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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 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 cases where people mined thousands of comparatively worthless bitcoins as a hobby years back, only to now realise they are rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.
All this is done with no 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 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 the years numerous people have claimed to become Satoshi, including Australian computer scientist Craig Wright.
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If the web site gets hacked or someone gets your login information that 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 for their wallet.After buying your coins you need to transfer them look what i found 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 (this is known as a newspaper 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 get your funds.
Bitcoin means different things to different individuals. For many, it's a future of moving currency untied to any central bank. To the 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 eliminate knowing that bitcoin is, basically, a digital currency.
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In reality, it is two considerably 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 that is expensive and time-intensive to produce but can be easily verified.
To mine a bitcoin, a computer has to complete a 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 general ledger, known as the blockchain.
