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Essential pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's known as the blockchain a public ledger of transactionsBitcoins can be stored in a virtual wallet and used to buy other currencies or real 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 individuals mined thousands of comparatively worthless bitcoins as a hobby years ago, only to now realise they are rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.

This is done without a central authority or bank.Who created itBitcoin and 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 the years numerous people have claimed to be Satoshi, including Australian computer scientist Craig Wright.

Once the limit is reached, no more bitcoins can be made.However, a single bitcoin can be subdivided as far down as the decimal place (0.00000001BTC) to purchase smaller goods using just a fraction of the coin.How do you store or send bitcoinYou can shop and send bitcoins via an encrypted digital wallet, which is run as an app on your computer.The wallet works using two keys a private key and a public key which seem like 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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If the web i loved this site gets hacked or someone gets your login information they could access 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 to their wallet.After buying your coins you should 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 sheet of paper (that is known as a newspaper wallet) and stick it in a safe.If you don't store the check that personal key on your pc or online then recipients can never break in and get your funds.

Bitcoin means different things to different individuals. For many, it's a future of moving currency untied to any central bank. To others, it is a purely electronic entity of questionable value and dubious origin. But 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 reality, it is two much more complex 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 data which is expensive and time-intensive to produce but can be easily verified. Discover More

To mine a bitcoin, a computer has to complete a complicated algorithm, essentially going through the job of an extensive calculation in exchange for some newly minted currency. That piece of electronic currency is worth whatever the market decides through supply and demand.Transactions are connected to some users Bitcoin speech, which can be stored on its own general ledger, known as the blockchain.

This comparative anonymity makes the platform appealing for things such as incognito purchases within the internet.A key component of Bitcoins blockchain is the simple fact that it is an open, distributed ledger. Throughout the distributed nature of the ledger, the transactions on the blockchain are verified by 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 what Bitcoin (or bitcoin) is: there is no single answer.