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Key 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 cases where people 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.

This is done without a central authority or bank.Who created itBitcoin and also 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 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 promised to become Satoshi, including Australian computer scientist Craig Wright.

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 only a fraction of these coin.How do you store or send bitcoinYou can store and send bitcoins from an encrypted digital 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 to be a seemingly random string of numbers and letters.The private key is kept confidential by you and functions as a password that unlocks the wallet and lets you send any bitcoins associated with that.

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In case the web site gets hacked or someone gets your login details they could access and drain your funds from the exchange.There is no way for a transaction to be revoked or revoked if a our website burglar sends your bitcoins for their wallet.After buying your coins you need to transfer them to a secure digital wallet created by you and not hosted online.You can even write down the pocket's personal key on a sheet of paper (that is known as a newspaper wallet) and stick it in a safe.If you don't save the personal 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 others, it is a purely electronic entity of questionable worth and doubtful origin. However, what's 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 complex things.Bitcoin has been with us since 2009, when a person (or group) under the pseudonym Satoshi Nakamoto introduced a platform (Bitcoin, uppercase) that hosts top article a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work information that is expensive and time-intensive to produce but can be easily 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 electronic currency is worth whatever the market determines through distribution and demand.Transactions are connected to a users Bitcoin speech, which can be saved on its general ledger, called the blockchain.

This relative anonymity makes the platform appealing for things like incognito purchases over the internet.A key component of Bitcoins blockchain is the fact that it is an open, distributed ledger. Through the distributed nature of this ledger, the transactions on the blockchain are verified by the consensus of every member, offering security and trust without a 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.