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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 Purchase other currencies or real world goods
Where once a single bitcoin was 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 cases where individuals 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 disk 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 disappeared from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over the years numerous people have claimed to be Satoshi, including Australian computer scientist Craig Wright.
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If the website gets hacked or someone gets your login information that they can get and drain your funds go right here from the exchange.There is no way to get a transaction to be reversed or recovered if a thief sends your bitcoins for their wallet.After buying your coins you should transfer them to a secure digital wallet created by you and not hosted online.You can even write down the wallet's private key on Click Here a piece of paper (that is known as a newspaper wallet) and stick it in a safe.If you don't save the private key on your computer or online then hackers can never break in and access your funds.
Bitcoin means different things to different people. For some, it is a future of moving currency untied to any central bank. To others, it is a purely electronic entity of questionable value and dubious origin. However, what's Bitcoin, in the most basic senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, 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 a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work information which is expensive and time-intensive to create but can be easily verified.
To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the job 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 is saved on its own general ledger, called the blockchain.
