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Essential pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a public 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 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 people mined thousands of relatively worthless bitcoins as a hobby years ago, only to now realise they are rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.
All this is done without a central authority or bank.Who created itBitcoin and the blockchain technology was created 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 to 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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In case 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 revoked or revoked if a thief sends your bitcoins to 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 (that is known as a paper wallet) and stick useful source it in a safe.If you don't save the private key on your computer or online then hackers can never break in and access your funds.
Bitcoin means different things to different people. For many, it is a future of freely moving currency untied to any central bank. To others, it's a purely electronic entity of questionable value and doubtful origin. However, what is 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 person (or group) under the pseudonym Satoshi Nakamoto introduced a stage (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work information which 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 a few newly minted currency. That piece of digital currency is worth whatever the market decides through distribution and demand.Transactions are connected to some users Bitcoin address, which can be saved on its general ledger, called the blockchain.