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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) from the original on 22 September 2015.

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To enjoy the CBBC Newsround site at its best you will need to have JavaScript turned on.WATCH: Ayshah's report on the rise of the BitcoinToday is that the tenth anniversary of the digital currency Bitcoin. However, on its own birthday it might be worth less by the end of year than it was on its previous 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 only 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 some countries have banned it altogether.The bodily Bitcoins you see in photos 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 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 other people.Every single transaction is recorded in a public record called the blockchain.

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How is it that 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 with Bitcoins.Or they can be made using a computer.How are new Bitcoins createdReutersPeople construct special computers to generate BitcoinsIn purchase for the Bitcoin platform to operate, people can make their computer process transactions for everybody.The computers are created to operate out incredibly difficult amounts.

This is called mining.But the sums are becoming more and more difficult to stop too many Bitcoins being generated.If you started mining now it might be years before you got a single Bitcoin.You could end up spending more money on electricity for your pc than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable only 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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Folks can spend their Bitcoins fairly anonymously. Although 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 very tricky to copy Bitcoins, make bogus ones or spend ones you don't own.It is possible to 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 decades since it was created in 2009 and some folks don't think that it's safe to turn your'real' money into Bitcoins. .

The Bitcoin world is abuzz with both excitement and fascination and also the opportunity for upside potential to skyrocket. Everyone from everyday Joes to trusted specialists is betting on Bitcoins success.Its been a wild 8 years since Bitcoins release. Most notably, weve seen headlines of people who fortuitously bought bitcoins early on turn into kid-millionaires.

But the Bitcoin platform is far from anarchy.The entire process 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. Every block in the blockchain consists of a data structure based on encrypted Merkle Trees.

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In case a single file in a click resources 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 generated. 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 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 produce a scaling issue. The magic 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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