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To enjoy the CBBC Newsround website at its best you will need to have JavaScript turned on.WATCH: Ayshah's report on the rise of this BitcoinToday is that the tenth anniversary of the virtual currency Bitcoin. But on its birthday it could be worth by the end of year than it had been 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 is worth just a little more.
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It is like an online version of money. You can use it to get products and solutions, but not many shops accept Bitcoin nevertheless and some countries have banned it altogether.The bodily Bitcoins you see in photos are a novelty. They'd be worthless without the personal codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is basically a computer file that's saved in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or part of one) for your digital wallet, and also you can send Bitcoins to other 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 let people pay you with Bitcoins.Or they can be made using a computer.How are new Bitcoins createdReutersPeople construct special computers to generate BitcoinsIn purchase for the Bitcoin platform to work, people can create their computer process transactions for everybody.The computers are created to work out incredibly difficult sums.
This is named 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 got a single Bitcoin.You might end up spending more money on electricity for your computer than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people think they areThere are lots of things other than money that we consider valuable like gold and diamonds.
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People can spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody might know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is recorded publicly so it's very tricky to replicate Bitcoins, make bogus ones or spend ones you don't own.It is possible to shed your Bitcoin pocket or delete your Bitcoins and lose 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 rampant 8 decades since Bitcoins release. Most notably, weve seen headlines of individuals that fortuitously bought bitcoins early on turn into kid-millionaires.
But the Bitcoin platform is far from anarchy.The whole procedure is really straightforward and organized: Bitcoin holders can transfer bitcoins via a peer-to-peer network. These transfers are tracked on the blockchain, commonly referred to as a giant ledger. This ledger records each bitcoin transaction ever produced. Every 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 see post 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 entire supply to ever be generated is capped at 21 million bitcoins.This cap raises an argument that Bitcoin might have problems scaling. But since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as few as 0.00000001 bitcoins), this doesnt really create a scaling issue. The magical number of 21 million is arbitrary.Its believed that Bitcoin was designed to develop into a deflationary currency to fight the governments utilization of inflation as a hidden taxation to redistribute earned wealth.