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Key pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it is known as the blockchain a people ledger of transactionsBitcoins can be stored in a virtual 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 individuals mined thousands of comparatively worthless bitcoins as a hobby years ago, only to now realise they are rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.

This is done without a central authority or bank.Who created 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 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 people have claimed to become 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 buy smaller goods using just a fraction of the coin.How do you store or send bitcoinYou can store and send bitcoins via an encrypted electronic wallet, which is run as a program on your computer.The wallet works with two keys 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 site here as a password that unlocks the wallet and lets you send any bitcoins connected with that.

 

 

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If the website gets hacked or someone gets your login information they can access 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 to their wallet.After buying your coins you need to transfer them into a secure digital pocket made 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 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 many, it's a future of freely moving currency untied to any central bank. To the others, it's a purely electronic entity of questionable value and doubtful origin. Visit Your URL But what's Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, a digital 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 stage (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of evidence of work data which is expensive and time-intensive to produce 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 some newly minted currency. That bit of digital currency is worth whatever the market decides through supply and demand.Transactions are connected to some users best site Bitcoin speech, which is saved on its general ledger, called the blockchain.

 

 

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This relative anonymity makes the platform appealing for things such as incognito purchases within the internet.A key component of Bitcoins blockchain is the fact it is an open, distributed ledger. Through the dispersed nature of the ledger, the transactions on the blockchain are confirmed 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 what Bitcoin (or even bitcoin) is: there is no single answer.

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