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To enjoy the CBBC Newsround website at its finest you will need to have JavaScript turned on.WATCH: Ayshah's report on the upswing of the BitcoinToday is the tenth anniversary of the virtual currency Bitcoin. But on its birthday it might be worth 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 only a little 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 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 with no private codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet program 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 part of one) to your pocket, and 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 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 created using a computer.How are new Bitcoins createdReutersPeople construct special computers to generate BitcoinsIn order for the Bitcoin system to work, people can make their computer process transactions for everybody.The computers are made to work 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 might be years before you got a single anchor 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 simply because people believe they areThere are a lot of things other than money that we consider valuable 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 recorded publicly so it's very tricky to copy 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 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 reputable experts is betting on Bitcoins success.Its been a rampant 8 years since Bitcoins release. Most notably, weve seen headlines of people who fortuitously bought bitcoins early on turn into kid-millionaires.
However, the Bitcoin system is far from anarchy.The whole procedure is pretty simple internet and organized: Bitcoin holders are able to transfer bitcoins by means of a peer-to-peer network. These transfers are monitored on the blockchain, commonly referred to as a giant ledger. This ledger records every 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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If a single document 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 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 ever be created is capped at 21 million bitcoins.This cap increases an argument that Bitcoin might have difficulties scaling. But since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as little as 0.00000001 navigate to this site bitcoins), this doesnt really produce a scaling problem. The magic number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to combat the governments use of inflation as a hidden taxation to redistribute earned wealth.