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Key pointsBitcoin is an electronic 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 Purchase other currencies or actual world goods

Where once a single bitcoin has been 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 individuals mined thousands of comparatively useless bitcoins as a hobby years back, only to now realise they are rich.One IT worker even threw out a hard disk containing 7,500 bitcoins.

All this is done with no 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 disappeared 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 more bitcoins can be made.However, a single bitcoin can be subdivided as far down as the eighth decimal place (0.00000001BTC) to purchase smaller goods using just a fraction of these coin.How do you shop or send bitcoinYou can store and send bitcoins via an encrypted digital wallet, which can be run as an app on your computer.The wallet works with two keys that a private key and a public key which look like a seemingly random string of go to the website numbers and letters.The private key is kept secret by you and functions as a password that unlocks the wallet and lets you send any bitcoins associated with it.

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If the website gets hacked or someone gets your login information they could important source access and drain your funds from the exchange.There is no way for a transaction to be revoked or revoked 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 write down the wallet's private key on a sheet of paper (this is known as a paper wallet) and stick it in a safe.If you don't store the private key on your computer or online then hackers can never break in and get your funds.

Bitcoin means different things to different individuals. For some, it is a future of freely moving currency untied to any central bank. To the others, it is a purely digital link entity of questionable worth and dubious origin. But what's Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, an electronic 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 platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of evidence of work data which is expensive and time-intensive to create but can be easily verified.

To mine a bitcoin, a computer has to complete a complicated algorithm, essentially going through the job of an extensive calculation in exchange for some newly minted currency. That piece of electronic currency is worth whatever the market determines through supply and demand.Transactions are connected to some users Bitcoin speech, which can be stored on its own general ledger, called the blockchain.

This comparative anonymity makes the system 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 dispersed nature of the ledger, the transactions on the blockchain are confirmed from the consensus of each member, offering security and trust with no third-party overseer.One of the most important things to bear in mind when thinking about exactly what Bitcoin (or bitcoin) is: that there is no single answer.