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To enjoy the CBBC Newsround site at its finest you will need to have JavaScript turned on.WATCH: Ayshah's report on the upswing of this BitcoinToday is that 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 preceding 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 is worth just a bit more.
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It's similar to an online version of money. You can use it to buy products and solutions, but not many stores accept Bitcoin nevertheless and a few countries have banned it altogether.The physical Bitcoins you see in photographs 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 a part of one) to your pocket, and 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 3 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 purchase for the Bitcoin system to work, individuals can make their computer process transactions for everybody.The computers have been created to work out incredibly difficult sums.
This is named mining.But the amounts are becoming more and more challenging to stop too many Bitcoins being generated.If you started mining now it could be years before you have a single Bitcoin.You could end up spending more money on electricity for your computer 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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People can also spend their Bitcoins fairly anonymously. Though all transactions are recorded, nobody might know which'account web number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is recorded publicly so it is very tricky to replicate Bitcoins, make fake ones or spend ones you don't own.It you can lose your Bitcoin wallet or delete your Bitcoins and lose them forever.
The Bitcoin world is abuzz with both excitement and fascination and also the opportunity for upside potential to skyrocket. Everyone from everyday Joes to reputable experts is betting on Bitcoins success.Its been a wild 8 years since Bitcoins release. Most notably, weve seen headlines of individuals who fortuitously bought 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 can transfer bitcoins via a peer reviewed network. These transfers are tracked on the blockchain, commonly known as a giant ledger. This ledger records every bitcoin transaction ever produced. Each 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 over here on a government to print new currency, Bitcoins blockchain programming handles when bitcoins are made and how many are produced. Additionally, it keeps track of where bitcoins are and ensures the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The entire supply to be generated 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 users can transfer as few as 0.00000001 bitcoins), this doesnt really create a scaling issue. The magic number of 21 million is arbitrary.Its considered that Bitcoin was designed to develop into a deflationary currency to combat the governments utilization of inflation as a hidden taxation to redistribute earned wealth.