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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 public ledger of transactionsBitcoins can be stored in a virtual 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 cases where people mined thousands of comparatively useless bitcoins as a hobby years back, only to now realise they're rich.One IT worker even threw out a hard disk containing 7,500 bitcoins.
All this is done without a 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 the years numerous people have claimed to become Satoshi, including Australian computer scientist Craig Wright.
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In case the web site gets hacked or someone gets your login details 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 for their wallet.After buying your coins you should 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 piece of paper (that is known as a newspaper wallet) and stick it in a safe.If you don't save the private key on your computer 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 worth and dubious origin. But what's Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing Get More Info that bitcoin is, essentially, a digital 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 platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of evidence of work information that is expensive and time-intensive to produce but can be easily 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 decides through supply and demand.Transactions are connected to some users Bitcoin speech, which is stored on its general ledger, known as the blockchain.
