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Essential pointsBitcoin is a digital currency known as a cryptocurrencyThe peer-to-peer technology underpinning it's 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're rich.One IT employee even threw out a hard drive containing 7,500 bitcoins.

This is done with no central authority or bank.Who generated itBitcoin and the blockchain technology was created 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 in the Bitcoin Foundation.Over years numerous people have claimed to be 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 just a fraction of these coin.How would you store or send bitcoinYou can store and send bitcoins from an encrypted electronic wallet, which is run as an app on your computer.The wallet functions using 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 wallet and lets you send any bitcoins associated with that.

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In case great site the web site gets hacked or someone gets your login information they could get and drain your funds from the exchange.There is no way to get 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 to a secure digital wallet created by you and not hosted online.You can even write down the wallet's private key on a sheet of paper (that is known as a paper wallet) and stick it in a safe.If you don't store the private key on your computer or online then hackers can never break in and get your funds.

Bitcoin means different things to different individuals. For some, it's a future of freely moving currency untied to any central bank. To others, it is a purely electronic 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, an electronic 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 platform (Bitcoin, uppercase) that hosts an electronic currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of proof of work data that is expensive and time-intensive to create but can be readily verified.

To mine a bitcoin, a computer must finish a complicated algorithm, essentially going through the work of an extensive calculation in exchange for some newly minted currency. That piece of electronic currency is worth whatever the market decides through supply and demand.Transactions are connected to a users Bitcoin address, which can be saved on its own general ledger, known as the blockchain.

This comparative anonymity makes the platform appealing for things such as incognito purchases within the internet.A key component of Bitcoins blockchain is the fact that it is an open, distributed ledger. Through the dispersed nature of this ledger, the transactions on the blockchain are verified by the consensus of each member, offering protection and trust without a third-party overseer.One of the most important things to keep in mind when thinking about what Bitcoin (or even bitcoin) is: that there is no single answer.