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Kenigsberg, Ben (2 October 2014). "Financial Wild West". The New York Times. Archived from the original on 18 May 2015. Retrieved 8 May 2015.

Michel, Lincoln (16 December 2017). "What the Hell Is Bitcoin Let This Documentary on Netflix Explain". GQ. Retrieved 10 October 2018.

"Introducing Ledger, the First Bitcoin-Only Academic Journal". Motherboard. Archived in the original on 10 January 2017.

"How to Write and Format an Article for Ledger" (PDF). Ledger. 2015. doi:10.5195/LEDGER.2015.1 (inactive 18 March 2018). Archived (PDF) in the original on 22 September 2015.

 

 

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To enjoy the CBBC Newsround website at its best you 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. However, on its own birthday it could be worth by the end of year than it had been on its previous 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 just a little more.

 

 

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It is like an online version of money. You can use it to get products and services, but not many shops accept Bitcoin yet and a few countries have banned it altogether.The physical Bitcoins you see in photographs are a novelty. They would be worthless with no personal codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is essentially a computer file that's saved in a'digital wallet' app on a smartphone or computer.People can send Bitcoins (or part of one) to your digital wallet, and also you can send Bitcoins to additional people.Every single transaction is listed in a public record known as the blockchain.

 

 

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How is it that people get BitcoinsDenes FarkasThere are 3 main ways people get Bitcoins.You can purchase Bitcoins using'real' money. You can sell things and allow 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 make their computer process transactions for everybody.The computers are made to operate 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 began mining now it might be years before you have a single Bitcoin.You could end up spending more money on power for your computer than the Bitcoin would be 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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People can also spend their Bitcoins fairly anonymously. Though all transactions are listed, nobody would know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is listed publicly so it's very 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.

 

 

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The worth of Bitcoins has gone up and down over the decades since it was made in 2009 and some people don't think it's safe to turn your'real' money into Bitcoins. .

The Bitcoin world is abuzz with both excitement and curiosity and also the opportunity for upside potential to skyrocket. Everyone from everyday 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 that fortuitously purchased bitcoins early on turn into kid-millionaires.

However, the Bitcoin system is far from anarchy.The whole process is really simple and organized: Bitcoin holders can transfer bitcoins by means of a peer-to-peer 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 is built up 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 made and how many are produced. Additionally, it keeps tabs browse this site on where bitcoins are and ensures the transactions are accurate.There are currently about 17 million bitcoins in circulation.

The entire supply to ever be generated is capped at 21 million bitcoins.This cap raises an try this site argument that Bitcoin might have problems scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as few as 0.00000001 bitcoins), this doesnt really produce a scaling issue. The magic number of 21 million is arbitrary.Its believed that Bitcoin was designed to become a deflationary currency to fight the governments utilization of inflation because a hidden taxation to redistribute earned wealth.

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