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Key pointsBitcoin is an electronic 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 Purchase other currencies or real world goods
Where once a single bitcoin was worth a few cents it is now worth about $9,200 per coin (November 2017), creating millionaires in the process.There have been many reported cases where people mined thousands of relatively worthless bitcoins as a hobby years ago, only to now realise they are 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 created itBitcoin and also the blockchain technology was created 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 vanished from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous individuals have promised to become 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 can get and drain your funds from the exchange.There is no way to get a transaction to be reversed or recovered if a burglar sends your bitcoins for their wallet.After buying your coins you need to 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 (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 recipients can never break in and access your funds.
Bitcoin means different things to different people. For many, it is a future of freely moving currency untied to any central bank. To others, it is a purely electronic entity of questionable worth and dubious origin. But what is Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, an electronic currency.
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In fact, 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 an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work data which is expensive and time-intensive to create but can be easily verified.
To mine a bitcoin, a computer must finish 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 decides through supply and demand.Transactions are connected to some users Bitcoin speech, which can be stored on its own general ledger, called the blockchain.
