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Key pointsBitcoin is a digital 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 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 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 drive containing 7,500 bitcoins.
All this is done without a central authority or bank.Who created itBitcoin and the blockchain technology was created 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 disappeared from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist at the Bitcoin Foundation.Over years numerous individuals have promised to become Satoshi, including Australian computer scientist Craig Wright.

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In case the website gets hacked or someone gets your login information they could 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 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 (this is known as a newspaper wallet) and stick it in a safe.If you don't store the personal key on your computer or online then hackers can never break in and access 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 electronic entity of questionable worth and doubtful origin. However, what is Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, an electronic currency.
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In reality, it is two much more complicated things.Bitcoin has been webpage 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 platform is built on the concept of proof of work information which is expensive and time-intensive to create but can be readily verified.
To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the work 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 a users Bitcoin address, which is saved on its own general ledger, known as the blockchain.
