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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 buy other currencies or real 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 individuals mined thousands of comparatively useless bitcoins as a hobby years ago, only to now realise they are rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.
This is done with no central authority or bank.Who generated itBitcoin and also 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 mystery as he vanished 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 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 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 burglar 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 wallet's private 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 private key on your pc or online then hackers can never break in and get your funds.
Bitcoin means different things to different people. For many, 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 dubious 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 reality, 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 platform is built on the concept of proof of work data 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 a few newly minted currency. That bit of digital currency is worth whatever the market decides through distribution and demand.Transactions Continued are connected to some users Bitcoin speech, which is stored on its general ledger, called the blockchain.