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Essential pointsBitcoin is an electronic currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's known as the blockchain a public ledger of all transactionsBitcoins can be stored in a virtual wallet and used to buy other currencies or actual world goods
Where once a single bitcoin has been 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 individuals mined thousands of relatively useless 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 without a central authority or bank.Who generated 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 disappeared from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous individuals have claimed to become Satoshi, including Australian computer scientist Craig Wright.
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If the website gets hacked or someone gets your login details that they could access and drain your funds from the exchange.There is no way for a transaction to be reversed or recovered if a thief sends your bitcoins to 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 pocket's personal key on a piece of paper (this is known as a newspaper wallet) and stick it in a safe.If you don't store the personal key on your pc or online then recipients can never break in and access your funds.
Bitcoin means different things to different individuals. For some, it is a future of moving currency untied to the original source any central bank. To others, it's a purely digital entity of questionable value and doubtful origin. However, what is Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, a digital 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 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 complete a complicated algorithm, essentially going through the job of an extensive calculation in exchange for some newly minted currency. That bit of electronic currency is worth whatever the market determines through supply and demand.Transactions are connected click to read more to a users Bitcoin address, which is saved on its own general ledger, known as the blockchain.