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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 digital currency Bitcoin. However, on its birthday it could be worth by the end of year than it had been 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 similar to an online version of cash. You can use it to buy products and services, but not many stores accept Bitcoin nevertheless and a few countries have banned it altogether.The physical Bitcoins you see in photos are a novelty. They would be worthless without the personal codes printed inside them.How will 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 part of one) to your pocket, 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 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 with Bitcoins.Or they can be made using a computer.How are new Bitcoins createdReutersPeople build exceptional computers to generate BitcoinsIn order for the Bitcoin system to operate, individuals can create their computer process transactions for everybody.The computers have been created to operate out incredibly difficult sums.
This is called mining.But the amounts are becoming more and more challenging to stop too many Bitcoins being generated.If you started mining now it could be years before you got a single Bitcoin.You could end up spending more money on power for your computer than the Bitcoin are worth.Why are Bitcoins valuableReutersBitcoins are valuable only because people believe 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 listed, nobody would know which'account number' was yours unless you told them.Is it secureGetty ImagesEvery transaction is listed publicly so it's rather tricky to replicate Bitcoins, make fake 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 curiosity and the opportunity for upside potential to skyrocket. Everyone from regular Joes to trusted specialists is betting on Bitcoins success.Its been a wild 8 years since Bitcoins release. Most notably, weve seen headlines of people that fortuitously bought bitcoins early on turn into kid-millionaires.
But the Bitcoin system is far from anarchy.The whole process is pretty simple and organized: Bitcoin holders can transfer bitcoins by means of a peer-to-peer network. These transfers are monitored on the blockchain, commonly referred to as a giant ledger. This ledger records every bitcoin transaction ever made. Every 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 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. It also keeps track of where bitcoins are and ensures the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The entire supply to be generated is capped my site at 21 million bitcoins.This cap raises an argument that Bitcoin might have difficulties scaling. But since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as little as 0.00000001 bitcoins), this doesnt really produce a scaling problem. The magical number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to fight the governments utilization of inflation because a hidden taxation to redistribute earned riches.