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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 that the tenth anniversary of the digital currency Bitcoin. But on its own 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 arrived in the digital wallet.In late October 2017, bitcoin was worth just under 5000 - now it's worth only a bit more.
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It's like an online version of money. You can use it to get products and solutions, 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 personal codes printed inside them.How will 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 pocket, and also you can send Bitcoins to other people.Every single transaction is listed in a public list known as the blockchain.
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How do people get BitcoinsDenes FarkasThere are 3 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 made using a computer.How are new Bitcoins createdReutersPeople construct special computers to generate BitcoinsIn order for the Bitcoin platform to work, people can create their computer process transactions for everybody.The computers have been created to work 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 might be years before you have a single Bitcoin.You could end up spending more money on electricity for your pc than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people believe they areThere are lots of things other than money which we consider valuable like gold and diamonds.
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Folks can spend their Bitcoins fairly anonymously. Though all transactions are listed, nobody might know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is recorded publicly so it's very tricky to replicate Bitcoins, make fake ones or spend ones that you don't own.It you can shed your Bitcoin pocket or delete your Bitcoins and discard them forever.
The Bitcoin world is abuzz with both excitement and curiosity 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 people who fortuitously bought bitcoins early on turn into kid-millionaires.
However, the Bitcoin platform is far from anarchy.The whole process is pretty simple and organized: Bitcoin holders are able to transfer bitcoins via a peer-to-peer network. These transfers are tracked on the blockchain, commonly known as a giant ledger. This ledger records every bitcoin transaction ever made. 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 created and how many are generated. Additionally, it keeps tabs on where bitcoins are and ensures that 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 pop over to these guys might have difficulties 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 riches.