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Key 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 digital wallet and used to Purchase other currencies or actual 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 instances where people 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 disk containing 7,500 bitcoins.

All this is done without a central authority or bank.Who created itBitcoin and 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 puzzle as he vanished from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous people have promised to be 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 eighth decimal place (0.00000001BTC) to purchase smaller goods using just a fraction of these coin.How would you shop or send bitcoinYou can shop and send bitcoins from an encrypted electronic wallet, which is run as a program on your computer.The wallet works using two keys a private key and a public key which look to be a seemingly random string of numbers and letters.The private key is kept confidential by you and acts as a password that unlocks the wallet and lets you send any bitcoins connected with it.

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If the web site gets hacked or someone gets more your login details that they could get 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 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 pocket's personal key on a piece of paper (this is known as a paper 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 get your funds.

Bitcoin means different things to different individuals. For many, it is a future of moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable value 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 stage is built on the concept of evidence of work information which is expensive learn this here now and time-intensive to produce but can be easily 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 piece of electronic currency is worth whatever the market determines through supply and demand.Transactions are connected to a users Bitcoin address, which is saved on its own general ledger, called the blockchain.

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This comparative anonymity makes the platform appealing for things like incognito purchases within the internet.A key component of Bitcoins blockchain is the fact that it is an open, distributed ledger. Throughout the dispersed nature of the ledger, the transactions on the blockchain are confirmed by the consensus of each member, offering security and trust without a third-party overseer.One of the most important things to bear in mind when thinking about what Bitcoin (or even bitcoin) is: there is no single answer.

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