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Essential pointsBitcoin is a digital 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 virtual wallet and used to buy 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 individuals mined thousands of relatively useless bitcoins as a hobby years ago, only to now realise they're 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 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 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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If the website gets hacked or someone gets your login information they can access and drain your funds from the exchange.There is no way for a transaction to be revoked or revoked if a burglar sends your bitcoins to their wallet.After buying your coins you should transfer them to a secure digital wallet created by you and not hosted online.You can even write down the wallet's private key on a sheet of paper (this is known as a paper wallet) and stick it in a safe.If you don't store the personal key on your computer or online then recipients can never break in and access your funds.
Bitcoin right here 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 is a purely electronic entity of questionable value and dubious origin. However, what is Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, an electronic currency.
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In fact, it is two considerably 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 an electronic currency (bitcoin, lowercase). Bitcoin great site the stage is built on the concept of proof of work information which is expensive and time-intensive to produce but can be easily 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 some newly minted currency. That bit of electronic currency is worth whatever the market determines through supply and demand.Transactions are connected to some users Bitcoin speech, which can be stored on its own general ledger, called the blockchain.