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Essential pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a people 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 instances where individuals mined thousands of comparatively useless bitcoins as a hobby years ago, only to now realise they're rich.One IT worker even threw out a hard disk containing 7,500 bitcoins.

This is done without a central authority or bank.Who created 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 puzzle as he disappeared from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over the years numerous people have promised to become 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 decimal place (0.00000001BTC) to buy smaller goods using only a fraction of the coin.How would you store or send bitcoinYou can shop and send bitcoins via an encrypted digital wallet, which can be run as a program on your computer.The wallet functions with two keys a private key and a public key which look like a seemingly random string of numbers and letters.The private key is kept confidential by you and functions as a password that unlocks the wallet and lets you send any bitcoins associated with that.

 

 

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If the website gets hacked or someone gets your login information they could get and drain your funds from the exchange.There is no way to get a transaction to be reversed or this website recovered if a burglar sends your bitcoins to their wallet.After buying your coins you need to transfer them into 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 (that is known as a paper wallet) and stick it in a safe.If you don't store the private 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 digital entity of questionable worth and dubious origin. However, what is Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, basically, an electronic currency.

 

 

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In fact, 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 my latest blog post the platform is built on the concept of proof of work information that is expensive and time-intensive to create but can be easily verified.

To mine a bitcoin, go to website a computer has to complete a complicated algorithm, essentially going through the work of an extensive calculation in exchange for a few newly minted currency. That bit of digital currency is worth whatever the market determines through distribution and demand.Transactions are connected to some users Bitcoin address, which can be stored on its own general ledger, called the blockchain.

 

 

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This relative 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. Through the dispersed nature of this ledger, the transactions on the blockchain are confirmed by the consensus of every member, offering security 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: there is no single answer.

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