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Essential pointsBitcoin is a digital 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 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 relatively worthless bitcoins as a hobby years ago, only to now realise they're rich.One IT employee even threw out a hard disk containing 7,500 bitcoins.
All this is done with no 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 mystery as he vanished from the scene in 2010 after seemingly handing over the reins to 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 web site 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 thief sends your bitcoins to their wallet.After buying your coins you need to transfer them into a secure digital pocket made by you and not hosted online.You can even write down the pocket's personal key on a piece 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 many, it is a future of moving currency untied to any central bank. To the others, it's a purely digital entity of questionable worth and doubtful origin. However, what's 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 stage (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of evidence of work information which 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 distribution and demand.Transactions are connected to some users Bitcoin address, which is saved on its own general ledger, known as the blockchain.
