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Key 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's 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 worthless bitcoins as a hobby years ago, only to now realise they're rich.One IT worker even threw out a hard disk containing 7,500 bitcoins.

All this is done with no central authority or bank.Who generated itBitcoin and the blockchain technology was created by someone under the pseudonym of Satoshi Nakamoto and released 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 to Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over years numerous people have promised to be Satoshi, including Australian computer scientist Craig Wright.

Once the limit is reached, no longer bitcoins can be made.However, a single bitcoin can be subdivided as far down as the decimal place (0.00000001BTC) to buy smaller goods using only a fraction of the coin.How would you store or send bitcoinYou can shop and send bitcoins from an encrypted electronic wallet, which is run as a program on your computer.The wallet works using two keys a private key and a public key which look to be a seemingly random string of numbers and letters.The private key is kept secret by you and functions as a password that unlocks the wallet and allows you to send any bitcoins connected with that.

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If the web site gets hacked or someone gets your login information that they can get and drain your funds from the exchange.There is no way for a transaction to be reversed or recovered if a burglar sends your bitcoins for their wallet.After buying your coins you should transfer them into a secure digital pocket my review here made by you and not hosted online.You can even write down the wallet's private key on a piece of paper (this is known as a paper 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 individuals. For some, it is a future of moving currency untied to any central bank. To others, it is a purely digital entity of questionable worth and dubious origin. But what is Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin YOURURL.com is, essentially, an electronic currency.

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In fact, it is two much more complicated things.Bitcoin has been with us since 2009, when a person (or group) under the pseudonym Home Page Satoshi Nakamoto introduced a platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work data that is expensive and time-intensive to produce but can be easily verified.

To mine a bitcoin, a computer has to 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 saved on its general ledger, known as the blockchain.

This relative anonymity makes the platform appealing for things such as incognito purchases within the internet.A key component of Bitcoins blockchain is the simple fact it is an open, distributed ledger. Throughout the dispersed nature of the ledger, the transactions on the blockchain are verified from the consensus of each member, offering security and trust without a third-party overseer.One of the most important things to bear in mind when thinking about what Bitcoin (or even bitcoin) is: there is no single answer.