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Key pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's known as the blockchain a public ledger of all transactionsBitcoins can be stored in a virtual 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 cases where people mined thousands of relatively worthless bitcoins as a hobby years ago, only to now realise they're rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.
All this is done with no central authority or bank.Who created itBitcoin and also 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 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 the years numerous people have promised to be Satoshi, including Australian computer scientist Craig Wright.
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If the website gets hacked or someone gets your login information that they could get and drain your funds from the exchange.There is no way for a transaction to be reversed or recovered if a thief sends your bitcoins for their wallet.After buying your coins you need to transfer them into a secure digital pocket made by you and not see this hosted online.You can even write down the pocket's personal key on a piece 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 people. For some, it is a future of freely moving currency untied to any central bank. To others, it's a purely digital entity of questionable value and dubious origin. However, what is Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing look here that bitcoin is, essentially, an electronic currency.
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In reality, it is two considerably more complicated things.Bitcoin has been with click this link 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 data which is expensive and time-intensive 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 a few newly minted currency. That bit of digital currency is worth whatever the market decides through distribution and demand.Transactions are connected to some users Bitcoin speech, which can be stored on its general ledger, known as the blockchain.