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To enjoy the CBBC Newsround website 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 the virtual currency Bitcoin. But on its birthday it could be worth less by the end of year than it had been on its preceding birthday for only the second time since it came 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 buy products and services, but not many shops accept Bitcoin yet and a few countries have banned it altogether.The bodily Bitcoins you see in photographs are a novelty. They'd be worthless with no personal codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is essentially a computer file which is saved in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or part of one) to your pocket, 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 do people buy BitcoinsDenes FarkasThere are 3 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 special computers to generate BitcoinsIn order for the Bitcoin platform to operate, people 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 began mining now it might be years before you have a single Bitcoin.You might end up spending more money on power 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 that we consider precious like gold and diamonds.
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People can 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 recorded publicly so it is very tricky to replicate Bitcoins, make fake ones or spend ones that you don't own.It is possible to shed your Bitcoin wallet or delete your Bitcoins and lose 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 rampant 8 years since Bitcoins release. Most notably, weve seen headlines of individuals who fortuitously purchased bitcoins early on turn into kid-millionaires.
However, the Bitcoin platform is far from anarchy.The whole procedure is pretty simple and organized: Bitcoin holders can transfer bitcoins via a peer-to-peer network. These transfers are tracked on the blockchain, commonly known as a giant ledger. This ledger records each bitcoin transaction ever made. Each block in the blockchain consists of a data structure based on encrypted Merkle Trees.
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If his response 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 that the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The entire supply to be generated 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 little as 0.00000001 bitcoins), this doesnt really create a scaling issue. 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.