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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 rise of this BitcoinToday is the tenth anniversary of the virtual 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 arrived in the virtual wallet.In late October 2017, bitcoin was worth just under 5000 - now it is worth just a bit more.
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It's similar to an online version of money. You can use it to get products and services, but not many stores accept Bitcoin nevertheless and a few countries have banned it altogether.The bodily Bitcoins you see in photographs are a novelty. They would be worthless without the private codes printed inside them.How does Bitcoin workGetty ImagesA Bitcoin wallet app on a smartphoneEach Bitcoin is essentially a computer file that's stored in a'digital wallet' app 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 three 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 created using a computer.How are new Bitcoins createdReutersPeople build exceptional computers to generate BitcoinsIn purchase for the Bitcoin system to operate, people can make their computer process transactions for everybody.The computers have been made to work 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 might be years before you got a single Bitcoin.You could end up spending more money on electricity for your pc than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins find more are valuable only because people think they areThere are a lot of things other than money which we consider valuable like gold and diamonds.
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People can also 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 listed publicly so it is rather difficult to replicate Bitcoins, make bogus ones or spend ones you don't own.It you can lose your Bitcoin pocket or delete your Bitcoins and lose them forever.
The Bitcoin world is abuzz with both excitement and fascination and also the opportunity for upside potential to skyrocket. Everyone from regular Joes to reputable experts is betting on Bitcoins success.Its been a wild 8 years since Bitcoins release. Most notably, weve seen headlines of individuals that fortuitously bought 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 are able to transfer bitcoins via a peer-to-peer network. These transfers are tracked 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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In case 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 generated. 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 total supply to be created 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 few as 0.00000001 bitcoins), this doesnt really produce 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 utilization of inflation because a hidden taxation to redistribute earned wealth.