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To enjoy the CBBC Newsround website at its finest you need to have JavaScript turned on.WATCH: Ayshah's report on the rise of the BitcoinToday is the tenth anniversary of this virtual currency Bitcoin. However, 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's worth just a bit more.
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It's similar to an online version of money. You can use it to buy products and services, but not many stores accept Bitcoin yet and some 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 does Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is essentially a computer file which is stored in a'digital wallet' app 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 record known as 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 using Bitcoins.Or they can be created using a computer.How are new Bitcoins createdReutersPeople construct exceptional computers to generate BitcoinsIn order for the Bitcoin system to work, people can make their computer procedure transactions for everybody.The computers have been created to work out incredibly difficult sums.
This is named mining.But the amounts are becoming more and more challenging to stop too many Bitcoins being generated.If you started mining now it might be years before you got 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 only because people think they areThere are lots of things other than money that we consider valuable like gold and diamonds.
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People can spend their Bitcoins fairly anonymously. Although all transactions are listed, nobody would know which'account number' was yours unless you redirected here advised them.Is it secureGetty ImagesEvery transaction is listed publicly so it is very tricky to copy Bitcoins, make bogus ones or spend ones that you don't own.It you can lose your Bitcoin wallet or delete your Bitcoins and discard 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 trusted specialists is betting on Bitcoins success.Its been a wild 8 decades since Bitcoins release. Most notably, weve seen headlines of individuals who fortuitously bought bitcoins early on turn into kid-millionaires.
But the Bitcoin system is far from anarchy.The entire process is really straightforward and organized: Bitcoin holders are able to transfer bitcoins by means of 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 document 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 produced. It also keeps track of where bitcoins are and ensures that the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The entire supply to be generated 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 users can transfer as little as 0.00000001 bitcoins), this doesnt really produce a scaling problem. The magic 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.