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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 digital wallet and used to buy other currencies or real world goods

Where once a single bitcoin has been 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 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.

This is done with no central authority or bank.Who generated itBitcoin and also the blockchain technology was made 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 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 individuals have claimed 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 the 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 functions using two keys that a private key and a public key which seem like a seemingly random string of numbers and letters.The private key is kept confidential by you and acts as a password visit here that unlocks the wallet and lets you send any bitcoins associated with it.

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If 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 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 pocket made by you and not hosted online.You can even write down the wallet's private key on a piece of paper (that is known as a paper wallet) and stick it in a safe.If you don't save the private key on your computer or online then recipients can never break in and access your funds.

Bitcoin means different things to different people. For some, it's a future of moving currency untied to any central bank. To the others, it's a purely digital entity of questionable worth and doubtful origin. However, what is 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 reality, it is two much more complicated 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 proof of work data which is expensive and time-intensive to create but can be readily 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 address, which is saved on its general ledger, called the blockchain.

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This relative anonymity makes the system appealing for things like incognito purchases within the internet.A key component of Bitcoins blockchain site link is the simple fact that it is an open, distributed ledger. Through the distributed nature of this 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 keep in mind when thinking about what Bitcoin (or bitcoin) is: that there is no single answer.

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