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Key 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 buy 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 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 drive containing 7,500 bitcoins.

All this is done with no 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 puzzle 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 the years numerous individuals have promised to become Satoshi, including Australian computer scientist Craig Wright.

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 buy smaller goods using just a fraction of these coin.How would you store or send bitcoinYou can store and send bitcoins via an encrypted electronic wallet, which can be run as a program on your computer.The wallet works using two keys that 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 acts as a password that unlocks the wallet and lets you send any bitcoins connected with that.

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In case the web site gets hacked or someone gets your login information they could access and drain your funds from the exchange.There is no way for a transaction to be reversed or recovered if a burglar sends your bitcoins to 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 a sheet of paper (that is known as a newspaper wallet) and stick it in a safe.If you don't store the private key on your computer or online then recipients can never break in and get your funds.

Bitcoin means different things to different people. For some, it's a future of moving currency untied to any central bank. To others, it's a purely digital entity of questionable value and doubtful origin. However, what is Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, an electronic currency.

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In fact, it is two much 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 that is Check This Out expensive and time-intensive to produce but can be readily verified.

To mine a bitcoin, a computer has to finish a complicated algorithm, essentially going you can look here 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 distribution and demand.Transactions are connected to a users Bitcoin address, which can be saved on its general ledger, called the blockchain.

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