Bitcoin

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Bitcoin

BTC, XBT,[1] , (note: this also is the baht symbol),[2] [3] Bitcoin (sign: ; code: BTC or XBT[4]) is a peer-to-peer digital currency that functions without the intermediation of a central authority.[5] The Sym bol

concept was introduced in a 2008 paper by a pseudonymous developer known as "Satoshi Nakamoto".[6] Bitcoin has been called a cryptocurrency because it is decentralized and uses cryptography to control transactions and prevent double-spending, a problem for digital currencies.[7][8] Once validated, every individual transaction is permanently recorded in a public ledger known as the blockchain.[5] Payment processing is done by a network of private computers often specially tailored to this task.[9] The operators of these computers, known as "miners", are rewarded with transaction fees and newly minted Bitcoins. Bitcoins are stored by associating them with addresses called "wallets". Wallets can be stored on web services, on local hardware like PCs and mobile devices, or on paper print-outs. Thefts of bitcoins from web services and online wallets have been covered in the media, prompting assertions that the safest way to store bitcoins is in secure paper wallets. In 2012, The Economist reasoned that Bitcoin has been popular because of "its role in dodgy online markets,"[10] and in 2013 the FBI shut down one such service, Silk Road, which specialized in illegal drugs (whereupon the FBI came into the control of approximately 1.5% of all bitcoins in circulation).[11] However, bitcoins are increasingly used as payment for legitimate products and services, and merchants have an incentive to accept the currency because transaction fees are lower than the 2 to 3% typically imposed by credit card processors.[12] Notable vendors include

OkCupid, Reddit, WordPress, and Chinese Internet giant Baidu.[13] Speculators have been attracted to Bitcoin, fueling volatility and price swings. As of July 2013, the use of Bitcoin in the retail and commercial marketplace is relatively small compared with the use by speculators.[14]
Contents [hide] 1 Transactions 1.1 Wallets 1.2 Payment processing 1.3 Anonymity 1.4 Exchanges 2 History 2.1 Theft and exchange shutdowns 3 Economics 3.1 Speculation 3.2 Bubbles 3.3 Alternative to fiat currency 4 Criminal activities 4.1 Unauthorized mining 4.2 Illegal purchases 4.3 Money laundering 5 Reception 6 See also 7 References 8 External links

Transactions
Further information: Protocol of Bitcoin

A digital Bitcoin wallet

A paper Bitcoin wallet

Integral to Bitcoin is a public transaction ledger and log known as the blockchain, which shows who owns how many bitcoins currently and records the participants in all prior transactions as well. By keeping a record of all transactions, the blockchain prevents double-spending (copying one bitcoin and spending it in multiple different places) because the record shows that once a bitcoin has been spent, the previous owner no longer controls it.[15] the blockchain is maintained not by a central body but by a distributed network of computers that run a program to solve cryptographic puzzles relating to information in the blockchain.[15] Users who devote computing power to maintaining the blockchain this way are called "miners" because they are awarded in bitcoin when they are first to solve such puzzlesmining is how new bitcoins are generated.[15] The mathematical calculations performed by miners' computers serve to verify that each transaction is valid and add the information to the blockchain.[16] As more bitcoins come into circulation, the puzzles involved in mining them become increasingly difficult, and the rewards are halved at regular intervals, until 21 million bitcoins have been created and production stops.[15] As Bitcoin achieves wider recognition and more people compete to mine the coins, competition for the limited number of bitcoins awarded for solving the cryptographic puzzles becomes more steep and more powerful computers are needed in order to competea fact which has spawned a technology boom in sales of Bitcoin mining technology.[16]

Wallets
Anyone wishing to use Bitcoin can create one or more Bitcoin addresses, which are collected and tracked in "wallets". Wallets have public addresses and private keys. Anyone can send Bitcoins to a wallet using the public address provided by the owner of the wallet, while the private key must be entered by the wallet owner to send bitcoins. Securing and protecting the private key is the essence of wallet security. Wallets allow a user to complete transactions between addresses by requesting an update to the

blockchain, the public transaction log. Wallets come in a variety of forms: apps for mobile devices and computers, hardware devices, and paper tokens. When making a purchase with a mobile device, the use of QR codes to simplify transactions is ubiquitous.

Payment processing
In order to make a payment, a user transfers an amount of bitcoins from his or her account into the account of the recipient, and then the transaction is validated by others in the network.[17] and recorded in the blockchain ledger of all Bitcoin transactions. The time it takes others to validate the transaction means that there is a delay of about 10 minutes in processing a payment.[17] Bitcoin payment processing fees are substantially lower than those of credit cards or money transfers.[18] The competitive advantage lower fees confer to Bitcoin may lessen or vanish in the future, however. Without a sustained increase in the value of Bitcoin relative to other currencies, payment processing fees must rise over time, and once the Bitcoin ceiling is reached, processing transactions will no longer be rewarded with new Bitcoins. This is due to the fact that the total number of Bitcoins is capped at 21 million and because the creation of each successive Bitcoin requires a larger amount of payment processing work than the last.[19] Fees are generally independent of the amount being sent, making Bitcoin attractive for those seeking to transfer larger amounts of money.[20] In one instance, Bitcoins worth millions of US dollars were transferred for only a few pennies.[21]

Anonymity
Bitcoin uses cryptography for digital signatures but not for encryption. It is possible though difficult to associate Bitcoin transactions with real-life identities.[22] In addition, Bitcoin intermediaries such as exchanges are required by law in many jurisdictions to collect personal customer data.[23]

Exchanges
Through various exchanges, Bitcoins are bought and sold at a variable price against the value of other currencies. On average, Bitcoins have appreciated rapidly in relation to other currencies including the US dollar, euro and British pound.[24] While there may be a seemingly large number, exchanges regularly fail, taking client Bitcoins with them.[25]

History

Further information: History of Bitcoin First mentioned in a 2008 paper published under the pseudonym Satoshi Nakamoto, Bitcoin became operational in early 2009.[19] The currency had early technical problems such as a 2009 exploit that allowed the creation of unlimited bitcoins.[26] In 2011 the value of one Bitcoin rapidly rose from about $0.30 to $32, before falling back down to $2.[27] Bitcoin began attracting media attention in late 2012, and numerous news articles have been written about it. In 2013, some mainstream services such as OkCupid, Baidu, Reddit, Humble Bundle and Foodler began accepting it.[28] That year also saw the first interventions by law enforcement. Assets belonging to the Mt. Gox exchange were seized, and the Silk Road drugs market was shut down.[29] During November 2013, the China-based Bitcoin exchange BTC China overtook Japan-based Mt. Gox and Europe-based Bitstamp to become the largest Bitcoin trading exchange by trade volume.[30] On 19 November 2013, the value of Bitcoin on the Mt. Gox exchange soared to a peak of US$900 following a United States Senate committee hearing, at which the committee was informed that virtual currencies were a legitimate financial service.[31] On the same day, one bitcoin traded for RMB6780 (US$1100) on BTC China.[32] With roughly 12 million bitcoins in existence as of November 2013,[33] the new price means that the market cap for Bitcoin is at least US$7.2 billion.[34]

Theft and exchange shutdowns

It is possible to steal bitcoins if the private key for an address is not kept secret; theft has been documented on numerous occasions. At other times, Bitcoin exchanges have shut down, taking their clients' bitcoins with them. A published research study showed that 45 percent of Bitcoin exchanges end up closing.[35]

Economics
Large fluctuations in the value of Bitcoin have led some to question its ability to function as a currency[36] since people may be reluctant to hold onto their money in the form of Bitcoin for fear that it might lose value. Stability in a currency's value plays an important role in people's willingness to use it.[37] However the volatility has little effect on the currency's utility as a medium of transfer from one currency to another since the amount of time money is stored as bitcoin is small so fluctuations would also be minor.[17][38] The fees and delays involved in transferring money across borders via bitcoin are small compared to those imposed by

banks and their intermediaries in the standard way: pennies compared to dollars and minutes compared to days.[38] As of November 2013, the main use for bitcoins was likely for international money transferring purposes.[17] Bitcoin's deflationary bias encourages hoarding.[39] This reduces the use value[when defined as?] of a currency, and has been the downfall of other private currencies.[40][need quotation to verify] However, currently Bitcoin does see some use as a currency.[41][42] By November 2013 there were about 600 online businesses willing to accept payment in bitcoin.[43]

Speculation
Bitcoins are often traded as an investment[44] by speculators who expect the currency to increase in value as its popularity widens.[43][45] Bitcoins have been described as lacking intrinsic value as an investment because their value depends only on the willingness of users to accept them.[46] Their vulnerability to hacking also makes their use as an investment more questionable.[45] Derivatives of bitcoins are thinly available. One organization offers futures contracts against multiple currencies.[47] Certain investment funds have shown interest in Bitcoin with Peter Thiel's Founders Fund investing US$3 million, and the Winklevoss twins making a US$1.5 million personal investment.[48] A Bitcoin ETF may also soon be on offer.

Bubbles
Many have mentioned speculative bubbles in connection with Bitcoin.[49][50][51] Professor John Quiggin of the University of Queensland has noted that since Bitcoin by design has no intrinsic value, it is "perhaps the finest example of a pure bubble" currently known, but cautions that we have no way to predict when the value of bitcoins will return to zero.[52]

Alternative to fiat currency

Some have suggested that Bitcoin is gaining popularity in countries with problem-plagued national currencies, as it can be used to circumvent inflation, capital controls, and international sanctions. Bitcoins are used by some Argentinians as an alternative to the official fiat currency,[53] which is stymied by inflation and strict capital controls.[23] In addition, some Iranians use Bitcoins to evade currency sanctions.[54] Financial journalists and analysts have suggested that there was a link between higher Bitcoin usage in Spain and the 20122013 Cypriot financial crisis.[55]

Criminal activities
Bitcoin's association with criminal activities has historically hindered the currency from attaining widespread, mainstream use and has attracted the attention of financial regulators, legislative bodies, and law enforcement[56] The Washington Post has labelled it "the currency of choice for seedy online activities,"[57] and CNN has called Bitcoin a "shady online currency."[58] Its links to criminal activities have prompted scrutiny from the FBI, US Senate, and the State of New York. The FBI stated in a 2012 report that "Bitcoins will likely continue to attract cybercriminals who view it as a means to move or steal funds".[59] Some have suggested that due to its close association with illegal purchases, governments could outlaw Bitcoin. This assertion has been made by Steven Strauss, a Harvard public policy professor, and was also mentioned in 2013 SEC filing made by a Bitcoin investment vehicle.[60] Following the shut down of Silk Road, however, FBI Special Agent Christopher Tarbell said that "Bitcoins are not illegal in and of themselves and have known legitimate uses".[61]

Unauthorized mining
In June 2011, Symantec warned about the possibility of botnets engaging in covert mining of bitcoins,[62][63] consuming computing cycles, using extra electricity and possibly increasing the temperature of the computer. Some malware also used the parallel processing capabilities of the GPUs built into many modern-day video cards.[64] In mid-August 2011, Bitcoin miner botnets were detected again,[65] and less than three months later Bitcoin-mining trojans infecting Mac OS X were also discovered.[66] In April 2013 electronic sports organisation E-Sports Entertainment were accused of hijacking 14,000 computers to mine Bitcoins; the case was settled in November with the organisation fined $1 million USD if it breaks the law within the following 10 years, or $325,000 if it does not.[67]

Illegal purchases
Several news outlets assert that the popularity of Bitcoin hinges on the ability to use them to purchase illegal substances.[10] In 2013 The Guardian reported that the currency was primarily used to purchase illegal drugs and for online gambling,[68] and The Huffington Post stated that "online gambling accounts for a huge portion of Bitcoin activity."[69] Legitimate transactions are thought to be far less than the number involved in the purchase of drugs,[70] and roughly one half of all transactions made using Bitcoin are bets placed at a single online gaming website.[71] In 2012, an academic from the Carnegie Mellon CyLab and the Information

Networking Institute estimated that 4.5 to 9% of all bitcoins spent were for purchases of drugs at a single online market, Silk Road.[72] As the majority of the Bitcoin transactions were at this time speculative in nature, this academic asserts that drugs constituted a much larger percentage of the products and services bought using the currency, however.[72] The Huffington Post stated in 2013 that online gun dealers use Bitcoin to sell arms without background checks.[73]

Money laundering
Fears have arisen that Bitcoin may be used to launder money, and a 2012 report by the FBI acknowledged these fears but stated that there were no known instances of this occurring.[59] However, in 2013 US authorities seized assets belonging to Mt. Gox, a service that allowed users to exchange bitcoins for US dollars.[74] Some say one obstacle to bitcoins becoming widely used to launder money may be the fact that the transaction history is public.[75] During the US Senate hearing in 2013, Jennifer Shasky Calvery, director of the Treasury Department's Financial Crimes Enforcement Network said that despite the possibility for using Bitcoin that "Cash is probably still the best medium for money laundering."[76]

Reception
Many economists have responded positively to Bitcoin, including Franois R. Velde, senior economist of the Federal Reserve in Chicago who described it as "an elegant solution to the problem of creating a digital currency."[77][78] In November 2013 Richard Branson announced that Virgin Galactic would accept Bitcoin as payment, saying that he had invested in Bitcoin and found it "fascinating how a whole new global currency has been created", encouraging others to also invest in Bitcoin.[79] Some economists commenting on Bitcoin have been critical. Economist Paul Krugman has suggested that the structure of the currency incentivizes hoarding[80] and that its value derives from the expectation that others will accept it as payment.[81] Economist Larry Summers has expressed a "wait and see" attitude when it comes to Bitcoin.[82] Nick Colas, a market strategist for ConvergEx Group, has remarked on the effect of increasing use of Bitcoin and its restricted supply, noting, "When incremental adoption meets relatively fixed supply, it should be no surprise that prices go up. And thats exactly what is happening to BTC prices."[83] On the 18th November 2013 the United States Senate held a committee hearing titled Beyond Silk Road: Potential Risks, Threats and Promises of

Virtual Currencies to discuss virtual currencies.[84] At this hearing, held by Senator Tom Carper, Bitcoin and other currencies were received generally positively, with it being stated that Bitcoin was a "legal means of exchange" and that "online payment systems, both centralized and decentralized, offer legitimate financial services" by US officials such as Peter Kadzik and Mythili Raman.[85][86] It was noted, however, that the Justice Department's Criminal Division has seen an increased use of virtual currencies for illegal purposes such as drugs and child pornography.[87]

See also
Anonymous internet banking Alternative currency Bitmessage Cryptocurrency Crypto-anarchism Digital currency exchanger I2P Internet privacy Litecoin Namecoin PPCoin Private currency Ripple monetary system

Anarchism portal Cryptography portal

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References
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External links
Find more about Bitcoin at Wikipedia's sister projects Definitions and translations from Wiktionary Media from Commons Learning resources from Wikiversity Quotations from Wikiquote Textbooks from Wikibooks The Wikibook Professionalism has a page on the topic of: BitTorrent and BitCoin The Wikibook Strategy for Information Markets has a page on the topic of: Micropayments

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