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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 all transactionsBitcoins can be stored in a virtual wallet and used to buy other currencies or actual world goods

Where once a single bitcoin was 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 back, only to now realise they are rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.

All 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 released 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 at the Bitcoin Foundation.Over the years numerous individuals have promised 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 decimal place (0.00000001BTC) to buy smaller goods using just a fraction of these coin.How would you shop or send bitcoinYou can store and send bitcoins from an encrypted digital wallet, which can be run as an app on your computer.The wallet functions using two keys a private key and a public key which look 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 lets you send any bitcoins connected with that.

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In case the website gets hacked or someone gets your login details that they could access 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 should transfer them into a secure digital wallet created by you and not hosted online.You can even write down the pocket's personal key on a piece of paper (that is image source 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 get your funds.

Bitcoin means different things to different people. For many, it is a future of moving currency untied to any central bank. To others, it is a purely electronic entity of questionable value and doubtful origin. However, what is Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, a digital currency.

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In reality, it is two considerably 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 a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of evidence of work data that is expensive and time-intensive to produce 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 a few newly minted currency. That bit of electronic currency is worth whatever the market decides through supply 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 system appealing for things like incognito purchases within the internet.A key component of Bitcoins blockchain is the simple fact that click it is an open, distributed ledger. Throughout the distributed nature of this ledger, the transactions on the blockchain are confirmed by the consensus of each member, offering protection and trust without a third-party overseer.One of the most important things to bear in mind when thinking about what Bitcoin (or even bitcoin) is: that there is no single answer.