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To enjoy the CBBC Newsround site at its finest you will need to have JavaScript turned on.WATCH: Ayshah's report on the upswing of the BitcoinToday is that the tenth anniversary of this digital currency Bitcoin. However, on its birthday it might be worth less by the end of year than it had been on its preceding birthday - for only the second time since it came in the digital 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 like 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'd be worthless without the private codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is basically a computer file that's stored in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or a part of one) to your pocket, and also you can send Bitcoins to other 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 purchase 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 construct exceptional computers to generate BitcoinsIn order for the Bitcoin system to operate, people can make 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 began mining now it might be years before you got a single Bitcoin.You could end up spending more money on power for your computer than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable only because people think they areThere are lots of things other than money that we consider precious like gold and diamonds.
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People can spend their Bitcoins fairly anonymously. Though all transactions are recorded, nobody might know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is recorded publicly so it's very tricky to copy Bitcoins, make bogus ones or spend ones you don't own.It you can shed your Bitcoin pocket or delete your Bitcoins and discard them forever.
The Bitcoin world is abuzz with both excitement and fascination and also the opportunity for upside potential to skyrocket. Everyone from everyday Joes to reputable experts 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.
However, the Bitcoin system is far from anarchy.The entire process is pretty simple and organized: Bitcoin holders are able to transfer bitcoins by means of 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 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 remainder of the ledger.Instead of relying on a government to print new currency, Bitcoins blockchain Continued 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 total supply to be created is capped at 21 million bitcoins.This cap increases an argument that Bitcoin might have problems scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as few as 0.00000001 bitcoins), this doesnt really produce a scaling issue. The magic number of 21 million is arbitrary.Its considered that Bitcoin was designed to develop into a deflationary currency to combat the governments use of inflation because a hidden taxation to redistribute earned riches.