Bitcoin
Bitcoin
Bitcoin logo.svg
Prevailing bitcoin logo
ISO 4217
Code XBT[a]
Denominations
Subunit
millibitcoin
microbitcoin, bit[8]
satoshi[9]
Symbol BTC,[note 1] XBT,[note 2] (B??)[note 3]
millibitcoin mBTC
microbitcoin, bit[8] ?BTC
Coins Unspent outputs of transactions denominated in any multiple of satoshis[7]:ch. 5
Demographics
Date of introduction 3 January 2009; 8 years ago (2009-01-03)
User(s) Worldwide
Issuance
Decentralized[10][11]
Valuation
Supply growth 12.5 bitcoins per block (approximately every ten minutes) until mid 2020,[12] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110-40, when 21 million bitcoins will have been issued.
  1. ^ Unofficial.

Bitcoin is a cryptocurrency and a digital payment system[13]:3 invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto.[14] It was released as open-source software in 2009.[15]

The system is peer-to-peer, and transactions take place between users directly, without an intermediary.[13]:4 These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.[13]:1[16]

Besides being created as a reward for mining, bitcoin can be exchanged for other currencies,[17] products, and services in legal or black markets.[18][19]

As of February 2015, over 100,000 merchants and vendors accept bitcoin as payment.[20] According to a research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users actively using a cryptocurrency wallet, most of them using bitcoin.[21]

Etymology and orthography

The word bitcoin occurred in the white paper that defined bitcoin published in 2008. It is a compound of the words bit and coin.[22] The white paper frequently uses the shorter coin.[23]

There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to refer to the technology and network and bitcoin, lowercase, to refer to the unit of account.[24]The Wall Street Journal,[25]The Chronicle of Higher Education,[26] and the Oxford English Dictionary[22] advocate use of lowercase bitcoin in all cases, which this article follows.

Design

Blockchain

Number of unspent transaction outputs

The blockchain is a public ledger that records bitcoin transactions.[27] A novel solution accomplishes this without any trusted central authority: maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software.[13] Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications.[28] Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes. The blockchain is a distributed database - to achieve independent verification of the chain of ownership of any and every bitcoin (amount), each network node stores its own copy of the blockchain.[29] Approximately six times per hour, a new group of accepted transactions, a block, is created, added to the blockchain, and quickly published to all nodes. This allows bitcoin software to determine when a particular bitcoin amount has been spent, which is necessary in order to prevent double-spending in an environment without central oversight. Whereas conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions.[7]

Transactions

Number of bitcoin transactions per month (logarithmic scale)[30]

A valid transaction must have one or more inputs.[31] Every input must be an unspent output of a previous transaction. The transaction must carry the digital signature of every input owner. The use of multiple inputs corresponds to the use of multiple coins in a cash transaction. A transaction can also have multiple outputs, allowing one to make multiple payments in one go. A transaction output can be specified as an arbitrary multiple of satoshi. As in a cash transaction, the sum of inputs (coins used to pay) can exceed the intended sum of payments. In such a case, an additional output is used, returning the change back to the payer.[31] Any input satoshis not accounted for in the transaction outputs become the transaction fee.[31]

Transaction fees

Paying a transaction fee is optional.[31] Miners can choose which transactions to process[31] and prioritize those that pay higher fees. Fees are based on the storage size of the transaction generated, which in turn is dependent on the number of inputs used to create the transaction. Furthermore, priority is given to older unspent inputs.[7]:ch. 8

Units

The unit of account of the bitcoin system is bitcoin. As of 2014, symbols used to represent bitcoin are BTC,[note 1] XBT,[note 2] and .[note 3][32]:2 Small amounts of bitcoin used as alternative units are millibitcoin (mBTC), microbitcoin (µBTC, sometimes referred to as bit), and satoshi. Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoin, one hundred millionth of a bitcoin.[9] A millibitcoin equals to 0.001 bitcoin, one thousandth of a bitcoin.[33] One microbitcoin equals to 0.000001 bitcoin, one millionth of a bitcoin.

Mining

Semi-log plot of relative mining difficulty.[note 4][30]

Mining is a record-keeping service.[note 5] Miners keep the blockchain consistent, complete, and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called a block.[27] Each block contains a cryptographic hash of the previous block,[27] using the SHA-256 hashing algorithm,[7]:ch. 7 which links it to the previous block,[27] thus giving the blockchain its name.

In order to be accepted by the rest of the network, a new block must contain a so-called proof-of-work.[27] The proof-of-work requires miners to find a number called a nonce, such that when the block content is hashed along with the nonce, the result is numerically smaller than the network's difficulty target.[7]:ch. 8 This proof is easy for any node in the network to verify, but extremely time-consuming to generate, as for a secure cryptographic hash, miners must try many different nonce values (usually the sequence of tested values is 0, 1, 2, 3, ...[7]:ch. 8) before meeting the difficulty target.

Every 2016 blocks (approximately 14 days), the difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time between new blocks at ten minutes. In this way the system automatically adapts to the total amount of mining power on the network.[7]:ch. 8

Between 1 March 2014 and 1 March 2015, the average number of nonces miners had to try before creating a new block increased from 16.4 quintillion to 200.5 quintillion.[35]

The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted.[36] As new blocks are mined all the time, the difficulty of modifying a block increases as time passes and the number of subsequent blocks (also called confirmations of the given block) increases.[27]

Supply

Total bitcoins in circulation.[30]

The successful miner finding the new block is rewarded with newly created bitcoins and transaction fees.[37] As of 9 July 2016,[38] the reward amounted to 12.5 newly created bitcoins per block added to the blockchain. To claim the reward, a special transaction called a coinbase is included with the processed payments.[7]:ch. 8 All bitcoins in existence have been created in such coinbase transactions. The bitcoin protocol specifies that the reward for adding a block will be halved every 210,000 blocks (approximately every four years). Eventually, the reward will decrease to zero, and the limit of 21 million bitcoins[note 6] will be reached c. 2140; the record keeping will then be rewarded by transaction fees solely.[39]

In other words, bitcoin's inventor Nakamoto set a monetary policy based on artificial scarcity at bitcoin's inception that there would only ever be 21 million bitcoins in total. Their numbers are being released roughly every ten minutes and the rate at which they are generated would drop by half every four years until all were in circulation.[40]

Wallets

Electrum bitcoin wallet
Bitcoin paper wallet generated at bitaddress.org
Trezor hardware wallet

A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold[41] or store bitcoins,[42] due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A better way to describe a wallet is something that "stores the digital credentials for your bitcoin holdings"[42] and allows one to access (and spend) them. Bitcoin uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated.[43] At its most basic, a wallet is a collection of these keys.

There are several types of wallets. Software wallets connect to the network and allow spending bitcoins in addition to holding the credentials that prove ownership.[44] Software wallets can be split further in two categories: full clients and lightweight clients.

  • Full clients verify transactions directly on a local copy of the blockchain (over 80 GB as of November 2016[45]), or a subset of the blockchain (around 2 GB[46]). Because of its size and complexity, the entire blockchain is not suitable for all computing devices.
  • Lightweight clients on the other hand consult a full client to send and receive transactions without requiring a local copy of the entire blockchain (see simplified payment verification - SPV). This makes lightweight clients much faster to set up and allows them to be used on low-power, low-bandwidth devices such as smartphones. When using a lightweight wallet however, the user must trust the server to a certain degree. When using a lightweight client, the server can not steal bitcoins, but it can report faulty values back to the user. With both types of software wallets, the users are responsible for keeping their private keys in a secure place.[47]

Besides software wallets, Internet services called online wallets offer similar functionality but may be easier to use. In this case, credentials to access funds are stored with the online wallet provider rather than on the user's hardware.[48][49] As a result, the user must have complete trust in the wallet provider. A malicious provider or a breach in server security may cause entrusted bitcoins to be stolen. An example of such security breach occurred with Mt. Gox in 2011.[50]

Physical wallets store the credentials necessary to spend bitcoins offline.[42] Examples combine a novelty coin with these credentials printed on metal,[51] Others are simply paper printouts. Another type of wallet called a hardware wallet keeps credentials offline while facilitating transactions.[52]

Reference implementation

The first wallet program was released in 2009 by Satoshi Nakamoto as open-source code.[15] Sometimes referred to as the "Satoshi client", this is also known as the reference client because it serves to define the bitcoin protocol and acts as a standard for other implementations.[44] In version 0.5 the client moved from the wxWidgets user interface toolkit to Qt, and the whole bundle was referred to as Bitcoin-Qt.[44] After the release of version 0.9, the software bundle was renamed Bitcoin Core to distinguish itself from the network.[53][54] Today, other forks of Bitcoin Core exist such as Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited,[55][56] and Parity Bitcoin.[57]

Ownership

Simplified chain of ownership.[23] In reality, a transaction can have more than one input and more than one output.

Ownership of bitcoins implies that a user can spend bitcoins associated with a specific address. To do so, a payer must digitally sign the transaction using the corresponding private key. Without knowledge of the private key, the transaction cannot be signed and bitcoins cannot be spent. The network verifies the signature using the public key.[7]:ch. 5

If the private key is lost, the bitcoin network will not recognize any other evidence of ownership;[13] the coins are then unusable, and thus effectively lost. For example, in 2013 one user claimed to have lost 7,500 bitcoins, worth $7.5 million at the time, when he accidentally discarded a hard drive containing his private key.[58]

Decentralization

Bitcoin creator Satoshi Nakamoto designed it to not need a central authority.[23] Per sources such as the academic Mercatus Center,[13] U.S. Treasury,[10]Reuters,[16]The Washington Post,[19]The Daily Herald,[59]The New Yorker,[60] and others, bitcoin is decentralized.

There is also a minority opinion published in an article that appeared in IEEE Security & Privacy magazine, in which it is stated that "contrary to widespread belief, it isn't truly decentralized as it's deployed and implemented today."[61]

Privacy

Bitcoin is pseudonymous, meaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. In addition, transactions can be linked to individuals and companies through "idioms of use" (e.g., transactions that spend coins from multiple inputs indicate that the inputs may have a common owner) and corroborating public transaction data with known information on owners of certain addresses.[62] Additionally, bitcoin exchanges, where bitcoins are traded for traditional currencies, may be required by law to collect personal information.[63]

To heighten financial privacy, a new bitcoin address can be generated for each transaction.[64] For example, hierarchical deterministic wallets generate pseudorandom "rolling addresses" for every transaction from a single seed, while only requiring a single passphrase to be remembered to recover all corresponding private keys.[65] Additionally, "mixing" and CoinJoin services aggregate multiple users' coins and output them to fresh addresses to increase privacy.[66] Researchers at Stanford University and Concordia University have also shown that bitcoin exchanges and other entities can prove assets, liabilities, and solvency without revealing their addresses using zero-knowledge proofs.[67]

According to Dan Blystone, "Ultimately, bitcoin resembles cash as much as it does credit cards."[68]

Fungibility

Wallets and similar software technically handle all bitcoins as equivalent, establishing the basic level of fungibility. Researchers have pointed out that the history of each bitcoin is registered and publicly available in the blockchain ledger, and that some users may refuse to accept bitcoins coming from controversial transactions, which would harm bitcoin's fungibility.[69] Projects such as CryptoNote, Zerocoin, and Dark Wallet aim to address these privacy and fungibility issues.[70][71]

Governance

Bitcoin was initially led by Satoshi Nakamoto. Nakamoto stepped back in 2010 and handed the network alert key to Gavin Andresen.[72] Andresen stated he subsequently sought to decentralize control stating: "As soon as Satoshi stepped back and threw the project onto my shoulders, one of the first things I did was try to decentralize that. So, if I get hit by a bus, it would be clear that the project would go on."[72] This left opportunity for controversy to develop over the future development path of bitcoin. The reference implementation of the bitcoin protocol called Bitcoin Core obtained competing versions that propose to solve various governance and blocksize debates; the alternatives are called Bitcoin XT, Bitcoin Classic, and Bitcoin Unlimited.[73]

Scalability problem

The blocks in the blockchain are limited to one megabyte in size.[74] The one megabyte limit has created problems for bitcoin transaction processing, such as increasing transaction fees and delayed processing of transactions that cannot be fit into a block.[75] Major contenders to solve the scalability problem are Bitcoin Classic and Bitcoin Unlimited.[74]

History

Bitcoin was created[15] by Satoshi Nakamoto,[14] who published the invention[15] on 31 October 2008 to a cryptography mailing list[76] in a research paper called "Bitcoin: A Peer-to-Peer Electronic Cash System".[23] Nakamoto implemented bitcoin as open source code and released in January 2009.[15] The identity of Nakamoto remains unknown, though many have claimed to know it.[14]

In January 2009, the bitcoin network came into existence with the release of the first open source bitcoin client and the issuance of the first bitcoins,[77][78][79][80] with Satoshi Nakamoto mining the first block of bitcoins ever (known as the genesis block), which had a reward of 50 bitcoins.

One of the first supporters, adopters, contributor to bitcoin and receiver of the first bitcoin transaction was programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction.[81][82] Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.[83]

In the early days, Nakamoto is estimated to have mined 1 million bitcoins.[84] Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer Gavin Andresen, who then became the bitcoin lead developer at the Bitcoin Foundation, the 'anarchic' bitcoin community's closest thing to an official public face.[85]

The value of the first bitcoin transactions were negotiated by individuals on the bitcointalk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.[77]

On 6 August 2010, a major vulnerability in the bitcoin protocol was spotted. Transactions were not properly verified before they were included in the blockchain, which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins.[86][87] On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.[88][86][87]

Economics

Classification

Bitcoin is a digital asset[89][90][91][92][93][94] designed by its inventor, Satoshi Nakamoto, to work as a currency.[23][95] It is commonly referred to with terms like: digital currency,[13]:1digital cash,[96]virtual currency,[9]electronic currency,[24] or cryptocurrency.[97]

The question whether bitcoin is a currency or not is still disputed.[97] Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify".[98] Economists define money as a store of value, a medium of exchange, and a unit of account and agree that bitcoin has some way to go to meet all these criteria.[99] It does best as a medium of exchange, as of February 2015 the number of merchants accepting bitcoin has passed 100,000.[20] As of March 2014, the bitcoin market suffered from volatility, limiting the ability of bitcoin to act as a stable store of value, and retailers accepting bitcoin use other currencies as their principal unit of account.[99]

Classification of bitcoin by the United States government is to date unclear with multiple conflicting rulings. In 2013 Judge Amos L. Mazzant III of the United States District Court for the Eastern District of Texas stated that "Bitcoin is a currency or form of money".[100] In July 2016, Judge Teresa Mary Pooler of Eleventh Judicial Circuit Court of Florida cleared Michell Espinoza in State of Florida v. Espinoza in money-laundering charges he faced involving his use of bitcoin. Judge Pooler stated "Bitcoin may have some attributes in common with what we commonly refer to as money, but differ in many important aspects, they are certainly not tangible wealth and cannot be hidden under a mattress like cash and gold bars."[101] In September 2016, a ruling by Judge Alison J. Nathan of United States District Court for the Southern District of New York contradicted the Florida Espinoza ruling stating "Bitcoins are funds within the plain meaning of that term.-- Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment."[102]

The U.S. Treasury categorizes bitcoin as a decentralized virtual currency.[10] The Commodity Futures Trading Commission classifies bitcoin as a commodity, and the Internal Revenue Service classifies it as an asset.[102]

Journalists and academics also debate what to call bitcoin. Some media outlets do make a distinction between "real" money and bitcoins,[103] while others call bitcoin real money.[104]The Wall Street Journal declared it a commodity in December 2013.[105] A Forbes journalist referred to it as digital collectible.[106] Two University of Amsterdam computer scientists proposed the term "money-like informational commodity".[107] In a 2016 Forbes article, bitcoin was characterized as a member of a new asset class.[108]

The People's Bank of China has stated that bitcoin "is fundamentally not a currency but an investment target".[109]

In addition to the above, bitcoin is also characterized as a payment system.[13][110]

Buying and selling

A Bitcoin ATM in California.

Bitcoins can be bought and sold both on- and offline. Participants in online exchanges offer bitcoin buy and sell bids. Using an online exchange to obtain bitcoins entails some risk, and, according to a study published in April 2013, 45% of exchanges fail and take client bitcoins with them.[111] Exchanges have since implemented measures to provide proof of reserves in an effort to convey transparency to users.[112][113] Offline, bitcoins may be purchased directly from an individual[114] or at a bitcoin ATM.[115] Bitcoin machines are not however traditional ATMs. Bitcoin kiosks are machines connected to the Internet, allowing the insertion of cash in exchange for bitcoins. Bitcoin kiosks do not connect to a bank and may also charge transaction fees as high as 7% and exchange rates US$50 over rates from elsewhere.[116]

As of 2016 it was estimated there were over 800 bitcoin ATMs operating globally, the majority (500+) being in the United States.[117]

Price and volatility

Price[note 7] (left vertical axis, logarithmic scale) and volatility[note 8] (right vertical axis).[30]
Liquidity (estimated, USD/year, logarithmic scale).[30]

According to Mark T. Williams, as of 2014, bitcoin has volatility seven times greater than gold, eight times greater than the S&P 500, and 18 times greater than the U.S. dollar.[118]

Attempting to explain the high volatility, a group of Japanese scholars stated that there is no stabilization mechanism.[119] The Bitcoin Foundation contends that high volatility is due to insufficient liquidity,[120] while a Forbes journalist claims that it is related to the uncertainty of its long-term value,[121] and the high volatility of a startup currency makes sense, "because people are still experimenting with the currency to figure out how useful it is."[122]

There are uses where volatility does not matter, such as online gambling, tipping, and international remittances.[122] As of 2014, pro-bitcoin venture capitalists argued that the greatly increased trading volume that planned high-frequency trading exchanges would generate is needed to decrease price volatility.[123]

The price of bitcoins has gone through various cycles of appreciation and depreciation referred to by some as bubbles and busts.[124][125] In 2011, the value of one bitcoin rapidly rose from about US$0.30 to US$32 before returning to US$2.[126] In the latter half of 2012 and during the 2012-13 Cypriot financial crisis, the bitcoin price began to rise,[127] reaching a high of US$266 on 10 April 2013, before crashing to around US$50.[128] On 29 November 2013, the cost of one bitcoin rose to the all-time peak of US$1,242.[129] In 2014, the price fell sharply, and as of April remained depressed at little more than half 2013 prices. As of August 2014 it was under US$600.[130] In January 2015, noting that the bitcoin price had dropped to its lowest level since spring 2013 - around US$224 - The New York Times suggested that "[w]ith no signs of a rally in the offing, the industry is bracing for the effects of a prolonged decline in prices. In particular, bitcoin mining companies, which are essential to the currency's underlying technology, are flashing warning signs."[131] Also in January 2015, Business Insider reported that deep web drug dealers were "freaking out" as they lost profits through being unable to convert bitcoin revenue to cash quickly enough as the price declined - and that there was a danger that dealers selling reserves to stay in business might force the bitcoin price down further.[132]

On 4 November 2015, bitcoin had risen by more than 20%, exceeding $490. The Financial Times associated the rapid growth with the popularity of "socio-financial networks" MMM operated by Russian businessman Sergei Mavrodi.[133]

According to The Wall Street Journal, as of April 2016, bitcoin is starting to look slightly more stable than gold.[134]

On 3 March 2017, the price of a bitcoin has surpassed the value of gold for the first time and its price surged to an all-time high.[135][136]

Speculative bubble dispute

Bitcoin has been labelled a speculative bubble by many including former Fed Chairman Alan Greenspan[137] and economist John Quiggin.[138]Nobel Memorial Prize laureate Robert Shiller said that bitcoin "exhibited many of the characteristics of a speculative bubble".[139] On March 14, 2014, the American business magnate Warren Buffett said, "Stay away from it. It's a mirage, basically."[140] Two lead software developers of bitcoin, Gavin Andresen[141] and Mike Hearn,[142] have warned that bubbles may occur. David Andolfatto, a vice president at the Federal Reserve Bank of St. Louis, stated, "Is bitcoin a bubble? Yes, if bubble is defined as a liquidity premium." According to Andolfatto, the price of bitcoin "consists purely of a bubble," but he concedes that many assets have prices that are greater than their intrinsic value.[34]:21 Journalist Matthew Boesler rejects the speculative bubble label and sees bitcoin's quick rise in price as nothing more than normal economic forces at work.[143] The Washington Post pointed out that the observed cycles of appreciation and depreciation don't correspond to the definition of speculative bubble.[126]

Ponzi scheme concerns

Various journalists,[59][144] economists,[145][146] and the central bank of Estonia[147] have voiced concerns that bitcoin is a Ponzi scheme. Eric Posner, a law professor at the University of Chicago, stated in 2013 that "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."[148] In 2014 reports by both the World Bank[149]:7 and the Swiss Federal Council[150]:21 examined the concerns and came to the conclusion that bitcoin is not a Ponzi scheme.

Value forecasts

Financial journalists and analysts, economists, and investors have attempted to predict the possible future value of bitcoin. In April 2013, economist John Quiggin stated, "bitcoins will attain their true value of zero sooner or later, but it is impossible to say when".[138] A similar forecast was made in November 2014 by economist Kevin Dowd.[151]

In December 2013, finance professor Mark T. Williams forecast that bitcoin would trade for less than $10 by mid-year 2014.[152] In the indicated period bitcoin has exchanged as low as $344 (April 2014) and during July 2014 the bitcoin low was $609.[30][153] In December 2014, Williams said, "The probability of success is low, but if it does hit, the reward will be very large."[154]

In November 2014, David Yermack, Professor of Finance at New York University Stern School of Business, forecast that in November 2015 bitcoin may be all but worthless.[155] In the indicated period bitcoin has exchanged as low as $176.50 (January 2015) and during November 2015 the bitcoin low was $309.90.[30]

In May 2013, Bank of America FX and Rate Strategist David Woo forecast a maximum fair value per bitcoin of $1,300.[156] Bitcoin investor Cameron Winklevoss stated in December 2013 that the "small bull case scenario for bitcoin is... 40,000 USD a coin".[157]

Obituaries

The "death" of bitcoin has been proclaimed numerous times.[158] One journalist has recorded 29 such "obituaries" as of early 2015.[158]

Forbes magazine declared bitcoin "dead" in June 2011,[159] followed by Gizmodo Australia in August 2011.[160]Wired magazine wrote it had "expired" in December 2012.[161]Ouishare Magazine declared, "game over, bitcoin" in May 2013,[162] and New York Magazine stated bitcoin was "on its path to grave" in June 2013.[163]Reuters published an "obituary" for bitcoin in January 2014.[164]Street Insider declared bitcoin "dead" in February 2014,[165] followed by The Weekly Standard in March 2014,[166]Salon in March 2014,[167]Vice News in March 2014,[168] and Financial Times in September 2014.[169] In January 2015, USA Today stated bitcoin was "headed to the ash heap",[170] and The Telegraph declared "the end of bitcoin experiment".[171] In January 2016, former bitcoin developer Mike Hearn called bitcoin a "failed project".[172]

Peter Greenhill, Director of E-Business Development for the Isle of Man, commenting on the obituaries paraphrased Mark Twain saying "reports of bitcoin's death have been greatly exaggerated".[173]

Reception

Some economists have responded positively to bitcoin while others have expressed skepticism. François R. Velde, Senior Economist at the Chicago Fed, described it as "an elegant solution to the problem of creating a digital currency".[174]Paul Krugman and Brad DeLong have found fault with bitcoin, questioning why it should act as a reasonably stable store of value or whether there is a floor on its value.[175] Economist John Quiggin has criticized bitcoin as "the final refutation of the efficient-market hypothesis".[138]

David Andolfatto, Vice President at the Federal Reserve Bank of St. Louis, stated that bitcoin is a threat to the establishment, which he argues is a good thing for the Federal Reserve System and other central banks, because it prompts these institutions to operate sound policies.[34]:33[176][177]

Free software movement activist Richard Stallman has criticized the lack of anonymity and called for reformed development.[178]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.[179]Bill Gates, in relation to the cost of moving money from place to place in an interview for Bloomberg L.P. stated: "Bitcoin is exciting because it shows how cheap it can be."[180]

Officials in countries such as Brazil,[181] the Isle of Man,[182]Jersey,[183] the United Kingdom,[184] and the United States[19] have recognized its ability to provide legitimate financial services. Recent bitcoin developments have been drawing the interest of more financially savvy politicians and legislators as a result of bitcoin's capability to eradicate fraud, simplify transactions, and provide transparency, when bitcoins are properly utilized.[185][186][187]

Acceptance by merchants

Bitcoins were accepted in this café in Delft in the Netherlands as of 2013

In 2015, the number of merchants accepting bitcoin exceeded 100,000.[20] Instead of 2-3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees in the range from 0% to less than 2%.[188] As of December 2014 select firms that accept payments in bitcoin include:[note 9]

A Bitcoin ATM in Vienna - Westbahnhof
Alexa rank Site
33[190] PayPal[191]
41[192] Microsoft[193]
328[194] Dell[195]
329[196] Newegg[197]
505[198] Overstock.com[199]
512[200] Expedia[201]
1,981[202] TigerDirect[203]
5,674[204] Dish Network[205]
7,038[206] Zynga[207]
30,565[208] Time Inc.[209]
176,903[210] PrivateFly[211]
253,983[212] Virgin Galactic[213]
348,010[214] Dynamite Entertainment[215]
1,145,668[216] Clearly Canadian[217]
n.a. Sacramento Kings[218]

Acceptance by nonprofits

Bitcoin is accepted by The Electronic Frontier Foundation,[219]Greenpeace,[220]The Mozilla Foundation,[221]The Wikimedia Foundation,[222] and The Free Software Foundation.[223] Some U.S. political candidates, including New York City Democratic Congressional candidate Jeff Kurzon have said they would accept campaign donations in bitcoin.[224] In late 2013 the University of Nicosia became the first university in the world to accept bitcoins and also began offering a degree program on the study of digital currencies.[225][226][227]

Payment service providers

Merchants accepting bitcoin, such as Dish Network, use the services of bitcoin payment service providers such as BitPay or Coinbase. When a customer pays in bitcoin, the payment service provider accepts the bitcoin on behalf of the merchant, directly converts it, and sends the obtained amount to merchant's bank account, charging a fee of less than 1 percent for the service.[110]

Use in retail transactions

Due to the design of bitcoin, all retail figures are only estimates.[228][229] According to Tim Swanson, head of business development at a Hong Kong-based cryptocurrency technology company, in 2014, daily retail purchases made with bitcoin were worth about $2.3 million.[229] MIT Technology review estimates that, as of February 2015, fewer than 5,000 bitcoins per day (worth roughly $1.2 million at the time) were being used for retail transactions, and concludes that in 2014 "it appears there has been very little if any increase in retail purchases using bitcoin."[228]

General use

According to a research produced by Cambridge University in 2017, there are between 2.9 million and 5.8 million unique users actively using a cryptocurrency wallet, most of them using bitcoin. The number of active users has grown significantly since 2013 (there were 0.3 to 1.3 million unique users at the time).[21]

Financial institutions

Bitcoin companies have had difficulty opening traditional bank accounts because lenders have been leery of bitcoin's links to illicit activity.[230] According to Antonio Gallippi, a co-founder of BitPay, "banks are scared to deal with bitcoin companies, even if they really want to".[231] In 2014, the National Australia Bank closed accounts of businesses with ties to bitcoin,[232] and HSBC refused to serve a hedge fund with links to bitcoin.[233] Australian banks in general have been reported as closing down bank accounts of operators of businesses involving the currency;[234] this has become the subject of an investigation by the Australian Competition and Consumer Commission.[234] Nonetheless, Australian banks have keenly adopted the blockchain technology on which bitcoin is based.[235]

In a 2013 report, Bank of America Merrill Lynch stated that "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."[236]

In June 2014, the first bank that converts deposits in currencies instantly to bitcoin without any fees was opened in Boston.[237]

As an investment

Some Argentinians have bought bitcoins to protect their savings against high inflation or the possibility that governments could confiscate savings accounts.[63] During the 2012-2013 Cypriot financial crisis, bitcoin purchases in Cyprus rose due to fears that savings accounts would be confiscated or taxed.[238]

Other methods of investment are bitcoin funds. The first regulated bitcoin fund was established in Jersey in July 2014 and approved by the Jersey Financial Services Commission.[239] Also, c. 2012 an attempt was made by the Winklevoss twins (who in April 2013 claimed they owned nearly 1% of all bitcoins in existence[240]) to establish a bitcoin ETF.[241] As of 10 March 2017 the bitcoin ETF was declined by the SEC because of regulatory concerns. The price fell 15% in a few minutes, but soon mostly recovered.[242] As of early 2015, they have announced plans to launch a New York-based bitcoin exchange named Gemini,[243] which has received approval to launch on 5 October 2015.[244] On 4 May 2015, Bitcoin Investment Trust started trading on the OTCQX market as GBTC.[245] Forbes started publishing arguments in favor of investing in December 2015.[246] In 2013 and 2014, the European Banking Authority[247] and the Financial Industry Regulatory Authority (FINRA), a United States self-regulatory organization,[248] warned that investing in bitcoins carries significant risks. Forbes named bitcoin the best investment of 2013.[249] In 2014, Bloomberg named bitcoin one of its worst investments of the year.[250] In 2015, bitcoin topped Bloomberg's currency tables.[251]

To improve access to price information and increase transparency, on 30 April 2014 Bloomberg LP announced plans to list prices from bitcoin companies Kraken and Coinbase on its 320,000 subscription financial data terminals.[123][252] In May 2015, Intercontinental Exchange Inc., parent company of the New York Stock Exchange, announced a bitcoin index initially based on data from Coinbase transactions.[253]

According to Bloomberg, in 2013 there were about 250 bitcoin wallets with more than $1 million worth of bitcoins. The number of bitcoin millionaires is uncertain as people can have more than one wallet.[254]

Venture capital

Venture capitalists, such as Peter Thiel's Founders Fund, which invested US$3 million in BitPay, do not purchase bitcoins themselves, instead funding bitcoin infrastructure like companies that provide payment systems to merchants, exchanges, wallet services, etc.[255] In 2012, an incubator for bitcoin-focused start-ups was founded by Adam Draper, with financing help from his father, venture capitalist Tim Draper, one of the largest bitcoin holders after winning an auction of 30,000 bitcoins,[256] at the time called 'mystery buyer'.[257] The company's goal is to fund 100 bitcoin businesses within 2-3 years with $10,000 to $20,000 for a 6% stake.[256] Investors also invest in bitcoin mining.[258] According to a 2015 study by Paolo Tasca, bitcoin startups raised almost $1 billion in three years (Q1 2012 - Q1 2015).[259]

Political economy

The decentralization of money offered by virtual currencies like bitcoin has its theoretical roots in the Austrian school of economics,[260] especially with Friedrich von Hayek in his book Denationalisation of Money: The Argument Refined, in which he advocates a complete free market in the production, distribution and management of money to end the monopoly of central banks.[261]

Bitcoin appeals to tech-savvy libertarians, because it so far exists outside the institutional banking system and the control of governments.[262] However, researchers looking to uncover the reasons for interest in bitcoin did not find evidence in Google search data that this was linked to libertarianism.[263]

Bitcoin's appeal reaches from left wing critics, "who perceive the state and banking sector as representing the same elite interests, [...] recognising in it the potential for collective direct democratic governance of currency"[264] and socialists proposing their "own states, complete with currencies",[265] to right wing critics suspicious of big government, at a time when activities within the regulated banking system were responsible for the severity of the financial crisis of 2007-08,[266] "because governments are not fully living up to the responsibility that comes with state-sponsored money".[267] Bitcoin has been described as "remov[ing] the imbalance between the big boys of finance and the disenfranchised little man, potentially allowing early adopters to negotiate favourable rates on exchanges and transfers - something that only the very biggest firms have traditionally enjoyed".[268] Two WSJ journalists describe bitcoin in their book as "about freeing people from the tyranny of centralised trust".[269]

Legal status, tax and regulation

The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.[270]

Criminal activity

The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media.[271] The FBI prepared an intelligence assessment,[272] the SEC has issued a pointed warning about investment schemes using virtual currencies,[271] and the U.S. Senate held a hearing on virtual currencies in November 2013.[19]

Several news outlets have asserted that the popularity of bitcoins hinges on the ability to use them to purchase illegal goods.[95][273] In 2014, researchers at the University of Kentucky found "robust evidence that computer programming enthusiasts and illegal activity drive interest in bitcoin, and find limited or no support for political and investment motives."[263]

In academia

Journals

In September 2015, the establishment of the peer-reviewed academic journal Ledger (ISSN 2379-5980) was announced. It will cover studies of cryptocurrencies and related technologies, and is published by the University of Pittsburgh.[274][275] The journal encourages authors to digitally sign a file hash of submitted papers, which will then be timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers.[276][277]

Other

In the fall of 2014, undergraduate students at the Massachusetts Institute of Technology (MIT) each received bitcoins worth $100 "to better understand this emerging technology". The bitcoins were not provided by MIT but rather the MIT Bitcoin Club, a student-run club.[278][279]

In 2016, Stanford University launched a lab course on building bitcoin-enabled applications.[280]

In art, entertainment, and media

Films

The documentary film, The Rise and Rise of Bitcoin (late 2014), features interviews with people who use bitcoin, such as a computer programmer and a drug dealer.[281]

Music

Several lighthearted songs celebrating bitcoin have been released.[282]

Literature

In Charles Stross' science fiction novel, Neptune's Brood (2013), a modification of bitcoin is used as the universal interstellar payment system. The functioning of the system is a major plot element of the book.[283] Stross has expressed concerns about the impact of bitcoin within societies.[284][285]

Television

In early 2015, the CNN series Inside Man featured an episode about bitcoin. Filmed in July 2014, it featured Morgan Spurlock living off bitcoins for a week, to figure out whether or not the world is ready for a new kind of currency.[286]

See also

Notes

  1. ^ a b As of 2014, BTC is a commonly used code.[1] It does not conform to ISO 4217 as BT is the country code of Bhutan, and ISO 4217 requires the first letter used in global commodities to be 'X'.
  2. ^ a b As of 2014, XBT, a code that conforms to ISO 4217 though is not officially part of it, is used by Bloomberg L.P.,[2]CNNMoney,[3] and xe.com.[4]
  3. ^ a b A proposal was submitted to the Unicode Consortium in October 2015 to add a codepoint for the symbol.[5] As of November 2016, it is in the pipeline for position 20BF (?) in the Currency Symbols block.[6]
  4. ^ Relative mining difficulty is defined as the ratio of the difficulty target on 9 January 2009 to the current difficulty target.
  5. ^ It is misleading to think that there is an analogy between gold mining and bitcoin mining. The fact is that gold miners are rewarded for producing gold, while bitcoin miners are not rewarded for producing bitcoins; they are rewarded for their record-keeping services.[34]
  6. ^ The exact number is 20,999,999.9769 bitcoins.[7]:ch. 8
  7. ^ The price of 1 bitcoin in U.S. dollars.
  8. ^ Volatility is calculated on a yearly basis.
  9. ^ Retailers usually offer in-store credit, instead of a return transfer (or chargeback) as the only option when customers return items purchased with bitcoins.[189]

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