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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 actual world goods

Where once a single bitcoin was 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 individuals mined thousands of relatively useless bitcoins as a hobby years back, only to now realise they're rich.One IT employee 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 years numerous individuals have promised to be Satoshi, including Australian computer scientist Craig Wright.

 

 

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Once the limit is reached, no more bitcoins can be made.However, a single bitcoin can be subdivided as far down as the eighth decimal place (0.00000001BTC) to buy smaller goods using only a fraction of these coin.How do you store or send bitcoinYou can shop and send bitcoins from an encrypted electronic wallet, which is run as a program on your computer.The wallet works using two keys a private key and a public key which look to be a seemingly random string of numbers and letters.The private key is kept secret by you and functions as a password that unlocks the wallet and lets you send any bitcoins connected with that.

 

 

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In case the web site gets hacked or someone gets your login information that they can access and this page drain your funds from the exchange.There is no way to get a transaction to be revoked or revoked if a thief sends your bitcoins to their wallet.After buying your coins you should transfer them redirected here into a secure digital pocket made 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 paper wallet) and stick it in a safe.If you don't save the personal key on your computer or online then recipients can never break in and get your funds.

Bitcoin means different things to different people. For some, it's a future of freely moving currency untied to any central bank. To others, it's a purely electronic entity of questionable value and dubious origin. But what's Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, an electronic currency.

 

 

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In reality, 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 platform (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 create but can be readily verified.

To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the job of an extensive calculation in exchange for a few newly minted currency. That piece of digital currency is worth whatever the market determines through distribution and demand.Transactions are connected to a users Bitcoin address, which is saved on its own general ledger, known as the blockchain.

 

 

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This comparative anonymity makes the platform appealing for things like incognito purchases over the internet.A key component of Bitcoins blockchain is the simple fact it is an open, distributed ledger. Throughout the dispersed nature of this ledger, the transactions on the blockchain are verified from the consensus of every member, offering security and trust without a third-party overseer.One of the most important things to keep in mind when thinking about exactly what Bitcoin (or bitcoin) is: there is no single answer.

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