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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 rise of the BitcoinToday is the tenth anniversary of this digital currency Bitcoin. However, on its own birthday it might be worth less 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 buy products and services, 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'd be worthless with no 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 a part of one) to your digital wallet, and you can send Bitcoins to other 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 purchase Bitcoins using'real' money. You can sell things and let people pay you with Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople construct exceptional computers to generate BitcoinsIn order for the Bitcoin system to work, individuals can create their computer process transactions for everybody.The computers are created to work out incredibly difficult amounts.
This is called mining.But the sums are becoming more and more challenging to stop too many Bitcoins being generated.If you started mining now it could be years before you got a single Bitcoin.You might end up spending more money on electricity for your pc 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 that we consider precious like gold and diamonds.
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People can also spend their Bitcoins fairly anonymously. Though all transactions are my link recorded, nobody would know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is recorded publicly so it is rather tricky to copy Bitcoins, make fake ones or spend ones you don't own.It you can lose your Bitcoin pocket or delete your Bitcoins and discard them forever.
The Bitcoin world is abuzz with both excitement and curiosity and the opportunity for upside potential to skyrocket. Everyone from regular Joes to reputable experts is betting on Bitcoins success.Its been a rampant 8 decades since Bitcoins release. Most notably, weve seen headlines of individuals who fortuitously purchased bitcoins early on turn into kid-millionaires.
However, the Bitcoin platform is far from anarchy.The entire procedure is really straightforward and organized: Bitcoin holders can 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. Every block in the blockchain is built up of a data structure based on encrypted Merkle Trees.
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In case 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 made and how many are produced. Additionally, it useful reference keeps track of where bitcoins are and ensures that the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The total supply to ever be created is capped at 21 million bitcoins.This cap increases an argument that Bitcoin could 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 problem. The magical number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to fight the governments use of inflation as a hidden taxation to redistribute earned riches.