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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 will need to have JavaScript turned on.WATCH: Ayshah's report on the rise of this BitcoinToday is that the tenth anniversary of the digital currency Bitcoin. But on its own 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 arrived in the virtual wallet.In late October 2017, bitcoin was worth just under 5000 - now it is worth just a little more.

 

 

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It's similar to an online version of money. You can use it to buy products and services, but not many shops 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 private codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is essentially a computer file which is saved 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 additional people.Every single transaction is recorded in a public record known as the blockchain.

 

 

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How do people buy BitcoinsDenes FarkasThere are three main ways people get Bitcoins.You can buy 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 platform to work, individuals can create their computer process transactions for everybody.The computers have been created to work out incredibly difficult amounts.

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 could end up spending more money on power for your pc than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable simply Discover More Here because people think they areThere are lots of things other than see post money that 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 might know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is recorded publicly so it is rather difficult to replicate Bitcoins, make fake ones or spend ones that you don't own.It you can lose your Bitcoin pocket or delete your Bitcoins and lose them forever.

 

 

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

The Bitcoin world is abuzz with both excitement and fascination and the opportunity for upside potential to skyrocket. Everyone from regular 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.

But the Bitcoin platform is far from anarchy.The whole process is really straightforward and organized: Bitcoin holders are able to transfer bitcoins by means of a peer-to-peer network. These transfers are monitored on the blockchain, commonly referred to as a giant ledger. This ledger records each bitcoin transaction ever made. Every block in the blockchain consists of a data structure based on encrypted Merkle Trees.

 

 

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If 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 made and how many are produced. Additionally, it keeps track of 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 argument that Bitcoin might have problems scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as little as 0.00000001 bitcoins), this doesnt really produce a scaling problem. The magical number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to combat the governments utilization of inflation as a hidden taxation to redistribute earned riches.

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