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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 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 will need to have JavaScript turned on.WATCH: Ayshah's report on the upswing of this BitcoinToday is that the tenth anniversary of this digital currency Bitcoin. However, on its birthday it could be worth less 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 bit more.

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It's like an online version of money. You can use it to get products and services, but not many shops accept Bitcoin nevertheless and a few countries have banned it altogether.The physical Bitcoins you see in photos are a novelty. They would be worthless with no 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' program on a smartphone or computer.People can send Bitcoins (or part of one) for your pocket, and you can send Bitcoins to additional people.Every single transaction is recorded 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 buy Bitcoins using'real' money. You can sell things and allow people pay you with Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople build special continue reading this computers to generate BitcoinsIn order for the Bitcoin system to operate, people can make their computer procedure transactions for everybody.The computers have been created to operate 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 started mining now it could be years before you have 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 a lot of things other than money that we consider precious like gold and diamonds.

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People 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 very difficult to replicate Bitcoins, make bogus ones or spend ones you don't own.It you can lose your Bitcoin pocket or delete your Bitcoins and discard them forever.

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The value of Bitcoins has gone up and down over the years since it was made in 2009 and a few 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 the opportunity for upside potential to skyrocket. Everyone from regular Joes to reputable experts is betting on Bitcoins success.Its been a rampant 8 decades since Bitcoins release. Most notably, weve seen headlines of individuals who fortuitously bought bitcoins early on turn into kid-millionaires.

However, the Bitcoin platform is far from anarchy.The entire procedure is really simple and organized: Bitcoin holders can transfer bitcoins via a peer-to-peer network. These transfers are monitored on the blockchain, commonly referred to as a giant ledger. This ledger records every bitcoin transaction ever produced. Every 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 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 produced. Additionally, it keeps tabs on where bitcoins are and ensures 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 increases an Clicking Here argument that Bitcoin could have problems scaling. However, since view Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as few as 0.00000001 bitcoins), this doesnt really produce a scaling problem. 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 riches.

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