an extensive calculation in exchange for some newly minted currency. That bit of digital currency is worth whatever the market decides through supply and demand.Transactions are connected to a users Bitcoin speech, which is saved on its general ledger, known as the blockchain.
