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To enjoy the CBBC Newsround site at its finest you will need to have JavaScript turned on.WATCH: Ayshah's report on the rise of the BitcoinToday is that the tenth anniversary of this virtual currency Bitcoin. However, on its birthday it might be worth less by the end of year than it was on its preceding birthday for only the second time since it arrived in the virtual wallet.In late October 2017, bitcoin was worth just under 5000 - now it is worth only a bit more.
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It's like an online version of money. You can use it to get products and solutions, but not many stores accept Bitcoin yet and a few countries have banned it altogether.The bodily Bitcoins you see in photographs are a novelty. They would be worthless without the private codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is basically a computer file which is saved in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or part of one) for your pocket, and you can send Bitcoins to additional people.Every single transaction is recorded in a public record called the blockchain.
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How is it that people buy BitcoinsDenes FarkasThere are 3 main ways people get Bitcoins.You can buy Bitcoins using'real' money. You can sell things and allow people pay you using Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople construct special computers to generate BitcoinsIn order for the Bitcoin platform to work, people can make their computer process transactions for everybody.The computers are created to work out incredibly difficult sums.
This is named mining.But the sums are becoming more and more difficult to stop too many Bitcoins being generated.If you started mining now it might be years before you got a single Bitcoin.You might end up spending more money on power for your pc than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people believe they areThere are lots of things other than money which we consider valuable like gold and diamonds.
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People can also spend their Bitcoins fairly anonymously. Though all transactions are recorded, nobody might know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is listed publicly so it is rather difficult to copy Bitcoins, make fake ones or spend ones you don't own.It is possible to shed your Bitcoin pocket or delete your Bitcoins and discard them forever.
The Bitcoin world is abuzz with both excitement and fascination and the opportunity for upside potential to skyrocket. Everyone from everyday Joes to reputable experts is betting on Bitcoins success.Its been a rampant 8 decades since Bitcoins release. Most notably, weve seen headlines of people that fortuitously bought bitcoins early on turn into kid-millionaires.
But the Bitcoin platform is far from anarchy.The entire process is really straightforward and organized: Bitcoin holders are able to transfer bitcoins by means of a peer-to-peer network. These transfers are monitored on the blockchain, commonly referred to as a giant ledger. This ledger records every bitcoin transaction ever produced. Each block in the blockchain is built up of a data structure based on encrypted Merkle Trees.
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If a single file in a chain is corrupt website here or fraudulent, the blockchain prevents it from damaging the remainder of the ledger.Instead of relying on a government to print new currency, Bitcoins blockchain programming handles when bitcoins are made and how many are produced. It also keeps track of where bitcoins are and ensures that the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The entire supply to ever be generated is capped at 21 million bitcoins.This cap raises an argument that Bitcoin could have problems scaling. But since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as few as 0.00000001 bitcoins), this doesnt really create a scaling problem. The magical number of 21 million is arbitrary.Its believed that Bitcoin was designed to become a deflationary currency to fight the governments utilization of inflation as a hidden taxation to redistribute earned riches.