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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 finest you will 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 might be worth 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 is 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 stores accept Bitcoin yet and a few countries have banned it altogether.The physical Bitcoins you see in photos are a novelty. They'd be worthless with no private codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is essentially a computer file which is saved 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 additional people.Every single transaction is recorded in a public record called 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 using Bitcoins.Or they can be made using a computer.How are new Bitcoins createdReutersPeople construct exceptional computers to generate BitcoinsIn order for the Bitcoin system to work, individuals can make their computer process transactions for everybody.The computers are made to operate out incredibly difficult sums.

This is called mining.But the sums are becoming more and more difficult to stop too many Bitcoins being generated.If you began mining now it might 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 only because people believe they areThere are lots of things other than money which we consider precious like gold and diamonds.

 

 

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People can spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody might know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is recorded publicly so it's rather tricky to replicate 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 moved here 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'actual' 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 years since Bitcoins release. Most notably, weve seen headlines of people who fortuitously bought bitcoins early on turn into kid-millionaires.

However, the Bitcoin platform 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 produced. Every block in the blockchain is built up of a data structure based on encrypted Merkle Trees.

 

 

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In case a single file 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. Additionally, it 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 ever be generated is capped at 21 million bitcoins.This cap raises an argument that Bitcoin might have problems scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as little as 0.00000001 bitcoins), this doesnt really create a scaling issue. The magical number of 21 million is arbitrary.Its believed that Bitcoin was designed to develop into a deflationary currency to combat the governments utilization of inflation as a hidden taxation to redistribute earned riches.

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