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Essential 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 Purchase 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 comparatively worthless bitcoins as a hobby years ago, only to now realise they're rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.
All this is done without a central authority or bank.Who generated itBitcoin and the blockchain technology was created 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 years numerous people have promised to be Satoshi, including Australian computer scientist Craig Wright.

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In case the website gets hacked or someone gets your login information that they can access and drain your funds from the exchange.There is no way to get a transaction to view publisher site 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 wallet's private key on a piece of paper (this 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 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 electronic entity of questionable worth and doubtful origin. But what is Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, basically, a digital 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 platform (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of evidence of work information which is click site 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 piece of electronic currency is worth whatever the market decides through distribution and demand.Transactions are connected to a users Bitcoin speech, which can be saved on its general ledger, known as the blockchain.
