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Key pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's known as the blockchain a people ledger of 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 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're rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.
This is done with no central authority or bank.Who created itBitcoin and also the blockchain technology was made 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 disappeared from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist at 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 that they could get and drain your funds from the exchange.There is no way to get a transaction to be reversed or recovered if a burglar 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 pocket's personal 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 personal key on your computer or online then recipients can never break in and get your funds.
Bitcoin means different things to different individuals. For some, it's a future of moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable worth and doubtful origin. However, what is Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, a digital 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 platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work 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 job of an extensive calculation in exchange for a few newly minted currency. That piece of digital currency is worth whatever the market determines through supply and demand.Transactions are connected to a users Bitcoin speech, which can be saved on its own general ledger, called the blockchain.
