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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 the virtual currency Bitcoin. But on its own birthday it could be worth less by the end of year than it was on its previous birthday - for only the second time since it arrived in the virtual 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 physical Bitcoins you see in photos are a novelty. They would be worthless without the private codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is essentially a computer file which is stored in a'digital wallet' app 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 recorded in a public record called the blockchain.
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How do 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 using Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople construct special computers to generate BitcoinsIn purchase for the Bitcoin platform to work, individuals can make their computer process transactions for everybody.The computers have been created to work out incredibly difficult amounts.
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 might be years before you got a single Bitcoin.You might end up spending more money on power for your computer than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people think they areThere are lots of things other than money which we consider precious like gold and diamonds.
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Folks can also spend their Bitcoins fairly anonymously. Though all transactions are recorded, nobody would know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is listed publicly so it is rather difficult to copy Bitcoins, make fake ones or spend ones 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 the opportunity for upside potential to skyrocket. Everyone from regular Joes to trusted specialists is betting on Bitcoins success.Its been a wild 8 decades since Bitcoins release. Most notably, weve seen headlines of individuals official site 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 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 that the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The entire supply to 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 problem. The magic 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 because a hidden taxation to redistribute earned wealth.