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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 site at its finest you need to have JavaScript turned on.WATCH: Ayshah's report on the upswing of this BitcoinToday is the tenth anniversary of this virtual currency Bitcoin. However, on its own birthday it might 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 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'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 would be worthless without the personal codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is basically a computer file that's stored in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or part of one) for your digital wallet, and also you can send Bitcoins to additional people.Every single transaction is listed in a public list known as the blockchain.

 

 

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How is it that 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 order for the Bitcoin system to operate, people can create their computer procedure transactions for everybody.The computers have been created to work 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 began mining now it could be years before you have 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 think they areThere are lots 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 listed publicly so it is very difficult to copy Bitcoins, make bogus ones or spend ones that you don't own.It is possible to lose your Bitcoin pocket or delete your Bitcoins and lose them forever.

 

 

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The value of Bitcoins has gone up and down over the years since it was created in 2009 and a few folks don't think 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 that fortuitously bought bitcoins early on turn into kid-millionaires.

However, the Bitcoin platform is far from anarchy.The entire process is pretty straightforward and organized: Bitcoin holders can transfer bitcoins via a peer-to-peer network. These More Info transfers are monitored on the blockchain, commonly known as a giant ledger. This ledger records each 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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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 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 raises an argument that Bitcoin might have difficulties scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as little 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 utilization of inflation because a hidden taxation to redistribute earned wealth.

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