Computer says no: will the Y2038 bug cause computer failure chaos? Photograph: Alamy

Not yet been terrified by the Year 2038 problem? Somehow you must have missed reports claiming it poses a threat, as exposed by Gangnam style (yes, you read that correctly), to our computerised future.

In fact, it is claimed, Y2038 is so bad it could be worse than Y2k. Well thats absolutely true. Just like Y2K, if left unchecked, Y2038 could cause major issues for any computer systems. But just like Y2k, any prediction of planes falling out of the sky and the banking system melting down are likely to be a long long way from coming true.

So should you worry? No. But heres what you need to know

The year 2038 problem is caused by 32-bit processors and the limitations of the 32-bit systems they power. The processor is the central component that drives all computers and computing devices. It crunches the numbers and performs calculations that allow programs to run.

Essentially, when the year 2038 strikes 03:14:07 UTC on 19 March, computers still using 32-bit systems to store and process the date and time wont be able to cope with the date and time change. Like the Y2K bug, the computers wont be able to tell the difference between the year 2038 and 1970 the year after which all current computer systems measure time.

Processors come in many difference sizes and capabilities designed for different applications, but most of them operate and crunch numbers in a similar manner.

The first desktop computer processors were 16-bit and ran 16-bit software, which meant they could store and access values up to 216 or 65,536 distinct values within 64KB of memory. Other notable 16-bit systems include the 1990s gaming consoles the Super Nintendo and Sega MegaDrive, which took over from 1980s 8-bit systems.

Later, 32-bit processors were developed that ran 32-bit software and increased the number of values a system could handle 232 different values or 4,294,967,295 different numbers within 4GB of memory. The systems stored dates and times in 32-bit chucks. In reality that large number of different values is halved for time keeping and other data storage applications as they range from -2,147,483,648 through 2,147,483,647 leaving only 2,147,483,647 positive values from zero.

Modern processors that power almost every computer bought today, and are starting to make their way into smartphones and tablets too, are based on a 64-bit system and 64-bit software. They also have a maximum number of different values they can address but at 264 or 18 quintillion values within 16 Exabytes of memory, the ceiling is considerably higher at a date that is over twenty times greater than the estimated age of the universe or 292bn years from now.

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Is the Year 2038 problem the new Y2K bug?