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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 people ledger of all transactionsBitcoins can be stored in a virtual wallet and used to Purchase other currencies or actual world goods

Where once a single bitcoin was 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 people mined thousands of relatively worthless bitcoins as a hobby years ago, only to now realise they're rich.One IT employee even threw out a hard drive containing 7,500 bitcoins.

This is done without a central authority or bank.Who generated itBitcoin and the blockchain technology was made by someone under the pseudonym of Satoshi Nakamoto and released 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 at the Bitcoin Foundation.Over the years numerous individuals have claimed to be 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 eighth decimal place (0.00000001BTC) to buy smaller goods using only a fraction of the coin.How do you shop or send bitcoinYou can store and send bitcoins from an encrypted digital wallet, which can be run as a program on your computer.The wallet works 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 connected with it.

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In case the website gets hacked or someone gets your login details that they can access and drain your funds from the exchange.There is no way for a transaction to be revoked or revoked if a thief 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 wallet's private key on a sheet of paper (this 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 hackers can never break in and get your funds. additional hints

Bitcoin means different things to different individuals. For some, it's a future of moving currency untied to any central bank. To see page 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, basically, an electronic currency.

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In reality, 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 platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work information which is 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 through the job of an extensive calculation in exchange for some newly minted currency. That piece of digital currency is worth whatever the market decides through supply and demand.Transactions are connected to a users Bitcoin speech, which can be saved on its own general ledger, called the blockchain.

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This comparative anonymity makes the system appealing for things such as 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 this ledger, the transactions on the blockchain are verified by the consensus of every 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.

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