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Essential pointsBitcoin is a digital 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 digital 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 comparatively useless bitcoins as a hobby years back, 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 generated 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 become Satoshi, including Australian computer scientist Craig Wright.

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Once the limit is reached, no longer bitcoins can be made.However, a single bitcoin can be subdivided as far down as the decimal place (0.00000001BTC) to purchase smaller goods using only a fraction of the coin.How do you store or send bitcoinYou can shop and send bitcoins from an encrypted digital wallet, which is run as a program on your computer.The wallet functions with two keys a private key and a public key which look like a seemingly random string of numbers and letters.The private key is kept secret by you and functions as a password that unlocks the wallet and allows you to send any bitcoins associated with it.

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In case the web site gets hacked or someone gets your login details that they could access and drain your funds from the exchange.There is no way to get a transaction to be revoked or revoked if a burglar 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 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 computer or online then recipients can never break in and access your funds.

Bitcoin means different things to different individuals. For some, it's a future of moving currency untied to any central bank. To the others, it is a purely electronic entity of questionable worth and doubtful origin. But what's Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate 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 platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin try this out the platform 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 work of an extensive calculation in exchange for a few newly minted currency. That piece of digital currency is worth whatever the market determines through distribution and demand.Transactions are connected to a users Bitcoin speech, which is saved on its general ledger, called the blockchain.

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This relative anonymity makes the system appealing for things such as incognito purchases within the internet.A key component of Bitcoins blockchain is the simple fact that it is an open, distributed ledger. Through the distributed nature of this ledger, the transactions on the blockchain are verified from the consensus of every member, offering security and trust with no third-party overseer.One of the most important things to bear in mind when thinking about exactly what Bitcoin (or even bitcoin) is: that there is no single answer.

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