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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 the tenth anniversary of the digital currency Bitcoin. But on its birthday it might be worth less by the end of year than it had been on its previous birthday - for only the second time since it came in the virtual wallet.In late October 2017, bitcoin was worth just under 5000 - now it's worth only a little more.
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It is similar to an online version of money. You can use it to get products and solutions, but not many stores accept Bitcoin yet and some countries have banned it altogether.The bodily Bitcoins you see in photographs are a novelty. They'd be worthless with no private codes printed inside them.How does 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 part of one) to your digital wallet, and you can send Bitcoins to other people.Every single transaction is recorded in a public list called the blockchain.
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How do people buy 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 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 work, people can make their computer process transactions for everybody.The computers have been made 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 started mining now it might be years before you have a single Bitcoin.You could end up try this spending more money on power for your computer than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable only because people believe 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 listed, nobody would know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is listed publicly so it is very difficult to copy Bitcoins, make bogus ones or spend ones you don't own.It you can lose your Bitcoin wallet or delete your Bitcoins and discard 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 wild 8 years since Bitcoins release. Most notably, weve seen headlines of individuals that fortuitously bought bitcoins early on turn into kid-millionaires.
But the Bitcoin platform is far from anarchy.The entire procedure is really simple and organized: Bitcoin holders are able to transfer bitcoins via a peer-to-peer network. These transfers are monitored on news the blockchain, commonly image source referred to as a giant ledger. This ledger records each bitcoin transaction ever produced. Every block in the blockchain is built up 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 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 issue. The magical number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to fight the governments utilization of inflation as a hidden taxation to redistribute earned riches.