Bitcoin

FromWikipedia,thefreeencyclopedia

Bitcoin[note5]isapaymentsysteminventedbySatoshiNakamoto,[note6]whopublishedthe
inventionin2008[11]andreleaseditasopensourcesoftwarein2009.[12]Thesystemispeerto
peeruserscantransactdirectlywithoutneedinganintermediary.[13]:4Transactionsareverifiedby
networknodesandrecordedinapublicdistributedledgercalledtheblockchain.[14]Theledger
usesitsownunitofaccount,alsocalledbitcoin.[note7]Thesystemworkswithoutacentral
repositoryorsingleadministrator,whichhasledtheUSTreasurytocategorizeitasadecentralized
virtualcurrency.[1]Bitcoinisoftencalledthefirstcryptocurrency,[18][19][20]althoughpriorsystems
existed.[note8]Bitcoinismorecorrectlydescribedasthefirstdecentralizeddigitalcurrency.[13][23]
Itisthelargestofitskindintermsoftotalmarketvalue.[24]Bitcoinisaninstrumentofalternative
finance,whichhasemergedoutsideofthetraditionalfinancialsystem[25].
Bitcoinsarecreatedasarewardforpaymentprocessingworkinwhichusersoffertheircomputing
powertoverifyandrecordpaymentsintothepublicledger.Thisactivityiscalledminingandthe
minersarerewardedwithtransactionfeesandnewlycreatedbitcoins.[13]Besidesmining,bitcoins
canbeobtainedinexchangefordifferentcurrencies,[26]products,andservices.[27]Userscansend
andreceivebitcoinsforanoptionaltransactionfee.[28]
Bitcoinasaformofpaymentforproductsandserviceshasgrown,[27]andmerchantshavean
incentivetoacceptitbecausefeesarelowerthanthe23%typicallyimposedbycreditcard
processors.[29]Unlikecreditcards,anyfeesarepaidbythepurchaser,notthevendor.The
EuropeanBankingAuthority[30]andothersources[13]:11havewarnedthatbitcoinusersarenot
protectedbyrefundrightsorchargebacks.Despiteabigincreaseinthenumberofmerchants
acceptingbitcoin,thecryptocurrencydoesnthavemuchmomentuminretailtransactions.[31]
Theuseofbitcoinbycriminalshasattractedtheattentionoffinancialregulators,[32]legislative
bodies,[33]lawenforcement,[34]andmedia.[35]Criminalactivitiesareprimarilycenteredaround
blackmarketsandtheft,thoughofficialsincountriessuchastheUnitedStatesalsorecognizethat
bitcoincanprovidelegitimatefinancialservices.[36]

Bitcoin

Logoofthebitcoinreferenceclient
Administration Decentralized[note1]
Dateof
introduction

3January2009

User(s)

Worldwide

Supplygrowth 25bitcoinsperblock
(approximatelyeverytenminutes)
untilmid2016, [2]andthen
afterwards12.5bitcoinsperblock
for4yearsuntilnexthalving.This
halvingcontinuesuntil21102140
when21millionbitcoinshave
beenissued.
Subunit
103

millibitcoin

106

microbitcoin,bit[3]

108

satoshi[4]

Symbol

BTC, [note2]XBT, [note3]

millibitcoin

mBTC

microbitcoin,

BTC

bit[3]
Coins

Contents
1Design
1.1Blockchain
1.2Units
1.3Ownership
1.4Transactions
1.5Mining
1.6Supply
1.7Transactionfees
1.8Wallets
1.9Privacy
1.10Fungibility
2History
3Economics
3.1Classification
3.2Buyingandselling
3.3Priceandvolatility
3.4Speculativebubbledispute
3.5Ponzischemedispute
3.6Valueforecasts
3.7Bitcoinobituaries
3.8Reception
3.9Acceptancebymerchants
3.10Acceptancebynonprofits
3.11Useinretailtransactions
3.12Financialinstitutions
3.13Asaninvestment
3.14Venturecapital
3.15Politicaleconomy
4Legalstatusandregulation
5Criminalactivity
5.1Theft
5.2Blackmarkets
5.3Moneylaundering
5.4Ponzischeme

[note4]

unspentoutputsoftransactions
denominatedinanymultipleof
satoshis [9]:ch.5

5.4Ponzischeme
5.5Malware
6Security
6.1Unauthorizedspending
6.2Doublespending
6.3Raceattack
6.4Historymodification
6.5Selfishmining
6.6Deanonymisationofclients
7Alternativeapplicationsoftheblockchain
8Blockchainspam
9Inthemedia
10Bibliography
11Seealso
12Notes
13References
14Externallinks

Design
Blockchain
Theblockchainisapublicledgerthatrecordsbitcointransactions.Anovelsolutionaccomplishesthiswithoutanytrustedcentralauthority:maintenance
oftheblockchainisperformedbyanetworkofcommunicatingnodesrunningbitcoinsoftware.[13]TransactionsoftheformpayerXsendsYbitcoinsto
payeeZarebroadcasttothisnetworkusingreadilyavailablesoftwareapplications.Networknodescanvalidatetransactions,addthemtotheircopyof
theledger,andthenbroadcasttheseledgeradditionstoothernodes.[9]:ch.8Theblockchainisadistributeddatabaseinordertoindependentlyverify
thechainofownershipofanyandeverybitcoin(amount),eachnetworknodestoresitsowncopyoftheblockchain.Approximatelysixtimesperhour,
anewgroupofacceptedtransactions,ablock,iscreated,addedtotheblockchain,andquicklypublishedtoallnodes.Thisallowsbitcoinsoftwareto
determinewhenaparticularbitcoinamounthasbeenspent,whichisnecessaryinordertopreventdoublespendinginanenvironmentwithoutcentral
oversight.Whereasaconventionalledgerrecordsthetransfersofactualbillsorpromissorynotesthatexistapartfromit,theblockchainistheonlyplace
thatbitcoinscanbesaidtoexistintheformofunspentoutputsoftransactions.[9]:ch.5

Units
Theunitofaccountofthebitcoinsystemisbitcoin.Asof2014,symbolsusedtorepresentbitcoinareBTC,[note2]XBT,[note3]and .[note4][37]:1Small
amountsofbitcoinusedasalternativeunitsaremillibitcoin(mBTC),microbitcoin(BTC),andsatoshi.Namedinhomagetobitcoin'screator,asatoshi
isthesmallestamountwithinbitcoinrepresenting0.00000001bitcoin,onehundredmillionthofabitcoin.[4]Amillibitcoinequalsto0.001bitcoin,which
isonethousandthofbitcoin.[38]Onemicrobitcoinequalsto0.000001bitcoin,whichisonemillionthofbitcoin.Amicrobitcoinissometimesreferredto
asabit.
On7October2014,theBitcoinFoundationdisseminatedaplantoapplyforanISO4217currencycodeforbitcoin,[5]andmentionedBTCandXBT
astheleadingcandidates.[39]

Ownership
Ownershipofbitcoinsimpliesthatausercanspendbitcoinsassociatedwithaspecificaddress.Todoso,a
payermustdigitallysignthetransactionusingthecorrespondingprivatekey.Withoutknowledgeoftheprivate
keythetransactioncannotbesignedandbitcoinscannotbespent.Thenetworkverifiesthesignatureusingthe
publickey.[9]:ch.5Iftheprivatekeyislost,thebitcoinnetworkwillnotrecognizeanyotherevidenceof
ownership[13]thecoinsarethenunusable,andthuseffectivelylost.Forexample,in2013oneusersaidhelost
7,500bitcoins,worth$7.5millionatthetime,whenhediscardedaharddrivecontaininghisprivatekey.[40]

Transactions

Simplifiedchainofownership. [11]In
reality,atransactioncanhavemore
thanoneinputandmorethanone
output.

Atransactionmusthaveoneormoreinputs.Forthetransactiontobevalid,everyinputmustbeanunspent
outputofaprevioustransaction.Everyinputmustbedigitallysigned.Theuseofmultipleinputscorrespondsto
theuseofmultiplecoinsinacashtransaction.Atransactioncanalsohavemultipleoutputs,allowingoneto
makemultiplepaymentsinonego.Atransactionoutputcanbespecifiedasanarbitrarymultipleofsatoshi.As
inacashtransaction,thesumofinputs(coinsusedtopay)canexceedtheintendedsumofpayments.Insuchcase,anadditionaloutputisused,returning
thechangebacktothepayer.Anyinputsatoshisnotaccountedforinthetransactionoutputsbecomethetransactionfee.[9]:ch.5
Tosendmoneytoabitcoinaddress,userscanclicklinksonwebpagesthisisaccomplishedwithaprovisionalbitcoinURIschemeusingatemplate
registeredwithIANA.BitcoinclientslikeElectrumandArmorysupportbitcoinURIs.MobileclientsrecognizebitcoinURIsinQRcodes,sothatthe
userdoesnothavetotypethebitcoinaddressandamountinmanually.TheQRcodeisgeneratedfromtheuserinputbasedonthepaymentamount.The
QRcodeisdisplayedonthemobiledevicescreenandcanbescannedbyasecondmobiledevice.[41]

Mining

Miningisarecordkeepingservice.[note9]Minerskeeptheblockchainconsistent,complete,andunalterablebyrepeatedlyverifyingandcollecting
newlybroadcasttransactionsintoanewgroupoftransactionscalledablock.Anewblockcontains
informationthat"chains"ittothepreviousblockthusgivingtheblockchainitsname.Itisacryptographichash
ofthepreviousblock,usingtheSHA256hashingalgorithm.[9]:ch.7
Inordertobeacceptedbytherestofthenetwork,anewblockmustcontainasocalledproofofwork.The
proofofworkrequiresminerstofindanumbercalledanonce,suchthatwhentheblockcontentishashed
alongwiththenonce,theresultisnumericallysmallerthanthenetwork'sdifficultytarget.[9]:ch.8Thisproofis
easyforanynodeinthenetworktoverify,butextremelytimeconsumingtogenerate,asforasecure
cryptographichashminersmusttrymanydifferentnoncevalues(usuallythesequenceoftestedvaluesis0,1,
2,3,...[9]:ch.8)beforemeetingthedifficultytarget.
Every2016blocks(approximately14days),thedifficultytargetisadjustedbasedonthenetwork'srecent
performance,withtheaimofkeepingtheaveragetimebetweennewblocksattenminutes.Inthiswaythe
systemautomaticallyadaptstothetotalamountofminingpoweronthenetwork.[9]:ch.8Forexample,between
1March2014and1March2015,theaveragenumberofnoncesminershadtotrybeforecreatinganew
blockincreasedfrom16.4quintillionto200.5quintillion.[45]

Relativeminingdifficultyfrom9
January2009to31December2014
(thedifficultyscaleis
logarithmic). [42]Relativemining
difficultyisdefinedastheratio
betweenthedifficultytargeton9
January2009andthecurrent
difficultytarget.

Theproofofworksystem,alongsidethechainingofblocks,makesmodificationsoftheblockchainextremely
hardasanattackermustmodifyallsubsequentblocksinorderforthemodificationsofoneblocktobe
accepted.Asnewblocksareminedallthetime,thedifficultyofmodifyingablockincreasesastimepasses
andthenumberofsubsequentblocks(alsocalledconfirmationsofthegivenblock)increases.[46]
Practicalities
Ithasbecomecommonforminerstojoinorganizedminingpools,[47]whichcombinethecomputational
resourcesoftheirmembersinordertoincreasethefrequencyofgeneratingnewblocks.Therewardforeach
blockisthensplitproportionatelyamongthemembers,creatingamorepredictablestreamofincomeforeach

ASICMinerBlockErupter,atypeof
mininghardwareusedin2013. [43]

minerwithoutnecessarilychangingtheirlongtermaverageincome,[48]althoughafeemaybechargedforthe
service.[49][50]
Therewardsofmininghaveledtoevermorespecializedtechnologybeingutilized.Themostefficientmininghardwaremakesuseofcustomdesigned
applicationspecificintegratedcircuits,whichoutperformgeneralpurposeCPUswhileusinglesspower.[51]Asof2015,aminerwhoisnotusing
purposebuilthardwareisunlikelytoearnenoughtocoverthecostoftheelectricityusedintheirefforts,[52]eveniftheyareamemberofapool.[52]
Asof2015,evenifallminersusedenergyefficientprocessors,thecombinedelectricityconsumptionwouldbe1.46terawatthoursperyearequalto
theconsumptionofabout135,000Americanhomes.[53]In2013,electricityusewasestimatedtobe0.36terawatthoursperyearortheequivalentof
powering31,000UShomes.[54]

Supply
Thesuccessfulminerfindingthenewblockisrewardedwithnewlycreatedbitcoinsandtransactionfees.[55]
Asof28November2012,[56]therewardamountedto25newlycreatedbitcoinsperblockaddedtothe
blockchain.Toclaimthereward,aspecialtransactioncalledacoinbaseisincludedwiththeprocessed
payments.[9]:ch.8Allbitcoinsincirculationcanbetracedbacktosuchcoinbasetransactions.Thebitcoin
protocolspecifiesthattherewardforaddingablockwillbehalvedapproximatelyeveryfouryears.Eventually,
therewardwillberemovedentirelywhenanarbitrarylimitof21millionbitcoinsisreachedc.2140,and
recordkeepingwillthenberewardedbytransactionfeessolely.[57]

Transactionfees

Totalbitcoinsincirculation. [42]
Horizontalaxis:daterangingfrom9
January2009to31December2014.

Payingatransactionfeeisoptional,butmayspeedupconfirmationofthetransaction.[58]Payershavean
incentivetoincludesuchfeesbecausedoingsomeanstheirtransactionismorelikelytobeaddedtotheblockchainsoonerminerscanchoosewhich
transactionstoprocess[28]andprioritizethosethatpayhigherfees.Feesarebasedonthestoragesizeofthetransactiongenerated,whichinturnis
dependentonthenumberofinputsusedtocreatethetransaction.Furthermore,priorityisgiventoolderunspentinputs.[59]

Wallets
Awalletstorestheinformationnecessarytotransactbitcoins.Whilewalletsareoftendescribedasaplaceto
hold[60]orstorebitcoins,[61]duetothenatureofthesystem,bitcoinsareinseparablefromtheblockchain
transactionledger.Perhapsabetterwaytodescribeawalletissomethingthat"storesthedigitalcredentialsfor
yourbitcoinholdings"[61]andallowsyoutoaccess(andspend)them.Bitcoinusespublickeycryptography,in
whichtwocryptographickeys,onepublicandoneprivate,aregenerated.[62]Atitsmostbasic,awalletisa
collectionofthesekeys.
Thereareseveraltypesofwallet.Softwarewalletsconnecttothenetworkandallowspendingbitcoinsin

Electrumbitcoinwallet

additiontoholdingthecredentialsthatproveownership.[63]Internetservicescalledonlinewalletslike
Blockchain.info,Circle,orCoinbaseoffersimilarfunctionalitybutmaybeeasiertouseinessence,bitcoincredentialsarestoredwiththeonlinewallet

providerratherthanontheuser'shardware.[64][65]Physicalwalletsalsoexistandaremoresecure,astheystorethecredentialsnecessarytospend
bitcoinsoffline.[61]Examplescombineanoveltycoinwiththesecredentialsprintedonmetal,[66]wood,orplastic.Othersaresimplypaperprintouts.
Anothertypeofwalletcalledahardwarewalletkeepscredentialsofflinewhilefacilitatingtransactions.[67]
Referenceimplementation
Thefirstwalletprogramwasreleasedin2009bySatoshiNakamotoasopensourcecodeandwasoriginally
calledbitcoind.[68]Sometimesreferredtoasthe"Satoshiclient,"thisisalsoknownasthereferenceclient
becauseitservestodefinethebitcoinprotocolandactsasastandardforotherimplementations.[63]Inversion
0.5theclientmovedfromthewxWidgetsuserinterfacetoolkittoQt,andthewholebundlewasreferredtoas
BitcoinQt.[63]Afterthereleaseofversion0.9,BitcoinQtwasrenamedBitcoinCore.[69]

Bitcoinpaperwalletgeneratedat
bitaddress.org

Privacy
Privacyisachievedbynotidentifyingownersofbitcoinaddresseswhilemakingothertransactiondatapublic.
Bitcoinusersarenotidentifiedbyname,buttransactionscanbelinkedtoindividualsandcompanies.[70]
Additionally,bitcoinexchanges,wherepeoplebuyandsellbitcoinsforfiatmoney,mayberequiredbylawto
collectpersonalinformation.[71]Tomaintainfinancialprivacy,adifferentbitcoinaddressforeachtransactionis
recommended.[72]Transactionsthatspendcoinsfrommultipleinputscanrevealthattheinputsmayhavea
commonowner.Usersconcernedaboutprivacycanusesocalledmixingservicesthatswapcoinstheyown
forcoinswithdifferenttransactionhistories.[73]Ithasbeensuggestedthatbitcoinpaymentsshouldnotbe
consideredmoreprivatethancreditcardpayments.[74]

Trezorhardwarewallet

Fungibility
Walletsandsimilarsoftwaretechnicallyhandlebitcoinsasequivalent,establishingthebasicleveloffungibility.Researchershavepointedoutthatthe
historyofeverysinglebitcoinisregisteredandpubliclyavailableintheblockchainledger,andthatsomeusersmayrefusetoacceptbitcoinscomingfrom
controversialtransactions,whichwouldharmbitcoin'sfungibility.[75]ProjectssuchasZerocoinandDarkWalletaimtoaddresstheseprivacyand
fungibilityissues.[76][77]

History
BitcoinwasinventedbySatoshiNakamoto,[note6]whopublishedtheinventionon31October2008ina
researchpapercalled"Bitcoin:APeertoPeerElectronicCashsystem".[11]Itwasimplementedasopen
sourcecodeandreleasedinJanuary2009.Bitcoinisoftencalledthefirstcryptocurrency[18][19][20]although
priorsystemsexisted.[note8]Bitcoinismorecorrectlydescribedasthefirstdecentralizeddigital
currency.[13][23]
Oneofthefirstsupporters,adopters,contributortobitcoinandreceiverofthefirstbitcointransactionwas
programmerHalFinney.Finneydownloadedthebitcoinsoftwarethedayitwasreleased,andreceived10
bitcoinsfromNakamotointheworld'sfirstbitcointransaction.[78][79]
OtherearlysupporterswereWeiDai,creatorofbitcoinpredecessorbmoney,andNickSzabo,creatorof
bitcoinpredecessorbitgold.[80]

Numberofbitcointransactionsper
month(logarithmicscale).

In2010,anexploitinanearlybitcoinclientwasfoundthatallowedlargenumbersofbitcoinstobecreated.[81]Theartificiallycreatedbitcoinswere
removedwhenanotherchainovertookthebadchain.[82]
Basedonbitcoin'sopensourcecode,othercryptocurrenciesstartedtoemergein2011.[24]
InMarch2013,atechnicalglitchcausedaforkintheblockchain,withonehalfofthenetworkaddingblockstooneversionofthechainandtheother
halfaddingtoanother.Forsixhourstwobitcoinnetworksoperatedatthesametime,eachwithitsownversionofthetransactionhistory.Thecore
developerscalledforatemporaryhalttotransactions,sparkingasharpselloff.[83]Normaloperationwasrestoredwhenthemajorityofthenetwork
downgradedtoversion0.7ofthebitcoinsoftware.[83]
In2013somemainstreamwebsitesbeganacceptingbitcoins.WordPresshadstartedinNovember2012,[84]followedbyOKCupidinApril2013,[85]
AtomicMallinNovember2013,[86]TigerDirect[87]andOverstock.cominJanuary2014,[88]ExpediainJune2014,[89]NeweggandDellinJuly
2014,[90]andMicrosoftinDecember2014.[91][note10]CertainnonprofitoradvocacygroupssuchastheElectronicFrontierFoundationacceptbitcoin
donations.[93](TheorganizationstartedacceptingbitcoinsinJanuary2011,[94]stoppedacceptingtheminJune2011,[95]andbeganagaininMay
2013.[93])
InMay2013,theDepartmentofHomelandSecurityseizedassetsbelongingtotheMt.Goxexchange.[96]TheU.S.FederalBureauofInvestigation
(FBI)shutdowntheSilkRoadwebsiteinOctober2013.[97]
InOctober2013,ChineseinternetgiantBaiduhadallowedclientsofwebsitesecurityservicestopaywithbitcoins.[98]DuringNovember2013,the
ChinabasedbitcoinexchangeBTCChinaovertooktheJapanbasedMt.GoxandtheEuropebasedBitstamptobecomethelargestbitcointrading
exchangebytradevolume.[99]On19November2013,thevalueofabitcoinontheMt.GoxexchangesoaredtoapeakofUS$900afteraUnited

StatesSenatecommitteehearingwastoldbytheFBIthatvirtualcurrenciesarealegitimatefinancialservice.[100]Onthesameday,onebitcointradedfor
overRMB6780(US$1,100)inChina.[101]On5December2013,thePeople'sBankofChinaprohibitedChinesefinancialinstitutionsfromusing
bitcoins.[102]Aftertheannouncement,thevalueofbitcoinsdropped,[103]andBaidunolongeracceptedbitcoinsforcertainservices.[104]Buyingreal
worldgoodswithanyvirtualcurrencyhasbeenillegalinChinasinceatleast2009.[105]
ThefirstbitcoinATMwasinstalledinOctober2013inVancouver,BritishColumbia,Canada.[106]
Withabout12millionexistingbitcoinsinNovember2013,[107]thenewpriceincreasedthemarketcapforbitcointoatleastUS$7.2billion.[108]By23
November2013,thetotalmarketcapitalizationofbitcoinexceededUS$10billionforthefirsttime.[109]
IntheUStwomenwerearrestedinJanuary2014onchargesofmoneylaunderingusingbitcoinsonewasCharlieShrem,theheadofnowdefunct
bitcoinexchangeBitInstantandavicechairmanoftheBitcoinFoundation.Shremallegedlyallowedtheotherarrestedpartytopurchaselargequantities
ofbitcoinsforuseonblackmarketwebsites.[110]
InearlyFebruary2014,oneofthelargestbitcoinexchanges,Mt.Gox,[111]suspendedwithdrawalscitingtechnicalissues.[112]Bytheendofthemonth,
Mt.GoxhadfiledforbankruptcyprotectioninJapanamidreportsthat744,000bitcoinshadbeenstolen.[113]OriginallyasitefortradingMagic:The
Gatheringcards,[114]Mt.Goxhadoncebeenthedominantbitcoinexchangebutitspopularityhadwanedasusersexperienceddifficultieswithdrawing
funds.[115]
OnJune18,2014,itwasannouncedthatbitcoinpaymentserviceproviderBitPaywouldbecomethenewsponsorofSt.PetersburgBowlunderatwo
yeardeal,renamedtheBitcoinSt.PetersburgBowl.Bitcoinwastobeacceptedforticketandconcessionsalesatthegameaspartofthesponsorship,
andthesponsorshipitselfwasalsopaidforusingbitcoin.[116]
LessthanoneyearafterthecollapseofMt.Gox,Bitstampannouncedthattheexchangewouldbetakenofflinewhiletheyinvestigateahackwhich
resultedinabout19,000bitcoins(equivalenttoroughlyUS$5millionatthattime)beingstolenfromtheirhotwallet.[117]Theexchangeremainedoffline
forseveraldaysamidspeculationthatcustomershadlosttheirfunds.BitstampresumedtradingonJanuary9afterincreasingsecuritymeasuresand
assuringcustomersthattheiraccountbalanceswouldnotbeimpacted.[118]
ThebitcoinexchangeserviceCoinbaselaunchedthefirstregulatedbitcoinexchangein25USstatesonJanuary26,2015.Atthetimeofthe
announcement,CEOBrianArmstrongstatedthatCoinbaseintendstoexpandtothirtycountriesbytheendof2015.[119]AspokespersonforBenjamin
M.Lawsky,thesuperintendentofNewYorkstatesDepartmentofFinancialServices,statedthatCoinbaseisoperatingwithoutalicenseinthestateof
NewYork.Lawskyisresponsibleforthedevelopmentofthesocalled'BitLicense',whichcompaniesneedtoacquireinordertolegallyoperateinNew
York.[120]

Economics
Classification
AccordingtothedirectoroftheInstituteforMoney,TechnologyandFinancialInclusionattheUniversityofCaliforniaIrvinethereis"anunsettleddebate
aboutwhetherbitcoinisacurrency".[121]Bitcoiniscommonlyreferredtowithtermslike:digitalcurrency,[13]:1digitalcash,[122]virtualcurrency,[4]
electroniccurrency,[15]orcryptocurrency.[121]Itsinventor,SatoshiNakamoto,usedthetermelectroniccash.[11]Bitcoinshavethreeusefulqualitiesina
currency,accordingtotheEconomistinJanuary2015:theyare"hardtoearn,limitedinsupplyandeasytoverify".[123]
Economistsdefinemoneyasastoreofvalue,amediumofexchange,andaunitofaccountandagreethatbitcoinhassomewaytogotomeetallthese
criteria.[124]Itdoesbestasamediumofexchange.[note11]Thebitcoinmarketcurrentlysuffersfromvolatility,limitingtheabilityofbitcointoactasa
stablestoreofvalue,andretailersacceptingbitcoinuseothercurrenciesastheirprincipalunitofaccount.[124]
Journalistsandacademicsalsodisputewhattocallbitcoin.Somemediaoutletsdomakeadistinctionbetween"real"moneyandbitcoins,[126]while
otherscallbitcoinrealmoney.[127]TheWallStreetJournaldeclareditacommodityinDecember2013.[128]AForbesjournalistreferredtoitasdigital
collectible.[129]TwoUniversityofAmsterdamcomputerscientistsproposedtheterm"moneylikeinformationalcommodity".[130]
ThePeople'sBankofChinahasstatedthatbitcoin"isfundamentallynotacurrencybutaninvestmenttarget".[131]

Buyingandselling
Bitcoinscanbeboughtandsoldbothonandoffline.Participantsinonlineexchangesofferbitcoinbuyandsellbids.Usinganonlineexchangetoobtain
bitcoinsentailssomerisk,and,accordingtoastudypublishedinApril2013,45%ofexchangesfailandtakeclientbitcoinswiththem.[132]Exchanges
havesinceimplementedmeasurestoprovideproofofreservesinanefforttoconveytransparencytousers.[133]Offline,bitcoinsmaybepurchased
directlyfromanindividual[134]oratabitcoinATM.[135]

Priceandvolatility
Toimproveaccesstopriceinformationandincreasetransparency,on30April2014BloombergLPannouncedplanstolistpricesfrombitcoin
companiesKrakenandCoinbaseonits320,000subscriptionfinancialdataterminals.[136][137]
AccordingtoMarkT.Williams,asof2014,bitcoinhasvolatilityseventimesgreaterthangold,eighttimesgreaterthantheS&P500,andeighteentimes
greaterthantheU.S.dollar.[138]

Attemptingtoexplainthehighvolatility,agroupofJapanesescholarsstatedthatthereisnostabilization
mechanism.[139]TheBitcoinFoundationcontendsthathighvolatilityisduetoinsufficientliquidity,[140]whilea
Forbesjournalistclaimsthatitisrelatedtotheuncertaintyofitslongtermvalue,[141]andthehighvolatilityofa
startupcurrencymakessense,"becausepeoplearestillexperimentingwiththecurrencytofigureouthow
usefulitis."[142]
Thereareuseswherevolatilitydoesnotmatter,suchasonlinegambling,tipping,andinternational
remittances.[142]Asof2014,probitcoinventurecapitalistsarguedthatthegreatlyincreasedtradingvolume
thatplannedhighfrequencytradingexchangeswouldgenerateisneededtodecreasepricevolatility.[136]
Thepriceofbitcoinshasgonethroughvariouscyclesofappreciationanddepreciationreferredtobysomeas
bubblesandbusts.[143][144]In2011,thevalueofonebitcoinrapidlyrosefromaboutUS$0.30toUS$32
beforereturningtoUS$2.[145]Inthelatterhalfof2012andduringthe20122013CypriotFinancialCrisis,the
bitcoinpricebegantorise,[146]reachingahighofUS$266on10April2013,beforecrashingtoaround

Price[note12]andvolatility[note13]
chart. [42]Leftverticalaxis:price,the
scaleislogarithmic.Rightvertical
axis:volatility.Horizontalaxis:date
rangingfrom17August2010to31
December2014.

US$50.[147]OnNovember29,2013,thecostofonebitcoinrosetothealltimepeakofUS$1,242.[148]In2014,thepricefellsharply,andasofApril
remaineddepressedatlittlemorethanhalf2013prices.AsofAugust2014itwasunderUS$600.[149]InJanuary2015,notingthatthebitcoinpricehad
droppedtoitslowestlevelsincespring2013aroundUS$224TheNewYorkTimessuggestedthat"[w]ithnosignsofarallyintheoffing,the
industryisbracingfortheeffectsofaprolongeddeclineinprices.Inparticular,bitcoinminingcompanies,whichareessentialtothecurrencysunderlying
technology,areflashingwarningsigns."[150]AlsoinJanuary2015,BusinessInsiderreportedthatdeepwebdrugdealerswere"freakingout"astheylost
profitsthroughbeingunabletoconvertbitcoinrevenuetocashquicklyenoughasthepricedeclinedandthattherewasadangerthatdealersselling
reservestostayinbusinessmightforcethebitcoinpricedownfurther.[151]

Speculativebubbledispute
BitcoinhasbeenlabelledaspeculativebubblebymanyincludingformerFedChairmanAlanGreenspan[152]andeconomistJohnQuiggin.[153]Nobel
laureateRobertShillersaidthatbitcoin"exhibitedmanyofthecharacteristicsofaspeculativebubble".[154]Twoleadsoftwaredevelopersofbitcoin,
GavinAndresen[155]andMikeHearn,[156]havewarnedthatbubblesmayoccur.DavidAndolfatto,avicepresidentattheFederalReserveBankofSt.
Louis,stated,"Isbitcoinabubble?Yes,ifbubbleisdefinedasaliquiditypremium."AccordingtoAndolfatto,thepriceofbitcoin"consistspurelyofa
bubble,"butheconcedesthatmanyassetshavepricesthataregreaterthantheirintrinsicvalue.[44]:21JournalistMatthewBoeslerrejectsthespeculative
bubblelabelandseesbitcoin'squickriseinpriceasnothingmorethannormaleconomicforcesatwork.[157]TheWashingtonPostpointedoutthatthe
observedcyclesofappreciationanddepreciationdon'tcorrespondtothedefinitionofspeculativebubble.[145]

Ponzischemedispute
Variousjournalists,[158]U.S.economistNourielRoubini,[159]andtheheadoftheEstoniancentralbank[160]havevoicedconcernsthatbitcoinmaybea
Ponzischeme.A2012reportbytheEuropeanCentralBankstated,"it[isnot]easytoassesswhetherornotthebitcoinsystemactuallyworkslikea
pyramidorPonzischeme."[161]:27A2014reportbytheWorldBankconcludedthat"contrarytoawidelyheldopinion,bitcoinisnotadeliberate
Ponzi".[162]:7IntheopinionofEricPosner,alawprofessorattheUniversityofChicago,"ArealPonzischemetakesfraudbitcoin,bycontrast,seems
morelikeacollectivedelusion."[158]
U.S.economistNourielRoubini,aformersenioradvisertotheU.S.TreasuryandtheInternationalMonetaryFund,hasstatedthatbitcoinis"aPonzi
game".[163]InFebruary2014,anassetmanagerandcolumnistforTheNewYorkPostcalledbitcoinaPonzischeme,opining,"Welcometo21st
centuryPonzischeme:Bitcoin".[164]TheheadoftheEstoniancentralbank,MihkelNommela,stated,"virtualcurrencyschemesareaninnovationthat
deservessomecaution,giventhelackof...evidencethatthisisntjustaPonzischeme."[160]
OthershaveexpressedtheopinionthatbitcoinisnotaPonzischeme.TheHuffingtonPostasked,"isbitcoinaPonzischeme,yesorno?"andanswered
itselfwithadefinitive"no!"[165]PCWorldmagazinestated,"bitcoinisclearlynotaPonzischeme".[166]EconomistJeffreyTuckerclaimsthat"thereare
severalkeydifferencesbetweenaPonzischemeandbitcoin."[167]A2014reportbytheSwissFederalCouncilstates,"thequestionisrepeatedlyraised
whetherbitcoincanbedeemedanimpermissiblepyramidscheme...sinceinthecaseofbitcointhetypicalpromisesofprofitsarelacking,itcannotbe
assumedthatbitcoinisapyramidscheme."[168]:21

Valueforecasts
Financialjournalistsandanalysts,economists,andinvestorshaveattemptedtopredictthepossiblefuturevalueofbitcoin.InApril2013,economistJohn
Quigginstated,"bitcoinswillattaintheirtruevalueofzerosoonerorlater,butitisimpossibletosaywhen".[153]Asimilarforecastwasmadein
November2014byeconomistKevinDowd.[169]InNovember2014,DavidYermack,ProfessorofFinanceatNewYorkUniversitySternSchoolof
Business,forecastthatinNovember2015bitcoinmaybeallbutworthless.[170]InDecember2013,financeprofessorMarkT.Williamsforecasta
bitcoinwouldbeworthlessthan$10byJuly2014.[171]Intheindicatedperiodbitcoinhasexchangedaslowas$344(April2014)andduringJuly2014
thebitcoinlowwas$609.[42][172]InDecember2014,ProfessorWilliamssaid,"Theprobabilityofsuccessislow,butifitdoeshit,therewardwillbe
verylarge."[173]InMay2013,BankofAmericaFXandRateStrategistDavidWooforecastamaximumfairvalueperbitcoinof$1,300.[174]Bitcoin
investorCameronWinklevossstatedinDecember2013thatthe"smallbullcasescenarioforbitcoinis...40,000USDacoin".[175]

Bitcoinobituaries

The"death"ofbitcoinhasbeenproclaimednumeroustimes.[176]Onejournalisthasrecorded29such"obituaries"asofearly2015.[176]Forbesdeclared
bitcoindeadinJune2011,[177]followedbyGizmodoAustraliainAugust2011.[178]WiredwroteithadexpiredinDecember2012,[179]Ouishare
Magazinedeclared,"gameover,bitcoin"inMay2013,[180]andNewYorkMagazinestatedbitcoinwasonitspathtograveinJune2013.[181]Reuters
publishedan"obituary"forbitcoininJanuary2014[182]StreetInsiderdeclaredbitcoindeadinFebruary2014,[183]asdidTheWeeklyStandardin
March2014,[184]followedbySaloninMarch2014,[185]andViceNewsinMarch2014,[186]thentheFinancialTimesinSeptember2014.[187]In
January2015,USATodaystatesbitcoinwas"headedtotheashheap",[188]andTheTelegraphdeclared"theendofbitcoinexperiment".[189]Peter
Greenhill,DirectorofEBusinessDevelopmentfortheIsleofMan,commentingontheobituariesparaphrasedMarkTwainsaying"reportsofbitcoin's
deathhavebeengreatlyexaggerated".[190]

Reception
Someeconomistshaverespondedpositivelytobitcoin,butmanyhavenot.FranoisR.Velde,SeniorEconomistattheChicagoFeddescribeditas"an
elegantsolutiontotheproblemofcreatingadigitalcurrency".[191]AccordingtoWired"intheestimationofmanyleadingeconomists,bitcoinisafatally
flawedideashapedbypeoplewhodontreallyunderstandhowmoneyworks".[192]PaulKrugmanandBradDeLonghavefoundfaultwithbitcoin
questioningwhyitshouldactasareasonablystablestoreofvalueorwhetherthereisaflooronitsvalue.[193]EconomistJohnQuigginhascriticized
bitcoinas"thefinalrefutationoftheefficientmarkethypothesis".[153]
DavidAndolfatto,VicePresidentattheFederalReserveBankofSt.Louis,statedthatbitcoinisathreattotheestablishment,whichhearguesisagood
thingfortheFederalReserveSystemandothercentralbanksbecauseitpromptstheseinstitutionstooperatesoundpolicies.[44]:33[194][195]
FreesoftwaremovementactivistRichardStallmanhascriticizedthelackofanonymityandcalledforreformeddevelopment.[196]PayPalPresidentDavid
A.Marcuscallsbitcoina"greatplacetoputassets"butclaimsitwillnotbeacurrencyuntilpricevolatilityisreduced.[197]BillGates,inrelationtothe
costofmovingmoneyfromplacetoplaceinaninterviewforBloombergL.P.stated:"Bitcoinisexcitingbecauseitshowshowcheapitcanbe."[198]
Similarly,PeterSchiff,abitcoinscepticunderstands"thevalueofthetechnologyasapaymentplatform"andhisEuroPacificPreciousMetalsfund
partneredwithBitPayinMay2014,because"awiretransferoffiatfundscanbeslowandexpensiveforthecustomer".[199]
KevinDowd,ProfessorofFinanceandeconomicsatDurhamUniversityhasabearishoutlookonbitcoin.HispresentationattheCatoInstitute2014
AnnualConference,AlternativestoCentralBanking:TowardFreeMarketMoney,touchedonbitcoin.[200]

Acceptancebymerchants
In2015,thenumberofmerchantsacceptingbitcoinexceeded100,000.[125]AsofDecember2014
establishedfirmsthatacceptpaymentsinbitcoinincludeAtomicMall,[86]ClearlyCanadian,[201]Dell,[202]Dish
Network,[203]DynamiteEntertainment,[204]Expedia,[205]Microsoft,[91]Newegg,[206]PrivateFly,[207]
Overstock.com,[88]theSacramentoKings,[208]TigerDirect,[87]TimeInc.,[209]VirginGalactic,[210]and
Zynga.[211][note10]Duetothefactthatchargebacksareimpossible,retailersusuallyofferinstorecreditasthe
onlyoptionwhenreturningitemspurchasedwithbitcoins.[212]AsofSeptember2014PayPalallowsNorth
Americanmerchantsusingitssystemtheabilitytoreceivepaymentinbitcoins.[213]

Acceptancebynonprofits

Bitcoinsareacceptedinthiscafin
theNetherlandsasof2013

Organizationsacceptingdonationsinbitcoininclude:Greenpeace,[214]TheMozillaFoundation,[215]andThe
WikimediaFoundation.[216]SomeU.S.politicalcandidates,includingNewYorkCityDemocraticCongressionalcandidateJeffKurzonhavesaidthey
wouldacceptcampaigndonationsinbitcoin.[217]Inlate2013theUniversityofNicosiabecamethefirstuniversityintheworldtoacceptbitcoins.[218]

Useinretailtransactions
Duetothedesignofbitcoin,allretailfiguresareonlyestimates.[31][219]AccordingtoTimSwanson,headofbusinessdevelopmentataHongKong
basedcryptocurrencytechnologycompany,in2014,dailyretailpurchasesmadewithbitcoinwereworthabout$2.3million.[219]Heestimatesthat,asof
February2015,fewerthan5,000bitcoinsperday(worthroughly$1.2millionatthetime)werebeingusedforretailtransactions,[31]andconcludedthat
in2014"itappearstherehasbeenverylittleifanyincreaseinretailpurchasesusingbitcoin."[31]

Financialinstitutions
Bitcoincompanieshavehaddifficultyopeningtraditionalbankaccountsbecauselendershavebeenleeryofbitcoin'slinkstoillicitactivity.[220]According
toAntonioGallippi,acofounderofBitPay,"banksarescaredtodealwithbitcoincompanies,eveniftheyreallywantto".[221]In2014,theNational
AustraliaBankclosedaccountsofbusinesseswithtiestobitcoin,[222]andHSBCrefusedtoserveahedgefundwithlinkstobitcoin.[223]
Onefinancialinstitutionhasbeenbullishonbitcoin.Ina2013report,BankofAmericaMerrillLynchstatedthat"webelievebitcoincanbecomeamajor
meansofpaymentforecommerceandmayemergeasaseriouscompetitortotraditionalmoneytransferproviders."[224]InJune2014,thefirstbank
thatconvertsdepositsincurrenciesinstantlytobitcoinwithoutanyfeeswasopenedinBoston.[225]

Asaninvestment

SomeArgentinianshaveboughtbitcoinstoprotecttheirsavingsagainsthighinflationorthepossibilitythatgovernmentscouldconfiscatesavings
accounts.[71]Duringthe20122013Cypriotfinancialcrisis,bitcoinpurchasesinCyprusroseduetofearsthatsavingsaccountswouldbeconfiscatedor
taxed.[226]Othermethodsofinvestmentarebitcoinfunds.ThefirstregulatedbitcoinfundwasestablishedinJerseyinJuly2014andapprovedbythe
JerseyFinancialServicesCommission.[227]Also,c.2012anattemptwasmadebytheWinklevosstwins(whoinApril2013claimedtheyownednearly
1%ofallbitcoinsinexistence[228])toestablishabitcoinETF.[229]Asofearly2015,theyhaveannouncedplanstolaunchaNewYorkbasedbitcoin
exchangenamedGemini.[230]
In2013and2014,theEuropeanBankingAuthority[30]andtheFinancialIndustryRegulatoryAuthority(FINRA),aUnitedStatesselfregulatory
organization,[231]warnedthatinvestinginbitcoinscarriessignificantrisks.Suchriskswerehighlightedin2014whenBloombergnamedbitcoinasoneof
itsworstinvestmentsoftheyear,[232]althoughForbesnamedbitcointhebestinvestmentof2013.[233]BloombergselectedtheRussianrubleastheworst
currencyinvestmentof2014butalsomentionedbitcoinasthe"onecurrencythatdidworse[thantheruble]in2014,dependingonwhetheryouthink
virtualcurrenciesarerealmoney."[232]
InMay2015,IntercontinentalExchangeInc.,parentcompanyoftheNewYorkStockExchange,announcedabitcoinindexinitiallybasedondatafrom
Coinbasetransactions.[234]

Venturecapital
Venturecapitalists,suchasPeterThiel'sFoundersFund,whichinvestedUS$3millioninBitPay,donotpurchasebitcoinsthemselves,insteadfunding
bitcoininfrastructurelikecompaniesthatprovidepaymentsystemstomerchants,exchanges,walletservices,etc.[235]In2012,anincubatorforbitcoin
focusedstartupswasfoundedbyAdamDraper,withfinancinghelpfromhisfather,venturecapitalistTimDraper,oneofthelargestbitcoinholdersafter
winninganauctionof30,000bitcoins,[236]atthetimecalled'mysterybuyer'.[237]Thecompany'sgoalistofund100bitcoinbusinesseswithin23years
with$10,000to$20,000fora6%stake.[236]Investorsalsoinvestinbitcoinmining.[238]

Politicaleconomy
Bitcoinappealstotechsavvylibertarians,becauseitsofarexistsoutsidetheinstitutionalbankingsystemandthecontrolofgovernments.[239]However,
researcherslookingtouncoverthereasonsforinterestinbitcoindidnotfindevidencethatthiswaslinkedtolibertarianism.[240]
Bitcoin'sappealreachesfromleftwingcritics,"whoperceivethestateandbankingsectorasrepresentingthesameeliteinterests,[...]recognisinginitthe
potentialforcollectivedirectdemocraticgovernanceofcurrency"[241]andsocialistsproposingtheir"ownstates,completewithcurrencies",[242]toright
wingcriticssuspiciousofbiggovernment,atatimewhenactivitieswithintheregulatedbankingsystemwereresponsiblefortheseverityofthefinancial
crisisof200708,[243]"becausegovernmentsarenotfullylivinguptotheresponsibilitythatcomeswithstatesponsoredmoney".[244]Bitcoinhasbeen
describedas"remov[ing]theimbalancebetweenthebigboysoffinanceandthedisenfranchisedlittleman,potentiallyallowingearlyadopterstonegotiate
favourableratesonexchangesandtransferssomethingthatonlytheverybiggestfirmshavetraditionallyenjoyed".[245]TwoWSJjournalistsdescribe
bitcoinintheirbookas"aboutfreeingpeoplefromthetyrannyofcentralisedtrust".[246]

Legalstatusandregulation
Thelegalstatusofbitcoinvariessubstantiallyfromcountrytocountryandisstillundefinedorchanginginmanyofthem.Whilesomecountrieshave
explicitlyalloweditsuseandtrade,othershavebannedorseverelyrestrictedit.Likewise,variousgovernmentagencies,departments,andcourtshave
classifiedbitcoinsdifferently.Regulationsandbansthatapplytobitcoinprobablyextendtosimilarcryptocurrencysystems.
InApril2013,StevenStrauss,aHarvardpublicpolicyprofessor,suggestedthatgovernmentscouldoutlawbitcoin,[247]andthispossibilitywas
mentionedagainbyabitcoininvestmentvehicleinaJuly2013,reporttoaregulator.[229]However,thevastmajorityofnationshavenotdonesoasof
2014.Itisillegalin:Bangladesh,[248]Bolivia,[249]Ecuador,[250]Russia,[251]andVietnam.[252]

Criminalactivity
Theuseofbitcoinbycriminalshasattractedtheattentionoffinancialregulators,legislativebodies,lawenforcement,andthemedia.[32]TheFBIprepared
anintelligenceassessment,[34]theSEChasissuedapointedwarningaboutinvestmentschemesusingvirtualcurrencies,[32]andtheU.S.Senatehelda
hearingonvirtualcurrenciesinNovember2013.CNNhasreferredtobitcoinasa"shadyonlinecurrency[thatis]startingtogainlegitimacyincertain
partsoftheworld",[253]andTheWashingtonPostcalledit"thecurrencyofchoiceforseedyonlineactivities".[35]
Severalnewsoutletshaveassertedthatthepopularityofbitcoinshingesontheabilitytousethemtopurchaseillegalgoods.[254][255]In2014,researchers
attheUniversityofKentuckyfound"robustevidencethatcomputerprogrammingenthusiastsandillegalactivitydriveinterestinbitcoin,andfindlimited
ornosupportforpoliticalandinvestmentmotives."[240]

Theft
Therehavebeenmanycasesofbitcointheft.[62]Onewaythisisaccomplishedinvolvesathirdpartyaccessingtheprivatekeytoavictim'sbitcoin
address,[256]orofanonlinewallet.[257]Iftheprivatekeyisstolen,allthebitcoinsfromthecompromisedaddresscanbetransferred.Inthatcase,the
networkdoesnothaveanyprovisionstoidentifythethief,blockfurthertransactionsofthosestolenbitcoins,orreturnthemtothelegitimateowner.[229]
Theftalsooccursatsitesbitcoinsareusedtopurchaseillicitgoods.InlateNovember2013,anestimated$100millioninbitcoinswereallegedlystolen
fromtheonlineillicitgoodsmarketplaceSheepMarketplace,whichimmediatelyclosed.[258]Userstrackedthecoinsastheywereprocessedand
convertedtocash,butnofundswererecoveredandnoculpritsidentified.[258]Adifferentblackmarket,SilkRoad2,statedthatduringaFebruary2014

hack,bitcoinsvaluedat$2.7millionweretakenfromescrowaccounts.[259]
Siteswhereusersexchangebitcoinsforcashorstorethemin"wallets"arealsotargetsfortheft.Inputs.io,anAustralianwalletservice,washackedtwice
inOctober2013andlostmorethan$1millioninbitcoins.[260]InlateFebruary2014Mt.Gox,oneofthelargestvirtualcurrencyexchanges,filedfor
bankruptcyinTokyoamidreportsthatbitcoinsworth$350millionhadbeenstolen.[113]Flexcoin,abitcoinstoragespecialistbasedinAlberta,Canada,
shutdownonMarch2014aftersayingitdiscoveredatheftofabout$650,000inbitcoins.[261]Poloniex,adigitalcurrencyexchange,reportedonMarch
2014thatitlostbitcoinsvaluedataround$50,000.[262]InJanuary2015UKbasedbitstamp,thethirdbusiestbitcoinexchangeglobally,washacked
and$5millioninbitcoinswerestolen.[263]February2015sawaChineseexchangenamedBTERlosebitcoinsworthnearly$2milliontohackers.[264]

Blackmarkets
ACMUresearcherestimatedthatin2012,4.5%to9%ofalltransactionsonallexchangesintheworldwerefordrugtradesonasingledeepwebdrugs
market,SilkRoad.[265]Childpornography,[266]murderforhireservices,[267]andweapons[268]arealsoavailableonblackmarketsitesthatsellin
bitcoin.
Severaldeepwebblackmarketshavebeenshutbyauthorities.InOctober2013SilkRoadwasshutdownbyU.S.lawenforcement[269][270][271]
leadingtoashorttermdecreaseinthevalueofbitcoin.[272]In2015,thefounderofthesitewassentencedtolifeinprison.[273]Alternativesiteswere
soonavailable,andinearly2014theAustralianBroadcastingCorporationreportedthattheclosureofSilkRoadhadlittleimpactonthenumberof
Australianssellingdrugsonline,whichhadactuallyincreased.[274]Inearly2014,DutchauthoritiesclosedUtopia,anonlineillegalgoodsmarket,and
seized900bitcoins.[275]Inlate2014,ajointpoliceoperationsawEuropeanandAmericanauthoritiesseizebitcoinsandclose400deepwebsites
includingtheillicitgoodsmarketSilkRoad2.0.[276]Lawenforcementactivityhasresultedinseveralconvictions.InDecember,2014,CharlieShrem
wassentencedtotwoyearsinprisonforindirectlyhelpingtosend$1milliontotheSilkRoaddrugssite,[277]andinFebruary,2015,itsfounder,Ross
Ulbricht,wasconvictedondrugschargesandfacesalifesentence.[278]
Someblackmarketsitesmayseektostealbitcoinsfromcustomers.Thebitcoincommunitybrandedonesite,SheepMarketplace,asascamwhenit
preventedwithdrawalsandshutdownafteranallegedbitcoinstheft.[279]Inaseparatecase,escrowaccountswithbitcoinsbelongingtopatronsofa
differentblackmarketwerehackedinearly2014.[259]
AccordingtotheInternetWatchFoundation,aU.K.basedcharity,bitcoinisusedtopurchasechildpornography,andalmost200suchwebsitesaccept
itaspayment.Bitcoinisn'tthesolewaytopurchasechildpornographyonline,asTroelsOertling,headofthecybercrimeunitatEuropol,states,"Ukash
andPaysafecard...have[also]beenusedtopayforsuchmaterial."However,theInternetWatchFoundationlistsaround30sitesthatexclusivelyaccept
bitcoins.[266]Someofthesesiteshaveshutdown,suchasadeepwebcrowdfundingwebsitethataimedtofundthecreationofnewchildporn.[280]
Furthermore,hyperlinkstochildpornwebsiteshavebeenaddedtotheblockchainasarbitrarydatacanbeincludedwhenatransactionis
made.[281][282]

Moneylaundering
Bitcoinsmaynotbeidealformoneylaunderingbecausealltransactionsarepublic.[283]Authorities,includingtheEuropeanBankingAuthority[30]the
FBI,[34]andtheFinancialActionTaskForceoftheG7[284]haveexpressedconcernsthatbitcoinmaybeusedformoneylaundering.Inearly2014,an
operatorofaU.S.bitcoinexchangewasarrestedformoneylaundering.[110]

Ponzischeme
InaPonzischemethatutilizedbitcoins,TheBitcoinSavingsandTrustpromisedinvestorsupto7percentweeklyinterest,andraisedatleast700,000
bitcoinsfrom2011to2012.[285]InJuly2013theU.S.SecuritiesandExchangeCommissionchargedthecompanyanditsfounderin2013"with
defraudinginvestorsinaPonzischemeinvolvingbitcoin".[285]InSeptember2014thejudgefinedBitcoinSavings&Trustanditsowner$40millionfor
operatingabitcoinPonzischeme.[286]

Malware
Bitcoinrelatedmalwareincludessoftwarethatstealsbitcoinsfromusersusingavarietyoftechniques,softwarethatusesinfectedcomputerstomine
bitcoins,anddifferenttypesofransomware,whichdisablecomputersorpreventfilesfrombeingaccesseduntilsomepaymentismade.Security
companyDellSecureWorkssaidinFebruary2014thatithadidentifiedalmost150typesofbitcoinmalware.[287]
Unauthorizedmining
InJune2011,Symantecwarnedaboutthepossibilitythatbotnetscouldminecovertlyforbitcoins.[288]Malwareusedtheparallelprocessingcapabilities
ofGPUsbuiltintomanymodernvideocards.[289]AlthoughtheaveragePCwithanintegratedgraphicsprocessorisvirtuallyuselessforbitcoinmining,
tensofthousandsofPCsladenwithminingmalwarecouldproducesomeresults.[290]
InmidAugust2011,bitcoinminingbotnetsweredetected,[291]andlessthanthreemonthslater,bitcoinminingtrojanshadinfectedMacOSX.[292]
InApril2013,electronicsportsorganizationESportsEntertainmentwasaccusedofhijacking14,000computerstominebitcoinsthecompanylater
settledthecasewiththeStateofNewJersey.[293]
GermanpolicearrestedtwopeopleinDecember2013whocustomizedexistingbotnetsoftwaretoperformbitcoinmining,whichpolicesaidhadbeen
usedtomineatleast$950,000worthofbitcoins.[294]

ForfourdaysinDecember2013andJanuary2014,Yahoo!Europehostedanadcontainingbitcoinminingmalwarethatinfectedanestimatedtwo
millioncomputers.[290]Thesoftware,calledSefnit,wasfirstdetectedinmid2013andhasbeenbundledwithmanysoftwarepackages.Microsofthas
beenremovingthemalwarethroughitsMicrosoftSecurityEssentialsandothersecuritysoftware.[295]
Severalreportsofemployeesorstudentsusinguniversityorresearchcomputerstominebitcoinshavebeenpublished.[296]
Malwarestealing
Somemalwarecanstealprivatekeysforbitcoinwalletsallowingthebitcoinsthemselvestobestolen.Themostcommontypesearchescomputersfor
cryptocurrencywalletstouploadtoaremoteserverwheretheycanbecrackedandtheircoinsstolen.[297]Manyofthesealsologkeystrokestorecord
passwords,oftenavoidingtheneedtocrackthekeys.[297]Adifferentapproachdetectswhenabitcoinaddressiscopiedtoaclipboardandquickly
replacesitwithadifferentaddress,trickingpeopleintosendingbitcoinstothewrongaddress.[298]Thismethodiseffectivebecausebitcointransactions
areirreversible.
Onevirus,spreadthroughthePonybotnet,wasreportedinFebruary2014tohavestolenupto$220,000incryptocurrenciesincludingbitcoinsfrom85
wallets.[299]SecuritycompanyTrustwave,whichtrackedthemalware,reportsthatitslatestversionwasabletosteal30typesofdigitalcurrency.[300]
AtypeofMacmalwareactiveinAugust2013,Bitvanityposedasavanitywalletaddressgeneratorandstoleaddressesandprivatekeysfromother
bitcoinclientsoftware.[301]AdifferenttrojanforMacOSX,calledCoinThiefwasreportedinFebruary2014toberesponsibleformultiplebitcoin
thefts.[301]ThesoftwarewashiddeninversionsofsomecryptocurrencyappsonDownload.comandMacUpdate.[301]
Ransomware
Anothertypeofbitcoinrelatedmalwareisransomware.OneprogramcalledCryptoLocker,typicallyspreadthroughlegitimatelookingemail
attachments,encryptstheharddriveofaninfectedcomputer,thendisplaysacountdowntimeranddemandsaransom,usuallytwobitcoins,todecrypt
it.[302]Massachusettspolicesaidtheypaida2bitcoinransominNovember2013,worthmorethan$1,300atthetime,todecryptoneoftheirhard
drives.[303]Linkup,acombinationransomwareandbitcoinminingprogramthatsurfacedinFebruary2014,disablesinternetaccessanddemandscredit
cardinformationtorestoreit,whilesecretlyminingbitcoins.[302]

Security
Variouspotentialattacksonthebitcoinnetworkanditsuseasapaymentsystem,realortheoretical,havebeenconsidered.Thebitcoinprotocolincludes
severalfeaturesthatprotectitagainstsomeofthoseattacks,suchasunauthorizedspending,doublespending,forgingbitcoins,andtamperingwiththe
blockchain.[46]Otherattacks,suchastheftofprivatekeys,requireduecarebyusers.

Unauthorizedspending
Unauthorizedspendingismitigatedbybitcoin'simplementationofpublicprivatekeycryptography.WhenAlicesendsabitcointoBob,Bobbecomes
thenewownerofthebitcoin.EveobservingthetransactionmightwanttospendthebitcoinBobjustreceived,butshecannotsignthetransactionwithout
theknowledgeofBob'sprivatekey.[13]

Doublespending
Aspecificproblemthataninternetpaymentsystemmustsolveisdoublespending,wherebyauserpaysthesamecointotwoormoredifferent
recipients.AnexampleofsuchaproblemwouldbeifEvesentabitcointoAliceandlatersentthesamebitcointoBob.Thebitcoinnetworkguards
againstdoublespendingbyrecordingallbitcointransfersinaledger(theblockchain)thatisvisibletoallusers,andensuringforalltransferredbitcoins
thattheyhaven'tbeenpreviouslyspent.[13]:4

Raceattack
IfEveofferstopayAliceabitcoininexchangeforgoodsandsignsacorrespondingtransaction,itisstillpossiblethatshealsocreatesadifferent
transactionatthesametimesendingthesamebitcointoBob.Bytherules,thenetworkacceptsonlyoneofthetransactions.Thisiscalledraceattack,
sincethereisaracewhichtransactionwillbeacceptedfirst.Alicecanreducetheriskofraceattackstipulatingthatshewillnotdeliverthegoodsuntil
Eve'spaymenttoAliceappearsintheblockchain.[304]
Avariantraceattack(whichhasbeencalledaFinneyattackbyreferencetoHalFinney)requirestheparticipationofaminer.Insteadofsendingboth
paymentrequests(topayBobandAlicewiththesamecoins)tothenetwork,EveissuesonlyAlice'spaymentrequesttothenetwork,whilethe
accomplicetriestomineablockthatincludesthepaymenttoBobinsteadofAlice.Thereisapositiveprobabilitythattherogueminerwillsucceed
beforethenetwork,inwhichcasethepaymenttoAlicewillberejected.Aswiththeplaindoublespendingattack,AlicecanreducetheriskofaFinney
attackbywaitingforthepaymenttobeincludedintheblockchain.[305]

Historymodification
Theotherprincipalwaytostealbitcoinswouldbetomodifyblockchainledgerentries.
Forexample,EvecouldbuysomethingfromAlice,likeasofa,byaddingasignedentrytotheblockchainledgerequivalenttoEvepaysAlice100
bitcoins.Later,afterreceivingthesofa,Evecouldmodifythatblockchainledgerentrytoreadinstead:EvepaysAlice1bitcoin,orreplaceAlice's
addressbyanotherofEve'saddresses.Digitalsignaturescannotpreventthisattack:Evecansimplysignherentryagainaftermodifyingit.

Topreventmodificationattacks,eachblockoftransactionsthatisaddedtotheblockchainincludesacryptographichashcodethatiscomputedfrom
thehashofthepreviousblockaswellasalltheinformationintheblockitself.Whenthebitcoinsoftwarenoticestwocompetingblockchains,itwill
automaticallyassumethatthechainwiththegreatestamountofworktoproduceitisthevalidone.Therefore,inordertomodifyanalreadyrecorded
transaction(asintheaboveexample),theattackerwouldhavetorecalculatenotjustthemodifiedblock,butalltheblocksafterthemodifiedone,until
themodifiedchaincontainsmoreworkthanthelegitimatechainthattherestofthenetworkhasbeenbuildinginthemeantime.Consequently,forthis
attacktosucceed,theattackermustoutperformthehonestpartofthenetwork.[46]
Eachblockthatisaddedtotheblockchain,startingwiththeblockcontainingagiventransaction,iscalledaconfirmationofthattransaction.Ideally,
merchantsandservicesthatreceivepaymentinbitcoinshouldwaitforatleastoneconfirmationtobedistributedoverthenetwork,beforeassumingthat
thepaymentwasdone.Themoreconfirmationsthatthemerchantwaitsfor,themoredifficultitisforanattackertosuccessfullyreversethetransactionin
ablockchainunlesstheattackercontrolsmorethanhalfthetotalnetworkpower,inwhichcaseitiscalleda51%attack.[306]Forexample,ifthe
attackerpossesses10%ofthecalculationpowerofthebitcoinnetworkandtheshoprequires6confirmationsforasuccessfultransaction,theprobability
ofsuccessofsuchanattackwillbe0.02428%.[11]

Selfishmining
ThisattackwasfirstintroducedbyIttayEyalandEminGunSireratthebeginningofNovember2013.[307]Inthisattack,theattackerfindsblocksbut
doesnotbroadcastthem.Instead,theattackerminestheirownprivatechainandeventually(whenanotherminerornetworkofminersfindstheirown
block)publishesseveralprivateblocksinarow.Thisforcesthe"honest"networktoabandontheirpreviousworkandswitchtotheattacker'sbranch.
Asaresult,honestminersloseasignificantpartoftheirrevenue,whiletheattackerincreasestheirprofitsduetochangesinrelativehashpowers.
Accordingtotheauthors,arationalminerobservingaselfishminingattackerwouldhaveanincentivetojointheattacker'spool,therebyincreasingthe
attacker'shashpower.Thismakestheattackandincentivesevenstronger,thuspotentiallyleadingtoa51%attackandthecollapseofthecurrency.
GavinAndresenandEdFeltendisagreedwiththisconclusion,[308]Feltendefendinghisassertionthatthebitcoinprotocolisincentivecompatible.[28]The
originalauthorsrespondedthatthedisagreementstemmedfromFelten'smisunderstandingofhowminersarecompensatedinminingpools,[309]thatthe
assertionwasinerror,giventhepresenceofastrategythatdominateshonestmining,andthattheerrorstemmedfromFeltenetal.notmodelingblock
withholdingattacksintheiranalysis.[310]

Deanonymisationofclients
Alongwithtransactiongraphanalysis,whichmayrevealconnectionsbetweenbitcoinaddresses(pseudonyms),[2][311]thereisapossibleattack[312]
whichlinksauser'spseudonymtoitsIPaddress,evenifthepeerisusingTor.Theattackmakesuseofbitcoinmechanismsofrelayingpeeraddresses
andantiDoSprotection.Thecostoftheattackonthefullbitcoinnetworkisunder1500permonth.[312]

Alternativeapplicationsoftheblockchain
InJanuary2015IBMsInstituteforBusinessValueannouncedADEPT(AutonomousDecentralizedPeertoPeerTelemetry)wherenetwork
connecteddevicescaninteractautonomouslyontheInternetofthingsusingfreelyavailabletechnologyincludingbittorrent,Telehash,andbitcoin.[313]
ThisisnotanIBMproduct[313]butinsteadaconceptsystem.[314]IBMhasalsoexploredusingtheblockchainaspartofapaymentsystemthatwould
allowtransactionsinmajorcurrencies.[315]
InMay2015NASDAQOMXGroupannounceditsintentiontousebitcoinsofnegligiblevalue,called"coloredcoins",torepresentandtransferpre
IPOtradingsharesonitsNasdaqPrivateMarkets.[316][317]InthesamemonththegovernmentofHondurasannouncedplanstouseBitcointechnology
tohostalandtitleregistry.[318]

Blockchainspam
Whileitispossibletostoreanydigitalfileintheblockchain,thelargerthetransactionsize,thelargeranyassociatedfeesbecome.[59]Variousitemshave
beenembedded,includingURLstochildpornography,anASCIIartimageofBenBernanke,materialfromtheWikileakscables,prayersfrombitcoin
miners,andtheoriginalbitcoinwhitepaper.[319]

Inthemedia
Severallightheartedsongscelebratingbitcoinhavebeenreleased.[320]U.S.comedianshavealsomadefunofbitcoin.[321]
InSeason3CBSshowTheGoodWifefeaturedanepisodealludingtothecreatorofbitcoinaswellastheFBIinvestigatingthecase.Theepisodetitled
'BitcoinforDummies'wasshowninearly2012.[322]
AbitcoindocumentaryfilmcalledTheRiseandRiseofBitcoinwasreleasedinlate2014andfeaturesinterviewswithpeoplewhousebitcoinsuchasa
computerprogrammerandadrugdealer.[323]
Inthefallof2014,undergraduatestudentsattheMassachusettsInstituteofTechnology(MIT)eachreceivedbitcoinsworth$100"tobetterunderstand
thisemergingtechnology".ThebitcoinswerenotprovidedbyMITbutrathertheMITBitcoinClub,astudentrunclub.[324][325]Similarinitiativeshave
beencreatedbystudentsandgroupsatotheruniversities,suchasStanfordUniversityandtheUniversityofCalifornia,Berkeley.
Inearly2015,theCNNseriesInsideManfeaturedanepisodeaboutbitcoin.FilmedinJuly,2014,itfeaturedMorganSpurlocklivingoffofbitcoinsfor
aweektofigureoutwhethertheworldisreadyforanewkindofmoney.[326]

InsciencefictionnovelNeptune'sBroodbyCharlesStrossamodificationofbitcoinisusedastheuniversalinterstellarpaymentsystem.Thefunctioning
ofthesystemisamajorplotelementofthebook.[327]

Bibliography
PaulVigna,MichaelCasey(January27,2015).TheAgeofCryptocurrency:HowBitcoinandDigitalMoneyAreChallengingtheGlobal
EconomicOrder.St.Martin'sPress.ISBN1250065631.

Seealso
Alternativecurrency
AlternativeFinance
Bitcoinfaucet
Cryptoanarchism
Decentralizedautonomousorganization
Electronicmoney
Privatecurrency
Proofofworksystem
Tidbit
Worldcurrency

Notes
1.
2.
3.
4.
5.
6.
7.

8.
9.
10.
11.
12.
13.

Bitcoindoesnothaveacentralauthority.[1]
Asof2014,BTCisthemostcommonlyusedcode.[5]
Asof2014,XBTisusedbyBloombergL.P.,[6]CNNMoney,[7]andxe.com.[8]
BitcoinFoundationwillattempttoestablishaUnicodesymbolforbitcoin.TheleadingcandidatesareB(letterBwithcombiningdoubleverticalstroke
overlay),(theThaiBahtsymbol),and(Bwithstroke,UnicodeU+0243).[5]
Thewordbitcoinisacompoundofthewordsbitandcoin.[10]Thewhitepaperthatdefinedbitcoin[11]frequentlyusestheshortercoin.
ItisnotknownwhetherthenameSatoshiNakamotoisrealorapseudonym,orifitrepresentsonepersonoragroup.
Thereisnouniformconventionforbitcoincapitalization.SomesourcesuseBitcoin,capitalized,torefertothetechnologyandnetworkandbitcoin,
lowercase,torefertotheunitofaccount.[15]TheWSJ[16]andTheChronicleofHigherEducation[17]advocateuseoflowercasebitcoininallcases.This
articlefollowsthelatterconvention.
DigiCashwasfirstusedforatransactionin1994,[21]andOpenCoin,nowknownasRipple,hadcodewrittenpriortoNovember2008.[22]
Itismisleadingtothinkthatthereisananalogybetweengoldminingandbitcoinmining.Thefactisthatgoldminersarerewardedforproducinggold,
whilebitcoinminersarenotrewardedforproducingbitcoinstheyarerewardedfortheirrecordkeepingservices.[44]
SomeofthesefirmsusebitcoinpaymentprocessorssuchasBitPayandCoinbaseanddonothandleorstorebitcoinsthemselves.[92]
Asof2015thenumberofmerchantsacceptingbitcoinhaspassed100,000.[125]
Thepriceof1bitcoininU.S.dollars.
Volatilityiscalculatedonayearlybasis.Allyearlyvolatilitiesexceed60%.

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