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Kenigsberg, Ben (2 October 2014). "Financial Wild West". The New York Times. Archived in 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.

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To enjoy the CBBC Newsround website at its finest 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. However, on its 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 came in the virtual wallet.In late October 2017, bitcoin was worth just under 5000 - now it is worth only a little more.

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It is like an online version of cash. 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 will Bitcoin workGetty ImagesA Bitcoin wallet app 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 a part of one) for your digital wallet, and you can send Bitcoins to other people.Every single transaction is recorded in a public list called 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 with Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople construct special computers to generate BitcoinsIn order for the Bitcoin platform to operate, individuals can make Blockchain Download their computer procedure transactions for everybody.The computers have been made to work 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 began mining now it might be years before you have a single Bitcoin.You might end up spending more money on electricity for your computer than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people believe they areThere are a lot of things other than money that we consider valuable like gold and diamonds.

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People can also spend their Bitcoins fairly anonymously. Although 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 rather difficult to replicate Bitcoins, make fake ones or spend ones that 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 worth of Bitcoins has gone up and down over the years since it was created in 2009 and a few folks don't think that it's safe to turn your'real' money into Bitcoins. .

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

But the Bitcoin platform is far from anarchy.The whole process is pretty straightforward 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 consists 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 tabs on where bitcoins are and ensures the transactions are accurate.There are currently about 17 million bitcoins in circulation.

The entire supply to be created is capped at 21 million bitcoins.This cap increases an argument that Bitcoin might have problems scaling. But since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as little as 0.00000001 bitcoins), this doesnt really create a scaling problem. The magical number of 21 million is arbitrary.Its believed that Bitcoin was designed to develop into a deflationary currency to fight the governments use of inflation as a hidden taxation to redistribute earned wealth.

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