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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 rise of this BitcoinToday is that the tenth anniversary of the virtual currency Bitcoin. But on its birthday it might be worth by the end of year than it was 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 is worth only a little more.
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It is similar to an online version of cash. You can use it to get products and services, but not many stores accept Bitcoin yet and a few countries have banned it altogether.The physical 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 basically a computer file which is stored in a'digital wallet' app on a smartphone or computer.People can send Bitcoins (or a part of one) for your pocket, and also you can send Bitcoins to other people.Every single transaction is recorded 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 let people pay you using Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople construct special computers to generate BitcoinsIn order for the Bitcoin platform to work, individuals can make their computer process transactions for everybody.The computers are created to work out incredibly difficult amounts.
This is named mining.But the amounts are becoming more and more challenging to stop too many Bitcoins being generated.If you started mining now it might be years before you have 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 lots of things other than money which we consider valuable view website like gold and diamonds.
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Folks can spend their Bitcoins fairly anonymously. Although 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 rather difficult to copy Bitcoins, make fake ones or spend ones 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 curiosity and the opportunity for upside potential to skyrocket. Everyone from regular Joes to trusted specialists is betting on Bitcoins success.Its been a wild 8 decades since Bitcoins release. Most notably, weve seen headlines of individuals 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 are able to transfer bitcoins via a peer-to-peer network. These transfers are monitored on the blockchain, commonly known as a giant ledger. This ledger records each bitcoin transaction ever produced. Each block in the blockchain consists of a data structure based on encrypted Merkle Trees.
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If 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. Additionally, it 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 difficulties scaling. But since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as few as 0.00000001 bitcoins), this doesnt really produce a scaling issue. The magic number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to combat the governments use of inflation as a hidden taxation to redistribute earned wealth.