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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 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 cases where individuals mined thousands of comparatively 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.

This is done without a central authority or bank.Who generated 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 puzzle as he disappeared from the scene in 2010 after seemingly handing over the reins to Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over the years numerous individuals 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 only a fraction of these coin.How would you store or send bitcoinYou can store and send bitcoins via an encrypted digital wallet, which is run as an app on your computer.The wallet functions with 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 associated with it.

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In case the website 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 burglar 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 sheet of paper (this is known as a paper wallet) and stick it in a safe.If you don't save the personal key on your computer or online then recipients can never break in and get your funds.

Bitcoin means different things to different people. For some, it's a future of moving currency untied to any central bank. To others, it is a purely electronic entity of questionable worth and dubious origin. But what is Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, a digital currency.

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In fact, 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 stage (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work information that is expensive and time-intensive to produce but can be easily verified.

To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the work of an extensive calculation in exchange for a few newly minted currency. That piece of digital currency is worth whatever the market decides through supply image source and demand.Transactions are connected to some users Bitcoin speech, which is saved on its own general ledger, known as 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 it is an open, distributed ledger. Throughout the dispersed nature of the ledger, the transactions on the blockchain are confirmed from the consensus of every member, offering protection and trust without a third-party overseer.One of the most important things to bear in mind when thinking about exactly what Bitcoin (or bitcoin) is: there is no single answer.