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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 buy other currencies or real 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 instances where individuals mined thousands of relatively worthless bitcoins as a hobby years ago, only to now realise they're rich.One IT worker even threw out a hard disk containing 7,500 bitcoins.

This is done with no central authority or bank.Who generated 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 disappeared from the scene in 2010 after seemingly handing over the reins into Gavin Andresen, the chief scientist in the Bitcoin Foundation.Over years numerous individuals 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 the coin.How do you store or send bitcoinYou can store and send bitcoins via an encrypted electronic wallet, which is run as an app on your computer.The wallet works using two keys a private key and a public key which seem to be 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 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 for a transaction to be reversed or recovered if a burglar sends your bitcoins to their wallet.After buying your coins you should transfer them to 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 (that is known as a newspaper wallet) and stick it in a safe.If you don't store the personal key on your pc or online then hackers 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 others, it's a purely digital entity of questionable worth and dubious origin. However, what is Bitcoin, in the most elementary senseIn most casual conversations, you can get away with knowing that bitcoin is, essentially, a digital currency.

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In reality, 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 a digital currency (bitcoin, lowercase). Bitcoin the stage is built on the concept of proof of work information that is expensive and time-intensive to produce 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 digital currency is worth whatever the market decides through distribution and demand.Transactions go to the website are connected to a users Bitcoin address, which can be saved on its own general ledger, called the blockchain.

This relative anonymity makes the platform 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. Through the dispersed nature of the ledger, the transactions on the blockchain are confirmed by the consensus of every member, offering security 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: there is no single answer.