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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 the BitcoinToday is that the tenth anniversary of this digital currency Bitcoin. But on its own birthday it might be worth by the end of year than it was on its preceding 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's like an online version of cash. You can use it to get products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.The bodily Bitcoins you see in photos are a novelty. They'd be worthless with no private codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is basically a computer file which is saved in a'digital wallet' app on a smartphone or computer.People can send Bitcoins (or a part of one) for 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 is it that 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 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 make their computer process transactions for everybody.The computers are created to work out incredibly difficult sums.
This is called mining.But the amounts are becoming more and more challenging to stop too many Bitcoins being generated.If you began mining now it could be years before you have get more a single Bitcoin.You might end up spending more money on electricity for your computer 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 precious like gold and diamonds.
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Folks can spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody would know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is recorded publicly so it is rather tricky to replicate Bitcoins, make bogus ones or spend ones that you don't own.It is possible to lose your Bitcoin pocket or delete your Bitcoins and lose 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 trusted specialists is betting on Bitcoins success.Its been a wild 8 years since Bitcoins release. Most notably, weve seen headlines of individuals that fortuitously purchased bitcoins early on turn into kid-millionaires.
But the Bitcoin platform is far from anarchy.The entire process is really straightforward and organized: Bitcoin holders are able to transfer bitcoins via a peer-to-peer network. These transfers are monitored on the blockchain, commonly known as a giant ledger. This ledger records each 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 document in a chain is corrupt or fraudulent, the blockchain prevents it from damaging the remainder of the ledger.Instead of relying on a government to print new currency, Bitcoins blockchain programming handles when bitcoins are made and how many are generated. 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 total supply to ever be generated is capped at 21 million bitcoins.This cap raises an argument that Bitcoin could have difficulties scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as little as 0.00000001 bitcoins), this doesnt really produce a scaling issue. The magical number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to combat the governments utilization of inflation because a hidden taxation to redistribute earned wealth.