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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 digital 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 individuals mined thousands of relatively useless bitcoins as a hobby years ago, only to now realise they're rich.One IT employee even threw out a hard drive containing 7,500 bitcoins.
All this is done with no central authority or bank.Who created itBitcoin and the blockchain technology was made by someone under the pseudonym of Satoshi Nakamoto and released 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 at the Bitcoin Foundation.Over the years numerous people have claimed to be Satoshi, including Australian computer scientist Craig Wright.
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In case the web Look At This site gets hacked or someone gets your login details that they can get and drain your funds from the exchange.There is no way for a transaction to be reversed or recovered if a thief sends your bitcoins to their wallet.After buying your coins you should transfer them to a secure digital wallet created by you and not hosted online.You can even you could check here 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 store the private key on your pc or online then hackers can never break in and access 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 digital entity of questionable worth and doubtful origin. But what is Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, an electronic currency.
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In fact, 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 that is expensive and time-intensive to create but can be easily verified.
To mine a bitcoin, a computer must finish a complicated algorithm, essentially going through the job of an extensive calculation in exchange for some newly minted currency. That piece of digital currency is worth whatever the market determines through distribution and demand.Transactions are connected to a users Bitcoin speech, which can be stored on its own general ledger, known as the blockchain.
