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To enjoy the CBBC Newsround site at its best you need to have JavaScript turned on.WATCH: Ayshah's report on the upswing of this BitcoinToday is the tenth anniversary of the virtual currency Bitcoin. However, on its own birthday it could be worth by the end of year than it had been on its previous 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's worth only a little more.
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It's similar to an online version of cash. You can use it to get products and services, but not many stores accept Bitcoin yet and a few 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 program on a smartphoneEach Bitcoin is essentially a computer file that's stored 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 record known as the blockchain.
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How is it that people get BitcoinsDenes FarkasThere are three main ways people get Bitcoins.You can purchase Bitcoins using'real' money. You can sell things and let people pay you with Bitcoins.Or they can be made using a computer.How are new Bitcoins createdReutersPeople build special computers to generate BitcoinsIn purchase for the Bitcoin system to operate, people can create their computer procedure transactions for everybody.The computers are made to work out incredibly difficult amounts.
This is Bitcoin Vendors named mining.But the amounts are becoming more and more challenging to stop too many Bitcoins being generated.If you started mining now it might be years before you have a single Bitcoin.You could end up spending more money on power for your computer than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable only 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. Although all transactions are listed, nobody might know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is listed publicly so it's very tricky to replicate Bitcoins, make bogus ones or spend ones you don't own.It you can lose your Bitcoin wallet or delete your Bitcoins and lose them forever.
The Bitcoin world is abuzz with Blockchain Download both excitement and fascination and the opportunity for upside potential to skyrocket. Everyone from regular Joes to trusted specialists is betting on Bitcoins success.Its been a wild 8 years since Bitcoins release. Most notably, weve seen headlines of people that fortuitously purchased bitcoins early on turn into kid-millionaires.
However, the Bitcoin platform is far from anarchy.The whole process is really straightforward and organized: Bitcoin holders can transfer bitcoins by means of a peer reviewed network. These transfers are tracked on the blockchain, commonly referred to as a giant ledger. This ledger records check it out each bitcoin transaction ever made. Each block in the blockchain consists of a data structure based on encrypted Merkle Trees.
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If a single document in a chain is corrupt or fraudulent, the blockchain prevents it from damaging the rest 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 tabs on 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 difficulties scaling. But since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as little as 0.00000001 bitcoins), this doesnt really create a scaling problem. The magical number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to combat the governments use of inflation because a hidden taxation to redistribute earned wealth.