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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 the tenth anniversary of the digital currency Bitcoin. But on its birthday it might be worth less by the end of year than it was 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 just 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 nevertheless 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 does Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is basically a computer file which is stored in a'digital wallet' program 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 other people.Every single transaction is listed in a public list called the blockchain.
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How do people get 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 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 operate, individuals can make their computer process transactions for everybody.The computers are created to operate out incredibly difficult sums.
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 got a single Bitcoin.You could 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 precious like gold and diamonds.
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People can also spend their Bitcoins fairly anonymously. Although all transactions are listed, nobody might know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is listed publicly so it is very tricky to copy Bitcoins, make fake ones or spend ones that you don't own.It is possible to shed your Bitcoin pocket or delete your Bitcoins and discard them forever.
The Bitcoin world is abuzz with both excitement and fascination and 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 individuals who fortuitously purchased 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 are able to transfer bitcoins via a peer reviewed network. These transfers are monitored on the blockchain, commonly referred pop over here to as a giant ledger. This ledger records every bitcoin transaction ever produced. Every 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 remainder of the ledger.Instead of relying on a government to print new currency, Bitcoins blockchain programming handles when bitcoins are created and how many are produced. Additionally, it keeps tabs on where bitcoins are and ensures the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The total supply to be created is capped at 21 million bitcoins.This cap increases an argument that Bitcoin might have difficulties scaling. However, 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.