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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 people ledger of all transactionsBitcoins can be stored in a digital 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 instances where people mined thousands of relatively useless 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.
This is done without a 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 vanished 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 claimed to become Satoshi, including Australian computer scientist Craig Wright.
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In case the web site gets hacked or someone gets your login details 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 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 sheet 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 computer or online then recipients can never break in and get your funds.
Bitcoin means different things to different individuals. For many, it is a future of moving currency untied to any central bank. To others, it is a purely electronic entity of questionable worth and doubtful origin. But what is my company Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin 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 Satoshi Nakamoto introduced a stage (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of evidence of work data which is expensive and time-intensive Find Out More to create but can be readily verified.
To mine a bitcoin, a computer must finish a complicated algorithm, essentially going through the job of an extensive calculation in exchange for some newly minted currency. That piece of digital currency is worth whatever the market decides through distribution and demand.Transactions are connected to a users Bitcoin address, which can be saved on its general ledger, called the blockchain.
