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Essential pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's known as the blockchain a public ledger of all transactionsBitcoins can be stored in a virtual wallet and used to Purchase 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 back, only to now realise they are rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.
All this is done with no central authority or bank.Who created 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 disappeared 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 promised to be Satoshi, including Australian computer scientist Craig Wright.
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If the website gets hacked or someone gets your login details they can access and drain your funds from the exchange.There is no way to read more get a transaction to be revoked or revoked if a burglar sends your bitcoins to their wallet.After buying your coins you should transfer them into a secure digital pocket made by you and not hosted online.You can even write down the pocket's personal key on a sheet of paper (that is known as a newspaper wallet) and stick it in a safe.If you don't save the personal key on your pc or online then hackers can never break in and access your funds.
Bitcoin means different things to different individuals. For many, it's a future of moving currency untied to any central bank. To others, it's a purely electronic entity of questionable value and dubious origin. However, what is 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 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 stage is built on the concept of evidence of work reference information which is expensive and time-intensive to create but can be readily verified.
To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the work of an extensive calculation in exchange for some newly minted currency. That bit of electronic currency is worth whatever the market determines through distribution and demand.Transactions are connected to some users Bitcoin address, which is stored on its own general ledger, called the blockchain.