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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 people ledger of all 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 instances where individuals mined thousands of relatively worthless bitcoins as a hobby years ago, only to now realise they are rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.
This is done with no central authority or bank.Who generated 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 in the Bitcoin Foundation.Over the years numerous people have promised to become Satoshi, including Australian computer scientist Craig Wright.
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In case the website gets hacked or someone gets your login information they can access and drain your funds from the exchange.There is no way to get 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 wallet created by you and not hosted online.You can even write down the pocket's personal key on a sheet of paper (this is known as a newspaper wallet) and stick it in a safe.If you don't store the personal key on your computer or online then hackers can never break in and access your funds.
Bitcoin means different things to different individuals. For many, it is a future of freely moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable value 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, an electronic currency.
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In reality, it is two much more see post 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 evidence of work information that is expensive and time-intensive to produce but can article source be readily verified.
To mine a bitcoin, a computer has to complete a complicated algorithm, essentially going through the job 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 a users Bitcoin speech, which is stored on its own general ledger, called the blockchain.