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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 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 is 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 comparatively worthless bitcoins as a hobby years back, only to now realise they're rich.One IT employee even threw out a hard disk 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 released 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 into Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over the years numerous people 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 decimal place (0.00000001BTC) to purchase smaller goods using just a fraction of these coin.How would you store or send bitcoinYou can shop and send bitcoins via an encrypted electronic wallet, which can be run as an app on your computer.The wallet functions with two keys that a private key and a public key which look to be 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 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 they could get and drain your funds from the exchange.There is no way to get a transaction to be reversed or recovered if a burglar sends your bitcoins for their wallet.After buying your coins you need to transfer them into a secure digital wallet created by you and not hosted Web Site online.You can even write down the pocket's personal key on a sheet of paper (this is known as a newspaper wallet) and stick it in a safe.If you don't save the personal key on your pc or online then hackers can helpful resources never break in and access your funds.

Bitcoin means different things to different individuals. For many, it is a future of freely moving currency untied to any central bank. To the others, it's a purely digital entity of questionable value and doubtful origin. But what is 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 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 a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of evidence of work data that is expensive and time-intensive to create but can be readily verified.

To mine a bitcoin, a computer must complete a click for more complicated algorithm, essentially going through the work of an extensive calculation in exchange for some newly minted currency. That piece of digital currency is worth whatever the market decides through distribution and demand.Transactions are connected to some users Bitcoin address, which is saved on its own general ledger, known as the blockchain.

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This comparative anonymity makes the platform 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. Through the distributed nature of the ledger, the transactions on the blockchain are verified by the consensus of each 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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