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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 upswing of the BitcoinToday is that the tenth anniversary of this digital currency Bitcoin. However, on its birthday it could be worth less by the end of year than it was 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 just a bit more.
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It is similar to an online version of money. You can use it to buy products and solutions, but not many shops accept Bitcoin nevertheless and some countries have banned it altogether.The physical Bitcoins you see in photographs are a novelty. They'd be worthless without the private 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' app on a smartphone or computer.People can send Bitcoins (or a part of one) for your pocket, and you can send Bitcoins to additional people.Every single transaction is listed in a public list called the blockchain.
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How do people get 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 exceptional computers to generate BitcoinsIn order for the Bitcoin platform to operate, individuals can make their computer process transactions for everybody.The computers are created to operate out incredibly difficult sums.
This is named mining.But the sums are becoming more and more challenging to stop too many Bitcoins being generated.If you began mining now it could be years before you got a single Bitcoin.You might end up spending more money on power for your pc than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable only because people think they areThere are lots of things other than money which we consider precious like gold and diamonds.
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Folks can spend their Bitcoins fairly anonymously. Though all transactions are recorded, nobody would know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is listed publicly so it is very difficult to copy Bitcoins, make bogus ones or spend ones that you don't own.It is possible to lose your Bitcoin pocket 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 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 platform is far from anarchy.The entire process is really simple and organized: Bitcoin holders can transfer bitcoins via 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 made. Each block in the blockchain consists of a data structure based on encrypted Merkle Trees.
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In case a single file 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 generated. 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 total supply to ever be generated is capped at 21 million bitcoins.This cap increases an argument that Bitcoin could have problems scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as little as 0.00000001 bitcoins), this doesnt really produce a scaling issue. The magical number of 21 million is arbitrary.Its believed that find Bitcoin was designed to become a deflationary currency to combat the governments use of inflation because a hidden taxation to redistribute earned riches.