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To enjoy the CBBC Newsround site at its best you will 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 might be worth less by the end of year than it was 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 little more.
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It is similar to an online version of money. You can use it to buy products and solutions, but not many shops accept Bitcoin nevertheless and some countries have banned it altogether.The physical Bitcoins you see in photographs are a novelty. They'd be worthless with no private codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet program 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 a part of one) to your digital wallet, and also you can send Bitcoins to additional people.Every single transaction is listed in a public list called the blockchain.
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How is it that people buy BitcoinsDenes FarkasThere are three main ways people get Bitcoins.You can purchase 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 build special computers to generate BitcoinsIn order for the Bitcoin platform to operate, people can create their computer process transactions for everybody.The computers have been created to operate out incredibly difficult sums.
This is called mining.But the sums are becoming more and more difficult to stop too many Bitcoins being generated.If you started mining now it might be years before you have a single Bitcoin.You might end up spending more money on electricity for your pc than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable only because people believe 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 would know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery image source transaction is recorded publicly so it's rather tricky to copy Bitcoins, make fake ones or spend ones that you don't own.It you can lose 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 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 platform is far from anarchy.The entire procedure is pretty straightforward and organized: Bitcoin holders are able to transfer bitcoins by means of a peer reviewed network. These transfers are tracked on the blockchain, commonly referred to as a giant ledger. This ledger records every bitcoin transaction ever made. Each block in the blockchain consists 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. Additionally, it 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 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 problem. The magic number of 21 million is arbitrary.Its considered useful content that Bitcoin was designed to develop into a deflationary currency to fight the governments use of inflation because a hidden taxation to redistribute earned riches.