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Key pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's 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 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 individuals 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 disk containing 7,500 bitcoins.

This is done with no central authority or bank.Who generated itBitcoin and also 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 mystery as he vanished from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over the years numerous people have claimed to become Satoshi, including Australian computer scientist Craig Wright.

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Once the limit is reached, no longer 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 shop or send bitcoinYou can store and send bitcoins via an encrypted electronic wallet, which can be run as a program on your computer.The wallet functions with two keys that 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 allows you to send any bitcoins connected with it.

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If the web 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 revoked or revoked if a burglar sends your bitcoins for their wallet.After buying your coins you should transfer them into more information a secure digital pocket made by you and not hosted online.You can even write down the pocket's personal key on a sheet of paper (this 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 is a purely digital entity of questionable worth and doubtful origin. But what is Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, basically, a digital 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 their explanation Nakamoto introduced a stage (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work information that is expensive and time-intensive to produce but can be readily verified.

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

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This comparative anonymity makes the system 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 distributed nature of the ledger, the transactions on the blockchain are confirmed by the consensus of each member, offering protection and trust with no third-party overseer.One of the most important things to keep in mind when thinking about what Bitcoin (or even bitcoin) is: that there is no single answer.

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