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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 public ledger of all transactionsBitcoins can be stored in a virtual wallet and used to Purchase other currencies or real 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 instances 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 drive 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 published 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 in the Bitcoin Foundation.Over years numerous people have claimed to become 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 just a fraction of these coin.How do you shop or send bitcoinYou can store and send bitcoins via an encrypted digital wallet, which is run as an app on your computer.The wallet works with two keys that 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 image source wallet and lets you send any bitcoins associated with it.

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If 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 revoked or revoked 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 wallet's private 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 private 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 freely moving currency untied to any central bank. To the others, it is a purely digital entity of questionable worth and doubtful origin. But what's Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, an electronic currency.

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In reality, it is two find more information much 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 an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work information which 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 some newly minted currency. That bit of electronic currency is worth whatever the market determines through supply and demand.Transactions are connected to a users Bitcoin address, which is saved on its own general ledger, known as the blockchain.

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