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To enjoy the CBBC Newsround site at its best you will need to have JavaScript turned on.WATCH: Ayshah's report on the upswing of the BitcoinToday is that the tenth anniversary of the digital currency Bitcoin. However, on its own birthday it could be worth less by the end of year than it had been 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's worth only a bit more.
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It is similar to 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 bodily Bitcoins you see in photos are a novelty. They would be worthless with no private codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is essentially a computer file which is saved in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or part of one) to your pocket, and you can send Bitcoins to other people.Every single transaction is recorded in a public record 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 let people pay you with Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople build exceptional computers to generate BitcoinsIn purchase for the Bitcoin system to operate, individuals can create their computer process transactions for everybody.The computers have been created to work out incredibly difficult sums.
This is called mining.But the amounts are becoming more and more difficult to stop too many Bitcoins being generated.If you began mining now it might be years before you have a single Bitcoin.You could end up spending more money on electricity for your computer than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people think they areThere are lots of things other than money that we consider valuable like gold and diamonds.
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People can spend their Bitcoins fairly anonymously. Although 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 difficult to replicate Bitcoins, make fake ones or spend ones you don't own.It is possible to shed your Bitcoin wallet or delete your Bitcoins and lose them forever.
The Bitcoin world is abuzz with both excitement and fascination and also the opportunity for upside potential to skyrocket. Everyone from everyday Joes to trusted specialists is betting on Bitcoins success.Its been a rampant 8 years since Bitcoins release. Most notably, weve seen headlines of people who fortuitously bought bitcoins early on turn into kid-millionaires.
However, the Bitcoin system is far from anarchy.The whole process is pretty 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 each bitcoin transaction ever produced. Every block in the blockchain consists of a data structure based on see this website 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 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 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 created is capped at 21 million bitcoins.This cap raises 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 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.