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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 public 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 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 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 generated 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 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 become Satoshi, including Australian computer scientist Craig Wright.

Once the limit is reached, no longer 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 only a fraction of the coin.How would 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 functions using two keys that a private key and a public key which seem like a seemingly random string of numbers and letters.The private key is kept confidential by you and acts as a password that unlocks the wallet and lets you send any bitcoins connected with that.

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If the web site gets hacked or someone gets your login information that they can get and drain your funds from the exchange.There is no way to get a transaction to be revoked or revoked if a burglar 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 piece of paper (this is known as a newspaper wallet) and stick it in a safe.If you don't save the private key on your pc 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 moving currency untied to any central bank. To the others, it is a purely digital entity of questionable value and doubtful origin. But what's Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, a digital currency.

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In fact, 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 an electronic 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 has to finish 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 a users from this source Bitcoin address, which is saved on its own general ledger, known as the blockchain.

This comparative anonymity makes the platform appealing for things like incognito purchases over the internet.A key component of Bitcoins blockchain is the simple fact that it is an open, distributed ledger. Throughout the distributed nature of this ledger, the transactions on the blockchain are confirmed from the consensus of each member, offering security and trust without a third-party overseer.One of the most important things to bear in mind when thinking about exactly what Bitcoin (or even bitcoin) is: that there is no single answer.