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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 public ledger of transactionsBitcoins can be stored in a digital 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 relatively useless bitcoins as a hobby years ago, only to now realise they're rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.
All 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 disappeared from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous people have claimed 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 information that they could get and drain your funds from the exchange.There is no way to get a transaction to be click here for more info revoked or revoked if a thief sends your bitcoins for their wallet.After buying your coins you should transfer them into 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 (this is known as a newspaper wallet) and stick it in a safe.If you don't save the private key on your pc or online then hackers can never break in and access 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 the others, it's a purely digital entity of questionable worth and dubious origin. But 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 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 stage (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work information which is expensive and time-intensive to produce but can be easily verified.
To mine a bitcoin, a computer must finish a complicated algorithm, essentially going through the job 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 Find Out More Bitcoin address, which is saved on its own general ledger, known as the blockchain.
