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

Where once a single bitcoin was 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 people mined thousands of comparatively worthless bitcoins as a hobby years ago, only to now realise they are rich.One IT worker even threw out a hard drive containing 7,500 bitcoins.

This is done without a central authority or bank.Who generated itBitcoin and also 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 puzzle 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 the years numerous people have promised to become Satoshi, including Australian computer scientist Craig Wright.

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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 do you shop or send bitcoinYou can shop and send bitcoins from an encrypted electronic 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 functions as a password that unlocks the wallet and allows you to send any bitcoins associated with it.

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In case the website gets hacked or someone gets your login details that they could get and drain your funds from the exchange.There is no way to get a transaction to be revoked or revoked if a link thief sends your bitcoins to 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 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 people. For many, it is a future of freely moving currency untied to any central bank. To the others, it is a purely digital entity of questionable value and doubtful origin. However, what is Bitcoin, in the most elementary senseIn most casual conversations, you can eliminate knowing that bitcoin is, essentially, a digital currency.

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In fact, it is two much 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 Resources electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of evidence of work information which is expensive and time-intensive to create but can be readily verified.

To mine a bitcoin, a computer has to complete 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 determines through distribution and demand.Transactions are connected to a users Bitcoin address, which is saved on its own general ledger, called the blockchain.

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This relative anonymity makes the system appealing for things such as incognito purchases over the internet.A key component of Bitcoins blockchain is the simple fact it is an open, distributed ledger. Through the dispersed nature of this ledger, the transactions on the blockchain are confirmed by the consensus of every member, offering protection and trust with no third-party overseer.One of the most important things to keep in mind when thinking about exactly what Bitcoin (or bitcoin) is: that there is no single answer.

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