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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 upswing of the BitcoinToday is that the tenth anniversary of this virtual currency Bitcoin. But on its own birthday it might be worth by the end of year than it had been 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 just a bit 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 shops accept Bitcoin yet and some 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 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) for your pocket, and 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 is it that people buy 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 with 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 operate, people can make their computer process transactions for everybody.The computers have been created 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 began mining now it could be years before you got a single Bitcoin.You might end up spending more money on power 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 which we consider precious 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 recorded publicly so it's rather tricky to copy Bitcoins, make fake 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 also the opportunity for upside potential to skyrocket. Everyone from regular Joes to trusted specialists is betting on Bitcoins success.Its been a rampant 8 years since Bitcoins release. Most notably, weve seen headlines of individuals that fortuitously purchased bitcoins early on turn into kid-millionaires.
But the Bitcoin system is far from anarchy.The whole procedure is pretty simple and organized: Bitcoin holders are able to transfer bitcoins by means of a peer-to-peer network. These transfers are tracked on the blockchain, commonly known as a giant ledger. This ledger records each 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 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. Additionally, it keeps tabs on where bitcoins are and ensures the transactions are accurate.There are currently about 17 million bitcoins in circulation.
The entire supply to be created is capped at 21 million bitcoins.This cap raises an argument that Bitcoin might have problems scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning consumers can transfer as little 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 develop into a deflationary currency to fight the governments use of inflation as a hidden taxation to redistribute earned riches.