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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 public ledger of 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'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 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.
This is done with no central authority or bank.Who generated itBitcoin and the blockchain technology was created by someone under the pseudonym of Satoshi Nakamoto and released 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 at the Bitcoin Foundation.Over years numerous individuals have claimed to be Satoshi, including Australian computer scientist Craig Wright.
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If the web site gets hacked or someone gets your login information that they could get and 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 need to transfer them into a secure digital wallet created by you and not hosted online.You can even write down the pocket's personal key on a sheet of paper (that is known as a newspaper wallet) and stick it in a safe.If you don't save the personal key on your computer or online then hackers can never break in and access your funds.
Bitcoin means different things to different individuals. For many, it is a future of moving currency untied to any central bank. To others, it's a purely electronic entity of questionable find this worth and doubtful origin. However, what is Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, an electronic 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 an electronic currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of evidence of work information which is expensive and time-intensive to create but can be readily verified.
To mine a bitcoin, a computer has to finish a complicated algorithm, essentially going through the job of an extensive calculation in find more information exchange for a few newly minted currency. That bit of electronic currency is worth whatever the market determines through supply and demand.Transactions are connected to a users Bitcoin address, which is stored on its general ledger, called the blockchain.
