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Essential pointsBitcoin is a digital 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 Purchase other currencies or actual world goods
Where once a single bitcoin has been 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 relatively useless bitcoins as a hobby years ago, only to now realise they are rich.One IT employee even threw out a hard drive 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 mystery 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 claimed to become Satoshi, including Australian computer scientist Craig Wright.
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If the web site check my site 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 for 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 paper 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 people. For some, it is a future of moving currency untied to any central bank. To others, it's a purely electronic entity of questionable worth and doubtful origin. However, what is Bitcoin, in the most basic senseIn most casual conversations, you can eliminate 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 stage (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 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 piece of digital currency is worth whatever the market decides through supply and demand.Transactions are connected to a users Bitcoin address, which can be saved on its own general ledger, known as the blockchain.
