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Essential pointsBitcoin is a digital 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 buy other currencies or real 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 cases where individuals mined thousands of relatively worthless bitcoins as a hobby years ago, only to now realise they're rich.One IT employee even threw out a hard drive containing 7,500 bitcoins.
All this is done without a 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 vanished from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous people have claimed to become Satoshi, including Australian computer scientist Craig Wright.
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If the website gets hacked or someone gets your login information they could get and drain your funds from the exchange.There is no way for 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 into a secure digital wallet created 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 pc or online then recipients can never break in and access your funds.
Bitcoin means different things to different individuals. For many, it's a future of freely moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable value and dubious origin. But what's Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, an electronic 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 platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work information that is expensive and time-intensive to create but can be my blog readily verified.
To mine a bitcoin, a computer has to finish 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 distribution and demand.Transactions are connected to some users Bitcoin speech, which can be navigate to this website stored on its general ledger, called the blockchain.