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To enjoy the CBBC Newsround site at its finest you will need to have JavaScript turned on.WATCH: Ayshah's report on the rise of the BitcoinToday is the tenth anniversary of the digital currency Bitcoin. However, on its birthday it could be worth less by the end of year than it was on its preceding 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 just a bit more.
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It is similar to an online version of cash. You can use it to buy products and services, but not many stores accept Bitcoin yet and a few countries have banned it altogether.The bodily Bitcoins you see in photos are a novelty. They'd be worthless without the private codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is essentially 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) to your pocket, and you can send Bitcoins to other people.Every single transaction is recorded in a public record 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 with 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 work, individuals can create their computer procedure transactions for everybody.The computers are made to operate 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 could be years before you have a single Bitcoin.You might end up spending more money on electricity 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 valuable like gold and diamonds.
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People can also 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's very difficult to replicate Bitcoins, make fake ones or spend ones you don't own.It you can lose your Bitcoin wallet or delete your Bitcoins and lose them forever.
The Bitcoin world is abuzz with both excitement and curiosity 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 decades 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 procedure is pretty straightforward and organized: Bitcoin holders can transfer bitcoins by means of 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 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 remainder 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 total supply to be generated is capped at 21 million bitcoins.This cap raises an argument that Bitcoin could have difficulties scaling. But since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as little as 0.00000001 bitcoins), this doesnt really create a scaling problem. The magic number of 21 million is arbitrary.Its considered that Bitcoin was designed to develop into a deflationary currency to fight the governments utilization of inflation because a hidden taxation to redistribute earned riches.