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To enjoy the CBBC Newsround website at its finest you will need to have JavaScript turned on.WATCH: Ayshah's report on the upswing 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 previous birthday - for only the second time since it came in the virtual wallet.In late October 2017, bitcoin was worth just under 5000 - now it's worth only a bit more.
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It is similar to an online version of money. You can use it to buy products and services, but not many shops accept Bitcoin nevertheless and some countries have banned it altogether.The physical Bitcoins you see in photos are a novelty. They would be worthless with no private codes printed inside them.How will Bitcoin workGetty ImagesA Bitcoin wallet program on a smartphoneEach Bitcoin is basically a computer file which is saved in a'digital wallet' program on a smartphone or computer.People can send Bitcoins (or part of one) for your digital wallet, and also 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 3 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 made using a computer.How are new Bitcoins createdReutersPeople build special computers to generate BitcoinsIn order for the Bitcoin platform to operate, individuals can make their computer procedure transactions for everybody.The computers are created to work out incredibly difficult sums.
This is named mining.But the amounts are becoming more and more difficult to stop too many Bitcoins being generated.If you began mining now it might be years before you got a single Bitcoin.You could end up spending more money on power for your computer than the Bitcoin would be worth.Why are Bitcoins valuableReutersBitcoins are valuable only because people try this think they areThere are a lot of things other than money that we consider precious like gold and diamonds.
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Folks can spend their Bitcoins fairly anonymously. Although all transactions are listed, nobody would know which'account number' was yours unless you advised them.Is it secureGetty ImagesEvery transaction is recorded publicly so it's very difficult to copy Bitcoins, make bogus ones or spend ones that you don't own.It you can shed 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 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 purchased bitcoins early on turn into kid-millionaires.
However, the Bitcoin system is far from anarchy.The entire process is really simple and organized: Bitcoin holders can transfer bitcoins via 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 produced. Each block in the blockchain consists 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 generated. 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 entire supply to ever 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 consumers can transfer as few as 0.00000001 bitcoins), this doesnt really create a scaling issue. The magical number of 21 million is arbitrary.Its considered that Bitcoin was designed to become a deflationary currency to combat the governments use of inflation as a hidden taxation to redistribute earned riches.