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Bitcoin [en]

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Bitcoin is a peer-to-peer payment system and digital
Bitcoin
currency introduced as open source software in 2009. The
money-like informational commodity is called a
cryptocurrency because cryptography is used to control the
creation and transfer of money.[4][5] Because the Bitcoin
A common logo from the Bitcoin
system is not controlled by a single repository, like a central
reference client
bank, the US Treasury refers to bitcoins as a decentralized
Date of
3 January 2009; 5 years ago
currency.[6] Conventionally, the capitalized word "Bitcoin"
introduction
refers to the technology and network, whereas lowercase
Worldwide
User(s)
"bitcoin" refers to the currency itself.[7]
Bitcoins are created by a process called mining, in which
computer network participants, i.e. users who provide their
computing power, verify and record payments into a public
ledger in exchange for transaction fees and newly minted
bitcoins.[8] Users send and receive bitcoins using wallet
software on a personal computer, mobile device, or a web
application. Bitcoins can be obtained by mining or in
exchange for products, services, or other currencies.[9]

Money
Supply

25 bitcoins per block


(approximately every ten
minutes) until approximately the
year 2017[1]

Source
Subunit

Number of bitcoins in circulation

108

satoshi[2]

Symbol

BTC, XBT,[3] , [citation


needed][note 1]

Bitcoin has been a subject of scrutiny amid concerns that it


can be used for illegal activities.[10][11] In October 2013 the US FBI shut down the Silk Road
online black market and seized 144,000 bitcoins worth US$28.5 million at the time.[12] The US is
considered Bitcoin-friendly compared to other governments.[13] In China new rules restrict bitcoin
exchange for local currency.[14] The European Banking Authority has warned that Bitcoin lacks
consumer protections.[15] Bitcoins can be stolen and chargebacks are impossible.[16] In 2014 the
US IRS ruled that the bitcoin should be treated as property rather than currency.
Commercial use of Bitcoin, illicit or otherwise, is currently small compared to its use by
speculators, which has fueled price volatility.[17] Bitcoin as a form of payment for products and
services has seen growth, and merchants have an incentive to accept the currency because
transaction fees are lower than the 23% typically imposed by credit card processors.[18] The
biggest transaction ever using Bitcoin was payment for buying a villa in Bali, worth over $500,000.
[19]

Contents
1 Transactions
1.1 Block chain
1.2 Mining
1.3 Anonymity
1.4 Ownership
1.5 Buying and selling bitcoins
1.6 Wallets
2 History

3 Economics
3.1 Price volatility
3.2 Alternative to national currencies
3.3 Speculation and bubbles
3.4 Bitcoin as investment
3.5 Money supply
3.6 Bitcoin value forecasts
4 Reception
4.1 Acceptance by merchants
4.2 Scepticism by banks
5 Legal status and regulation
5.1 Regulation
6 Criminal activity
6.1 Black markets
6.2 Money laundering
6.3 Ponzi scheme
6.4 Thefts
6.5 Malware
7 See also
8 Notes
9 References
10 External links

Transactions
Further information: Bitcoin network
When a Bitcoin user makes a purchase, the payment triggers a broadcast of the financial transaction
to the Bitcoin network. The Bitcoin transaction is a digitally signed message, transferring the
ownership of bitcoins from one "Bitcoin address" to another. For the transaction to take effect, it is
recorded in a public ledger or public transaction database.

Block chain
The ledger is integral to Bitcoin as a sequential record of all transactions and in Bitcoin terminology
known as the block chain. It records bitcoin ownership at present and at all points in the past.
Approximately every ten minutes a bundle of transactions, called a "block", is added to the
systemwide block chain. A reward of 25 bitcoins per block added to the block chain is given to
users maintaining the ledger.[20] By keeping a record of all transactions, the block chain prevents
double-spending, a problem particular to digital money.[20]

Mining
Those who take part in maintaining the block chain are called miners and are rewarded with newly
created bitcoins and transaction fee payments. Miners process payments by verifying each
transaction as valid, adding it to the block chain and therefore secure the network.[21] As of 2014
payment processing is rewarded with 25 newly created bitcoins per block. To claim the reward, the
miner includes in the block a special transaction called the "coinbase" that assigns the rewarded
bitcoins to an address of the miner's choosing. All bitcoins in circulation can be traced back to such
coinbase transactions. The Bitcoin protocol specifies that the block reward will be halved to 12.5
bitcoins in 2017 and again approximately every four years thereafter. By 2140 there will be 21

million bitcoins, and transaction processing will only be rewarded by the transaction fees.[22] Users
that pay a fee may have their transactions processed more quickly.[23] The most efficient mining
hardware makes use of custom designed application-specific integrated circuits, which are much
faster mining and have low power consumption compared to general purpose microprocessors, such
as x86 processors.[24]

Anonymity
While transactions are not anonymous, they offer a degree of anonymity, because the block chain
identifies receivers by Bitcoin addresses, not individuals' names. However the temporal sequence or
flow of bitcoins can give clues as to who owns them.[25] Bitcoin exchanges, are required by law in
many jurisdictions to collect personal customer data, however.[26]

Ownership
The ownership of bitcoins associated with certain Bitcoin address can be asserted by demonstrating
the knowledge of the private key belonging to the address. For the owner, it is important to keep his
private keys safe backing them up to make sure the keys cannot be lost. When the private keys are
lost, the user cannot prove his ownership by other means. It is also important to keep the keys
private since anybody knowing the keys can dispose the bitcoins as the owner.

Buying and selling bitcoins


Bitcoins can be bought and sold for many different currencies from individuals and from
companies. The fastest way to obtain bitcoins is to purchase them in person or at a Bitcoin ATM for
cash.[27] Bitcoin ATMs allow bitcoins to be purchased for cash,[28] and some also allow cash
withdrawals from Bitcoin wallets stored on smartphones.[29][30] Participants in online exchanges
offer bitcoin buy and sell bids. Companies buy or sell bitcoin in bulk on exchanges and offer their
customers the option via ATM to buy or sell bitcoin at market price.[31] Using an online exchange
to obtain bitcoins entails some risk, since according to one study 45% of exchanges have failed and
taken client bitcoins with them.[32] Since bitcoin transactions are irreversible, sellers of bitcoins
must take extra measures to ensure they have received traditional funds from the buyer.Bitcoin
payment processing fees are optional, and generally substantially lower than those of credit cards or
money transfers.[33]

Wallets
Bitcoin uses public-key cryptography,
in which a pair of a public and a
private cryptographic key is
generated.[35] A collection of keys is
called a wallet. Note that sometimes
the term is used to mean the software
in the sense of digital wallet. A
Bitcoin transaction transfers
A paper wallet with QR codes
Example of Casascius
ownership to a new address, a string
physical bitcoins[34]
having the form of random letters and
numbers derived from public keys by
application of a hash function and encoding scheme. The corresponding private keys act as a
safeguard for the owner; a valid payment message from an address must contain the associated
public key and a digital signature proving possession of the associated private key. Because anyone
with a private key can spend all of the bitcoins sent to the corresponding address, the essence of
Bitcoin security is protection of private keys. Theft of bitcoins has occurred on numerous occasions,

[36] and the practical day-to-day security of Bitcoin wallets is a concern like the security of other
forms of payment.[37] Risk of theft can be reduced by generating keys offline on an
uncompromised computer and saving them on external storage or paper printouts.[38] "Physical
bitcoins", ubiquitous in media coverage of Bitcoin, are produced by various vendors. They store a
private key on paper, metal,[39] wood,[40] or plastic. There are also digital products known as
"Hardware Wallets" to store bitcoins securely on a physical device.[41] Bitcoins can be lost. In
2013 one user said he lost 7,500 bitcoins, worth $7.5m at the time, when he discarded a hard drive
containing his private key.[42] Bitcoins can be found; in March 2014, former Bitcoin exchange Mt.
Gox reported it found an "old wallet, which was used before June 2011, [that] held about 200,000
Bitcoins".[43]
Software
Bitcoin wallet software, sometimes called a Bitcoin client
software, allows a user to transact bitcoins. A wallet program
generates and stores private keys, and communicates with peers
on the Bitcoin network. The first wallet program called BitcoinQt was released in 2009 by Satoshi Nakamoto as open source
code.[44] It can be used as a desktop wallet for payments or as a
server utility for merchants and other payment services. BitcoinElectrum sample Bitcoin client
Qt, also called "Satoshi client" is sometimes referred to as the
reference client because it serves to define the Bitcoin protocol and acts as a standard for other
implementations.[44] As of version 0.9, Bitcoin-Qt has been renamed "Bitcoin Core" to more
accurately describe its role in the network.[45] When making a purchase with a mobile device, QR
codes are used ubiquitously to simplify transactions. Several server software implementations of the
Bitcoin protocol exist. So-called "full" nodes on the network validate transactions and blocks they
receive, and relay them to connected peers.[44]

History
Main article: History of Bitcoin
Bitcoin was first mentioned in a 2008 paper published under the name Satoshi Nakamoto. In early
2009, the first open source client (or wallet software), called Bitcoin-Qt, was released and the first
bitcoins were issued.[citation needed] In 2009, a feature in the Bitcoin-Qt software was exploited
and large numbers of bitcoins were created.[46] This was due, in large part, because Bitcoin-Qt was
the only software that facilitated bitcoin transactions and mining.[citation needed][clarification
needed] This feature was later[when?]removed because specialized mining software turned out to
be more efficient.[44] Since then[when?], the bitcoin open-source software has been maintained and
enhanced by a group of core developers and other contributors.
By May 2011, interest in Bitcoin was growing as were concerns.[citation needed] The price of
bitcoins has fluctuated wildly since its inception, going through various cycles of appreciation and
depreciation, which have been referred to by some as bubbles and busts.[47] In 2011, the value of
one bitcoin rapidly rose from about US$0.30 to US$32 before returning to US$2.[48] In the latter
half of 2012 and during the 2012-2013 Cypriot Financial Crisis, the bitcoin price[49] began to rise,
reaching a peak of US$266 on 10 April 2013, before crashing to around US$50.[50]
In March 2013, a technical glitch caused a fork in the block chain, with one half of the network
adding blocks to one version of the chain and the other half adding to another. For six hours two
Bitcoin networks operated at the same time, each with its own version of the transaction history.
The core developers called for a temporary halt to transactions, sparking a sharp sell-off. Normality
was restored only when the majority of the network downgraded to version 0.7 of the Bitcoin
software from the flawed version 0.8.[46]

Mainstream services began accepting bitcoins as a form of payment[51] as well as certain nonprofit or advocacy groups such as the Electronic Frontier Foundation.[52] The first law enforcement
events occurred in May 2013: Assets belonging to the Mt. Gox exchange were seized by
Department of Homeland Security[53] and the Silk Road drug market website was shut down by
the FBI.[54]
In October 2013, Chinese internet giant Baidu had allowed clients of website security services to
pay with bitcoins.[55] During November 2013, the China-based bitcoin exchange BTC China
overtook the Japan-based Mt. Gox and the Europe-based Bitstamp to become the largest bitcoin
trading exchange by trade volume.[56] On 19 November 2013, the value of a bitcoin on the Mt.
Gox exchange soared to a peak of US$900 after a United States Senate committee hearing was told
that virtual currencies were a legitimate financial service.[57] On the same day, one bitcoin traded
for over RMB6780 (US$1100) in China.[58] On 5 December 2013, the People's Bank of China
prohibited Chinese financial institutions from using bitcoins.[14] After the announcement, the value
of bitcoins dropped[59] and Baidu no longer accepted bitcoins for certain services.[60] Buying realworld goods with any virtual currency had been illegal in China since at least 2009.[61]
The first bitcoin ATM was installed in October 2013 in Vancouver, British Columbia, Canada.[62]
[63]
With roughly 12 million existing bitcoins as of November 2013,[64] the new price increased the
market cap for Bitcoin to at least US$7.2 billion.[65] By 23 November 2013, the total market
capitalization of Bitcoin exceeded US$10 billion for the first time.[66]
Since US bitcoin exchanges are regulated as money services businesses, they are obligated to report
activity suspicious of money laundering (see Legal status and regulation). Two men were arrested in
January 2014 on charges of money-laundering using bitcoins: Charlie Shrem, the head of defunct
bitcoin exchange BitInstant and vice chairman of the Bitcoin Foundation, and Robert Faiella. Shrem
allegedly allowed Faiella to purchase large quantities of bitcoins and to use them to buy illegal
drugs on black-market websites.[67]
In early February 2014, one of the largest Bitcoin exchanges, Mt. Gox, suspended withdrawals,
citing technical issues related to "transaction malleability".[68] While the company worked on a fix,
one week later the price of a bitcoin had come down from over US$800 on 1 February to US$400.
[69] On 24 February 2014, Mt. Gox's website was taken offline and all trading stopped, amid
reports that 744,408 bitcoins (worth $350 million at the time the loss was discovered) had been
stolen over several years because of flaws in its payment software.[70] A class action lawsuit has
been filed based on the questionable activity.[71]

Economics
Economists generally agree that to qualify as money, something must be a store of value, a medium
of exchange, and a unit of account.[72] As of 2014 economists are arguing, to what degree bitcoin is
truly money[72] but this has not prevented their being used as a medium of exchange.[73] About
1,000 brick and mortar businesses were willing to accept payment in bitcoins as of November 2013,
[74] in addition to more than 35,000 online merchants.[75]
The bitcoins market currently suffers from volatility, limiting bitcoins to act as a stable store of
value.[72] Where people are allowed to buy in bitcoins, prices are denominated in fiat currency at
the amount of bitcoins paid is determined by the prevailing exchange rate.[72] Economists in all US
government agencies have used the term virtual currency to describe Bitcoin, including the
Department of Treasury, the Federal Reserve, the SEC and GAO. (see regulation) Bitcoin has not
yet achieved the status of "a unit of account, against which the value of an economy is measured".
This is because of its money supply problems, both the disappearance of large exchangers, and
because of its finite reserves, the arbitrary cap of 21 million bitcoins.[72] Economists at the Chicago

Federal Reserve called Bitcoin a fiduciary currency, although not of stable value, and not a
broadly accepted medium of exchange. [76]

Price volatility
According to Mark T. Williams of Boston University, bitcoin is over 7 times as volatile as gold and
over 8 times as volatile as the S&P 500.[77] The extremely volatile bitcoin exchange rate has led
people to question its ability to function as a currency.[73] The Bitcoin Foundation contends that
this is due to insufficient liquidity and claims volatility will lessen if its popularity continues to
increase.[78] Volatility has little effect on the utility of Bitcoin as a payment processing system.[79]
Volatility has damaged the ability of bitcoin to be a store of value; it has not hampered its function
as a medium of exchange. Bitcoin volatility is linked to uncertainty about its long-term value per
Forbes contributor Timothy B. Lee.[80]

Alternative to national currencies


Bitcoin detractors and supporters have suggested that Bitcoin is
gaining popularity in countries with problem-plagued national
currencies because it can be used to circumvent inflation, capital
controls, and international sanctions. For example, bitcoins are used
by some Argentinians as an alternative to the official currency,[81]
stymied by inflation and strict capital controls.[26] In addition,
some Iranians use bitcoins to evade currency sanctions.[82] A link
between higher Bitcoin usage in Spain and the 20122013 Cypriot
financial crisis has been suggested.[83] Mistrust in traditional
Bitcoins are accepted in this caf in
the Netherlands as of 2013
financial institutions and central banks fostered by the financial
crisis of 200708 has probably helped to bolster Bitcoin popularity.[citation needed] Bitcoin has
also gained recognition as a network able to serve the customers of international remittance
business.[84]

Speculation and bubbles


Bitcoins are traded by speculators who want to profit on short to medium term price changes.[85] A
separate organization[which?]offers futures contracts against multiple currencies allowing
speculators to short bitcoin.[86] The European Banking Authority warned in December 2013, that
the risks of engaging in speculation go beyond a potential loss of bitcoin value.[87] Unable to find
any intrinsic value, former Federal Reserve Chairman Alan Greenspan has called it a speculative
bubble[88] as has economist John Quiggin.[89] Two lead software developers of Bitcoin, Gavin
Andresen[90] and Mike Hearn, had warned that bubbles may occur.[91] One financial journalist
correctly predicted the bursting of one such bitcoin bubble in April 2013.[92] Nobel Laureate
Robert Shiller said that bitcoin "exhibited many of the characteristics of a speculative bubble."[93]
Others reject the existence of bubbles and see bitcoin's quick rise in price as nothing more than
normal economic forces at work.[94]

Bitcoin as investment
One way of investing in Bitcoin is to buy bitcoins and hold them as a long-term, high-risk
investment.[95] FINRA, a United States self-regulatory organization, has warned that investing in
Bitcoin carries significant risks.[96] Bitcoins may be of limited value to unsophisticated investors.
[97] Risk hasn't deterred all investors. The Winklevoss twins made a US$1.5 million personal
investment[98] and attempted to launch a bitcoin ETF.[17] Some investors, like Peter Thiel's
Founders Fund, which invested US$3 million, don't purchase bitcoins instead funding Bitcoin
infrastructure like bitcoin exchanges, companies that provide bitcoin payment systems to

merchants, or bitcoin wallet services, etc.[98] Investors also invest in bitcoin mining.[99]

Money supply
Growth of the Bitcoin money supply is predefined by the Bitcoin protocol,[22] and in this way
inflation is kept in check. Currently there are over twelve million bitcoins in circulation with an
approximate creation rate of 25 bitcoins every ten minutes. The total supply is capped at the
arbitrary limit of 21 million,[8] and every four years the creation rate is halved. This means new
bitcoins will continue to be released for more than a hundred years.

Bitcoin value forecasts


Financial journalists and analysts, economists, and investors have attempted to predict the possible
future value of bitcoin. Economist John Quiggin stated, "bitcoins will attain their true value of zero
sooner or later, but it is impossible to say when."[89] In 2013, Bank of America FX and Rate
Strategist David Woo forecast a maximum fair value per bitcoin of $1,300.[100] Bitcoin investor
Cameron Winklevoss stated in 2013 that the "bull case scenario for bitcoin is... 40,000 USD a coin".
[101] In late 2013, finance professor Mark Williams forecast a bitcoin would be worth less than ten
US dollars by July 2014.[102]

Reception
Some economists have responded positively to Bitcoin, including Franois R. Velde, a senior
economist at the Federal Reserve in Chicago, who described it as "an elegant solution to the
problem of creating a digital currency."[103] Economists Paul Krugman and Brad DeLong have
found fault with Bitcoin asking questions why bitcoins should be a reasonably stable store of value
or whether there is a floor on their value.[104] Economist John Quiggin has criticized Bitcoin as
"the final refutation of the efficient-market hypothesis".[89] Free software movement activist
Richard Stallman has criticized the lack of anonymity and called for reformed development.[105]
PayPal President David A. Marcus calls bitcoin a "great place to put assets" but claims it will not be
a currency until price volatility is reduced.[106] Magistrate Judge Amos Maazant of Texas federal
court has classified bitcoin as currency.[107] A German court found bitcoin to be a unit of account.
The Finnish Government judged it to be a commodity in January 2014[108] as did a WSJ journalist
in December 2013[109] A Forbes journalist referred to bitcoins as "digital collectible".[110]
As Bitcoins have proved so contentious, they have been increasingly covered by comics around the
world. Australian comedian Michael Connell produced the first standup routine [111] on Bitcoin at
the end of 2013 and a large number of parody songs have started to spring up. In November 2012
Kryp Tina created YouTube hit "Love You Like a Bitcoin". In April 2013 TheKoziTwo delivered an
Adele parody "Blame it on MT.GOX". In December 2013 online publication Bitcoin Examiner
wrote a list of the top seven Bitcoin songs of the year. [112] This saw "Coin Fever" [113] to the tune
of "Goldfinger" by London writing team, Kathryn and Nick, take first position.

Acceptance by merchants
Large, established firms that accept bitcoins include Overstock.com,[114] the Sacramento Kings,
[115] TigerDirect,[116] Clearly Canadian,[117] and Zynga.[118] In November 2013, Richard
Branson announced that Virgin Galactic would accept bitcoin as a method of payment.[119] In
November 2013, the University of Nicosia became the first accredited university in the world to
accept it as a method of payment for tuition and fees.[120]

Scepticism by banks
As of 2014, Bitcoin companies have had difficulties opening traditional bank accounts, because
lenders have been leery of Bitcoin's contentious reputation and do not "share investors' enthusiasm
for the virtual currency craze".[121] Yet Bank of America Merrill Lynch published a report
beginning of December 2013 stating We believe Bitcoin can become a major means of payment
for e-commerce and may emerge as a serious competitor to traditional money-transfer providers. As
a medium of exchange, Bitcoin has clear potential for growth and that in a long-term fair-value
analysis maximum market capitalization for bitcoins could be $15 billion.[122]

Legal status and regulation


While some governments have taken a hands-off approach, others have moved to regulate bitcoin
and similar private currencies. Steven Strauss, a Harvard public policy professor, suggested
governments could outlaw Bitcoin,[123] a possibility that was mentioned in a 2013 SEC filing
made by a Bitcoin investment vehicle.[124]

Regulation
Main article: Legal status of Bitcoin
Because Bitcoin does not involve traditional financial actors, and both issuers of bitcoins and
software/hardware owners are non-financial private companies, traditional financial sector
regulation is not applicable.[125] In the US the first step of regulation occurred in July 2011, when
the US Department of Treasury's Financial Crimes Enforcement Network added "other value that
substitutes for currency" to its definition of Money services businesses.[126] In 2013 the Treasury
issued an interpretive guidance regarding virtual currencies,[6] according to which, exchangers and
administrators of convertible virtual currency, but not users are considered money transmitters, and
must comply with rules to prevent money laundering/terrorist financing ("AML/CFT") and other
forms of financial crime.[127] Besides checking the identification, the money transmitter needs to
check the customer is not on the Office of Foreign Asset Controls Specially Designated Nationals
list.[128] The US Government Accountability Office reviewed virtual currencies upon request of
the Senate Finance Committee and in May 2013 recommended [129] that the Internal Revenue
Service formulate a tax guidance for Bitcoin business. On 25 March 2014, in time for 2013 tax
filing, the IRS issued a guidance that it treats virtual currency as property for US federal tax
purposes and that "an individual who mines virtual currency as a trade or business [is] subject to
self-employment tax."[130] In August 2013 SEC Chairman Mary Jo White had written in a letter to
the Senate Committee dated August 30, 2013,Whether a virtual currency is a security under the
federal securities laws, and therefore subject to our regulation, is dependent on the particular facts
and circumstances at issue and Regardless of whether an underlying virtual currency is itself a
security, interests issued by entities owning virtual currencies or providing returns based on assets
such as virtual currencies likely would be securities, and therefore subject to our regulation.[64]
The US Commodity Futures Trading Commission stated in March 2014, that it has been
considering regulation of digital currencies.[131]There are no rules at the state level as of 3/2014,
although the New York State Department of Financial Services intends to propose its regulations no
later than the end of the second quarter of 2014, and as of March 11 has officially invited bitcoin
exchangers to apply with them.[132]
The 2013 G7's Financial Action Task Force(FATF) guidance for internet-based payment
services[133] defines "exchangers buying or selling digital currency for cash (or other digital
currencies) [...] as a virtual bureau de change"(p10) and warns "internet-based payment services that
allow third party funding from anonymous sources may face an increased risk of ML/TF [money
laundering/terrorist financing]"(p16) and that "such exchangers can circumvent an Internet-based
payment service providers ban on certain funding methods (e.g. a no cash funding policy) if they

accept the banned payment methods when reselling the issued digital currency..." so "the provider
will only see the exchangers name in its monitoring, but will not see who actually instructed the
exchanger to fund the account"(p16) and this may "pose challenges to countries in AML/CFT
regulation and supervision because their cross-border functionality"(p31), wherefore as a minimum
countries "should be licensed or registered and subject to effective monitoring systems...."(p34)
The Monetary Authority of Singapore requires Bitcoin intermediaries to check the identity of their
customers and report suspicious activities as of March 2014, similar to what it requires from money
changers.[134] Hong Kong has laws already covering acts of fraud and money laundering involving
virtual commodities.[135] In Canada, the federal government announced in February 2014 that it
was going to regulate Bitcoin under its anti-money laundering and counter-terrorist financing
legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.[136] The
Financial Markets Authority, the Autorit des marchs financiers (Qubec), announced that it would
prosecute violations of the Securities Act (Loi sur les valeurs mobilires), the Derivatives Act (Loi
sur les instruments drivs) and the Money Services Business Act (Loi sur les enterprises de
services montaires) for Bitcoin transactions, particularly those involving Bitcoin ATMs.[137]

Criminal activity
Bitcoins have become associated with online criminal behavior and so-called cybercriminals.[138]
Used to obfuscate online transactions, bitcoins are seized when dark web black markets are shut by
authorities.[139] This association with criminal activities has stigmatized the currency and attracted
the attention of financial regulators, legislative bodies, and law enforcement.[140] CNN has
referred to Bitcoin as a "shady online currency [that is] starting to gain legitimacy in certain parts of
the world,"[141] and The Washington Post calls it "the currency of choice for seedy online
activities."[142] The FBI stated in a 2012 report that "bitcoin will likely continue to attract cybercriminals who view it as a means to move or steal funds".[138]
Criminal activity involving Bitcoin has largely centered around theft of the currency, money
laundering, the use of botnets for mining, and the use of bitcoins in exchange for illegal items or
services. "Like cash, it can be used for ill as well as for good."[8] Certain nation states may feel that
its use in circumventing capital controls is also undesirable.[13]
Despite claims made by the non-profit Bitcoin Foundation that "cryptography is the reason no one
can steal bitcoins," theft is widespread.[143]

Black markets
Several news outlets assert that the popularity of bitcoin hinges on the ability to use them to
purchase illegal goods.[144] C. 2013 Non-drug transactions were thought to be far less than the
number involved in the purchase of drugs,[145] and roughly one half of all transactions made using
Bitcoin were bets placed at a single online gaming website.[146] Some also state that online gun
dealers use Bitcoin to sell arms without background checks.[147] In 2012, an academic from the
Carnegie Mellon CyLab and the Information Networking Institute estimated that 4.5 to 9% of all
bitcoins transacted were for purchases of drugs at a single online market, Silk Road.[148] As the
majority of the Bitcoin transactions were then speculative, the academic asserts that drugs
constituted a much larger percentage of the purchases with the currency.[148] Silk Road was later
shut by US law enforcement. Some feel dark web black markets are operated in order to steal
bitcoins from shoppers. The Bitcoin community branded one site, Sheep Marketplace, as a scam
when it prevented withdrawals and shut down after an alleged bitcoins theft.[149] In a separate
case, escrow accounts with bitcoins belonging to patrons of a different black market were hacked in
early 2014.[150]

Money laundering
While some feel bitcoins are not ideal for money laundering because all transactions are public,
[151] authorities have expressed concerns. The European Banking Authority and the FBI have both
stated that Bitcoin may be used for money laundering.[152] In early 2014, an operator of a US
bitcoin exchange was arrested for money laundering.[67]

Ponzi scheme
Critics have accused Bitcoin of being a Ponzi scheme,[153][154] though Bitcoin supporters
disagree.[155] A 2012 case study report by the European Central Bank noted that Bitcoin shares
some, but not all, characteristics of Ponzi schemes and concluded that "it [is not] easy to assess
whether or not the Bitcoin system actually works like a pyramid or Ponzi scheme."[156]
In an alleged Ponzi scheme that utilized bitcoins, The Bitcoin Savings and Trust promised investors
up to 7 percent weekly interest, and raised at least 700,000 bitcoins from 2011 to 2012.[157][158]
In 2013, the SEC charged the company and its founder "with defrauding investors in a Ponzi
scheme involving Bitcoin..."[158]

Thefts
While generating and storing keys offline mitigates theft of bitcoins, thefts occur on a regular basis.
[31] Theft occurs when an unauthorized transfer of bitcoins is made from a wallet using the private
key to unlock the wallet.[159] Most large-scale thefts occur at payment processors, exchanges, or
online wallet services that store the private keys of many bitcoin users: The thief hacks an online
wallet service by finding a bug in its website or spreading malware to computers holding the private
keys.[160][161] When they have control of the website or its database, they gain access to many
users' private keys and can thereby steal those users' bitcoins.
Many high-profile bitcoin thefts have been reported: In late November 2013, an estimated 96,000
bitcoins, then valued at around $100 million, were stolen from the online illicit goods marketplace
Sheep Marketplace, which immediately closed.[162][163] Users tracked the coins as they were
processed by the bitcoin exchange BTC-e, where they were apparently converted to cash, but no
funds were recovered or culprits identified.[163] A black market called Silk Road 2, stated that
during a February 2014 hack bitcoins valued at $2.7 million were taken from escrow accounts.[150]
On 28 February 2014 Mt. Gox, one of the world's biggest virtual currency exchanges filed for
bankruptcy in Tokyo after its computer system was hacked and lost 850,000 bitcoins (750,000 of
customer bitcoins and 100,000 of Mt. Gox own bitcoins) worth approximately $477 million at the
time, representing around 7 percent of the world's supply.[164] Flexcoin, an Alberta, Canada-based
bitcoin storage specialist, shut down on 3 March 2014 after it said it discovered the theft of 896
bitcoins, worth roughly $650,000.[165] The theft exploited a software flaw handling multiple, rapid
inter-account transfers.[165] The company differentiated itself by incentivizing users to store
bitcoins on their website.[166] Only bitcoins stored in hot wallets (i.e., connected to the internet)
were stolen, and the company said it would return customer bitcoins kept offline in cold storage, an
optional service that was available for a 0.5% fee.[166] Poloniex, a digital currency exchange,
reported on 4 March 2014 that it lost 76.69 bitcoins to hackers, or 12.3% of its bitcoin holdings,
valued at around $50,000.[167] Multiple withdrawals were placed at nearly the same time in the
attack, and the exchange did not adequately guard against negative balances.[167] Poloniex said it
would reduce customer account balances by 12.3%, and repay the deductions in the future.[167]

Malware
Bitcoin-related malware includes software that steals bitcoins from users using a variety of
techniques, software that uses infected computers to mine bitcoins, and different types of

ransomware, which disable computers or prevent files from being accessed until some payment is
made.
Unauthorized mining
In June 2011, Symantec warned about the possibility that botnets could mine covertly for bitcoins.
[168] Malware used the parallel processing capabilities of GPUs built into many modern video
cards.[169] In mid-August 2011, bitcoin mining botnets were detected again,[170] and less than
three months later, bitcoin mining trojans had infected Mac OS X.[171] In April 2013, electronic
sports organization E-Sports Entertainment was accused of hijacking 14,000 computers to mine
bitcoins; the case was settled in November with a fine of $325,000 increasing to US$1 million if the
organization were to break the law within the following ten years.[172] While bitcoin mining on an
average PC is no longer lucrative, botnet networks of tens of thousands of infected computers can
mine for bitcoins without concern for power costs.[173] German police arrested two people in
December 2013 who customized existing botnet software to perform bitcoin mining, which police
said had been used to mine at least $950,000 worth of bitcoins.[174][175] For four days in
December 2013 and January 2014, Yahoo's European servers served an ad that contained Windows
bitcoin mining malware which infected an estimated 2 million PCs.[173] Bitcoin-mining botnet
software called Sefnit, first detected in mid-2013, was bundled with many software packages;
Microsoft has been removing the malware through its Microsoft Security Essentials and other
security software since January 2014.[176]
Malware stealing bitcoins
Security company Dell SecureWorks said in February 2014 that they had identified 146 strains of
bitcoin malware in circulation, almost all of it targeting Windows users, and about half of the
malware undetected by standard antivirus scanners.[177] The most common type searches
computers for cryptocurrency wallets to upload to a remote server, where they can be cracked and
their coins stolen.[177] Many of these also log keystrokes to record passwords, often avoiding the
need to crack the keys.[177] A different approach taken by some malware is to detect when Bitcoin
addresses are copied to a clipboard, and replace it with a different address, tricking people into
sending bitcoins to the wrong address.[177]
One virus, spread through the Pony botnet, was reported in February 2014 to have stolen up to
$220,000 in cryptocurrencies, including 335 bitcoins, from 85 wallets.[166] Security company
Trustwave tracked the malware since September 2013, reporting that it had also stolen millions of
passwords to various websites, and that its latest version was able to steal from 30 types of digital
currency wallets.[178][179]
A trojan horse for Mac OS X, called CoinThief, hidden in versions of some cryptocurrency apps on
Download.com and MacUpdate, was reported in February 2014 to be responsible for multiple
bitcoin thefts, including one user who lost 20 bitcoins.[180] It bore similarities to a piece of Mac
malware active in August 2013, Bitvanity, which posed as a vanity wallet address generator, and
stole addresses and private keys from other Bitcoin client software.[180]
Ransomware
Another type of Bitcoin-related malware is a type of ransomware. A program called Cryptolocker,
typically spread through legitimate-looking email attachments, encrypts the hard drive of an
infected computer, then displays a countdown timer and demands a ransom, usually two bitcoins, to
decrypt it.[181] Police in Massachusetts said they paid a 2 bitcoin ransom in November 2013, worth
more than $1300 at the time, to decrypt one of their hard drives.[182] Linkup, a combination
ransomware and bitcoin mining program that surfaced in February 2014, disables a user's internet
access and demands credit card information to restore it, while secretly mining bitcoins.[181]

Researchers at Emsisoft did not test whether entering the information really restored internet access.
[181]

See also

Alternative currency
Crypto-anarchism
Cryptocurrency
Electronic money
Private currency

Cryptography portal

Economics portal

Free software portal

Internet portal

Numismatics portal

Notes
1. This also is the baht symbol

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For EBA, see "Warning to consumers on virtual currencies". European Banking
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153.O'Leary, Naomi (2 April 2012). "Bitcoin, the City traders' anarchic new toy". Reuters.
Retrieved 14 November 2012.
154.Chirgwin, Richard (8 June 2011). "US senators draw a bead on Bitcoin". The Register.
Retrieved 14 November 2012.
155.Tucker, Jeffrey (1 December 2013). "Ponzi Logic: Debunking Gary North". The
Libertarian Standard. Retrieved 12 Feb 2014.
156.Virtual Currency Schemes. European Central Bank. October 2012. Retrieved 4 December
2012.
157.Spaven, Emily (23 July 2013). "SEC charges Texas man for defrauding investors in bitcoin
Ponzi scheme". CoinDesk. Retrieved 7 March 2014.
158."SEC charges Texas man with running Bitcoin-denominated Ponzi scheme" (Press release)
(2013-132). US Securities and Exchange Commission. 23 July 2013. Retrieved 7 March
2014.
159.Jeffries, Adrianne (19 December 2013). "How to steal Bitcoin in three easy steps". The
Verge. Retrieved 17 January 2014.
160.Scharr, Jill (4 December 2014). "Bitcoin Heist: Millions Vanish from Online Black
Market". Tom's Guide. Retrieved 17 January 2014.
161.Everett, David. "So how can you steal Bitcoins". Smartcard & Identity News. Retrieved 17
January 2014.
162.Wheatley, Mike (5 December 2013). "Sheep Marketplace heist $100M worth of Bitcoin
believed stolen as site vanishes from the Deep Web". SiliconANGLE. Retrieved 2014-01-10.
163.Hern, Alex (9 December 2013). "Recovering stolen bitcoin: a digital wild goose chase".
The Guardian. Retrieved 6 March 2014.
164."Mt. Gox bitcoin exchange files for bankruptcy". Japan Herald. 28 February 2014.
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165.Ligaya, Armina (5 March 2014). "After Albertas Flexcoin, Mt. Gox hacked, Bitcoin
businesses face sting of free-wheeling ways". Financial Post. Retrieved 7 March 2014.
166.Rizzo, Pete (4 March 2014). "Bitcoin bank Flexcoin to close after $600,000 bitcoin theft".
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168.Peter Coogan (17 June 2011). "Bitcoin Botnet Mining". Symantec.com. Retrieved 24
January 2012.
169.Goodin, Dan (16 August 2011). "Malware mints virtual currency using victim's GPU". The
Register. Retrieved 10 January 201.

170."Infosecurity - Researcher discovers distributed bitcoin cracking trojan malware".


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171."Mac OS X Trojan steals processing power to produce Bitcoins - sophos, security,
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172."E-Sports Entertainment settles Bitcoin botnet allegations". BBC News. 20 November
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181."How Ransomware turns your computer into a bitcoin miner". The Guardian. 10 February
2014. Retrieved 7 March 2014.
182.Gibbs, Samuel (21 November 2013). "US police force pay bitcoin ransom in Cryptolocker
malware scam". The Guardian. Retrieved 7 March 2014.

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Bitcoin este un sistem de plat electronic descentralizat i
o moned digital creat n 2009 de Satoshi Nakamoto.
Numele Bitcoin se refer de asemenea i la programul cu
sursa deschisa pentru folosirea acestor monede, ct i la
reeaua peer-to-peer (de la egal la egal) pe care acesta o
formeaz. Spre deosebire de majoritatea monedelor, bitcoin ri utilizatoare
nu se bazeaz pe ncrederea ntr-un emitent central. Bitcoin Plural
folosete o baz de date distribuit peste noduri ale unei
Banc central
reele de la egal la egal (peer-to-peer) pentru a inventaria
Pagin Internet
tranzaciile i se folosete de criptografie pentru a furniza
Cursul de schimb
funcii de baz pentru securitate cum ar fi asigurarea c
bitcoinii nu pot fi cheltuii dect de cel care i deine i dect
o singur dat.

Bitcoin

Supranaional , Internet
Bitcoini
Nici una , Distribuie
descentralizat
www.bitcoin.org
fa de RON fa de MDL

Construcia monedei bitcoin permite deinerea i transferul anonim de valoare. Bitcoinii pot fi
salvai pe un computer personal sub forma unu fiier portofel sau pot fi stocai cu un serviciu de
portofel a unei tere pri, iar n ambele cazuri bitcoinii pot fi trimii prin intermediul internetului
oricrei persoane cu o adres bitcoin. Topologia de la egal la egal i lipsa unei administraii centrale
fac nefezabil ca o autoritate, guvern, etc. s manipuleze valoarea bitcoin sau s introduc inflaie
prin producerea lor.
Bitcoin este una din primele implementri a conceputului numit criptomoneda (cryptocurrency),
prima dat descris n 1998 de Wei Dai pe mailing listul Cyperpunk[1][necesit citare].

Cuprins
1 Economie
1.1 Diferene Monetare
1.2 Rezultat
1.3 Evoluia preului Bitcoin n raport cu dolarul
american
2 Tehnologie
3 Prezentare general
4 Adrese
5 Tranzacii
6 Note
7 Vezi i

Bitcoin

8 Legturi externe

Economie
n luna februarie a anului 2014 existau peste 12.000.000 Bitcoini. La preurile curente, valoarea
cumulativ a monedelor Bitcoin emise (indicator echivalent cu capitalizarea de pia) depete 7
miliarde USD.[2]
Economia Bitcoin este nc mic n relaie cu economiile stabilite cu mult timp n urm iar
programul este nc n stadiul beta de dezvoltare. Dar bunuri reale i servicii, cum ar fi maini uzate
i contracte pentru dezvoltare de software independent sunt acum tranzacionate. Bitcoinii sunt
acceptai att pentru servicii online ct i pentru bunuri tangibile.[3] Electronic Frontier Fundation
si Singularity Institute accept donaii n bitcoin.[4] [5] Comercianii schimb diverse monede cum
ar fi Dolari Americani (USD), Ruble Ruseti (RUB) i Yeni Japonezi (JPY), etc. pe Bitcoini dar i
invers. Aceste tranzacii au loc prin intermediul siturilor de schimb.[6] Oricine poate vedea lanul de
blocuri i s observe tranzaciile n timp real. Diferite servicii faciliteaz asemenea monitorizare.[7]
[8]

Diferene Monetare
n comparaie cu monedele fiat convenionale, Bitcoin difer
prin faptul c nu exist niciun supraveghetor care s poat
controla valoare datorit naturii lor descentralizate, atenund
posibile instabiliti cauzate de bnci centrale. Inflaia este
limitat i controlat, programat n programul Bitcoin, dar
este predictibil i cunoscut tuturor prilor nc de la
nceput. Aadar inflaia nu poate fi manipulat central ca s
afecteze redistribuirea de valoare de la utilizatorii obinuii.n
loc de stimulentul crerii de noi bitcoini pentru a nregistra
tranzaciile n blocuri, nodurile din aceast perioad se
ateapt s depind de abilitatea lor de a concura liber n
colectarea taxelor de procesare a tranzaciilor.

Total Bitcoin supply over time.

Transferurile sunt facilitate direct fr ajutorul unui procesor de pli ntre noduri. Acest tip de
tranzacii fac imposibil anularea tranzaciei. Clientul Bitcoin transmite tranzacia nodurilor
apropiate care la rndul lor propag tranzacia n reea. Tranzaciile corupte sau invalide sunt
respinse de nodurile oneste. Tranzaciile sunt gratuite dar o tax ar putea fi pltit altor noduri
pentru a prioritiza procesarea tranzaciei.
Numrul total de bitcoinii tinde spre 21 de milioane n timp. Masa monetar crete ca serii
geometrice la fiecare 21,000 de blocuri (aproximativ la 4 ani); pn n 2013 jumtate din masa
monetar total va fi generat, iar pn n 2017, 3/4 va fi generat. n timp ce se apropie de acest
numr valoarea bitcoin va simi o perioad de deflaie a preurilor (cretere a valorii bitcoin)
datorit lipsei de noi introduceri de mas monetar. Bitcoinii sunt totui divizibil la 8 decimale
(permind 2.1*1015 uniti totale), eliminnd limitaiile practice de ajustare a preului n jos ntr-un
mediu deflaionist. n loc de a depinde de stimulentul crerii de noi bitcoini pentru a nregistra
tranzaciile n blocuri, nodurile din aceasta perioad este ateptat s depind de abilitatea lor de a
concura n colectarea taxelor pentru procesarea tranzaciilor.

Rezultat
Scenarii presupuse de eec a monedei bitcoin includ o devalorizare a monedei, un numr n scdere
de utilizatori sau o represiune a guvernului mondial asupra programului. Succesiunea la un alt
sistem de moned criptologic este de asemenea posibil, dac o nou moned ar fi creat i va fi

considerat mai legitim (spre exemplu s fie susinut de o mare companie de tehnologie sau
instituie). S-ar putea s nu fie posibil ca toate monezile criptologice ca bitcoin s fie interzise.
Descentralizarea i anonimitatea ntruchipate de bitcoin apar a fi o reacie la persecuia guvernului
S.U.A. a monedelor digitale ca e-gold i Liberty Dollar.[9] ntr-un articol de investigaie din Irish
Times Danny O'Brien raporteaz Cnd art oamenilor acest economie bitcoin, ei ntreab: Este
legal? Este aceasta o neltorie? mi imaginez c exist avocai i economiti care se zbat s
rspund acestor ntrebri. Cred c n curnd vei putea aduga i politicienii acestei liste.

Evoluia preului Bitcoin n raport cu dolarul american


De la primele tranzacii din 2009, Bitcoin a avut o evoluie relativ stabil pn n 2011, cursul de
schimb n raport cu dolarul american crescnd de la 0,30 $ pentru un Bitcoin(BTC), pn la
aproximativ 17 $. La nceputul anului 2011, o serie de probleme ale entitilor care efectuau
tranzacii n dolari au condus la scderea rapid a cursului la valoarea de 5$/BTC. Anii 2011 i 2012
au fost perioade de consolidare, cursul variind destul de puin i ajungnd la aproximativ 14$/BTC.
n 2013, preul unui Bitcoin a explodat de la 14$/BTC n ianuarie la un maxim istoric de peste 1000
dolari n perioada noiembrie decembrie 2013. Un rol important n aceast ascensiune l-a avut
criza economic din Cipru care a condus la blocarea conturilor deponenilor din mai multe bnci.
Un alt factor de cretere a fost reprezentat de investiiile masive n infrastructur i implicarea unor
investitori de pe WallStreet, printre cei mai celebri find gemenii Winklevoss. Dac pn n 2013
reeaua Bitcoin era dominat de mici productori de moned, implicarea unor companii i
investitori a dus procesul de minerit n aria profesional, echipamente din ce n ce mai puternice
fiind conectate la reea.
Creterea spectaculoas a cursului de schimb n raport cu dolarul a atras atenia autoritilor, n
multe state moneda Bitcoin nefiind recunoscut drept mijloc legal de plat. n luna decembrie,
anunul Bncii Centrale a Chinei privind interzicerea tranzaciilor n Bitcoin a marcat nceptul
declinului Bitcoin. Cursul de schimb a sczut constant i a ajuns n cteva luni ntre 550 i 650
$/BTC.

Tehnologie
Bitcoin este o implementare de la egal la egal a b-money ai lui Wei Dai i Bitgold a lui Nick Szabo.
Principiile sistemului sunt descrise n referatul din 2008 a lui Satoshi Nakamoto.[10]

Prezentare general
Bitcoin se bazeaz pe transferul de sume ntre conturile publice folosind chei criptografice publice
care sunt folosite pentru a confirma tranzaciile i a preveni dubla-cheltuire.

Adrese
Orice persoan care particip la reeaua bitcoin deine un Portofel care conine un numr arbitrar de
perechi de chei criptografice. Cheile publice sau adrese bitcoin funcioneaz ca punctul terminal de
primire a tuturor plilor. Adresele nu conin nicio informaie despre deintorul lor i sunt n
general anonime.[11] Adresele n form care pot fi citite de om sunt iruri de numere i litere
aleatorii lungi de aproximativ 33 de caractere, ntotdeauna ncepnd cu cifra 1, de forma
175tWpb8K1S7NmH4Zx6rewF9WQrcZv245W. Utilizatorii bitcoin pot deine multiple adrese , i de
fapt pot genera noi adrese fr limite practice, deoarece generarea unei noi adrese necesit relativ
puin putere computaional, echivalentul la a genera o pereche de chei public/private, i nu
necesit niciun contact cu vreun nod din reea. Crearea de adrese de unic folosin ajut la

meninerea anonimatului utilizatorului.

Tranzacii
Bitcoinii conin cheia public a deintorului actual (adres). Cnd un utilizator A transfer o sum
ctre utilizatorul B, A renun la proprietatea pe bitcoinii trimii prin adugarea cheii publice a
utilizatorului B i semnndu-i cu propria cheie privat. Aceste difuzeaz aceti bitcoini cu un mesaj
potrivit, tranzacia, n reeaua bitcoin. Restul nodurilor din reea valideaz semnturile criptografice
i sumele tranzaciei nainte de a o accepta.

Note
1.
2.
3.
4.
5.
6.
7.
8.
9.

^ http://weidai.com/bmoney.txt
^ [1]
^ http://www.bitcoinclassifieds.net/
^ https://my.fsf.org/donate/other/
^ http://singinst.org/donate/
^ http://bitcoincharts.com/markets/
^ http://bitcoinwatch.com/
^ http://www.bitcoinmonitor.com/
^ Herpel, Mark (6 decembrie 2010). 2011 Observations on the Digital Currency Industry.
SSRN (Article for DGC magazine Jan2011). Accesat la 18 mai 2011.
10.^ Nakamoto, Satoshi (24 mai 2009). 2011 Bitcoin: A Peer-to-Peer Electronic Cash
System. SSRN (Article for DGC magazine Jan2011).
11.^ Nathan Willis (10 noiembrie 2010). Bitcoin: Virtual money created by CPU cycles.
LWN.net.

Vezi i
Legturi externe

ro Bitcoin moneda viitorului sau o alta bula speculativ?


Comunitatea Bitcoin din Romnia
Bitcoin Wiki Romnia
Bitcoin Tools
Bitcoin Websites
Bitcoin: the fastest growing currency in the world video
What is Bitcoin? (Video)
Date istorice de pre Bitcoin
Bitcoin, himera din ciber-spaiu, o schem Ponzi, 13 februarie 2014, Gabriela Anghel,
Romnia liber

Categorii:
Moned
Comer electronic

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conine materiale multimedia
legate de Bitcoin

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