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To enjoy the CBBC Newsround site at its finest you need to have JavaScript turned on.WATCH: Ayshah's report on the rise of this 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 was on its previous birthday - for only the second time since it came in the virtual wallet.In late October 2017, bitcoin was worth just under 5000 - now it's worth only a little more.
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It is like an online version of money. You can use it to get products and services, but not many stores accept Bitcoin nevertheless and some countries have banned it altogether.The physical Bitcoins you see in photos are a novelty. They'd be worthless without the personal codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is essentially a computer file that's stored in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or part of one) for your pocket, and also you can send Bitcoins to additional 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 with Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople build special computers to generate BitcoinsIn purchase for the Bitcoin platform to operate, people 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 amounts are becoming more and more difficult to stop too many Bitcoins being generated.If you started mining now it could be years before you have a single Bitcoin.You could end up spending more money on electricity for your computer than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people believe they areThere are a lot of things other than money which we consider precious like gold and diamonds.
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Folks 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 Visit Website listed publicly so it's very difficult to copy Bitcoins, make fake ones or spend ones that you don't own.It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever.
The Bitcoin world is abuzz with both excitement and fascination and the opportunity for upside potential to skyrocket. Everyone from regular Joes to reputable experts is betting on Bitcoins success.Its been a wild 8 decades since Bitcoins release. Most notably, weve seen headlines of people who fortuitously bought bitcoins early on turn into kid-millionaires.
However, the Bitcoin platform is far from anarchy.The entire procedure is pretty straightforward and organized: Bitcoin holders are able to transfer bitcoins via a peer-to-peer 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 consists 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 created and how many are generated. It also keeps track of where bitcoins are and ensures the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The entire supply to be created is capped at 21 million bitcoins.This cap increases an argument that Bitcoin might have difficulties scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as few as 0.00000001 bitcoins), this doesnt really create a scaling issue. The magical number of 21 million is arbitrary.Its believed that Bitcoin was designed to become a deflationary currency to combat the governments use of inflation as a hidden taxation to redistribute earned wealth.