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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 rise of this BitcoinToday is that the tenth anniversary of this digital currency Bitcoin. But on its birthday it could be worth less by the end of year than it had been 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's worth only a little more.
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It's similar to an online version of money. You can use it to get products and solutions, but not many stores accept Bitcoin nevertheless and some countries have banned it altogether.The bodily Bitcoins you see in photographs are a novelty. They'd be worthless without the personal codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is basically a computer file that's saved in a'digital wallet' app on a smartphone or computer.People can send Bitcoins (or part of one) for your pocket, and also you can send Bitcoins to other people.Every single transaction is recorded in a public record 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 allow people pay you using Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople build special computers to generate BitcoinsIn purchase for the Bitcoin system to work, people can create their computer process transactions for everybody.The computers are made to operate 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 could be years before you got 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 a lot of things other than money which we consider valuable like gold and diamonds.
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Folks can 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 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 discard them forever.
The Bitcoin world is abuzz with both excitement and curiosity and also the opportunity for upside potential to skyrocket. Everyone from regular 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 who fortuitously purchased bitcoins early on turn into kid-millionaires.
However, the Bitcoin platform is far from anarchy.The entire process is really straightforward and organized: Bitcoin holders can transfer bitcoins by means of 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 check my source of a data structure based on encrypted Merkle Trees.
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In case 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 the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The total 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 few as 0.00000001 bitcoins), this doesnt really create a scaling issue. The magic number of 21 million is arbitrary.Its believed that Bitcoin was designed to become a deflationary currency to combat the governments use of inflation as a hidden taxation to redistribute earned wealth.