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To enjoy the CBBC Newsround site at its best you need to have JavaScript turned on.WATCH: Ayshah's report on the upswing of the BitcoinToday is the tenth anniversary of this digital currency Bitcoin. But on its birthday it could 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 virtual 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 bodily Bitcoins you see in photos are a novelty. They would be worthless with no personal codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is basically a computer file which is stored in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or part of one) to your digital wallet, and also you can send Bitcoins to additional people.Every single transaction is listed in a public record known as the blockchain.
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How is it that people get 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 build special computers to generate BitcoinsIn purchase for the Bitcoin system to work, people can make their computer process transactions for everybody.The computers have been made to operate 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 started mining now it could be years before you have a single Bitcoin.You might end up spending more money on power for your pc 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 precious 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 difficult to replicate Bitcoins, make bogus ones or spend ones you don't own.It is possible to shed your Bitcoin wallet or delete your Bitcoins and lose them forever.
The Bitcoin world is abuzz with both excitement and fascination and the opportunity for upside potential to skyrocket. Everyone from everyday Joes to reputable experts is betting on Bitcoins success.Its been a wild 8 decades since Bitcoins release. Most notably, weve seen headlines of individuals that fortuitously bought bitcoins early on turn into kid-millionaires.
However, the Bitcoin platform is far from anarchy.The entire procedure is pretty straightforward and organized: Bitcoin holders are able to transfer bitcoins via a peer reviewed network. These transfers are tracked on the blockchain, commonly referred to as a giant ledger. This ledger records each bitcoin transaction ever produced. 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 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 track of where bitcoins are and ensures that the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The total supply to be generated is capped at 21 million bitcoins.This cap increases an argument that Bitcoin could have problems scaling. However, 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 believed that Bitcoin was designed to become a deflationary currency to combat the governments use of inflation as a hidden taxation to redistribute earned riches.