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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 Permit This Documentary on Netflix Explain". GQ. Retrieved 10 October 2018.

"Introducing Ledger, the First Bitcoin-Only Academic Journal". Motherboard. Archived from 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) from the original on 22 September 2015.

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To enjoy the CBBC Newsround site at its best you 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 own birthday it could be worth less by the end of year than it was on its preceding 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 like 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 private codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is basically a computer file which is stored in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or part of one) to your digital wallet, and also 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 buy 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 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 procedure transactions for everybody.The computers have been made 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 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 a lot 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 listed, 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 copy Bitcoins, make fake ones or spend ones read more 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 that 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 reputable experts is betting on Bitcoins success.Its been a rampant 8 years since Bitcoins release. Most notably, weve seen headlines of people that fortuitously bought bitcoins early on turn into kid-millionaires.

But the Bitcoin platform is far from anarchy.The entire procedure is really simple and organized: Bitcoin holders are able to transfer bitcoins by means of a peer reviewed network. These transfers are tracked on the blockchain, commonly referred to as a giant ledger. This ledger records every bitcoin transaction ever produced. Each block in the blockchain is built up 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 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 generated. It also keeps tabs on where bitcoins are and ensures that the transactions are accurate.There are currently about 17 million bitcoins in circulation.

The total supply to be generated is capped at 21 million bitcoins.This cap increases an argument that Bitcoin might have problems scaling. But since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as few as 0.00000001 bitcoins), this doesnt really create a scaling problem. The magic number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to fight the governments use of inflation because a hidden taxation to redistribute earned wealth.

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