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To enjoy the CBBC Newsround website at its finest you need to have JavaScript turned on.WATCH: Ayshah's report on the rise of this BitcoinToday is that the tenth anniversary of the virtual currency Bitcoin. But on its own birthday it might 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 is worth just a little more.
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It's like an online version of money. You can use it to get products and services, but not many shops accept Bitcoin nevertheless and a few countries have banned it altogether.The bodily Bitcoins you see in photographs are a novelty. They'd be worthless without the personal codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is basically a computer file that's stored 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 listed in a public record known as the blockchain.
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How do 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 build special computers to generate BitcoinsIn order for the Bitcoin system to operate, people can create their computer procedure transactions for everybody.The computers have been made to work out incredibly difficult sums.
This is called mining.But the sums are becoming more and more difficult important source 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 power for your pc than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people believe they areThere are a lot of things other than money which we consider valuable like gold and diamonds.
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People can spend their Bitcoins fairly anonymously. Though all transactions are listed, nobody might know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is recorded publicly so it is very difficult to copy Bitcoins, make bogus ones or spend ones you don't own.It is possible to shed your Bitcoin pocket 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 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 people who fortuitously bought bitcoins early on turn into kid-millionaires.
But the Bitcoin platform is far from anarchy.The entire process is pretty simple and organized: Bitcoin holders can transfer bitcoins by means of a peer-to-peer network. These transfers are tracked on the blockchain, commonly referred to as a giant ledger. This ledger records each bitcoin transaction ever produced. Each block in the blockchain is built up 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 our website programming handles when bitcoins are created and how many are generated. Additionally, it 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 ever be created is capped at 21 million bitcoins.This cap raises an argument that Bitcoin could have problems scaling. But since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as few as 0.00000001 bitcoins), this doesnt really produce a scaling problem. The magic number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to fight the governments use of inflation because a hidden taxation to redistribute earned wealth.