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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 the digital currency Bitcoin. However, on its birthday it might 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 digital wallet.In late October 2017, bitcoin was worth just under 5000 - now it's worth only a bit more.
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It's like an online version of money. You can use it to buy products and solutions, but not many shops accept Bitcoin yet and some countries have banned it altogether.The bodily 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 program on a smartphoneEach Bitcoin is basically a computer file which is saved in a'digital wallet' app on a smartphone or computer.People can send Bitcoins (or a part of one) to your digital wallet, and also you can send Bitcoins to other people.Every single transaction is listed in a public list 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 allow people pay you with Bitcoins.Or they can be made using a computer.How are new Bitcoins createdReutersPeople construct special computers to generate BitcoinsIn order for the Bitcoin platform to work, people can make their computer procedure transactions for everybody.The computers have been made to work out incredibly difficult sums.
This is named mining.But the amounts are becoming more and more challenging to stop too many Bitcoins being generated.If you began mining now it might be years before you got a single Bitcoin.You might end up spending more money on electricity for your computer than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable only because people believe they areThere are a lot of things other than money which we consider precious like gold and diamonds.
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Folks can also spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody might know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is listed publicly so it is rather tricky to copy Bitcoins, make fake ones or spend ones that you don't own.It is possible to shed your Bitcoin pocket or delete your Bitcoins and discard them forever. Read Full Article
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 years since Bitcoins release. Most notably, weve seen headlines of people that fortuitously bought bitcoins early on turn into kid-millionaires.
But the Bitcoin platform is far from anarchy.The entire process is really straightforward and organized: Bitcoin holders are able to 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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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 created 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 raises an argument that Bitcoin might have difficulties scaling. But since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as little 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 as a hidden taxation to redistribute earned riches.