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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 public ledger of transactionsBitcoins can be stored in a digital wallet and used to Purchase 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 are 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 created 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 puzzle as he disappeared from the scene in 2010 after seemingly handing over the reins to 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 purchase smaller goods using only a fraction of the coin.How do you store or send bitcoinYou can shop and send bitcoins via an encrypted electronic wallet, which can be run as an app on your computer.The wallet functions using 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 access 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 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 access your funds.

Bitcoin means different things to different people. For some, it is a future of freely moving currency untied to any central bank. To others, it's a purely digital entity of questionable value and dubious origin. But what is Bitcoin, in the most basic senseIn most casual conversations, you can get away with knowing that bitcoin is, basically, an electronic currency.

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In reality, it is two considerably more complicated 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 platform is built on the concept of evidence of work data which 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 bit of electronic currency is worth whatever the market decides through supply and demand.Transactions are connected to a users Bitcoin speech, which is stored on its own general ledger, known as the blockchain.

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