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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 this BitcoinToday is the tenth anniversary of this virtual currency Bitcoin. However, on its own birthday it might be worth by the end of year than it had been on its preceding 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 is worth only a bit more.
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It is like an online version of cash. You can use it to get products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.The physical Bitcoins you see in photographs are a novelty. They would be worthless without the private codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is essentially 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) to your digital wallet, and also you can send Bitcoins to additional people.Every single transaction is recorded in a public list called the blockchain.
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How is it that people buy BitcoinsDenes FarkasThere are 3 main ways people get Bitcoins.You can buy Bitcoins using'real' money. You can sell things and let people pay you with Bitcoins.Or they can be made using a computer.How are new Bitcoins createdReutersPeople build special computers to generate BitcoinsIn order for the Bitcoin system to work, individuals can make their computer procedure transactions for everybody.The computers are made to operate out incredibly difficult amounts.
This is called mining.But the sums are becoming more and more challenging to stop too many Bitcoins being generated.If you started mining now it could be years before you have a single Bitcoin.You could end up spending more money on power for your computer 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 also spend their Bitcoins fairly anonymously. Though all transactions are listed, nobody would know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is listed publicly so it's rather tricky to copy Bitcoins, make bogus ones or spend ones that like this you don't own.It is possible to lose your Bitcoin pocket 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 everyday Joes to trusted specialists is betting on Bitcoins success.Its been a wild 8 decades since Bitcoins release. Most notably, weve seen headlines of people that fortuitously bought bitcoins early on turn into kid-millionaires.
But the Bitcoin system is far from anarchy.The whole procedure is really simple and organized: Bitcoin holders can transfer bitcoins via a peer reviewed network. These transfers are monitored on the blockchain, commonly referred to as a giant ledger. This ledger records every 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 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 produced. It also keeps track of 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 increases an argument that Bitcoin might have problems scaling. But since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as few as 0.00000001 bitcoins), this doesnt really produce a scaling problem. The magic number of 21 million is arbitrary.Its believed that Bitcoin was designed to become a deflationary currency to combat the governments use of inflation as a hidden taxation to redistribute earned wealth.