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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 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 people mined thousands of comparatively useless 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 without a central authority or bank.Who created 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 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.

Once the limit is reached, no longer 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 only a fraction of these coin.How do you store or send bitcoinYou can store and send bitcoins from an encrypted electronic wallet, which is 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 secret by you and acts as a password that unlocks the wallet and allows you to send any bitcoins connected with that.

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If the web site gets hacked or someone gets your login information they can get and drain your funds from the exchange.There is no way to get a transaction to be reversed or recovered if a thief 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 online.You can even write down the wallet's private key on a sheet of paper (that is known as a paper wallet) and stick it in a safe.If you don't store the personal key on your pc or straight from the source online click to find out more then recipients can never break in and get your funds.

Bitcoin means different things to different individuals. For some, it's a future of freely moving currency untied to any central bank. To the others, it is a purely digital entity of questionable worth and dubious origin. However, 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 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 platform 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 a few newly minted currency. That bit of digital currency is worth whatever the market determines through distribution and demand.Transactions are connected to a users Bitcoin address, which is stored on its general ledger, called the blockchain.

This comparative anonymity makes the platform appealing for things like incognito purchases within the internet.A key component of Bitcoins blockchain is the simple fact it is an open, distributed ledger. Through the dispersed nature of the ledger, the transactions on the blockchain are confirmed by the consensus of each member, offering protection and trust with no third-party overseer.One of the most important things to keep in mind when thinking about exactly what Bitcoin (or even bitcoin) is: that there is no single answer.