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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 upswing of this BitcoinToday is the tenth anniversary of this digital currency Bitcoin. But on its birthday it might 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 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 similar to an online version of money. You can use it to buy products and solutions, but not many stores accept Bitcoin yet and some countries have banned it altogether.The physical Bitcoins you see in photographs are a novelty. They'd be worthless with no private codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is essentially a computer file that's saved in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or a part of one) to your pocket, and you can send Bitcoins to additional people.Every single transaction is recorded in a public record called the blockchain.
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How do people get BitcoinsDenes FarkasThere are 3 main ways people get Bitcoins.You can buy Bitcoins using'real' money. You can sell things and let people pay you using Bitcoins.Or they can be made using a computer.How are new Bitcoins createdReutersPeople build special computers to generate BitcoinsIn order for the Bitcoin system to work, people can create their computer process transactions for everybody.The computers are 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 could be years before you have a single Bitcoin.You could 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 think they areThere are lots of things other than money which we consider valuable like gold and diamonds.
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People can spend their Bitcoins fairly anonymously. Although all transactions are listed, nobody might know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is listed publicly so it is rather tricky to replicate Bitcoins, make fake ones or spend ones you don't own.It is possible to shed your Bitcoin pocket or delete your Bitcoins and lose them forever.
The Bitcoin world is abuzz with both excitement and curiosity and also the opportunity for upside potential to skyrocket. Everyone from regular Joes to reputable experts is betting on Bitcoins success.Its been a rampant 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 system is far from anarchy.The entire procedure is pretty simple and organized: Bitcoin holders are able to transfer bitcoins by means of a peer reviewed check this network. These transfers are monitored 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 generated. It also 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 ever 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 users can transfer as little as 0.00000001 bitcoins), this doesnt really create a scaling issue. The magic number of 21 million is arbitrary.Its considered that Bitcoin was designed to develop into a deflationary currency to fight the governments utilization of inflation as a hidden taxation to redistribute earned wealth.