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Essential pointsBitcoin is a digital 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 Purchase 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 instances where people mined thousands of relatively worthless bitcoins as a hobby years ago, 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 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 mystery as he disappeared from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over the years numerous people have promised to be 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 access and drain your funds from the exchange.There is no way to get a transaction to be revoked or revoked if a burglar sends your bitcoins to their wallet.After buying your navigate to this site coins you should transfer them to a secure digital pocket made by you and not hosted online.You can even write down the wallet's private key on a sheet 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 recipients can never break in and get your funds.
Bitcoin means different things to different individuals. For many, it is a future of freely moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable value and dubious origin. But what's Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, a digital currency.
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In reality, it is two considerably more complex 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 a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work information 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 navigate to this website going through the work of an extensive calculation in exchange for a few newly minted currency. That bit of electronic currency is worth whatever the market decides through supply and demand.Transactions are connected to a users Bitcoin address, which is stored on its general ledger, known as the blockchain.
