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To enjoy the CBBC Newsround website at its best you need to have JavaScript turned on.WATCH: Ayshah's report on the upswing of the BitcoinToday is the tenth anniversary of this virtual currency Bitcoin. But on its birthday it might be worth less by the end of year than it had been on its preceding birthday for only the second time since it came in the digital wallet.In late October 2017, bitcoin was worth just under 5000 - now it's worth just a little more.
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It's like an online version of cash. You can use it to buy products and services, but not many stores accept Bitcoin yet and some countries have banned it altogether.The physical Bitcoins you see in photographs are a novelty. They would be worthless with no private codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is essentially a computer file that's saved in a'digital wallet' app on a smartphone or computer.People can send Bitcoins (or a part of one) to your pocket, and you can send Bitcoins to other people.Every single transaction is listed in a public list known as the blockchain.
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How is it that people buy BitcoinsDenes FarkasThere are three 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, investigate this site individuals can create their computer process transactions for everybody.The computers have been made to work out incredibly difficult amounts.
This is called mining.But the sums are becoming more and more difficult to stop too many Bitcoins being generated.If you began mining now it might be years before you got a single Bitcoin.You could end up spending more money on electricity for your computer Recommended Reading than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people think they areThere are a lot of things other than money which we consider precious special info like gold and diamonds.
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People can also spend their Bitcoins fairly anonymously. Though all transactions are recorded, nobody would know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is recorded publicly so it's rather tricky to copy Bitcoins, make fake ones or spend ones that you don't own.It is possible to lose your Bitcoin pocket or delete your Bitcoins and discard them forever.
The Bitcoin world is abuzz with both excitement and curiosity and also the opportunity for upside potential to skyrocket. Everyone from regular Joes to trusted specialists is betting on Bitcoins success.Its been a rampant 8 decades since Bitcoins release. Most notably, weve seen headlines of individuals who fortuitously bought bitcoins early on turn into kid-millionaires.
However, the Bitcoin platform is far from anarchy.The entire process is really simple and organized: Bitcoin holders are able to transfer bitcoins by means of a peer reviewed network. These transfers are monitored on the blockchain, commonly known as a giant ledger. This ledger records every bitcoin transaction ever made. Every 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 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 generated. It also keeps tabs on where bitcoins are and ensures the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The entire supply to be generated is capped at 21 million bitcoins.This cap increases an argument that Bitcoin could have problems scaling. But since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as few as 0.00000001 bitcoins), this doesnt really produce a scaling problem. The magical number of 21 million is arbitrary.Its considered that Bitcoin was designed to develop into a deflationary currency to combat the governments use of inflation as a hidden taxation to redistribute earned riches.