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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 that the tenth anniversary of the virtual currency Bitcoin. But on its own birthday it could 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 is worth only a bit more.

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It is like an online version of cash. You can use it to get products and services, but not many shops accept Bitcoin yet and some 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 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 also you can send Bitcoins to additional people.Every single transaction is listed in a public list called the blockchain.

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How do people buy 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 made using a computer.How are new Bitcoins createdReutersPeople construct exceptional computers to generate BitcoinsIn purchase for the Bitcoin platform to work, people can create their computer process transactions for everybody.The computers are made to work out incredibly difficult sums.

This is named mining.But the sums are becoming more and more difficult to stop too many Bitcoins being generated.If you began mining now it could be years before you got a single Bitcoin.You might end up spending more money on power 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 valuable like gold and diamonds.

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Folks can also spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody would know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is listed publicly so it's rather tricky to replicate Bitcoins, make fake ones or spend ones that you don't own.It you can shed 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 created in 2009 and some folks don't think that it's safe to turn your'actual' money into Bitcoins. .

The Bitcoin world is abuzz with both excitement my link and curiosity and the opportunity for upside potential to skyrocket. Everyone from everyday 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 who fortuitously purchased bitcoins early on turn into kid-millionaires.

However, the Bitcoin system is far from anarchy.The entire process is pretty straightforward and organized: Bitcoin holders are able to transfer bitcoins via a peer reviewed network. These transfers are monitored on the blockchain, commonly known as a giant ledger. This ledger records every 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 file 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 created 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 total supply to be created is capped at 21 million bitcoins.This cap raises an argument that Bitcoin could have difficulties scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as little as 0.00000001 bitcoins), this doesnt my review here really create a scaling issue. The magic number of 21 million is arbitrary.Its believed that Bitcoin was designed to become a deflationary currency to combat the governments utilization of inflation because a hidden taxation to redistribute earned riches.

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