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To enjoy the CBBC Newsround site at its finest you need to have JavaScript turned on.WATCH: Ayshah's report on the upswing 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 preceding 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 is worth only a bit more.
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It's like an online version of money. You can use it to buy products and solutions, but not many stores accept Bitcoin yet and some countries have banned it altogether.The physical Bitcoins you see in photographs are a novelty. They would be worthless without the personal 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 part of one) for your pocket, and you can send Bitcoins to additional people.Every single transaction is listed in a public record called 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 operate, people can create their computer process transactions for everybody.The computers have been created to operate out incredibly difficult amounts.
This is named mining.But the amounts are becoming more and more challenging to stop click this too many Bitcoins being generated.If you began mining now it could be years before you got a single Bitcoin.You might end up spending more money on electricity for your computer than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable simply because people think they areThere are lots of things other than money that we consider valuable like gold and diamonds.
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Folks can also spend their Bitcoins fairly anonymously. Though all their explanation transactions are listed, nobody would know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is listed publicly so it's 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 lose them forever.
The Bitcoin world is abuzz with both excitement and curiosity and also the opportunity for upside potential to skyrocket. Everyone from everyday Joes to trusted specialists 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.
However, the Bitcoin platform is far from anarchy.The whole 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 consists of a data structure based on encrypted Merkle Trees.
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In case 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 programming handles when bitcoins are created and how many are produced. It also keeps tabs on where bitcoins are and ensures that the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The total supply to ever be generated is capped at 21 million bitcoins.This cap raises an argument that Bitcoin could have difficulties scaling. But 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 become a deflationary currency to fight the governments use of inflation as a hidden taxation to redistribute earned riches.