🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 152 (from laksa083)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa152.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Bitcoin\')), getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Bitcoin\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/en.wikipedia.org\/wiki\/Bitcoin","crawl_time":1775391283,"first_indexed_time":1375978977,"http_code":200,"src_unparsed":"org,wikipedia!en,\/wiki\/Bitcoin s443","src_root_hash":"17790707453426894952","history_drop_reason":null,"meta_title":"Bitcoin - Wikipedia","meta_descriptions":[],"attrs_boilerpipe_text":"For the colloquial expression for coinage, see\nBit (money)\n.\n\"₿\" redirects here. Not to be confused with \"฿\" for\nThai baht\n.\nBitcoin\nCommonly used logo of bitcoin\nDenominations\nPlural\nbitcoins\nSymbol\n₿\n(Unicode:\nU+20BF\n₿\nBITCOIN SIGN\n)\n[\n1\n]\nCode\nBTC\nPrecision\n10\n−8\nSubunits\n \n1\n⁄\n1000\nmillibitcoin\n \n1\n⁄\n1\n000\n000\nmicrobitcoin\n \n1\n⁄\n100\n000\n000\nsatoshi\n[\na\n]\n[\n2\n]\nDevelopment\nOriginal author\nSatoshi Nakamoto\nWhite paper\n\"Bitcoin: A Peer-to-Peer Electronic Cash System\"\nImplementation\nBitcoin Core\nInitial release\n0.1.0 \/ 9 January 2009\n(17 years ago)\nLatest release\n30.2.0 \/ 10 January 2026\n(2 months ago)\n[\n3\n]\nCode repository\ngithub\n.com\n\/bitcoin\n\/bitcoin\nDevelopment status\nActive\nWritten in\nC++\nSource model\nFree and open-source software\nLicense\nMIT License\nLedger\nLedger start\n3 January 2009\n(17 years ago)\nTimestamping scheme\nProof of work\n(partial hash inversion)\nHash function\nSHA-256\n(two rounds)\nIssuance schedule\nDecentralized (block reward)\nInitially ₿50 per block, halved every 210,000 blocks\nBlock reward\n₿3.125 (as of 2025\n)\nBlock time\n10 minutes\nCirculating supply\n₿19,934,271 (as of 14 October 2025\n)\nSupply limit\n₿21,000,000\n[\nb\n]\nValuation\nExchange rate\nFloating\nWebsite\nWebsite\nbitcoin\n.org\nBitcoin\n(abbreviation:\nBTC\n;\nsign\n:\n₿\n) is the first\ndecentralized\ncryptocurrency\n. Based on a\nfree-market\nideology, bitcoin was invented in 2008 when an unknown person published a\nwhite paper\nunder the pseudonym of\nSatoshi Nakamoto\n.\n[\n4\n]\nUse of bitcoin as a\ncurrency\nbegan in 2009,\n[\n5\n]\nwith the release of its\nopen-source implementation\n.\n[\n6\n]\n: ch. 1 \nFrom 2021 to 2025,\nEl Salvador adopted it as legal tender currency before revoking it\n.\n[\n7\n]\n[\n8\n]\n[\n9\n]\nAs bitcoin is\npseudonymous\n,\nits use by criminals\nhas attracted the attention of regulators, leading to\nits ban by several countries\n.\n[\n10\n]\nBitcoin works through the collaboration of computers, each of which acts as a\nnode\nin the\npeer-to-peer\nbitcoin network\n. Each node maintains an independent copy of a public\ndistributed ledger\nof transactions, called a\nblockchain\n, without central oversight. Transactions are validated through the use of\ncryptography\n, preventing one person from spending another person's bitcoin, as long as the owner of the bitcoin keeps certain sensitive data secret.\n[\n6\n]\n: ch. 5 \nConsensus\nbetween nodes about the content of the blockchain is achieved using a\ncomputationally intensive\nprocess based on\nproof of work\n, called\nmining\n, which is performed by purpose-built computers.\n[\n6\n]\n: ch. 12 \nMining consumes large quantities of electricity and has been criticized for\nits environmental impact\n.\n[\n11\n]\nHistory\nBackground\nBefore bitcoin, several\ndigital cash technologies\nwere released, starting with\nDavid Chaum\n's\necash\nin the 1980s.\n[\n12\n]\nThe idea that solutions to computational puzzles could have some value was first proposed by cryptographers\nCynthia Dwork\nand\nMoni Naor\nin 1992.\n[\n13\n]\n[\n12\n]\nThe concept was\nindependently rediscovered\nby\nAdam Back\nwho developed\nHashcash\n, a\nproof-of-work\nscheme for\nspam control\nin 1997.\n[\n12\n]\nThe first proposals for distributed digital scarcity-based\ncryptocurrencies\ncame from\ncypherpunks\nWei Dai\n(b-money) and\nNick Szabo\n(\nbit gold\n) in 1998.\n[\n14\n]\nIn 2004,\nHal Finney\ndeveloped the first currency based on reusable proof of work.\n[\n15\n]\nThese various attempts were not successful:\n[\n12\n]\nChaum's concept required centralized control and no banks wanted to sign on, Hashcash had no protection against\ndouble-spending\n, while b-money and bit gold were not resistant to\nSybil attacks\n.\n[\n12\n]\n2008–2009: Creation\nExternal image\nCover page of\nThe Times\n3 January 2009 showing the headline used in the genesis block\nThe domain name\nbitcoin.org\nwas registered on 18 August 2008.\n[\n16\n]\nOn 31 October 2008, a link to a\nwhite paper\nauthored by\nSatoshi Nakamoto\ntitled\nBitcoin: A Peer-to-Peer Electronic Cash System\nwas posted to a cryptography mailing list.\n[\n17\n]\nNakamoto's identity remains unknown.\n[\n4\n]\nAccording to computer scientist\nArvind Narayanan\n, all individual components of bitcoin originated in earlier academic literature.\n[\n12\n]\nNakamoto's innovation was their complex interplay resulting in the first decentralized,\nSybil resistant\n,\nByzantine fault\ntolerant digital cash system, that would eventually be referred to as the first blockchain.\n[\n12\n]\n[\n18\n]\nNakamoto's paper was not\npeer reviewed\nand was initially ignored by academics, who argued that it could not work.\n[\n12\n]\nNakamoto released bitcoin as\nopen-source software\n.\n[\n19\n]\nOn 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the\ngenesis block\n.\n[\n20\n]\nEmbedded in this block was the text \"The Times 03\/Jan\/2009 Chancellor on brink of\nsecond bailout for banks\n\", which is the date and headline of an issue of\nThe Times\nnewspaper.\n[\n5\n]\nNine days later, Hal Finney received the first bitcoin transaction: ten bitcoins from Nakamoto.\n[\n21\n]\nWei Dai and Nick Szabo were also early supporters.\n[\n20\n]\nOn May 22, 2010, the first known\ncommercial transaction\nusing bitcoin occurred when programmer Laszlo Hanyecz bought two\nPapa John's\npizzas for ₿10,000, in what would later be celebrated as \"Bitcoin Pizza Day\".\n[\n22\n]\nSatoshi tasked Finnish developer and early Bitcoin contributor\nMartti Malmi\n [\nfi\n]\nwith creating content for the bitcoin.org website.\n[\n23\n]\n[\n24\n]\n2010–2012: Early growth\nBlockchain analysts\nestimate that Nakamoto had mined about one million bitcoins\n[\n25\n]\nbefore disappearing in 2010 when he handed the network alert key and control of the\ncode repository\nover to\nGavin Andresen\n. Andresen later became lead developer at the\nBitcoin Foundation\n,\n[\n26\n]\n[\n27\n]\nan\norganization\nfounded in September 2012 to promote bitcoin.\n[\n28\n]\nAfter early \"\nproof-of-concept\n\" transactions, the first major users of bitcoin were\nblack markets\n, such as the\ndark web\nSilk Road\n. During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting ₿9.9 million, worth about $214 million.\n[\n29\n]\n: 222 \n2013–2014: First regulatory actions\nIn March 2013, the US\nFinancial Crimes Enforcement Network\n(FinCEN) established regulatory guidelines for \"decentralized virtual currencies\" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as\nmoney services businesses\n, subject to registration and other legal obligations.\n[\n30\n]\nIn May 2013, US authorities seized the unregistered\nexchange\nMt. Gox\n.\n[\n31\n]\nIn June 2013, the US\nDrug Enforcement Administration\nseized ₿11.02 from an individual attempting to use them to purchase illicit drugs. This marked the first time a government agency had seized bitcoins.\n[\n32\n]\nThe FBI seized about ₿30,000 in October 2013 from Silk Road, following the arrest of its founder\nRoss Ulbricht\n.\n[\n33\n]\nIn December 2013, the\nPeople's Bank of China\nprohibited Chinese financial institutions from using bitcoin.\n[\n34\n]\nAfter the announcement, the value of bitcoin dropped,\n[\n35\n]\nand\nBaidu\nno longer accepted bitcoins for certain services.\n[\n36\n]\nBuying real-world goods with any virtual currency had been illegal in China since at least 2009.\n[\n37\n]\n2015–2019\nResearch produced by the\nUniversity of Cambridge\nestimated that in 2017, there were 2.9 to 5.8 million unique users using a\ncryptocurrency wallet\n, most of them using bitcoin.\n[\n38\n]\nIn August 2017, the\nSegWit\nsoftware upgrade was activated. Segwit was intended to support the\nLightning Network\nas well as improve\nscalability\n.\n[\n39\n]\nSegWit opponents, who supported larger blocks as a scalability solution,\nforked\nto create\nBitcoin Cash\n, one of many\nforks of bitcoin\n.\n[\n40\n]\nIn December 2017, the first\nfutures\non bitcoin was introduced by the\nChicago Mercantile Exchange\n(CME).\n[\n41\n]\nIn February 2018, the price crashed after China imposed a complete ban on bitcoin trading.\n[\n42\n]\nThe percentage of bitcoin trading in the Chinese\nrenminbi\nfell from over 90% in September 2017 to less than 1% in June 2018.\n[\n43\n]\nDuring the same year, bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges.\n[\n44\n]\n2020–present\nBitcoin price\n[\n45\n]\nDecember 1, 2014 –\nDecember 4, 2024\nIn 2020, some major companies and institutions started to acquire bitcoin:\nMicroStrategy\ninvested $250 million in bitcoin as a\ntreasury reserve asset\n,\n[\n46\n]\nSquare, Inc.\n, $50 million,\n[\n47\n]\nand\nMassMutual\n, $100 million.\n[\n48\n]\nIn November 2020,\nPayPal\nadded support for bitcoin in the US.\n[\n49\n]\nIn February 2021, bitcoin's\nmarket capitalization\nreached $1 trillion for the first time.\n[\n50\n]\nIn November 2021, the\nTaproot\nsoft-fork\nupgrade was activated, adding support for\nSchnorr signatures\n, improved functionality of\nsmart contracts\nand\nLightning Network\n.\n[\n51\n]\nBefore, bitcoin only used a custom\nelliptic curve\nwith the\nECDSA\nalgorithm to produce\nsignatures\n.\n[\n52\n]\n: 101 \nIn September 2021, bitcoin became\nlegal tender\ncurrency\nin El Salvador\n, alongside the US dollar.\n[\n7\n]\nIn October 2021, the first bitcoin futures\nexchange-traded fund\n(ETF), called BITO, from\nProShares\nwas approved by the\nSEC\nand listed on the\nCME\n.\n[\n53\n]\nIn early 2022, during the\nCanadian trucker protests\nopposing\nCOVID-19 vaccine mandates\n, organizers turned to bitcoin to receive donations after traditional financial platforms restricted access to funding.\n[\n54\n]\n[\n55\n]\nProponents highlighted bitcoin's use as a tool for fundraising in situations where access to conventional financial systems may be restricted.\n[\n56\n]\n[\n57\n]\nIn May and June 2022, the bitcoin price fell following the collapses of\nTerraUSD\n, a\nstablecoin\n,\n[\n58\n]\nand the\nCelsius Network\n, a cryptocurrency loan company.\n[\n59\n]\n[\n60\n]\nIn 2023, ordinals—\nnon-fungible tokens\n(NFTs)—on bitcoin, went live.\n[\n61\n]\nAs of June 2023, River Financial estimated that bitcoin had 81.7 million users, about 1% of the global population.\n[\n62\n]\nIn January 2024, the first 11 US\nspot\nbitcoin\nETFs\nbegan trading, offering direct exposure to bitcoin for the first time on American stock exchanges.\n[\n63\n]\n[\n64\n]\nIn December 2024, bitcoin price reached $100,000 for the first time, as US president-elect\nDonald Trump\npromised to make the US the \"crypto capital of the planet\" and to stockpile bitcoin.\n[\n65\n]\nThe same month,\nBlackRock\n, the world's largest\nasset manager\n, recommended investors to allocate up to 2% of their\nportfolio\nto bitcoin.\n[\n66\n]\nAs of 2025, the Salvadoran government continues to describe Bitcoin as legal tender under the 2021 Bitcoin Law; however, a January 2025 reform removed obligations for businesses and the government to accept it, so many analysts regard its legal-tender status as effectively ended in practice.\n[\n8\n]\n[\n9\n]\nIn March 2025,\nPresident Trump\nsigned an\nexecutive order\nto establish a\nstrategic bitcoin reserve\n.\n[\n67\n]\nLater that year, some U.S. states, such as\nTexas\nand\nNew Hampshire\nalso instituted strategic bitcoin reserves,\n[\n68\n]\nand the\nCzech National Bank\nbought less than €1 million in a \"test portfolio\".\n[\n69\n]\nDesign\nUnits and divisibility\nBitcoin logos made by Satoshi Nakamoto in 2009 (left) and 2010 (right).\nThe\nunit of account\nof the bitcoin system is the\nbitcoin\n. It is most commonly represented with the\nsymbol\n₿ designed in 2010\n[\n1\n]\nand the\ncurrency code\nBTC. However, the BTC code does not conform to\nISO 4217\nas BT is the country code of Bhutan,\n[\n70\n]\nand ISO 4217 requires the first letter used in global commodities to be 'X'.\n[\n70\n]\nXBT, a code that conforms to\nISO 4217\nthough not officially part of it,\n[\n70\n]\nis used by\nBloomberg L.P.\n[\n71\n]\nNo uniform\ncapitalization\nconvention exists; some sources use\nBitcoin\n, capitalized, to refer to the technology and\nnetwork\n, and\nbitcoin\n, lowercase, for the unit of account.\n[\n72\n]\nThe\nCambridge Advanced Learner's Dictionary\nand the\nOxford Advanced Learner's Dictionary\nuse the capitalized and lowercase variants without distinction.\n[\n73\n]\n[\n74\n]\nOne bitcoin is divisible to eight decimal places.\n[\n6\n]\n: ch. 5 \nUnits for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to\n1\n⁄\n1000\nbitcoin, and the satoshi\n[\na\n]\n(sat), representing\n1\n⁄\n100\n000\n000\n(one hundred millionth) bitcoin, the smallest amount possible.\n[\n2\n]\n100,000 satoshis are one mBTC.\n[\n75\n]\nBlockchain\nAs a\ndecentralized\nsystem, bitcoin operates without a central authority or single administrator,\n[\n76\n]\nso that anyone can create a new bitcoin address and transact without needing any approval.\n[\n6\n]\n: ch. 1 \nThis is accomplished through a specialized\ndistributed ledger\ncalled a\nblockchain\nthat records bitcoin transactions.\n[\n77\n]\nThe blockchain is implemented as an ordered list of\nblocks\n. Each block contains a\nSHA-256\nhash\nof the previous block,\n[\n77\n]\nchaining them in chronological order.\n[\n6\n]\n: ch. 7 \n[\n77\n]\nThe blockchain is maintained by a\npeer-to-peer\nnetwork.\n[\n29\n]\n: 215–219 \nIndividual blocks, public addresses, and transactions within blocks are public information, and can be examined using a blockchain explorer.\n[\n78\n]\nNodes validate and broadcast transactions, each maintaining a copy of the blockchain for ownership verification.\n[\n79\n]\nA new block is created every 10 minutes on average, updating the blockchain across all nodes without central oversight. This process tracks bitcoin spending, ensuring each bitcoin is\nspent only once\n. Unlike a traditional ledger that tracks physical currency, bitcoins exist digitally as\nunspent outputs of transactions\n.\n[\n6\n]\n: ch. 5 \nAddresses and transactions\nSimplified chain of ownership. In practice, a transaction can have more than one input and more than one output.\n[\n80\n]\nIn the blockchain, bitcoins are linked to specific\nstrings\ncalled addresses. Most often, an address encodes a\nhash\nof a single\npublic key\n. Creating such an address involves generating a random private key and then computing the corresponding address. This process is almost instant, but the reverse (finding the private key for a given address) is nearly impossible.\n[\n6\n]\n: ch. 4 \nPublishing such a bitcoin address does not risk its private key, and it is extremely unlikely to accidentally generate a used key with funds. To use bitcoins, owners need their private key to\ndigitally sign\ntransactions, which are verified by the network using the public key, keeping the private key secret.\n[\n6\n]\n: ch. 5 \nAn address may encode the hash of a bitcoin script that specifies more complex requirements to spend the funds. One common example is \"multisig\", in which multiple distinct private keys must mutually sign any transaction that attempts to spend the funds.\n[\n6\n]\n: ch. 7 \nBitcoin transactions use a\nForth\n-like\nscripting language\n,\n[\n6\n]\n: ch. 5 \ninvolving one or more inputs and outputs. When sending bitcoins, a user specifies the recipients' addresses and the amount for each output. This allows sending bitcoins to several recipients in a single transaction. To prevent double-spending, each input must refer to a previous unspent output in the blockchain.\n[\n80\n]\nUsing multiple inputs is similar to using multiple coins in a cash transaction. As in a cash transaction, the sum of inputs can exceed the intended sum of payments. In such a case, an additional output can return the change back to the payer.\n[\n80\n]\nUnallocated input satoshis in the transaction become the transaction fee.\n[\n80\n]\nLosing a private key means losing access to the bitcoins, with no other proof of ownership accepted by the\nprotocol\n.\n[\n29\n]\nFor instance, in 2013, a user lost ₿7,500, valued at US$7.5 million, by accidentally discarding a\nhard drive\nwith the private key.\n[\n81\n]\nIt is estimated that around 20% of all bitcoins are lost.\n[\n82\n]\nThe private key must also be kept secret as its exposure, such as through a\ndata breach\n, can lead to theft of the associated bitcoins.\n[\n6\n]\n: ch. 10 \n[\n83\n]\nAs of December 2017\n, approximately ₿980,000 had been stolen from\ncryptocurrency exchanges\n.\n[\n84\n]\nMining\nBitcoin mining\nfacility\nwith large amounts of mining hardware\nMiners don't directly act as nodes, but do communicate with nodes. The mining process is primarily intended to prevent\ndouble-spending\nand get all nodes to agree on the content of the blockchain, but it also has desirable side-effects such as making it infeasible for adversaries to stifle valid transactions or alter the historical record of transactions, since doing so generally requires the adversary to have access to more mining power than the rest of the network combined.\n[\n6\n]\n: ch. 12 \nThe mining process in bitcoin involves maintaining the blockchain through computer\nprocessing power\n. Miners group and broadcast new transactions into blocks, which are then verified by the network.\n[\n77\n]\nEach block must contain a proof of work (PoW) to be accepted,\n[\n77\n]\ninvolving finding a\nnonce\nnumber that, combined with the block content, produces a\nhash\nnumerically smaller than the network's\ndifficulty target\n.\n[\n6\n]\n: ch. 8 \nThis PoW is simple to verify but hard to generate, requiring many attempts.\n[\n6\n]\n: ch. 8 \nPoW forms the basis of bitcoin's\nconsensus mechanism\n.\n[\n85\n]\nThe difficulty of generating a block is\ndeterministically adjusted\nbased on the\nmining power on the network\nby changing the difficulty target, which is recalibrated every 2,016 blocks (approximately two weeks) to maintain an average time of ten minutes between new blocks. The process requires significant computational power and specialized\nhardware\n.\n[\n6\n]\n: ch. 8 \n[\n86\n]\nMiners who successfully create a new block with a valid nonce can collect transaction fees from the included transactions and a fixed reward in bitcoins.\n[\n87\n]\nTo claim this reward, a special transaction called a\ncoinbase\nis included in the block, with the miner as the payee. All bitcoins in existence have been created through this type of transaction.\n[\n6\n]\n: ch. 8 \nThis reward is halved every 210,000 blocks until ₿21 million\n[\nb\n]\nhave been issued in total, which is expected to occur around the year 2140. Afterward, miners will only earn from transaction fees. These fees are determined by the transaction's size and the amount of data stored, measured in satoshis per byte.\n[\n88\n]\n[\n80\n]\n[\n6\n]\n: ch. 8 \nThe proof of work system and the chaining of blocks make blockchain modifications very difficult, as altering one block requires changing all subsequent blocks. As more blocks are added, modifying older blocks becomes increasingly challenging.\n[\n89\n]\n[\n77\n]\nIn case of disagreement, nodes trust the longest chain, which required the greatest amount of effort to produce.\n[\n85\n]\nTo tamper or censor the ledger, one needs to control the majority of the global\nhashrate\n.\n[\n85\n]\nThe high cost required to reach this level of computational power\nsecures\nthe bitcoin blockchain.\n[\n85\n]\nThe\nenvironmental impact of bitcoin mining\nis controversial and has attracted the attention of regulators,\nleading to restrictions or incentives in various jurisdictions\n.\n[\n90\n]\nAs of 2025\n, a\nnon-peer-reviewed\nstudy by the\nCambridge Centre for Alternative Finance\n(CCAF) estimated that bitcoin mining represented 0.5% of\nglobal electricity consumption\nand 0.08% of world\ngreenhouse gas emissions\n, comparable to Slovakia's emissions.\n[\n91\n]\nAbout half of the electricity used is generated through\nfossil fuels\n.\n[\n92\n]\nMoreover, mining hardware's short lifespan results in\nelectronic waste\n.\n[\n93\n]\nIn October 2025, the US was the largest mining country with 38% of the global bitcoin mining market share, followed by Russia (16%) and China (14%, despite all cryptocurrency trading and mining being banned there in 2021).\n[\n94\n]\n[\n95\n]\nPrivacy and fungibility\nBitcoin is\npseudonymous\n, with funds linked to addresses, not real-world identities. While the owners of these addresses are not directly identified, all transactions are public on the blockchain. Patterns of use, like spending coins from multiple inputs, can hint at a common owner. Public data can sometimes be matched with known address owners.\n[\n96\n]\nBitcoin exchanges\nmight also need to collect personal data as per legal requirements.\n[\n97\n]\nFor enhanced\nprivacy\n, users can generate a new address for each transaction.\n[\n98\n]\nIn the bitcoin network, each bitcoin is treated equally, ensuring basic\nfungibility\n. However, users and applications can choose to differentiate between bitcoins. While wallets and software treat all bitcoins the same, each bitcoin's transaction history is recorded on the blockchain. This public record allows for\nchain analysis\n, where users can identify and potentially reject bitcoins from controversial sources.\n[\n99\n]\nFor example, in 2012, Mt. Gox froze accounts containing bitcoins identified as stolen.\n[\n100\n]\nWallets\nA paper wallet with the address as a\nQR code\nwhile the private key is hidden\nA hardware wallet which processes bitcoin transactions without exposing private keys\nBitcoin wallets were the first\ncryptocurrency wallets\n, enabling users to store the information necessary to transact bitcoins.\n[\n101\n]\n[\n6\n]\n: ch. 1, glossary \nThe first wallet program, simply named\nBitcoin\n, and sometimes referred to as the\nSatoshi client\n, was released in 2009 by Nakamoto as\nopen-source software\n.\n[\n19\n]\nBitcoin Core\nis among the best known\nclients\n.\nForks\nof Bitcoin Core exist such as\nBitcoin Unlimited\n.\n[\n102\n]\nWallets can be full clients, with a full copy of the blockchain to check the validity of mined blocks,\n[\n6\n]\n: ch. 1 \nor lightweight clients, just to send and receive transactions without a local copy of the entire blockchain.\n[\n103\n]\nThird-party internet services, called online wallets or\nhot wallets\n, store users' credentials on their servers, making them susceptible of hacks.\n[\n104\n]\nCold storage\nprotects bitcoins from such hacks by keeping private keys offline, either through specialized hardware wallets or paper printouts.\n[\n105\n]\n[\n6\n]\n: ch. 4 \nScalability and decentralization challenges\nNakamoto limited the block size to one\nmegabyte\n.\n[\n106\n]\nThe limited block size and frequency can lead to delayed processing of transactions, increased fees and a bitcoin scalability problem.\n[\n107\n]\nThe\nLightning Network\n,\nsecond-layer\nrouting\nnetwork, is a potential scaling solution.\n[\n6\n]\n: ch. 8 \nResearch shows a trend towards centralization in bitcoin as miners join\npools\nfor stable income.\n[\n29\n]\n: 215, 219–222 \n[\n108\n]\n: 3 \nIf a single miner or pool controls more than 50% of the\nhashing power\n, it would allow them to censor transactions and double-spend coins.\n[\n76\n]\nIn 2014, mining pool\nGhash.io\nreached 51% mining power, causing safety concerns, but later voluntarily capped its power at 39.99% for the benefit of the whole network.\n[\n109\n]\nA few entities also dominate other parts of the ecosystem such as the client software, online wallets, and simplified payment verification (SPV) clients.\n[\n76\n]\nEconomics and usage\nBitcoin's theoretical roots and ideology\nAccording to the\nEuropean Central Bank\n, the decentralization of money offered by bitcoin has its theoretical roots in the\nAustrian school of economics\n, especially with\nFriedrich Hayek\n's\nThe Denationalisation of Money\n, in which he advocates a complete\nfree market\nin the production, distribution and management of money to end the monopoly of\ncentral banks\n.\n[\n110\n]\n: 22 \nSociologist\nNigel Dodd\nargues that the essence of the bitcoin ideology is to remove money from social, as well as governmental, control.\n[\n111\n]\nThe Economist\ndescribes bitcoin as \"a\ntechno-anarchist\nproject to create an online version of cash, a way for people to transact without the possibility of interference from malicious governments or banks\".\n[\n112\n]\nThese philosophical ideas initially attracted\nlibertarians\nand\nanarchists\n.\n[\n113\n]\nRecognition as a currency and legal status\nLegal status of bitcoin\n \n Permissive (legal to use bitcoin, with minimal or no restrictions)\n \n Restricted (some legal restrictions on the usage of bitcoin)\n \n Contentious (interpretation of old laws, but bitcoin is not directly prohibited)\n \n Prohibited (full or partial prohibition on the use of bitcoin)\n \n No data (no information available)\nv\nt\ne\nMoney\nserves three purposes: a\nstore of value\n, a\nmedium of exchange\n, and a\nunit of account\n.\n[\n114\n]\nAccording to\nThe Economist\nin 2014, bitcoin functions best as a medium of exchange.\n[\n114\n]\nIn 2015,\nThe Economist\nnoted that bitcoins had three qualities useful in a currency: they are \"hard to earn, limited in supply and easy to verify\".\n[\n115\n]\nHowever, a 2018 assessment by\nThe Economist\nstated that cryptocurrencies met none of these three criteria.\n[\n112\n]\nPer some researchers, as of 2015\n, bitcoin functions more as a\npayment system\nthan as a currency.\n[\n29\n]\nIn 2014, economist\nRobert J. Shiller\nwrote that bitcoin has potential as a unit of account for measuring the relative value of goods, as with Chile's\nUnidad de Fomento\n, but that \"Bitcoin in its present form... doesn't really solve any sensible economic problem\".\n[\n116\n]\nIn 2017, François Velde, senior economist at the\nChicago Fed\n, described bitcoin as \"unlikely by itself to replace monies in well-functioning monetary systems.\"\n[\n117\n]\nThe\nlegal status of bitcoin\nvaries substantially from one jurisdiction to another. Because of its decentralized nature and its global presence, regulating bitcoin is difficult. However, the use of bitcoin can be criminalized, and shutting down exchanges and the peer-to-peer economy in a given country would constitute a\nde facto\nban.\n[\n118\n]\nThe\nuse of bitcoin by criminals\nhas attracted the attention of financial regulators, legislative bodies, and law enforcement.\n[\n119\n]\nNobel-prize winning economist\nJoseph Stiglitz\nsays that bitcoin's anonymity encourages\nmoney laundering\nand other crimes.\n[\n120\n]\nThis is the main justification behind bitcoin bans.\n[\n10\n]\nAs of November 2021\n, nine countries applied an absolute ban (Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia) while another 42 countries had an implicit ban.\n[\n121\n]\n[\nneeds update\n]\nUse for payments\nCafé in\nDelft\naccepting Bitcoin\nAccording to Harvard Professor\nKenneth Rogoff\nas of 2025\n, bitcoin is rarely used in regular transactions with merchants, but is popular in the\ninformal economy\nand for criminal activities.\n[\n122\n]\n[\n123\n]\nPrices are not usually quoted in bitcoin and trades involve conversions into\nfiat\ncurrencies.\n[\n29\n]\nCommonly cited reasons for not using bitcoin include high costs, the inability to process\nchargebacks\n, high\nprice volatility\n, long transaction times, and\ntransaction fees\n(especially for small purchases).\n[\n124\n]\n[\n125\n]\nBloomberg\nreported that bitcoin was being used for large-item purchases on the site\nOverstock.com\nand for cross-border payments to\nfreelancers\n.\n[\n126\n]\nAs of 2015\n, there was little sign of bitcoin use in international\nremittances\ndespite high fees charged by banks and\nWestern Union\n.\n[\n29\n]\n[\n127\n]\nFrom September 2021 until January 2025, the\nBitcoin Law\nmade bitcoin a\nlegal tender\ncurrency in\nEl Salvador\n, alongside the US dollar.\n[\n7\n]\nThe adoption had been criticized internationally and within El Salvador.\n[\n7\n]\n[\n128\n]\nIn 2022, the\nInternational Monetary Fund\n(IMF) urged El Salvador to reverse its decision.\n[\n129\n]\nAs of 2022\n, the use of\nBitcoin in El Salvador\nremained low: 80% of businesses refused to accept it.\n[\n130\n]\nIn 2025, El Salvador's government revoked bitcoin's status as legal tender currency in order to comply with conditions set by the IMF for a loan. El Salvador still describes bitcoin as \"legal tender\", but its acceptance is no longer obligitory (as it is with the US dollar) and the El Salvador government no longer accepts bitcoin for payment of taxes or fees.\n[\n8\n]\n[\n9\n]\nIn April 2022, the\nCentral African Republic\n(CAR) adopted bitcoin as legal tender alongside the\nCFA franc\n,\n[\n131\n]\nbut repealed the reform one year later.\n[\n132\n]\nBitcoin is also used by some governments. For instance, the\nIranian government\ninitially opposed cryptocurrencies, but later began using them to circumvent\nsanctions\n.\n[\n133\n]\nSince 2020, Iran has required local bitcoin miners to sell bitcoin to the\nCentral Bank of Iran\n, allowing the central bank to use it for imports.\n[\n134\n]\nSome\nconstituent states\nand\nlocal governments\nalso accept tax payments in bitcoin, including\nColorado\nin the US\n[\n135\n]\nand\nZug\nand\nLugano\nin Switzerland.\n[\n136\n]\n[\n137\n]\nAs of 2023, the US government owned more than $5 billion worth of seized bitcoin.\n[\n138\n]\n[\n139\n]\nUse for investment and status as an economic bubble\nGovernment website with El Salvador reserves\nAs of 2018\n, the overwhelming majority of bitcoin transactions took place on\ncryptocurrency exchanges\n.\n[\n124\n]\nSince 2014, regulated bitcoin funds also allow\nexposure\nto the asset or to\nfutures\nas an investment.\n[\n140\n]\n[\n141\n]\nBitcoin is used as a\nstore of value\n:\n[\n142\n]\n[\n143\n]\nindividuals and companies such as the\nWinklevoss twins\n[\n144\n]\nand\nElon Musk\n's companies\nSpaceX\nand\nTesla\nhave each bought and sold hundreds of millions of dollars worth of bitcoin.\n[\n145\n]\n[\n146\n]\n[\n147\n]\nBitcoin wealth is highly concentrated, with 0.01% holding 27% of in-circulation currency, as of 2021.\n[\n148\n]\nAs of March 2025, El Salvador had $550 million worth of bitcoin in its\ninternational reserves\n, about 6,102 coins.\n[\n149\n]\nBitcoin, along with other cryptocurrencies, has been described as an\neconomic bubble\nby several economists, including\nNobel Prize in Economics\nlaureates, such as\nJoseph Stiglitz\n,\n[\n150\n]\nJames Heckman\n,\n[\n151\n]\nand\nPaul Krugman\n.\n[\n152\n]\nAnother recipient of the prize,\nRobert Shiller\n, argues that bitcoin is rather a\nfad\nthat may become an\nasset class\n. He describes its price growth as an \"epidemic\", driven by\ncontagious narratives\n.\n[\n153\n]\nIn 2024,\nJean Tirole\n, also Nobel laureate, described bitcoin as a \"pure bubble\" as its\nintrinsic value\nis zero. According to him, some bubbles are long-lasting such as gold and fiat currencies, and it is impossible to predict whether bitcoin would implode like other financial bubbles or become an alternative to gold.\n[\n154\n]\nThe same year,\nFederal Reserve Chair\nJerome Powell\ndescribed bitcoin as a digital competitor to gold but not to the dollar as he argued it is a highly volatile\nspeculative\nasset not used as a form of payment.\n[\n155\n]\nIn 2025,\nKenneth Rogoff\nclaimed that Krugman was wrong and that Bitcoin had value as it is competing with the dollar to become the\nmeans of exchange\nof the\nunderground economy\nwhich represents 20% of the world's\nGDP\n.\n[\n122\n]\n[\n123\n]\nAccording to Rogoff, bitcoin is \"the ideal currency for a more fragmented and uncertain global landscape\" and it could become appealing to\nemerging-market\ncentral banks as a \"politically neutral\"\nreserve\ncurrency\n.\n[\n156\n]\nIn 2025, the nominee for the Chair of the Federal Reserve,\nKevin Warsh\n, described Bitcoin as the \"new gold.\"\n[\n156\n]\nAccording to research published in the\nInternational Review of Financial Analysis\nin 2018, bitcoin as an asset is highly volatile and does not behave like any other conventional asset.\n[\n157\n]\nAccording to one 2022 analysis published in\nThe Journal of Alternative Investments\n, bitcoin was less volatile than\noil\n,\nsilver\n,\nUS Treasuries\n, and 190 stocks in the\nS&P 500\nduring and after the\n2020 stock market crash\n.\n[\n158\n]\nThe term\nhodl\nwas created in December 2013 for\nholding\nbitcoin rather than selling it during periods of volatility.\n[\n159\n]\n[\n160\n]\nIn 2014, economist\nNouriel Roubini\ndescribed bitcoin as a\nPonzi scheme\n.\n[\n161\n]\nLegal scholar\nEric Posner\ndisagrees, however, as \"a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective\ndelusion\n\".\n[\n162\n]\nA 2014\nWorld Bank\nreport also concluded that bitcoin was not a deliberate Ponzi scheme.\n[\n163\n]\nMarket characteristics\nBitcoin markets operate 24 hours a day, seven days a week, contrasting with traditional financial markets that have fixed trading hours. Bitcoin prices show much higher volatility and respond strongly to both regulatory changes and market events.\n[\n164\n]\nThe volume of bitcoin trading can fluctuate considerably among various exchanges and geographic regions. The daily transaction volume of bitcoin across all exchanges typically reaches $50 billion as of 2025.\n[\n165\n]\nSee also\nAlternative currency\n – Medium of exchange complementing national currencies\nList of cryptocurrencies\nNotes\n^\na\nb\nNamed after\nSatoshi Nakamoto\n^\na\nb\nThe exact number is ₿20,999,999.9769.\n[\n6\n]\n: ch. 8 \nReferences\n^\na\nb\n\"Unicode 10.0.0\"\n. Unicode Consortium. 20 June 2017.\nArchived\nfrom the original on 20 June 2017\n. Retrieved\n20 June\n2017\n.\n^\na\nb\nBradbury, Danny (November 2013).\n\"The problem with Bitcoin\"\n.\nComputer Fraud & Security\n.\n2013\n(11):\n5–\n8.\ndoi\n:\n10.1016\/S1361-3723(13)70101-5\n.\nISSN\n \n1361-3723\n.\nArchived\nfrom the original on 18 January 2023\n. Retrieved\n25 November\n2023\n.\n^\n\"Bitcoin Core 30.2\"\n. 10 January 2026\n. Retrieved\n14 January\n2026\n.\n^\na\nb\nS., L. (2 November 2015).\n\"Who is Satoshi Nakamoto?\"\n.\nThe Economist\n.\nArchived\nfrom the original on 22 November 2020\n. Retrieved\n21 November\n2023\n.\n^\na\nb\nDavis, Joshua (10 October 2011).\n\"The Crypto-Currency: Bitcoin and its mysterious inventor\"\n.\nThe New Yorker\n.\nArchived\nfrom the original on 1 November 2014\n. Retrieved\n31 October\n2014\n.\n^\na\nb\nc\nd\ne\nf\ng\nh\ni\nj\nk\nl\nm\nn\no\np\nq\nr\ns\nt\nu\nv\nw\nAntonopoulos, Andreas M.\n(2014).\nMastering Bitcoin: Unlocking Digital Crypto-Currencies\n. O'Reilly Media.\nISBN\n \n978-1-4493-7404-4\n.\n^\na\nb\nc\nd\n\"El Salvador's dangerous gamble on bitcoin\"\n. The editorial board.\nFinancial Times\n. 7 September 2021.\nArchived\nfrom the original on 7 September 2021\n. Retrieved\n7 September\n2021\n.\n^\na\nb\nc\n\"El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment\"\n.\nThe Tico Times\n.\nAFP\n. 2 February 2025\n. Retrieved\n10 October\n2025\n.\n^\na\nb\nc\n\"Bitcoin is no longer legal tender in El Salvador\"\n.\nDig.watch\n.\nDiploFoundation\n. 7 February 2025\n. Retrieved\n10 October\n2025\n.\n^\na\nb\nSun Yin, Hao Hua; Langenheldt, Klaus; Harlev, Mikkel; Mukkamala, Raghava Rao; Vatrapu, Ravi (2 January 2019).\n\"Regulating Cryptocurrencies: A Supervised Machine Learning Approach to De-Anonymizing the Bitcoin Blockchain\"\n.\nJournal of Management Information Systems\n.\n36\n(1): 65.\ndoi\n:\n10.1080\/07421222.2018.1550550\n.\nISSN\n \n0742-1222\n.\nS2CID\n \n132398387\n.\nArchived\nfrom the original on 21 April 2024\n. Retrieved\n29 November\n2023\n.\n^\nHuang, Jon; O’Neill, Claire;\nTabuchi, Hiroko\n(3 September 2021).\n\"Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?\"\n.\nThe New York Times\n.\nISSN\n \n0362-4331\n.\nArchived\nfrom the original on 17 February 2023\n. Retrieved\n26 October\n2022\n.\n^\na\nb\nc\nd\ne\nf\ng\nh\nNarayanan, Arvind; Clark, Jeremy (27 November 2017).\n\"Bitcoin's academic pedigree\"\n.\nCommunications of the ACM\n.\n60\n(12):\n36–\n45.\ndoi\n:\n10.1145\/3132259\n.\nISSN\n \n0001-0782\n.\nS2CID\n \n6425116\n.\nArchived\nfrom the original on 14 October 2023\n. Retrieved\n22 November\n2023\n.\n^\nDwork, Cynthia; Naor, Moni (1993), Brickell, Ernest F. (ed.),\n\"Pricing via Processing or Combatting Junk Mail\"\n,\nAdvances in Cryptology — CRYPTO’ 92\n, vol. 740, Berlin, Heidelberg: Springer Berlin Heidelberg, pp. \n139–\n147,\ndoi\n:\n10.1007\/3-540-48071-4_10\n,\nISBN\n \n978-3-540-57340-1\n, retrieved\n2 January\n2025\n{{\ncitation\n}}\n:  CS1 maint: work parameter with ISBN (\nlink\n)\n^\nTschorsch, Florian; Scheuermann, Bjorn (2 March 2016). \"Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies\".\nIEEE Communications Surveys & Tutorials\n.\n18\n(3):\n2084–\n2123.\ndoi\n:\n10.1109\/COMST.2016.2535718\n.\nISSN\n \n1553-877X\n.\nS2CID\n \n5115101\n.\n^\nJudmayer, Aljosha; Stifter, Nicholas; Krombholz, Katharina; Weippl, Edgar (2017).\n\"History of Cryptographic Currencies\"\n.\nBlocks and Chains\n. Synthesis Lectures on Information Security, Privacy, and Trust.\nSpringer\n. pp. \n15–\n18.\ndoi\n:\n10.1007\/978-3-031-02352-1_3\n.\nISBN\n \n978-3-031-01224-2\n.\nArchived\nfrom the original on 22 November 2023\n. Retrieved\n22 November\n2023\n.\n^\nBernard, Zoë (2 December 2017).\n\"Everything you need to know about Bitcoin, its mysterious origins, and the many alleged identities of its creator\"\n.\nBusiness Insider\n.\nArchived\nfrom the original on 15 June 2018\n. Retrieved\n15 June\n2018\n.\n^\nFinley, Klint (31 October 2018).\n\"After 10 Years, Bitcoin Has Changed Everything—and Nothing\"\n.\nWired\n.\nArchived\nfrom the original on 5 November 2018\n. Retrieved\n9 November\n2018\n.\n^\nEconomist Staff (31 October 2015).\n\"Blockchains: The great chain of being sure about things\"\n.\nThe Economist\n.\nArchived\nfrom the original on 3 July 2016\n. Retrieved\n18 June\n2016\n.\n^\na\nb\nHumayun, Mariam; Belk, Russell W. (2018).\n\"\n'Satoshi is Dead. Long Live Satoshi': The Curious Case of Bitcoin's Creator\"\n. In N. N. Cross, Samantha; Ruvalcaba, Cecilia; Venkatesh, Alladi; W. Belk, Russell (eds.).\nConsumer Culture Theory\n. pp. \n19–\n35.\ndoi\n:\n10.1108\/s0885-211120180000019002\n.\nISBN\n \n978-1-78743-907-8\n.\n^\na\nb\nWallace, Benjamin (23 November 2011).\n\"The Rise and Fall of Bitcoin\"\n.\nWired\n.\nArchived\nfrom the original on 31 October 2013\n. Retrieved\n13 October\n2012\n.\n^\nPopper, Nathaniel (30 August 2014).\n\"Hal Finney, Cryptographer and Bitcoin Pioneer, Dies at 58\"\n.\nThe New York Times\n.\nArchived\nfrom the original on 3 September 2014\n. Retrieved\n2 September\n2014\n.\n^\nCooper, Anderson (16 May 2019).\n\"Meet the man who spent millions worth of bitcoin on pizza\"\n.\nCBS News\n.\nArchived\nfrom the original on 8 December 2021\n. Retrieved\n8 December\n2021\n.\n^\nKhalili, Joel (23 February 2024).\n\"Bitcoin Royalty Descends on the Satoshi Nakamoto Trial\"\n.\nWired\n. Retrieved\n25 August\n2025\n.\n{{\ncite magazine\n}}\n:  CS1 maint: url-status (\nlink\n)\n^\nFrisby, Dominic (2014).\nBitcoin: The Future of Money?\n. Unbound.\nISBN\n \n9781783520763\n.\n^\nMcMillan, Robert.\n\"Who Owns the World's Biggest Bitcoin Wallet? The FBI\"\n.\nWired\n.\nArchived\nfrom the original on 21 October 2016\n. Retrieved\n7 October\n2016\n.\n^\nSimonite, Tom (15 August 2014).\n\"Meet Gavin Andresen, the most powerful person in the world of Bitcoin\"\n.\nMIT Technology Review\n.\nArchived\nfrom the original on 22 November 2023\n. Retrieved\n22 November\n2023\n.\n^\nOdell, Matt (21 September 2015).\n\"A Solution To Bitcoin's Governance Problem\"\n.\nTechCrunch\n.\nArchived\nfrom the original on 26 January 2016\n. Retrieved\n24 January\n2016\n.\n^\nBustillos, Maria (1 April 2013).\n\"The Bitcoin Boom\"\n.\nThe New Yorker\n.\nArchived\nfrom the original on 2 July 2018\n. Retrieved\n30 July\n2018\n.\n^\na\nb\nc\nd\ne\nf\ng\nRainer Böhme; Nicolas Christin; Benjamin Edelman; Tyler Moore (2015).\n\"Bitcoin: Economics, Technology, and Governance\"\n.\nJournal of Economic Perspectives\n.\n29\n(2):\n213–\n238.\ndoi\n:\n10.1257\/jep.29.2.213\n.\nISSN\n \n0895-3309\n.\n^\nLee, Timothy B. (19 March 2013).\n\"US regulator Bitcoin Exchanges Must Comply With Money Laundering Laws\"\n.\nArs Technica\n.\nArchived\nfrom the original on 21 October 2013\n. Retrieved\n28 July\n2017\n.\n^\nDillet, Romain.\n\"Feds Seize Assets From Mt. Gox's Dwolla Account, Accuse It Of Violating Money Transfer Regulations\"\n.\nTechCrunch\n.\nArchived\nfrom the original on 9 October 2013\n. Retrieved\n15 May\n2013\n.\n^\nSampson, Tim (2013).\n\"U.S. government makes its first-ever Bitcoin seizure\"\n.\nThe Daily Dot\n.\nArchived\nfrom the original on 12 July 2013\n. Retrieved\n15 October\n2013\n.\n^\nHill, Kashmir.\n\"The FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road\"\n.\nForbes\n.\nArchived\nfrom the original on 2 May 2014.\n^\nKelion, Leo (18 December 2013).\n\"Bitcoin sinks after China restricts yuan exchanges\"\n.\nBBC News\n.\nArchived\nfrom the original on 19 December 2013\n. Retrieved\n20 December\n2013\n.\n^\n\"China bans banks from bitcoin transactions\"\n.\nThe Sydney Morning Herald\n. Reuters. 6 December 2013.\nArchived\nfrom the original on 23 March 2014\n. Retrieved\n31 October\n2014\n.\n^\n\"Baidu Stops Accepting Bitcoins After China Ban\"\n.\nBloomberg\n. New York. 7 December 2013.\nArchived\nfrom the original on 10 December 2013\n. Retrieved\n11 December\n2013\n.\n^\n\"China bars use of virtual money for trading in real goods\"\n. English.mofcom.gov.cn. 29 June 2009.\nArchived\nfrom the original on 29 November 2013\n. Retrieved\n10 January\n2014\n.\n^\nHileman, Garrick; Rauchs, Michel.\n\"Global Cryptocurrency Benchmarking Study\"\n(PDF)\n. Cambridge University.\nArchived\n(PDF)\nfrom the original on 10 April 2017\n. Retrieved\n14 April\n2017\n.\n^\nVigna, Paul (21 July 2017).\n\"Bitcoin Rallies Sharply After Vote Resolves Bitter Scaling Debate\"\n.\nThe Wall Street Journal\n.\nArchived\nfrom the original on 21 November 2023\n. Retrieved\n21 November\n2023\n.\n^\nSelena Larson (1 August 2017).\n\"Bitcoin split in two, here's what that means\"\n.\nCNN Tech\n. Cable News Network.\nArchived\nfrom the original on 27 February 2018\n. Retrieved\n2 April\n2018\n.\n^\nCheng, Evelyn (17 December 2017).\n\"Bitcoin debuts on the world's largest futures exchange, and prices fall slightly\"\n.\nCNBC\n.\nArchived\nfrom the original on 18 January 2024\n. Retrieved\n19 January\n2024\n.\n^\nFrench, Sally (9 February 2017).\n\"Here's proof that this bitcoin crash is far from the worst the cryptocurrency has seen\"\n. Market Watch.\nArchived\nfrom the original on 3 July 2018\n. Retrieved\n3 July\n2018\n.\n^\n\"RMB Bitcoin trading falls below 1 pct of world total\"\n. Xinhuanet.\nXinhua\n. 7 July 2018.\nArchived\nfrom the original on 10 July 2018\n. Retrieved\n10 July\n2018\n.\n^\nChavez-Dreyfuss, Gertrude (3 July 2018).\n\"Cryptocurrency exchange theft surges in first half of 2018: report\"\n.\nReuters\n.\nArchived\nfrom the original on 4 July 2018\n. Retrieved\n10 July\n2018\n.\n^\n\"Coinbase Bitcoin\"\n.\nCoinbase\n.\nFederal Reserve Economic Data\n. 4 December 2024\n. Retrieved\n4 December\n2024\n.\n^\nCuthbertson, Anthony (13 September 2021).\n\"MicroStrategy buys another $250m worth of bitcoin in hope of 100X price growth\"\n.\nThe Independent\n.\nArchived\nfrom the original on 22 November 2023\n. Retrieved\n22 November\n2023\n.\n^\nOliver Effron.\n\"Square just bought $50 million in bitcoin\"\n.\nCNN\n.\nArchived\nfrom the original on 24 October 2020\n. Retrieved\n22 October\n2020\n.\n^\nOlga Kharif (11 December 2020).\n\"169-Year-Old MassMutual Invests $100 Million in Bitcoin\"\n.\nBloomberg\n.\nArchived\nfrom the original on 19 December 2020\n. Retrieved\n26 December\n2020\n.\n^\n\"PayPal says all users in US can now buy, hold and sell cryptocurrencies\"\n.\nTechcrunch\n. 13 November 2020.\nArchived\nfrom the original on 24 November 2020\n. Retrieved\n26 November\n2020\n.\n^\nChavez-Dreyfuss, Gertrude; Wilson, Tom (19 February 2021).\n\"Bitcoin hits $1 trillion market cap, surges to fresh all-time peak\"\n.\nReuters\n. Retrieved\n24 November\n2023\n.\n[\ndead link\n]\n^\nSigalos, MacKenzie (14 November 2021).\n\"Bitcoin's biggest upgrade in four years just happened – here's what changes\"\n.\nCNBC\n.\nArchived\nfrom the original on 14 November 2021\n. Retrieved\n15 November\n2021\n.\n^\nVan Hijfte, Stijn (2020).\nBlockchain Platforms: A Look at the Underbelly of Distributed Platforms\n. Morgan & Claypool Publishers.\nISBN\n \n978-1681738925\n.\n^\nWursthorn, Michael (19 October 2021).\n\"A Bitcoin ETF Is Here. What Does That Mean for Investors?\"\n.\nThe Wall Street Journal\n.\nArchived\nfrom the original on 10 January 2024\n. Retrieved\n11 January\n2024\n.\n^\nLoh, Matthew.\n\"Canada says it will freeze the bank accounts of 'Freedom Convoy' truckers who continue their anti-vaccine mandate blockades\"\n.\nBusiness Insider\n. Retrieved\n19 January\n2025\n.\n^\n\"Crypto enthusiasts keep funding convoy protests as traditional banks take action against it – The Globe and Mail\"\n.\nThe Globe and Mail\n. 8 December 2024. Archived from\nthe original\non 8 December 2024\n. Retrieved\n19 January\n2025\n.\n^\n\"Meet Greg Foss: A Former Bitcoin Fundraiser For Canada's 'Freedom Convoy' Protest\"\n.\nForbes\n. 20 June 2024. Archived from\nthe original\non 20 June 2024\n. Retrieved\n19 January\n2025\n.\n^\n\"Elon Musk–backed 'freedom truckers' in Canada get Bitcoin lifeline after GoFundMe freezes millions in donations\"\n.\nYahoo! Finance\n. 13 March 2022. Archived from\nthe original\non 13 March 2022\n. Retrieved\n19 January\n2025\n.\n^\nBrowne, Ryan (10 May 2022).\n\"Bitcoin investors are panicking as a controversial crypto experiment unravels\"\n.\nCNBC\n.\nArchived\nfrom the original on 11 May 2022\n. Retrieved\n11 May\n2022\n.\n^\nMilmo, Dan (18 June 2022).\n\"Bitcoin value slumps below $20,000 in cryptocurrencies turmoil\"\n.\nThe Guardian\n.\nArchived\nfrom the original on 18 June 2022\n. Retrieved\n19 June\n2022\n.\n^\nYaffe-Bellany, David (13 June 2022).\n\"Celsius Network Leads Crypto Markets Into Another Free Fall\"\n.\nThe New York Times\n.\nArchived\nfrom the original on 14 June 2022\n. Retrieved\n14 June\n2022\n.\n^\nBehrendt, Philipp (2023).\n\"Taxation of the New Age: New Guidance for the World of Digital Assets\"\n.\nJournal of Tax Practice & Procedure\n.\n25\n: 47.\nArchived\nfrom the original on 21 November 2023\n. Retrieved\n21 November\n2023\n.\n^\n\"As banks buy up bitcoins, who else are the 'Bitcoin whales'?\"\n.\nBBC Home\n. 1 March 2024\n. Retrieved\n14 March\n2024\n.\n^\nSchmitt, Will (12 January 2024).\n\"Bitcoin trading volumes surge after debut of long-awaited US ETFs\"\n.\nFinancial Times\n.\nArchived\nfrom the original on 12 January 2024\n. Retrieved\n12 January\n2024\n.\n^\nLang, Hannah (11 January 2024).\n\"US bitcoin ETFs see $4.6B in volume in first day of trading\"\n.\nReuters\n. Retrieved\n12 January\n2024\n.\n^\n\"Bitcoin storms above $100,000 as Trump 2.0 fuels crypto euphoria\"\n.\nReuters\n. 5 December 2024.\n^\nMcGee, Suzanne (12 December 2024).\n\"BlackRock recommends bitcoin portfolio weighting of up to 2% for interested investors\"\n.\nReuters\n.\n^\nBose, Nandita; Ward, Jasper (7 March 2025).\n\"Trump signs order to establish strategic bitcoin reserve\"\n.\nReuters\n.\nWashington\n. Retrieved\n10 March\n2025\n.\n^\n\"Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve\"\n. 22 June 2025. Archived from\nthe original\non 24 June 2025\n. Retrieved\n6 July\n2025\n.\n^\n\"Czech central bank buys $1 million in bitcoin, other crypto assets for testing\"\n.\nReuters\n.\n^\na\nb\nc\nAlexander, Carol; Imeraj, Arben (2019).\n\"Introducing the BITIX: The Bitcoin Fear Gauge\"\n.\nSSRN Electronic Journal\n.\ndoi\n:\n10.2139\/ssrn.3383734\n.\nISSN\n \n1556-5068\n.\nXBT satisfies the norm 'ISO 4217' by the International Organisation for Standardisation (ISO) as BTC goes against the name of Bhutan's currency. In general, transaction instruments that are not national currencies, like gold or silver, begin with an X. However, the symbol XBT is not officially recognised by ISO.\n^\nRomain Dillet (9 August 2013).\n\"Bitcoin Ticker Available On Bloomberg Terminal For Employees\"\n.\nTechCrunch\n.\nArchived\nfrom the original on 1 November 2014\n. Retrieved\n2 November\n2014\n.\n^\nBustillos, Maria (2 April 2013).\n\"The Bitcoin Boom\"\n.\nThe New Yorker\n.\nArchived\nfrom the original on 27 July 2014\n. Retrieved\n22 December\n2013\n.\n^\nBitcoin\n,\nOxford Advanced Learner's Dictionary\n^\nbitcoin\nArchived\n3 May 2022 at the\nWayback Machine\n,\nCambridge Advanced Learner's Dictionary\n^\nKatie Pisa; Natasha Maguder (9 July 2014).\n\"Bitcoin your way to a double espresso\"\n.\nCNN\n.\nArchived\nfrom the original on 18 June 2015\n. Retrieved\n23 April\n2015\n.\n^\na\nb\nc\nGervais, Arthur; Karame, Ghassan O.; Capkun, Vedran; Capkun, Srdjan (May 2014). \"Is Bitcoin a Decentralized Currency?\".\nIEEE Security & Privacy\n.\n12\n(3):\n54–\n60.\nBibcode\n:\n2014ISPri..12c..54G\n.\ndoi\n:\n10.1109\/MSP.2014.49\n.\nISSN\n \n1540-7993\n.\nS2CID\n \n13948781\n.\n^\na\nb\nc\nd\ne\nf\n\"The great chain of being sure about things\"\n.\nThe Economist\n. 31 October 2015.\nArchived\nfrom the original on 4 December 2023\n. Retrieved\n22 November\n2023\n.\n^\n\"Blockchain Networks: Token Design and Management Overview\"\n(PDF)\n. National Institute of Standards Technology (NIST). p. 32.\nArchived\n(PDF)\nfrom the original on 24 December 2022\n. Retrieved\n29 December\n2022\n.\n^\nSparkes, Matthew (9 June 2014).\n\"The coming digital anarchy\"\n.\nThe Daily Telegraph\n.\nArchived\nfrom the original on 23 January 2015\n. Retrieved\n7 January\n2015\n.\n^\na\nb\nc\nd\ne\nKroll, Joshua A.; Davey, Ian C.; Felten, E. (11–12 June 2013).\nThe Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries\n. The Twelfth Workshop on the Economics of Information Security (WEIS 2013). Washington, DC.\nS2CID\n \n2794725\n.\n^\n\"Man Throws Away 7,500 Bitcoins, Now Worth $7.5 Million\"\n.\nCBS DC\n. 29 November 2013.\nArchived\nfrom the original on 15 January 2014\n. Retrieved\n23 January\n2014\n.\n^\nKrause, Elliott (5 July 2018).\n\"A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help\"\n.\nThe Wall Street Journal\n.\nArchived\nfrom the original on 9 July 2018\n. Retrieved\n8 July\n2018\n.\n^\nJeffries, Adrianne (19 December 2013).\n\"How to steal Bitcoin in three easy steps\"\n.\nThe Verge\n.\nArchived\nfrom the original on 27 July 2019\n. Retrieved\n17 January\n2014\n.\n^\nHarney, Alexandra; Stecklow, Steve (16 November 2017).\n\"Twice burned – How Mt. Gox's bitcoin customers could lose again\"\n.\nReuters\n.\nArchived\nfrom the original on 29 August 2019\n. Retrieved\n6 September\n2018\n.\n^\na\nb\nc\nd\nMingxiao, Du; Xiaofeng, Ma; Zhe, Zhang; Xiangwei, Wang; Qijun, Chen (5–8 October 2017).\nA review on consensus algorithm of blockchain\n. 2017 IEEE International Conference on Systems, Man, and Cybernetics (SMC). Banff, AB, Canada: IEEE. pp. \n2567–\n2572.\ndoi\n:\n10.1109\/SMC.2017.8123011\n.\nISBN\n \n978-1-5386-1645-1\n.\n^\n\"Bitcoin boom benefiting TSMC: report\"\n.\nTaipei Times\n. 4 January 2014.\nArchived\nfrom the original on 29 January 2023\n. Retrieved\n22 October\n2021\n.\n^\nAshlee, Vance\n(14 November 2013).\n\"2014 Outlook: Bitcoin Mining Chips, a High-Tech Arms Race\"\n.\nBusinessWeek\n. Archived from\nthe original\non 21 November 2013\n. Retrieved\n24 November\n2013\n.\n^\nKing, Ritchie S.; Williams, Sam; Yanofsky, David (17 December 2013).\n\"By reading this article, you're mining bitcoins\"\n.\nQuartz\n.\nArchived\nfrom the original on 17 December 2013\n. Retrieved\n17 December\n2013\n.\n^\nHampton, Nikolai (5 September 2016).\n\"Understanding the blockchain hype: Why much of it is nothing more than snake oil and spin\"\n.\nComputerworld\n.\nArchived\nfrom the original on 6 September 2016\n. Retrieved\n5 September\n2016\n.\n^\nStoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich; Neumüller, Alexander (June 2023). Climate Impacts of Bitcoin Mining in the U.S. (Report). Working Paper Series. MIT Center for Energy and Environmental Policy Research.\nJSTOR\n \nresrep51839\n.\n^\n\"Cambridge Digital Mining Industry Report: Global Operations, Sentiment, and Energy Use – CCAF publications\"\n.\nCambridge Judge Business School\n. Retrieved\n29 April\n2025\n.\n^\nHuang, Jon; O'Neill, Claire; Tabuchi, Hiroko (3 September 2021).\n\"Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?\"\n.\nThe New York Times\n.\nISSN\n \n0362-4331\n.\nArchived\nfrom the original on 17 February 2023\n. Retrieved\n16 January\n2022\n.\n^\nde Vries, Alex; Stoll, Christian (December 2021). \"Bitcoin's growing e-waste problem\".\nResources, Conservation and Recycling\n.\n175\n105901.\nBibcode\n:\n2021RCR...17505901D\n.\ndoi\n:\n10.1016\/j.resconrec.2021.105901\n.\n^\n\"Bitcoin mining in China rebounds, defying 2021 ban\"\n.\nReuters\n. 26 November 2025.\n^\n\"Global Hashrate Heatmap Update: Q4 2025\"\n.\nHashrate Index\n. 6 October 2025\n. Retrieved\n26 November\n2025\n.\n^\nSimonite, Tom (5 September 2013).\n\"Mapping the Bitcoin Economy Could Reveal Users' Identities\"\n.\nMIT Technology Review\n.\nArchived\nfrom the original on 27 September 2020\n. Retrieved\n2 April\n2014\n.\n^\nLee, Timothy (21 August 2013).\n\"Five surprising facts about Bitcoin\"\n.\nThe Washington Post\n.\nArchived\nfrom the original on 9 July 2022\n. Retrieved\n21 November\n2023\n.\n^\nMcMillan, Robert (6 June 2013).\n\"How Bitcoin lets you spy on careless companies\"\n.\nWired UK\n.\nArchived\nfrom the original on 9 February 2014\n. Retrieved\n3 April\n2020\n.\n^\nAnderson, Ross; Shumailov, Ilia; Ahmed, Mansoor (24 November 2018).\n\"Making Bitcoin Legal\"\n. In Matyáš, Vashek; Švenda, Petr; Stajano, Frank; Christianson, Bruce (eds.).\nSecurity Protocols XXVI\n. Lecture Notes in Computer Science. Vol. 11286. Springer. pp. \n243–\n253.\ndoi\n:\n10.1007\/978-3-030-03251-7_29\n.\nISBN\n \n978-3-030-03250-0\n.\nArchived\nfrom the original on 24 November 2023\n. Retrieved\n24 November\n2023\n.\n^\nMöser, Malte; Böhme, Rainer; Breuker, Dominic (2013).\nAn Inquiry into Money Laundering Tools in the Bitcoin Ecosystem\n(PDF)\n. 2013 APWG eCrime Researchers Summit.\nIEEE\n.\nISBN\n \n978-1-4799-1158-5\n.\nArchived\n(PDF)\nfrom the original on 26 June 2018\n. Retrieved\n19 June\n2019\n.\n^\nSerwer, Adam; Liebelson, Dana (10 April 2013).\n\"Bitcoin, Explained\"\n.\nMother Jones\n.\nArchived\nfrom the original on 27 April 2014\n. Retrieved\n26 April\n2014\n.\n^\nVigna, Paul (17 January 2016).\n\"Is Bitcoin Breaking Up?\"\n.\nThe Wall Street Journal\n.\nArchived\nfrom the original on 20 August 2016\n. Retrieved\n8 November\n2016\n.\n^\nGervais, Arthur; Capkun, Srdjan; Karame, Ghassan O.; Gruber, Damian (8 December 2014).\n\"On the privacy provisions of Bloom filters in lightweight bitcoin clients\"\n.\nProceedings of the 30th Annual Computer Security Applications Conference\n. ACSAC '14. New York, NY, USA: Association for Computing Machinery. pp. \n326–\n335.\ndoi\n:\n10.1145\/2664243.2664267\n.\nISBN\n \n978-1-4503-3005-3\n.\nS2CID\n \n9161497\n.\nArchived\nfrom the original on 21 April 2024\n. Retrieved\n22 November\n2023\n.\n^\nBarhydt, Bill (4 June 2014).\n\"3 reasons Wall Street can't stay away from bitcoin\"\n. CNBC.\nArchived\nfrom the original on 4 December 2023\n. Retrieved\n22 November\n2023\n.\n^\nRoberts, Daniel (15 December 2017).\n\"How to send bitcoin to a hardware wallet\"\n.\nYahoo Finance\n.\nArchived\nfrom the original on 17 February 2018\n. Retrieved\n17 February\n2018\n.\n^\nMike Orcutt (19 May 2015).\n\"Leaderless Bitcoin Struggles to Make Its Most Crucial Decision\"\n.\nMIT Technology Review\n.\nArchived\nfrom the original on 18 October 2017\n. Retrieved\n15 November\n2016\n.\n^\nOrcutt, Mike (19 May 2015).\n\"Leaderless Bitcoin Struggles to Make Its Most Crucial Decision\"\n.\nMIT Technology Review\n.\nArchived\nfrom the original on 18 October 2017\n. Retrieved\n22 June\n2017\n.\n^\nTschorsch, Florian; Scheuermann, Björn (2016). \"Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies\".\nIEEE Communications Surveys and Tutorials\n.\n18\n(3):\n2084–\n2123.\ndoi\n:\n10.1109\/comst.2016.2535718\n.\nS2CID\n \n5115101\n.\n^\nWilhelm, Alex.\n\"Popular Bitcoin Mining Pool Promises To Restrict Its Compute Power To Prevent Feared '51%' Fiasco\"\n.\nTechCrunch\n.\nArchived\nfrom the original on 5 December 2017\n. Retrieved\n25 January\n2018\n.\n^\nEuropean Central Bank (2012).\nVirtual Currency Schemes\n(PDF)\n.\nEuropean Central Bank\n.\ndoi\n:\n10.2866\/47380\n.\nISBN\n \n978-92-899-0862-7\n.\nOCLC\n \n1044382974\n.\nArchived\n(PDF)\nfrom the original on 6 November 2012.\n^\nDodd, Nigel\n(May 2018).\n\"The Social Life of Bitcoin\"\n.\nTheory, Culture & Society\n.\n35\n(3):\n35–\n56.\ndoi\n:\n10.1177\/0263276417746464\n.\nISSN\n \n0263-2764\n.\nS2CID\n \n51914607\n.\nArchived\nfrom the original on 22 November 2023\n. Retrieved\n22 November\n2023\n.\n^\na\nb\n\"Bitcoin and other cryptocurrencies are useless\"\n.\nThe Economist\n. 30 August 2018.\nArchived\nfrom the original on 4 September 2018\n. Retrieved\n4 September\n2018\n.\n^\nFeuer, Alan (14 December 2013).\n\"The Bitcoin Ideology\"\n.\nThe New York Times\n.\nArchived\nfrom the original on 1 July 2018\n. Retrieved\n1 July\n2018\n.\n^\na\nb\n\"Free Exchange. Money from nothing. Chronic deflation may keep Bitcoin from displacing its rivals\"\n.\nThe Economist\n. 15 March 2014.\nArchived\nfrom the original on 25 March 2014\n. Retrieved\n25 March\n2014\n.\n^\n\"The magic of mining\"\n.\nThe Economist\n. 13 January 2015.\nArchived\nfrom the original on 12 January 2015\n. Retrieved\n13 January\n2015\n.\n^\nShiller, Robert (1 March 2014).\n\"In Search of a Stable Electronic Currency\"\n.\nThe New York Times\n.\nArchived\nfrom the original on 24 October 2014.\n^\nVelde, François R. (August 2017).\nTechnological Change and the Future of Cash\n(Report). SUERF Policy Note. SUERF – The European Money and Finance Forum\n. Retrieved\n21 October\n2025\n.\n^\nWeindling, Jacob (18 September 2017).\n\"China May Be Gearing Up to Ban Bitcoin\"\n.\nPaste\n.\nArchived\nfrom the original on 22 November 2023\n. Retrieved\n22 November\n2023\n.\n^\nLavin, Tim (8 August 2013).\n\"The SEC Shows Why Bitcoin Is Doomed\"\n.\nBloomberg News\n.\nArchived\nfrom the original on 25 March 2014\n. Retrieved\n20 October\n2013\n.\n^\nMontag, Ali (9 July 2018).\n\"Nobel-winning economist: Authorities will bring down 'hammer' on bitcoin\"\n. CNBC.\nArchived\nfrom the original on 11 July 2018\n. Retrieved\n11 July\n2018\n.\n^\n\"Regulation of Cryptocurrency Around the World: November 2021 Update\"\n(PDF)\n. United States Library of Congress.\nArchived\n(PDF)\nfrom the original on 24 December 2021\n. Retrieved\n28 December\n2022\n.\n^\na\nb\n\"This time really is different for the dollar, writes Kenneth Rogoff\"\n.\nThe Economist\n.\nISSN\n \n0013-0613\n. Retrieved\n25 May\n2025\n.\n^\na\nb\nKen Rogoff on How Crypto Is Cutting Into the Dollar’s Hegemony\n, Vildana Hajric, Bloomberg, May 24, 2025\n^\na\nb\nMurphy, Hannah (8 June 2018).\n\"Who really owns bitcoin now?\"\n.\nFinancial Times\n.\nArchived\nfrom the original on 10 June 2018\n. Retrieved\n10 June\n2018\n.\n^\nKatz, Lily (12 July 2017).\n\"Bitcoin Acceptance Among Retailers Is Low and Getting Lower\"\n.\nBloomberg News\n.\nArchived\nfrom the original on 25 January 2018\n. Retrieved\n25 January\n2018\n.\n^\nKharif, Olga (1 August 2018).\n\"Bitcoin's Use in Commerce Keeps Falling Even as Volatility Eases\"\n.\nBloomberg News\n.\nArchived\nfrom the original on 2 August 2018\n. Retrieved\n2 August\n2018\n.\n^\nChan, Bernice (16 January 2015).\n\"Bitcoin transactions cut the cost of international money transfers\"\n.\nSouth China Morning Post\n.\nArchived\nfrom the original on 31 May 2019\n. Retrieved\n31 May\n2019\n.\n^\n\"Majority of Salvadorans do not want bitcoin, poll shows\"\n.\nReuters\n. 2 September 2021.\nArchived\nfrom the original on 30 November 2021\n. Retrieved\n30 November\n2021\n.\n^\n\"IMF urges El Salvador to remove Bitcoin as legal tender\"\n.\nBBC News\n. 26 January 2022.\nArchived\nfrom the original on 26 January 2022\n. Retrieved\n26 January\n2022\n.\n^\nAlvarez, Fernando; Argente, David; Van Patten, Diana (2022). Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador (Report). Cambridge, MA: National Bureau of Economic Research.\ndoi\n:\n10.3386\/w29968\n.\n^\n\"Bitcoin Declared Legal Currency in Central African Republic\"\n.\nBloomberg\n. 28 April 2022.\nArchived\nfrom the original on 28 April 2022\n. Retrieved\n28 April\n2022\n.\n^\n\"Frequently Asked Questions on Central African Republic\"\n.\nInternational Monetary Fund\n.\nArchived\nfrom the original on 11 August 2023\n. Retrieved\n11 August\n2023\n.\n^\nRasool, Mohammed (3 November 2020).\n\"Iran Is Pivoting to Bitcoin\"\n.\nVice\n.\nArchived\nfrom the original on 3 November 2020\n. Retrieved\n10 November\n2020\n.\n^\n\"Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports\"\n.\nAsharq Al-Awsat\n. 31 October 2020.\nArchived\nfrom the original on 31 October 2020\n. Retrieved\n31 October\n2020\n.\n^\nKohler, Judith (21 September 2022).\n\"Colorado accepts cryptocurrency to pay taxes, moving the state \"tech forward\"\n\"\n.\nThe Denver Post\n.\nArchived\nfrom the original on 29 December 2022\n. Retrieved\n29 December\n2022\n.\n^\n\"\n'Crypto Valley' canton to accept Bitcoin for tax payments\"\n.\nSWI swissinfo\n. 3 September 2020.\nArchived\nfrom the original on 22 November 2023\n. Retrieved\n22 November\n2023\n.\n^\nswissinfo.ch, S. W. I. (5 December 2023).\n\"Lugano accepts bitcoin and tether payments for all city invoices\"\n.\nSWI swissinfo.ch\n. Retrieved\n21 October\n2025\n.\n^\nHuang, Vicky Ge (15 October 2023).\n\"Why the U.S. Government Has $5 Billion in Bitcoin\"\n.\nThe Wall Street Journal\n.\nArchived\nfrom the original on 20 February 2024\n. Retrieved\n20 February\n2024\n.\n^\nCastillo, Michael del (16 June 2023).\n\"U.S. Government Owns Way More Bitcoin Than Any Other Country–So Why Aren't They Selling It?\"\n.\nForbes\n.\nArchived\nfrom the original on 21 February 2024\n. Retrieved\n21 February\n2024\n.\n^\n\"Jersey approve Bitcoin fund launch on island\"\n.\nBBC News\n. 10 July 2014.\nArchived\nfrom the original on 10 July 2014\n. Retrieved\n10 July\n2014\n.\n^\n\"Chicago Mercantile Exchange jumps into bitcoin futures\"\n.\nCBS News\n. 18 December 2017.\nArchived\nfrom the original on 31 May 2019\n. Retrieved\n31 May\n2019\n.\n^\n\"Gold or Bitcoin? Store-of-value debate rages as Bitcoin grows\"\n.\nBloomberg Professional Services\n. 25 October 2021\n. Retrieved\n2 October\n2024\n.\n^\n\"Goldman Sachs says bitcoin will compete with gold as \"store of value\"\n\"\n.\nReuters\n. 5 January 2022.\n^\nLee, Timothy B.\n\"The $11 million in bitcoins the Winklevoss brothers bought is now worth $32 million\"\n.\nThe Washington Post\n.\nArchived\nfrom the original on 6 July 2017\n. Retrieved\n11 August\n2017\n.\n^\n\"Tesla Sells 75% of Its Bitcoin Purchases\"\n.\nThe Wall Street Journal\n. Retrieved\n23 November\n2025\n.\n{{\ncite news\n}}\n:  CS1 maint: deprecated archival service (\nlink\n)\n^\nMaidenberg, Micah; Driebusch, Corrie; Jin, Berber (17 August 2023).\n\"A Rare Look Into the Finances of Elon Musk's Secretive SpaceX\"\n.\nThe Wall Street Journal\n. Retrieved\n19 November\n2023\n.\n{{\ncite news\n}}\n:  CS1 maint: deprecated archival service (\nlink\n)\n^\nOstroff, Caitlin; Elliott, Rebecca (8 February 2021).\n\"Tesla Buys $1.5 Billion in Bitcoin\"\n.\nThe Wall Street Journal\n.\nISSN\n \n0099-9660\n.\nArchived\nfrom the original on 6 January 2024\n. Retrieved\n22 November\n2023\n.\n^\nVigna, Paul (20 December 2021).\n\"Bitcoin's 'One Percent' Controls Lion's Share of the Cryptocurrency's Wealth\"\n.\nWall Street Journal\n.\nISSN\n \n0099-9660\n.\nArchived\nfrom the original on 22 December 2021\n. Retrieved\n22 December\n2021\n.\n^\nRenteria, Nelson (5 March 2025).\n\"El Salvador announces more bitcoin purchases, gives IMF assurances\"\n.\n^\nCostelloe, Kevin (29 November 2017).\n\"Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says\"\n.\nBloomberg News\n.\nArchived\nfrom the original on 12 June 2018\n. Retrieved\n5 June\n2018\n.\nIt doesn't serve any socially useful function.\n^\nWolff-Mann, Ethan (27 April 2018).\n\"\n'Only good for drug dealers': More Nobel prize winners snub bitcoin\"\n.\nYahoo Finance\n.\nArchived\nfrom the original on 12 June 2018\n. Retrieved\n7 June\n2018\n.\n^\nMohamed, Theron (30 May 2023).\n\"Nobel economist Paul Krugman slams crypto as mostly useless, after saying it's hugely overpriced and helps criminals\"\n.\nBusiness Insider\n.\nArchived\nfrom the original on 23 November 2023\n. Retrieved\n23 November\n2023\n.\n^\nAuthers, John\n(9 June 2021).\n\"Don't Call Bitcoin a Bubble. It's an Epidemic\"\n.\nBloomberg.com\n.\nArchived\nfrom the original on 10 June 2021.\n^\nTirole, Jean\n(1 February 2024).\n\"Cryptocurrencies: an economist's view\"\n.\nLa Jaune et la Rouge\n. Vol. February 2024, no. 792\n. Retrieved\n15 November\n2024\n.\n^\n\"Bitcoin breaks $100,000 barrier amid post-election cryptocurrency surge\"\n.\nWashington Post\n. Retrieved\n5 December\n2024\n.\n\"People use bitcoin as a speculative asset. It's like gold, it's just like gold, only it's virtual, it's digital. People are not using it as a form of payment or a store of value,\" he said. \"It's highly volatile. It's not a competitor for the dollar; it's really a competitor for gold.\"\n^\na\nb\nRogoff, Kenneth (26 February 2026).\n\"Should Central Banks Hold Bitcoin Reserves?\"\n.\nProject Syndicate\n. Retrieved\n30 March\n2026\n.\n^\nKlein, Tony; Pham Thu, Hien; Walther, Thomas (October 2018).\n\"Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance\"\n(PDF)\n.\nInternational Review of Financial Analysis\n.\n59\n:\n105–\n116.\ndoi\n:\n10.1016\/j.irfa.2018.07.010\n.\nS2CID\n \n158400153\n.\nArchived\n(PDF)\nfrom the original on 25 November 2023\n. Retrieved\n24 November\n2023\n.\n^\nMazur, Mieszko (31 March 2022). \"Misperceptions of Bitcoin Volatility\".\nThe Journal of Alternative Investments\n.\n24\n(4):\n33–\n44.\ndoi\n:\n10.3905\/jai.2022.1.153\n.\nISSN\n \n1520-3255\n.\nS2CID\n \n247843794\n.\n^\nMontag, Ali (26 August 2018).\n\"\n'HODL,' 'whale' and 5 other cryptocurrency slang terms explained\"\n.\nCNBC\n.\nArchived\nfrom the original on 12 January 2022\n. Retrieved\n16 March\n2021\n.\n^\nHajric, Vildana (19 November 2020).\n\"All the Bitcoin Lingo You Need to Know as Crypto Heats Up\"\n.\nBloomberg\n.\nArchived\nfrom the original on 29 November 2020\n. Retrieved\n1 December\n2020\n.\n^\nClinch, Matt (10 March 2014).\n\"Roubini launches stinging attack on bitcoin\"\n.\nCNBC\n.\nArchived\nfrom the original on 9 July 2022\n. Retrieved\n22 November\n2023\n.\n^\nPosner, Eric\n(11 April 2013).\n\"Fool's Gold\"\n.\nSlate\n.\nISSN\n \n1091-2339\n.\nArchived\nfrom the original on 8 July 2022\n. Retrieved\n22 November\n2023\n.\n^\nDavradakis, Emmanouil; Santos, Ricardo (2019).\nBlockchain, FinTechs and their relevance for international financial institutions\n.\nEuropean Investment Bank\n.\ndoi\n:\n10.2867\/11329\n.\nISBN\n \n978-92-861-4184-3\n.\nArchived\nfrom the original on 21 April 2024\n. Retrieved\n24 November\n2023\n.\n^\nFeng, Wenjun; Wang, Yiming; Zhang, Zhengjun (1 September 2018).\n\"Informed trading in the Bitcoin market\"\n.\nFinance Research Letters\n.\n26\n:\n63–\n70.\ndoi\n:\n10.1016\/j.frl.2017.11.009\n.\nISSN\n \n1544-6123\n.\n^\n\"Bitcoin set to break records and shatter the $100K barrier\"\n.\nThe Economic Times\n. 8 May 2025.\nISSN\n \n0013-0389\n. Retrieved\n20 May\n2025\n.\nFurther reading\nNakamoto, Satoshi (31 October 2008).\n\"Bitcoin: A Peer-to-Peer Electronic Cash System\"\n(PDF)\n. bitcoin.org. Archived from\nthe original\n(PDF)\non 20 March 2014\n. Retrieved\n28 April\n2014\n.\nExternal links\nLook up\nbitcoin\nin Wiktionary, the free dictionary.\nWikiquote has quotations related to\nBitcoin\n.\nCode repository on Github","attrs_markdown":"[Jump to content](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#bodyContent)\n\nMain menu\n\nMain menu\n\nmove to sidebar\n\nhide\n\nNavigation\n\n- [Main page](https:\/\/en.wikipedia.org\/wiki\/Main_Page \"Visit the main page [z]\")\n- [Contents](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contents \"Guides to browsing Wikipedia\")\n- [Current events](https:\/\/en.wikipedia.org\/wiki\/Portal:Current_events \"Articles related to current events\")\n- [Random article](https:\/\/en.wikipedia.org\/wiki\/Special:Random \"Visit a randomly selected article [x]\")\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About \"Learn about Wikipedia and how it works\")\n- [Contact us](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us \"How to contact Wikipedia\")\n\nContribute\n\n- [Help](https:\/\/en.wikipedia.org\/wiki\/Help:Contents \"Guidance on how to use and edit Wikipedia\")\n- [Learn to edit](https:\/\/en.wikipedia.org\/wiki\/Help:Introduction \"Learn how to edit Wikipedia\")\n- [Community portal](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Community_portal \"The hub for editors\")\n- [Recent changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChanges \"A list of recent changes to Wikipedia [r]\")\n- [Upload file](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:File_upload_wizard \"Add images or other media for use on Wikipedia\")\n- [Special pages](https:\/\/en.wikipedia.org\/wiki\/Special:SpecialPages \"A list of all special pages [q]\")\n\n[![](https:\/\/en.wikipedia.org\/static\/images\/icons\/enwiki-25.svg) ![Wikipedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-tagline-en-25.svg)](https:\/\/en.wikipedia.org\/wiki\/Main_Page)\n\n[Search](https:\/\/en.wikipedia.org\/wiki\/Special:Search \"Search Wikipedia [f]\")\n\nAppearance\n\n- [Donate](https:\/\/donate.wikimedia.org\/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)\n- [Create account](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CreateAccount&returnto=Bitcoin \"You are encouraged to create an account and log in; however, it is not mandatory\")\n- [Log in](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UserLogin&returnto=Bitcoin \"You're encouraged to log in; however, it's not mandatory. [o]\")\n\nPersonal tools\n\n- [Donate](https:\/\/donate.wikimedia.org\/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)\n- [Create account](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CreateAccount&returnto=Bitcoin \"You are encouraged to create an account and log in; however, it is not mandatory\")\n- [Log in](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UserLogin&returnto=Bitcoin \"You're encouraged to log in; however, it's not mandatory. [o]\")\n\n## Contents\nmove to sidebar\n\nhide\n\n- [(Top)](https:\/\/en.wikipedia.org\/wiki\/Bitcoin)\n- [1 History](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#History)\n  Toggle History subsection\n  - [1\\.1 Background](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Background)\n  - [1\\.2 2008–2009: Creation](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#2008%E2%80%932009:_Creation)\n  - [1\\.3 2010–2012: Early growth](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#2010%E2%80%932012:_Early_growth)\n  - [1\\.4 2013–2014: First regulatory actions](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#2013%E2%80%932014:_First_regulatory_actions)\n  - [1\\.5 2015–2019](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#2015%E2%80%932019)\n  - [1\\.6 2020–present](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#2020%E2%80%93present)\n- [2 Design](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Design)\n  Toggle Design subsection\n  - [2\\.1 Units and divisibility](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Units_and_divisibility)\n  - [2\\.2 Blockchain](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Blockchain)\n  - [2\\.3 Addresses and transactions](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Addresses_and_transactions)\n  - [2\\.4 Mining](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Mining)\n  - [2\\.5 Privacy and fungibility](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Privacy_and_fungibility)\n  - [2\\.6 Wallets](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Wallets)\n  - [2\\.7 Scalability and decentralization challenges](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Scalability_and_decentralization_challenges)\n- [3 Economics and usage](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Economics_and_usage)\n  Toggle Economics and usage subsection\n  - [3\\.1 Bitcoin's theoretical roots and ideology](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Bitcoin's_theoretical_roots_and_ideology)\n  - [3\\.2 Recognition as a currency and legal status](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Recognition_as_a_currency_and_legal_status)\n  - [3\\.3 Use for payments](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Use_for_payments)\n  - [3\\.4 Use for investment and status as an economic bubble](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Use_for_investment_and_status_as_an_economic_bubble)\n  - [3\\.5 Market characteristics](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Market_characteristics)\n- [4 See also](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#See_also)\n- [5 Notes](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Notes)\n- [6 References](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#References)\n- [7 Further reading](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Further_reading)\n- [8 External links](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#External_links)\n\nToggle the table of contents\n\n# Bitcoin\n137 languages\n\n- [Afrikaans](https:\/\/af.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Afrikaans\")\n- [Alemannisch](https:\/\/als.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Alemannic\")\n- [አማርኛ](https:\/\/am.wikipedia.org\/wiki\/%E1%89%A2%E1%89%B5%E1%8A%AE%E1%8B%AD%E1%8A%95 \"ቢትኮይን – Amharic\")\n- [Aragonés](https:\/\/an.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Aragonese\")\n- [العربية](https:\/\/ar.wikipedia.org\/wiki\/%D8%A8%D9%8A%D8%AA%D9%83%D9%88%D9%8A%D9%86 \"بيتكوين – Arabic\")\n- [الدارجة](https:\/\/ary.wikipedia.org\/wiki\/%D8%A8%D9%8A%D8%AA%D9%83%D9%88%D9%8A%D9%86 \"بيتكوين – Moroccan Arabic\")\n- [مصرى](https:\/\/arz.wikipedia.org\/wiki\/%D8%A8%D9%8A%D8%AA%D9%83%D9%88%D9%8A%D9%86 \"بيتكوين – Egyptian Arabic\")\n- [অসমীয়া](https:\/\/as.wikipedia.org\/wiki\/%E0%A6%AC%E0%A6%BF%E0%A6%9F%E0%A6%95%E0%A6%87%E0%A6%A8 \"বিটকইন – Assamese\")\n- [Asturianu](https:\/\/ast.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Asturian\")\n- [Azərbaycanca](https:\/\/az.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Azerbaijani\")\n- [تۆرکجه](https:\/\/azb.wikipedia.org\/wiki\/%D8%A8%DB%8C%D8%AA%DA%A9%D9%88%DB%8C%D9%86 \"بیتکوین – South Azerbaijani\")\n- [Башҡортса](https:\/\/ba.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD \"Биткойн – Bashkir\")\n- [Basa Bali](https:\/\/ban.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Balinese\")\n- [Boarisch](https:\/\/bar.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Bavarian\")\n- [Беларуская (тарашкевіца)](https:\/\/be-tarask.wikipedia.org\/wiki\/%D0%91%D1%96%D1%82%D0%BA%D0%BE%D0%B9%D0%BD \"Біткойн – Belarusian (Taraškievica orthography)\")\n- [Беларуская](https:\/\/be.wikipedia.org\/wiki\/%D0%91%D1%96%D1%82%D0%BA%D0%BE%D0%B9%D0%BD \"Біткойн – Belarusian\")\n- [Български](https:\/\/bg.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD \"Биткойн – Bulgarian\")\n- [भोजपुरी](https:\/\/bh.wikipedia.org\/wiki\/%E0%A4%AC%E0%A4%BF%E0%A4%9F%E0%A4%95%E0%A5%89%E0%A4%87%E0%A4%A8 \"बिटकॉइन – Bhojpuri\")\n- [ပအိုဝ်ႏဘာႏသာႏ](https:\/\/blk.wikipedia.org\/wiki\/%E1%80%98%E1%80%85%E1%80%BA%E1%80%80%E1%80%BD%E1%80%AF%E1%80%B2%E1%80%94%E1%80%BA \"ဘစ်ကွုဲန် – Pa'O\")\n- [বাংলা](https:\/\/bn.wikipedia.org\/wiki\/%E0%A6%AC%E0%A6%BF%E0%A6%9F%E0%A6%95%E0%A6%AF%E0%A6%BC%E0%A7%87%E0%A6%A8 \"বিটকয়েন – Bangla\")\n- [Brezhoneg](https:\/\/br.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Breton\")\n- [Català](https:\/\/ca.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Catalan\")\n- [کوردی](https:\/\/ckb.wikipedia.org\/wiki\/%D8%A8%DB%8C%D8%AA%DA%A9%DB%86%DB%8C%D9%86 \"بیتکۆین – Central Kurdish\")\n- [Čeština](https:\/\/cs.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Czech\")\n- [Cymraeg](https:\/\/cy.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Welsh\")\n- [Dansk](https:\/\/da.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Danish\")\n- [Deutsch](https:\/\/de.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – German\")\n- [Zazaki](https:\/\/diq.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Dimli\")\n- [Ελληνικά](https:\/\/el.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Greek\")\n- [Esperanto](https:\/\/eo.wikipedia.org\/wiki\/Bitmono \"Bitmono – Esperanto\")\n- [Español](https:\/\/es.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Spanish\")\n- [Eesti](https:\/\/et.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Estonian\")\n- [Euskara](https:\/\/eu.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Basque\")\n- [فارسی](https:\/\/fa.wikipedia.org\/wiki\/%D8%A8%DB%8C%D8%AA%E2%80%8C%DA%A9%D9%88%DB%8C%D9%86 \"بیت‌کوین – Persian\")\n- [Fulfulde](https:\/\/ff.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Fula\")\n- [Suomi](https:\/\/fi.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Finnish\")\n- [Føroyskt](https:\/\/fo.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Faroese\")\n- [Français](https:\/\/fr.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – French\")\n- [Frysk](https:\/\/fy.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Western Frisian\")\n- [Gaeilge](https:\/\/ga.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Irish\")\n- [Galego](https:\/\/gl.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Galician\")\n- [Hausa](https:\/\/ha.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Hausa\")\n- [עברית](https:\/\/he.wikipedia.org\/wiki\/%D7%91%D7%99%D7%98%D7%A7%D7%95%D7%99%D7%9F \"ביטקוין – Hebrew\")\n- [हिन्दी](https:\/\/hi.wikipedia.org\/wiki\/%E0%A4%AC%E0%A4%BF%E0%A4%9F%E0%A4%95%E0%A5%89%E0%A4%87%E0%A4%A8 \"बिटकॉइन – Hindi\")\n- [Hrvatski](https:\/\/hr.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Croatian\")\n- [Magyar](https:\/\/hu.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Hungarian\")\n- [Հայերեն](https:\/\/hy.wikipedia.org\/wiki\/%D4%B2%D5%AB%D5%A9%D6%84%D5%B8%D5%B5%D5%B6 \"Բիթքոյն – Armenian\")\n- [Արեւմտահայերէն](https:\/\/hyw.wikipedia.org\/wiki\/%D5%8A%D5%AB%D5%A9%D6%84%D5%B8%D5%B5%D5%B6 \"Պիթքոյն – Western Armenian\")\n- [Interlingua](https:\/\/ia.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Interlingua\")\n- [Jaku Iban](https:\/\/iba.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Iban\")\n- [Bahasa Indonesia](https:\/\/id.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Indonesian\")\n- [Interlingue](https:\/\/ie.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Interlingue\")\n- [Ido](https:\/\/io.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Ido\")\n- [Íslenska](https:\/\/is.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Icelandic\")\n- [Italiano](https:\/\/it.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Italian\")\n- [日本語](https:\/\/ja.wikipedia.org\/wiki\/%E3%83%93%E3%83%83%E3%83%88%E3%82%B3%E3%82%A4%E3%83%B3 \"ビットコイン – Japanese\")\n- [ქართული](https:\/\/ka.wikipedia.org\/wiki\/%E1%83%91%E1%83%98%E1%83%A2%E1%83%99%E1%83%9D%E1%83%98%E1%83%9C%E1%83%98 \"ბიტკოინი – Georgian\")\n- [Қазақша](https:\/\/kk.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD \"Биткоин – Kazakh\")\n- [ಕನ್ನಡ](https:\/\/kn.wikipedia.org\/wiki\/%E0%B2%AC%E0%B2%BF%E0%B2%9F%E0%B3%8D%E0%B2%95%E0%B2%BE%E0%B2%AF%E0%B2%BF%E0%B2%A8%E0%B3%8D \"ಬಿಟ್ಕಾಯಿನ್ – Kannada\")\n- [한국어](https:\/\/ko.wikipedia.org\/wiki\/%EB%B9%84%ED%8A%B8%EC%BD%94%EC%9D%B8 \"비트코인 – Korean\")\n- [Kurdî](https:\/\/ku.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Kurdish\")\n- [Кыргызча](https:\/\/ky.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD \"Биткойн – Kyrgyz\")\n- [Lëtzebuergesch](https:\/\/lb.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Luxembourgish\")\n- [Lingua Franca Nova](https:\/\/lfn.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Lingua Franca Nova\")\n- [Lombard](https:\/\/lmo.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Lombard\")\n- [Lietuvių](https:\/\/lt.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Lithuanian\")\n- [Latviešu](https:\/\/lv.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Latvian\")\n- [Македонски](https:\/\/mk.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD \"Биткоин – Macedonian\")\n- [മലയാളം](https:\/\/ml.wikipedia.org\/wiki\/%E0%B4%AC%E0%B4%BF%E0%B4%B1%E0%B5%8D%E0%B4%B1%E0%B5%8D%E0%B4%95%E0%B5%8B%E0%B4%AF%E0%B4%BF%E0%B5%BB \"ബിറ്റ്കോയിൻ – Malayalam\")\n- [Монгол](https:\/\/mn.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD \"Биткойн – Mongolian\")\n- [ꯃꯤꯇꯩ ꯂꯣꯟ](https:\/\/mni.wikipedia.org\/wiki\/%EA%AF%95%EA%AF%A4%EA%AF%A0%EA%AF%80%EA%AF%A3%EA%AF%8F%EA%AF%9F \"ꯕꯤꯠꯀꯣꯏꯟ – Manipuri\")\n- [मराठी](https:\/\/mr.wikipedia.org\/wiki\/%E0%A4%AC%E0%A4%BF%E0%A4%9F%E0%A4%95%E0%A5%89%E0%A4%88%E0%A4%A8 \"बिटकॉईन – Marathi\")\n- [Bahasa Melayu](https:\/\/ms.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Malay\")\n- [Malti](https:\/\/mt.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Maltese\")\n- [မြန်မာဘာသာ](https:\/\/my.wikipedia.org\/wiki\/%E1%80%98%E1%80%85%E1%80%BA%E1%80%80%E1%80%BD%E1%80%AD%E1%80%AF%E1%80%84%E1%80%BA \"ဘစ်ကွိုင် – Burmese\")\n- [مازِرونی](https:\/\/mzn.wikipedia.org\/wiki\/%D8%A8%DB%8C%D8%AA%E2%80%8C%DA%A9%D9%88%DB%8C%D9%86 \"بیت‌کوین – Mazanderani\")\n- [Nedersaksies](https:\/\/nds-nl.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Low Saxon\")\n- [नेपाली](https:\/\/ne.wikipedia.org\/wiki\/%E0%A4%AC%E0%A4%BF%E0%A4%9F%E0%A4%95%E0%A5%8B%E0%A4%87%E0%A4%A8 \"बिटकोइन – Nepali\")\n- [Nederlands](https:\/\/nl.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Dutch\")\n- [Norsk nynorsk](https:\/\/nn.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Norwegian Nynorsk\")\n- [Norsk bokmål](https:\/\/no.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Norwegian Bokmål\")\n- [Sesotho sa Leboa](https:\/\/nso.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Northern Sotho\")\n- [Chi-Chewa](https:\/\/ny.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Nyanja\")\n- [Occitan](https:\/\/oc.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Occitan\")\n- [ଓଡ଼ିଆ](https:\/\/or.wikipedia.org\/wiki\/%E0%AC%AC%E0%AC%BF%E0%AC%9F%E0%AC%95%E0%AC%8F%E0%AC%A8 \"ବିଟକଏନ – Odia\")\n- [ਪੰਜਾਬੀ](https:\/\/pa.wikipedia.org\/wiki\/%E0%A8%AC%E0%A8%BF%E0%A8%9F%E0%A8%95%E0%A9%8C%E0%A8%87%E0%A8%A8 \"ਬਿਟਕੌਇਨ – Punjabi\")\n- [Papiamentu](https:\/\/pap.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Papiamento\")\n- [Polski](https:\/\/pl.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Polish\")\n- [Piemontèis](https:\/\/pms.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Piedmontese\")\n- [پنجابی](https:\/\/pnb.wikipedia.org\/wiki\/%D8%A8%D9%90%D9%B9_%DA%A9%D9%88%D8%A6%D9%86 \"بِٹ کوئن – Western Punjabi\")\n- [Nawat](https:\/\/ppl.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Nawat\")\n- [پښتو](https:\/\/ps.wikipedia.org\/wiki\/%D8%A8%DB%8C%D9%BC_%DA%A9%D9%88%DB%8C%D9%86 \"بیټ کوین – Pashto\")\n- [Português](https:\/\/pt.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Portuguese\")\n- [Română](https:\/\/ro.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Romanian\")\n- [Русский](https:\/\/ru.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD \"Биткоин – Russian\")\n- [Саха тыла](https:\/\/sah.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD \"Биткоин – Yakut\")\n- [Scots](https:\/\/sco.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Scots\")\n- [Davvisámegiella](https:\/\/se.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Northern Sami\")\n- [Srpskohrvatski \/ српскохрватски](https:\/\/sh.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Serbo-Croatian\")\n- [සිංහල](https:\/\/si.wikipedia.org\/wiki\/%E0%B6%B6%E0%B7%92%E0%B6%A7%E0%B7%8A%E0%B6%9A%E0%B7%9C%E0%B6%BA%E0%B7%92%E0%B6%B1%E0%B7%8A \"බිට්කොයින් – Sinhala\")\n- [Simple English](https:\/\/simple.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Simple English\")\n- [Slovenčina](https:\/\/sk.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Slovak\")\n- [Slovenščina](https:\/\/sl.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Slovenian\")\n- [Anarâškielâ](https:\/\/smn.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Inari Sami\")\n- [Shqip](https:\/\/sq.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Albanian\")\n- [Српски \/ srpski](https:\/\/sr.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD \"Биткоин – Serbian\")\n- [Sesotho](https:\/\/st.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Southern Sotho\")\n- [Svenska](https:\/\/sv.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Swedish\")\n- [Kiswahili](https:\/\/sw.wikipedia.org\/wiki\/Sarafu_ya_Bit \"Sarafu ya Bit – Swahili\")\n- [ꠍꠤꠟꠐꠤ](https:\/\/syl.wikipedia.org\/wiki\/%EA%A0%9B%EA%A0%A4%EA%A0%90%EA%A0%87%EA%A0%84%EA%A0%98 \"ꠛꠤꠐꠇꠄꠘ – Sylheti\")\n- [Sakizaya](https:\/\/szy.wikipedia.org\/wiki\/Pitepi \"Pitepi – Sakizaya\")\n- [தமிழ்](https:\/\/ta.wikipedia.org\/wiki\/%E0%AE%AA%E0%AE%BF%E0%AE%9F%E0%AF%8D%E0%AE%95%E0%AE%BE%E0%AE%AF%E0%AE%BF%E0%AE%A9%E0%AF%8D \"பிட்காயின் – Tamil\")\n- [Tayal](https:\/\/tay.wikipedia.org\/wiki\/pila_Pitat \"pila Pitat – Atayal\")\n- [తెలుగు](https:\/\/te.wikipedia.org\/wiki\/%E0%B0%AC%E0%B0%BF%E0%B0%9F%E0%B1%8D_%E0%B0%95%E0%B0%BE%E0%B0%AF%E0%B0%BF%E0%B0%A8%E0%B1%8D \"బిట్ కాయిన్ – Telugu\")\n- [Тоҷикӣ](https:\/\/tg.wikipedia.org\/wiki\/%D0%91%D0%B8%D1%82%D0%BA%D1%83%D0%B8%D0%BD \"Биткуин – Tajik\")\n- [ไทย](https:\/\/th.wikipedia.org\/wiki\/%E0%B8%9A%E0%B8%B4%E0%B8%95%E0%B8%84%E0%B8%AD%E0%B8%A2%E0%B8%99%E0%B9%8C \"บิตคอยน์ – Thai\")\n- [Türkmençe](https:\/\/tk.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Turkmen\")\n- [Tagalog](https:\/\/tl.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Tagalog\")\n- [Türkçe](https:\/\/tr.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Turkish\")\n- [Seediq](https:\/\/trv.wikipedia.org\/wiki\/Pitopi \"Pitopi – Taroko\")\n- [Татарча \/ tatarça](https:\/\/tt.wikipedia.org\/wiki\/Bitkoin \"Bitkoin – Tatar\")\n- [ئۇيغۇرچە \/ Uyghurche](https:\/\/ug.wikipedia.org\/wiki\/%D8%A8%D9%89%D8%AA_%D8%AA%DB%95%DA%AD%DA%AF%D9%89%D8%B3%D9%89 \"بىت تەڭگىسى – Uyghur\")\n- [Українська](https:\/\/uk.wikipedia.org\/wiki\/%D0%91%D1%96%D1%82%D0%BA%D0%BE%D0%B9%D0%BD \"Біткойн – Ukrainian\")\n- [اردو](https:\/\/ur.wikipedia.org\/wiki\/%D8%A8%D9%B9_%DA%A9%D9%88%D8%A6%D9%86 \"بٹ کوئن – Urdu\")\n- [Oʻzbekcha \/ ўзбекча](https:\/\/uz.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Uzbek\")\n- [Vèneto](https:\/\/vec.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Venetian\")\n- [Tiếng Việt](https:\/\/vi.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Vietnamese\")\n- [West-Vlams](https:\/\/vls.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – West Flemish\")\n- [Volapük](https:\/\/vo.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Volapük\")\n- [Winaray](https:\/\/war.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Waray\")\n- [吴语](https:\/\/wuu.wikipedia.org\/wiki\/%E6%AF%94%E7%89%B9%E5%B8%81 \"比特币 – Wu\")\n- [ייִדיש](https:\/\/yi.wikipedia.org\/wiki\/%D7%91%D7%99%D7%98%D7%A7%D7%95%D7%99%D7%9F \"ביטקוין – Yiddish\")\n- [Zeêuws](https:\/\/zea.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Zeelandic\")\n- [文言](https:\/\/zh-classical.wikipedia.org\/wiki\/%E6%AF%94%E7%89%B9%E5%B9%A3 \"比特幣 – Literary Chinese\")\n- [閩南語 \/ Bân-lâm-gí](https:\/\/zh-min-nan.wikipedia.org\/wiki\/Bitcoin \"Bitcoin – Minnan\")\n- [粵語](https:\/\/zh-yue.wikipedia.org\/wiki\/%E4%BD%8D%E5%85%83%E5%B9%A3 \"位元幣 – Cantonese\")\n- [中文](https:\/\/zh.wikipedia.org\/wiki\/%E6%AF%94%E7%89%B9%E5%B8%81 \"比特币 – Chinese\")\n\n[Edit links](https:\/\/www.wikidata.org\/wiki\/Special:EntityPage\/Q131723#sitelinks-wikipedia \"Edit interlanguage links\")\n\n- [Article](https:\/\/en.wikipedia.org\/wiki\/Bitcoin \"View the content page [c]\")\n- [Talk](https:\/\/en.wikipedia.org\/wiki\/Talk:Bitcoin \"Discuss improvements to the content page [t]\")\n\nEnglish\n\n- [Read](https:\/\/en.wikipedia.org\/wiki\/Bitcoin)\n- [View source](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit \"This page is protected.\n  You can view its source [e]\")\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=history \"Past revisions of this page [h]\")\n\nTools\n\nTools\n\nmove to sidebar\n\nhide\n\nActions\n\n- [Read](https:\/\/en.wikipedia.org\/wiki\/Bitcoin)\n- [View source](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit)\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=history)\n\nGeneral\n\n- [What links here](https:\/\/en.wikipedia.org\/wiki\/Special:WhatLinksHere\/Bitcoin \"List of all English Wikipedia pages containing links to this page [j]\")\n- [Related changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChangesLinked\/Bitcoin \"Recent changes in pages linked from this page [k]\")\n- [Upload file](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:File_Upload_Wizard \"Upload files [u]\")\n- [Permanent link](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&oldid=1346671137 \"Permanent link to this revision of this page\")\n- [Page information](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=info \"More information about this page\")\n- [Cite this page](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CiteThisPage&page=Bitcoin&id=1346671137&wpFormIdentifier=titleform \"Information on how to cite this page\")\n- [Get shortened URL](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FBitcoin)\n\nPrint\/export\n\n- [Download as PDF](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:DownloadAsPdf&page=Bitcoin&action=show-download-screen \"Download this page as a PDF file\")\n- [Printable version](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&printable=yes \"Printable version of this page [p]\")\n\nIn other projects\n\n- [Wikimedia Commons](https:\/\/commons.wikimedia.org\/wiki\/Category:Bitcoin)\n- [Wikiquote](https:\/\/en.wikiquote.org\/wiki\/Bitcoin)\n- [Wikidata item](https:\/\/www.wikidata.org\/wiki\/Special:EntityPage\/Q131723 \"Structured data on this page hosted by Wikidata [g]\")\n\nAppearance\n\nmove to sidebar\n\nhide\n\n[![Extended-protected article](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/8\/8c\/Extended-protection-shackle.svg\/20px-Extended-protection-shackle.svg.png)](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Protection_policy#extended \"This article is extended-confirmed-protected\")\n\nFrom Wikipedia, the free encyclopedia\n\nDecentralized digital cryptocurrency\n\nFor the colloquial expression for coinage, see [Bit (money)](https:\/\/en.wikipedia.org\/wiki\/Bit_\$money\$ \"Bit (money)\").\n\n\"₿\" redirects here. Not to be confused with \"฿\" for [Thai baht](https:\/\/en.wikipedia.org\/wiki\/Thai_baht \"Thai baht\").\n\n|   |   |\n|---|---|\n| [![Prevailing bitcoin logo](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/4\/46\/Bitcoin.svg\/250px-Bitcoin.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin.svg)Commonly used logo of bitcoin |   |\n| Denominations |   |\n| Plural | bitcoins |\n| Symbol | **₿** (Unicode: `U+20BF` ₿ BITCOIN SIGN)[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-unicode-10-1) |\n| Code | BTC |\n| Precision | 10−8 |\n| Subunits |   |\n| 1⁄1000 | millibitcoin |\n| 1⁄1000000 | microbitcoin |\n| 1⁄100000000 | satoshi[\\[a\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-satoshi-2)[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-satoshi_unit-3) |\n| Development |   |\n| Original author | [Satoshi Nakamoto](https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto \"Satoshi Nakamoto\") |\n| [White paper](https:\/\/en.wikipedia.org\/wiki\/White_paper \"White paper\") | [\"Bitcoin: A Peer-to-Peer Electronic Cash System\"](https:\/\/bitcoin.org\/bitcoin.pdf) |\n| Implementation | [Bitcoin Core](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Core \"Bitcoin Core\") |\n| Initial release | 0\\.1.0 \/ 9 January 2009 (17 years ago) (2009-01-09) |\n| [Latest release](https:\/\/en.wikipedia.org\/wiki\/Software_release_life_cycle \"Software release life cycle\") | 30\\.2.0 \/ 10 January 2026 (2 months ago) (2026-01-10)[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-4) |\n| [Code repository](https:\/\/en.wikipedia.org\/wiki\/Repository_\$version_control\$ \"Repository (version control)\") | [github.com\/bitcoin\/bitcoin](https:\/\/github.com\/bitcoin\/bitcoin) |\n| Development status | Active |\n| [Written in](https:\/\/en.wikipedia.org\/wiki\/Programming_language \"Programming language\") | C++ |\n| Source model | [Free and open-source software](https:\/\/en.wikipedia.org\/wiki\/Free_and_open-source_software \"Free and open-source software\") |\n| [License](https:\/\/en.wikipedia.org\/wiki\/Software_license \"Software license\") | [MIT License](https:\/\/en.wikipedia.org\/wiki\/MIT_License \"MIT License\") |\n| Ledger |   |\n| Ledger start | 3 January 2009 (17 years ago) (2009-01-03) |\n| [Timestamping scheme](https:\/\/en.wikipedia.org\/wiki\/Trusted_timestamping \"Trusted timestamping\") | [Proof of work](https:\/\/en.wikipedia.org\/wiki\/Proof_of_work \"Proof of work\") (partial hash inversion) |\n| [Hash function](https:\/\/en.wikipedia.org\/wiki\/Hash_function \"Hash function\") | [SHA-256](https:\/\/en.wikipedia.org\/wiki\/SHA-256 \"SHA-256\") (two rounds) |\n| Issuance schedule | Decentralized (block reward) Initially ₿50 per block, halved every 210,000 blocks |\n| Block reward | ₿3.125 (as of 2025[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit)) |\n| Block time | 10 minutes |\n| Circulating supply | ₿19,934,271 (as of 14 October 2025[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit)) |\n| Supply limit | ₿21,000,000[\\[b\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-supply-5) |\n| Valuation |   |\n| [Exchange rate](https:\/\/en.wikipedia.org\/wiki\/Exchange_rate \"Exchange rate\") | Floating |\n| Website |   |\n| Website | [bitcoin.org](https:\/\/bitcoin.org\/) |\n\n**This article contains [special characters](https:\/\/en.wikipedia.org\/wiki\/Help:Special_characters \"Help:Special characters\").** Without proper [rendering support](https:\/\/en.wikipedia.org\/wiki\/Help:Special_characters \"Help:Special characters\"), you may see [question marks, boxes, or other symbols](https:\/\/en.wikipedia.org\/wiki\/Specials_\$Unicode_block\$#Replacement_character \"Specials (Unicode block)\").\n\n**Bitcoin** (abbreviation: **BTC**; [sign](https:\/\/en.wikipedia.org\/wiki\/Currency_symbol \"Currency symbol\"): **₿**) is the first [decentralized](https:\/\/en.wikipedia.org\/wiki\/Decentralized_application \"Decentralized application\") [cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\"). Based on a [free-market](https:\/\/en.wikipedia.org\/wiki\/Free-market \"Free-market\") ideology, bitcoin was invented in 2008 when an unknown person published a [white paper](https:\/\/en.wikipedia.org\/wiki\/White_paper \"White paper\") under the pseudonym of [Satoshi Nakamoto](https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto \"Satoshi Nakamoto\").[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-whoissn-6) Use of bitcoin as a [currency](https:\/\/en.wikipedia.org\/wiki\/Currency \"Currency\") began in 2009,[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-NY2011-7) with the release of its [open-source implementation](https:\/\/en.wikipedia.org\/wiki\/Open-source_software \"Open-source software\").[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1  From 2021 to 2025, [El Salvador adopted it as legal tender currency before revoking it](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_in_El_Salvador \"Bitcoin in El Salvador\").[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-BTCSVSept7FT-9)[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) As bitcoin is [pseudonymous](https:\/\/en.wikipedia.org\/wiki\/Pseudonym \"Pseudonym\"), [its use by criminals](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_and_crime \"Cryptocurrency and crime\") has attracted the attention of regulators, leading to [its ban by several countries](https:\/\/en.wikipedia.org\/wiki\/Legality_of_cryptocurrency_by_country_or_territory \"Legality of cryptocurrency by country or territory\").[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-SunYin2019-12)\n\nBitcoin works through the collaboration of computers, each of which acts as a [node](https:\/\/en.wikipedia.org\/wiki\/Node_\$networking\$ \"Node (networking)\") in the [peer-to-peer](https:\/\/en.wikipedia.org\/wiki\/Peer-to-peer \"Peer-to-peer\") [bitcoin network](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_network \"Bitcoin network\"). Each node maintains an independent copy of a public [distributed ledger](https:\/\/en.wikipedia.org\/wiki\/Distributed_ledger \"Distributed ledger\") of transactions, called a [blockchain](https:\/\/en.wikipedia.org\/wiki\/Blockchain \"Blockchain\"), without central oversight. Transactions are validated through the use of [cryptography](https:\/\/en.wikipedia.org\/wiki\/Cryptography \"Cryptography\"), preventing one person from spending another person's bitcoin, as long as the owner of the bitcoin keeps certain sensitive data secret.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5\n\n[Consensus](https:\/\/en.wikipedia.org\/wiki\/Consensus_\$computer_science\$ \"Consensus (computer science)\") between nodes about the content of the blockchain is achieved using a [computationally intensive](https:\/\/en.wikipedia.org\/wiki\/Computational_complexity \"Computational complexity\") process based on [proof of work](https:\/\/en.wikipedia.org\/wiki\/Proof_of_work \"Proof of work\"), called [mining](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_mining \"Bitcoin mining\"), which is performed by purpose-built computers.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 12  Mining consumes large quantities of electricity and has been criticized for [its environmental impact](https:\/\/en.wikipedia.org\/wiki\/Environmental_impact_of_bitcoin \"Environmental impact of bitcoin\").[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-13)\n\n## History\nMain article: [History of bitcoin](https:\/\/en.wikipedia.org\/wiki\/History_of_bitcoin \"History of bitcoin\")\n\n### Background\nBefore bitcoin, several [digital cash technologies](https:\/\/en.wikipedia.org\/wiki\/Digital_cash \"Digital cash\") were released, starting with [David Chaum](https:\/\/en.wikipedia.org\/wiki\/David_Chaum \"David Chaum\")'s [ecash](https:\/\/en.wikipedia.org\/wiki\/Ecash \"Ecash\") in the 1980s.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) The idea that solutions to computational puzzles could have some value was first proposed by cryptographers [Cynthia Dwork](https:\/\/en.wikipedia.org\/wiki\/Cynthia_Dwork \"Cynthia Dwork\") and [Moni Naor](https:\/\/en.wikipedia.org\/wiki\/Moni_Naor \"Moni Naor\") in 1992.[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-15)[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) The concept was [independently rediscovered](https:\/\/en.wikipedia.org\/wiki\/Multiple_discovery \"Multiple discovery\") by [Adam Back](https:\/\/en.wikipedia.org\/wiki\/Adam_Back \"Adam Back\") who developed [Hashcash](https:\/\/en.wikipedia.org\/wiki\/Hashcash \"Hashcash\"), a [proof-of-work](https:\/\/en.wikipedia.org\/wiki\/Proof-of-work \"Proof-of-work\") scheme for [spam control](https:\/\/en.wikipedia.org\/wiki\/Anti-spam_techniques \"Anti-spam techniques\") in 1997.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) The first proposals for distributed digital scarcity-based [cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrencies \"Cryptocurrencies\") came from [cypherpunks](https:\/\/en.wikipedia.org\/wiki\/Cypherpunk \"Cypherpunk\") [Wei Dai](https:\/\/en.wikipedia.org\/wiki\/Wei_Dai \"Wei Dai\") (b-money) and [Nick Szabo](https:\/\/en.wikipedia.org\/wiki\/Nick_Szabo \"Nick Szabo\") ([bit gold](https:\/\/en.wikipedia.org\/wiki\/Bit_gold \"Bit gold\")) in 1998.[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-16) In 2004, [Hal Finney](https:\/\/en.wikipedia.org\/wiki\/Hal_Finney_\$cypherpunk\$ \"Hal Finney (cypherpunk)\") developed the first currency based on reusable proof of work.[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-17) These various attempts were not successful:[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) Chaum's concept required centralized control and no banks wanted to sign on, Hashcash had no protection against [double-spending](https:\/\/en.wikipedia.org\/wiki\/Double-spending \"Double-spending\"), while b-money and bit gold were not resistant to [Sybil attacks](https:\/\/en.wikipedia.org\/wiki\/Sybil_attack \"Sybil attack\").[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14)\n\n### 2008–2009: Creation\n| External image |\n|---|\n| [![image icon](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/6\/61\/Searchtool.svg\/20px-Searchtool.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Searchtool.svg) [Cover page of *The Times* 3 January 2009 showing the headline used in the genesis block](https:\/\/www.thetimes03jan2009.com\/wp-content\/uploads\/2015\/03\/genesis-block-newspaper-bitcoin.jpg) |\n\nThe domain name *bitcoin.org* was registered on 18 August 2008.[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-18) On 31 October 2008, a link to a [white paper](https:\/\/en.wikipedia.org\/wiki\/White_paper \"White paper\") authored by [Satoshi Nakamoto](https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto \"Satoshi Nakamoto\") titled *Bitcoin: A Peer-to-Peer Electronic Cash System* was posted to a cryptography mailing list.[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-19) Nakamoto's identity remains unknown.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-whoissn-6) According to computer scientist [Arvind Narayanan](https:\/\/en.wikipedia.org\/wiki\/Arvind_Narayanan \"Arvind Narayanan\"), all individual components of bitcoin originated in earlier academic literature.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) Nakamoto's innovation was their complex interplay resulting in the first decentralized, [Sybil resistant](https:\/\/en.wikipedia.org\/wiki\/Sybil_attack \"Sybil attack\"), [Byzantine fault](https:\/\/en.wikipedia.org\/wiki\/Byzantine_fault \"Byzantine fault\") tolerant digital cash system, that would eventually be referred to as the first blockchain.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14)[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-te20151031-20) Nakamoto's paper was not [peer reviewed](https:\/\/en.wikipedia.org\/wiki\/Peer_review \"Peer review\") and was initially ignored by academics, who argued that it could not work.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14)\n\nNakamoto released bitcoin as [open-source software](https:\/\/en.wikipedia.org\/wiki\/Open-source_software \"Open-source software\").[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Humayun-2018-21) On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the *[genesis block](https:\/\/en.wikipedia.org\/wiki\/Genesis_\$blockchain\$ \"Genesis (blockchain)\")*.[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Wired:RFB-22) Embedded in this block was the text \"The Times 03\/Jan\/2009 Chancellor on brink of [second bailout for banks](https:\/\/en.wikipedia.org\/wiki\/2009_United_Kingdom_bank_rescue_package \"2009 United Kingdom bank rescue package\")\", which is the date and headline of an issue of *[The Times](https:\/\/en.wikipedia.org\/wiki\/The_Times \"The Times\")* newspaper.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-NY2011-7) Nine days later, Hal Finney received the first bitcoin transaction: ten bitcoins from Nakamoto.[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-23) Wei Dai and Nick Szabo were also early supporters.[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Wired:RFB-22) On May 22, 2010, the first known [commercial transaction](https:\/\/en.wikipedia.org\/wiki\/Financial_transaction \"Financial transaction\") using bitcoin occurred when programmer Laszlo Hanyecz bought two [Papa John's](https:\/\/en.wikipedia.org\/wiki\/Papa_John%27s \"Papa John's\") pizzas for ₿10,000, in what would later be celebrated as \"Bitcoin Pizza Day\".[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-24) Satoshi tasked Finnish developer and early Bitcoin contributor [Martti Malmi](https:\/\/en.wikipedia.org\/w\/index.php?title=Martti_Malmi&action=edit&redlink=1 \"Martti Malmi (page does not exist)\") \\[[fi](https:\/\/fi.wikipedia.org\/wiki\/Martti_Malmi \"fi:Martti Malmi\")\\] with creating content for the bitcoin.org website.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-25)[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-DominicFrisby2014-26)\n\n### 2010–2012: Early growth\n[Blockchain analysts](https:\/\/en.wikipedia.org\/wiki\/Blockchain#Blockchain_analysis \"Blockchain\") estimate that Nakamoto had mined about one million bitcoins[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-27) before disappearing in 2010 when he handed the network alert key and control of the [code repository](https:\/\/en.wikipedia.org\/wiki\/Software_repository \"Software repository\") over to [Gavin Andresen](https:\/\/en.wikipedia.org\/wiki\/Gavin_Andresen \"Gavin Andresen\"). Andresen later became lead developer at the [Bitcoin Foundation](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Foundation \"Bitcoin Foundation\"),[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-28)[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-29) an [organization](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_organizations \"List of bitcoin organizations\") founded in September 2012 to promote bitcoin.[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-30)\n\nAfter early \"[proof-of-concept](https:\/\/en.wikipedia.org\/wiki\/Proof-of-concept \"Proof-of-concept\")\" transactions, the first major users of bitcoin were [black markets](https:\/\/en.wikipedia.org\/wiki\/Black_market \"Black market\"), such as the [dark web](https:\/\/en.wikipedia.org\/wiki\/Dark_web \"Dark web\") [Silk Road](https:\/\/en.wikipedia.org\/wiki\/Silk_Road_\$marketplace\$ \"Silk Road (marketplace)\"). During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting ₿9.9 million, worth about \\$214 million.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31): 222\n\n### 2013–2014: First regulatory actions\nIn March 2013, the US [Financial Crimes Enforcement Network](https:\/\/en.wikipedia.org\/wiki\/Financial_Crimes_Enforcement_Network \"Financial Crimes Enforcement Network\") (FinCEN) established regulatory guidelines for \"decentralized virtual currencies\" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as [money services businesses](https:\/\/en.wikipedia.org\/wiki\/Money_services_business \"Money services business\"), subject to registration and other legal obligations.[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-32) In May 2013, US authorities seized the unregistered [exchange](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_exchange \"Cryptocurrency exchange\") [Mt. Gox](https:\/\/en.wikipedia.org\/wiki\/Mt._Gox \"Mt. Gox\").[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-33) In June 2013, the US [Drug Enforcement Administration](https:\/\/en.wikipedia.org\/wiki\/Drug_Enforcement_Administration \"Drug Enforcement Administration\") seized ₿11.02 from an individual attempting to use them to purchase illicit drugs. This marked the first time a government agency had seized bitcoins.[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-34) The FBI seized about ₿30,000 in October 2013 from Silk Road, following the arrest of its founder [Ross Ulbricht](https:\/\/en.wikipedia.org\/wiki\/Ross_Ulbricht \"Ross Ulbricht\").[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-35)\n\nIn December 2013, the [People's Bank of China](https:\/\/en.wikipedia.org\/wiki\/People%27s_Bank_of_China \"People's Bank of China\") prohibited Chinese financial institutions from using bitcoin.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-36) After the announcement, the value of bitcoin dropped,[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-37) and [Baidu](https:\/\/en.wikipedia.org\/wiki\/Baidu \"Baidu\") no longer accepted bitcoins for certain services.[\\[36\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-38) Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-39)\n\n### 2015–2019\nResearch produced by the [University of Cambridge](https:\/\/en.wikipedia.org\/wiki\/University_of_Cambridge \"University of Cambridge\") estimated that in 2017, there were 2.9 to 5.8 million unique users using a [cryptocurrency wallet](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet \"Cryptocurrency wallet\"), most of them using bitcoin.[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-40) In August 2017, the [SegWit](https:\/\/en.wikipedia.org\/wiki\/SegWit \"SegWit\") software upgrade was activated. Segwit was intended to support the [Lightning Network](https:\/\/en.wikipedia.org\/wiki\/Lightning_Network \"Lightning Network\") as well as improve [scalability](https:\/\/en.wikipedia.org\/wiki\/Scalability \"Scalability\").[\\[39\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-41) SegWit opponents, who supported larger blocks as a scalability solution, [forked](https:\/\/en.wikipedia.org\/wiki\/Fork_\$blockchain\$ \"Fork (blockchain)\") to create [Bitcoin Cash](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Cash \"Bitcoin Cash\"), one of many [forks of bitcoin](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_forks \"List of bitcoin forks\").[\\[40\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-42)\n\nIn December 2017, the first [futures](https:\/\/en.wikipedia.org\/wiki\/Futures_contract \"Futures contract\") on bitcoin was introduced by the [Chicago Mercantile Exchange](https:\/\/en.wikipedia.org\/wiki\/Chicago_Mercantile_Exchange \"Chicago Mercantile Exchange\") (CME).[\\[41\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-43)\n\nIn February 2018, the price crashed after China imposed a complete ban on bitcoin trading.[\\[42\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-44) The percentage of bitcoin trading in the Chinese [renminbi](https:\/\/en.wikipedia.org\/wiki\/Renminbi \"Renminbi\") fell from over 90% in September 2017 to less than 1% in June 2018.[\\[43\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-45) During the same year, bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges.[\\[44\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-46)\n\n### 2020–present\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/2\/23\/Bitcoin_Price.webp\/250px-Bitcoin_Price.webp.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin_Price.webp)\n\n**Bitcoin price**[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-47)\n\nDecember 1, 2014 –   \n December 4, 2024\n\nIn 2020, some major companies and institutions started to acquire bitcoin: [MicroStrategy](https:\/\/en.wikipedia.org\/wiki\/MicroStrategy \"MicroStrategy\") invested \\$250 million in bitcoin as a [treasury reserve asset](https:\/\/en.wikipedia.org\/wiki\/Treasury_management \"Treasury management\"),[\\[46\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-48) [Square, Inc.](https:\/\/en.wikipedia.org\/wiki\/Square,_Inc. \"Square, Inc.\"), \\$50 million,[\\[47\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-49) and [MassMutual](https:\/\/en.wikipedia.org\/wiki\/MassMutual \"MassMutual\"), \\$100 million.[\\[48\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-50) In November 2020, [PayPal](https:\/\/en.wikipedia.org\/wiki\/PayPal \"PayPal\") added support for bitcoin in the US.[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-51)\n\nIn February 2021, bitcoin's [market capitalization](https:\/\/en.wikipedia.org\/wiki\/Market_capitalization \"Market capitalization\") reached \\$1 trillion for the first time.[\\[50\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-52) In November 2021, the [Taproot](https:\/\/en.wikipedia.org\/wiki\/Taproot_\$fork\$ \"Taproot (fork)\") [soft-fork](https:\/\/en.wikipedia.org\/wiki\/Soft-fork \"Soft-fork\") upgrade was activated, adding support for [Schnorr signatures](https:\/\/en.wikipedia.org\/wiki\/Schnorr_signature \"Schnorr signature\"), improved functionality of [smart contracts](https:\/\/en.wikipedia.org\/wiki\/Smart_contract \"Smart contract\") and [Lightning Network](https:\/\/en.wikipedia.org\/wiki\/Lightning_Network \"Lightning Network\").[\\[51\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-53) Before, bitcoin only used a custom [elliptic curve](https:\/\/en.wikipedia.org\/wiki\/Elliptic_curve_cryptography \"Elliptic curve cryptography\") with the [ECDSA](https:\/\/en.wikipedia.org\/wiki\/ECDSA \"ECDSA\") algorithm to produce [signatures](https:\/\/en.wikipedia.org\/wiki\/Digital_signature \"Digital signature\").[\\[52\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-54): 101  In September 2021, bitcoin became [legal tender](https:\/\/en.wikipedia.org\/wiki\/Legal_tender \"Legal tender\") currency [in El Salvador](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_in_El_Salvador \"Bitcoin in El Salvador\"), alongside the US dollar.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-BTCSVSept7FT-9) In October 2021, the first bitcoin futures [exchange-traded fund](https:\/\/en.wikipedia.org\/wiki\/Exchange-traded_fund \"Exchange-traded fund\") (ETF), called BITO, from [ProShares](https:\/\/en.wikipedia.org\/wiki\/ProShares \"ProShares\") was approved by the [SEC](https:\/\/en.wikipedia.org\/wiki\/U.S._Securities_and_Exchange_Commission \"U.S. Securities and Exchange Commission\") and listed on the [CME](https:\/\/en.wikipedia.org\/wiki\/Chicago_Mercantile_Exchange \"Chicago Mercantile Exchange\").[\\[53\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-55)\n\nIn early 2022, during the [Canadian trucker protests](https:\/\/en.wikipedia.org\/wiki\/Canada_convoy_protest \"Canada convoy protest\") opposing [COVID-19 vaccine mandates](https:\/\/en.wikipedia.org\/wiki\/COVID-19_vaccine_misinformation_and_hesitancy \"COVID-19 vaccine misinformation and hesitancy\"), organizers turned to bitcoin to receive donations after traditional financial platforms restricted access to funding.[\\[54\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-56)[\\[55\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-57) Proponents highlighted bitcoin's use as a tool for fundraising in situations where access to conventional financial systems may be restricted.[\\[56\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-58)[\\[57\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-59) In May and June 2022, the bitcoin price fell following the collapses of [TerraUSD](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\"), a [stablecoin](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\"),[\\[58\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-60) and the [Celsius Network](https:\/\/en.wikipedia.org\/wiki\/Celsius_Network \"Celsius Network\"), a cryptocurrency loan company.[\\[59\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-61)[\\[60\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-62)\n\nIn 2023, ordinals—[non-fungible tokens](https:\/\/en.wikipedia.org\/wiki\/Non-fungible_token \"Non-fungible token\") (NFTs)—on bitcoin, went live.[\\[61\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-63) As of June 2023, River Financial estimated that bitcoin had 81.7 million users, about 1% of the global population.[\\[62\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-64)\n\nIn January 2024, the first 11 US [spot](https:\/\/en.wikipedia.org\/wiki\/Spot_market \"Spot market\") bitcoin [ETFs](https:\/\/en.wikipedia.org\/wiki\/Exchange-traded_fund \"Exchange-traded fund\") began trading, offering direct exposure to bitcoin for the first time on American stock exchanges.[\\[63\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-65)[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-66) In December 2024, bitcoin price reached \\$100,000 for the first time, as US president-elect [Donald Trump](https:\/\/en.wikipedia.org\/wiki\/Donald_Trump \"Donald Trump\") promised to make the US the \"crypto capital of the planet\" and to stockpile bitcoin.[\\[65\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-67) The same month, [BlackRock](https:\/\/en.wikipedia.org\/wiki\/BlackRock \"BlackRock\"), the world's largest [asset manager](https:\/\/en.wikipedia.org\/wiki\/Asset_manager \"Asset manager\"), recommended investors to allocate up to 2% of their [portfolio](https:\/\/en.wikipedia.org\/wiki\/Portfolio_\$finance\$ \"Portfolio (finance)\") to bitcoin.[\\[66\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-68)\n\nAs of 2025, the Salvadoran government continues to describe Bitcoin as legal tender under the 2021 Bitcoin Law; however, a January 2025 reform removed obligations for businesses and the government to accept it, so many analysts regard its legal-tender status as effectively ended in practice.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) In March 2025, [President Trump](https:\/\/en.wikipedia.org\/wiki\/President_Trump \"President Trump\") signed an [executive order](https:\/\/en.wikipedia.org\/wiki\/Executive_order_\$United_States\$ \"Executive order (United States)\") to establish a [strategic bitcoin reserve](https:\/\/en.wikipedia.org\/wiki\/Strategic_bitcoin_reserve \"Strategic bitcoin reserve\").[\\[67\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-69) Later that year, some U.S. states, such as [Texas](https:\/\/en.wikipedia.org\/wiki\/Texas \"Texas\") and [New Hampshire](https:\/\/en.wikipedia.org\/wiki\/New_Hampshire \"New Hampshire\") also instituted strategic bitcoin reserves,[\\[68\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-70) and the [Czech National Bank](https:\/\/en.wikipedia.org\/wiki\/Czech_National_Bank \"Czech National Bank\") bought less than €1 million in a \"test portfolio\".[\\[69\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-71)\n\n## Design\nMain article: [Bitcoin protocol](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_protocol \"Bitcoin protocol\")\n\n### Units and divisibility\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/8\/8f\/Bitcoin_old.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin_old.png)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/5\/50\/Bitcoin.png\/120px-Bitcoin.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin.png)\n\nBitcoin logos made by Satoshi Nakamoto in 2009 (left) and 2010 (right).\n\nThe [unit of account](https:\/\/en.wikipedia.org\/wiki\/Unit_of_account \"Unit of account\") of the bitcoin system is the *bitcoin*. It is most commonly represented with the [symbol](https:\/\/en.wikipedia.org\/wiki\/Currency_symbol \"Currency symbol\") ₿ designed in 2010[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-unicode-10-1) and the [currency code](https:\/\/en.wikipedia.org\/wiki\/Currency_code \"Currency code\") BTC. However, the BTC code does not conform to [ISO 4217](https:\/\/en.wikipedia.org\/wiki\/ISO_4217 \"ISO 4217\") as BT is the country code of Bhutan,[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-ssrn.3383734-72) and ISO 4217 requires the first letter used in global commodities to be 'X'.[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-ssrn.3383734-72) XBT, a code that conforms to [ISO 4217](https:\/\/en.wikipedia.org\/wiki\/ISO_4217 \"ISO 4217\") though not officially part of it,[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-ssrn.3383734-72) is used by [Bloomberg L.P.](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_L.P. \"Bloomberg L.P.\")[\\[71\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-73)\n\nNo uniform [capitalization](https:\/\/en.wikipedia.org\/wiki\/Capitalization \"Capitalization\") convention exists; some sources use *Bitcoin*, capitalized, to refer to the technology and [network](https:\/\/en.wikipedia.org\/wiki\/Computer_network \"Computer network\"), and *bitcoin*, lowercase, for the unit of account.[\\[72\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-74) The *[Cambridge Advanced Learner's Dictionary](https:\/\/en.wikipedia.org\/wiki\/Cambridge_Advanced_Learner%27s_Dictionary \"Cambridge Advanced Learner's Dictionary\")* and the *[Oxford Advanced Learner's Dictionary](https:\/\/en.wikipedia.org\/wiki\/Oxford_Advanced_Learner%27s_Dictionary \"Oxford Advanced Learner's Dictionary\")* use the capitalized and lowercase variants without distinction.[\\[73\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-75)[\\[74\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-76)\n\nOne bitcoin is divisible to eight decimal places.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5  Units for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to 1⁄1000 bitcoin, and the satoshi[\\[a\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-satoshi-2) (sat), representing 1⁄100000000 (one hundred millionth) bitcoin, the smallest amount possible.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-satoshi_unit-3) 100,000 satoshis are one mBTC.[\\[75\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-77)\n\n### Blockchain\nFurther information: [Blockchain § Structure and design](https:\/\/en.wikipedia.org\/wiki\/Blockchain#Structure_and_design \"Blockchain\")\n\nAs a [decentralized](https:\/\/en.wikipedia.org\/wiki\/Decentralization \"Decentralization\") system, bitcoin operates without a central authority or single administrator,[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Gervais2014-78) so that anyone can create a new bitcoin address and transact without needing any approval.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1  This is accomplished through a specialized [distributed ledger](https:\/\/en.wikipedia.org\/wiki\/Distributed_ledger \"Distributed ledger\") called a *[blockchain](https:\/\/en.wikipedia.org\/wiki\/Blockchain \"Blockchain\")* that records bitcoin transactions.[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79)\n\nThe blockchain is implemented as an ordered list of *blocks*. Each block contains a [SHA-256](https:\/\/en.wikipedia.org\/wiki\/SHA-256 \"SHA-256\") [hash](https:\/\/en.wikipedia.org\/wiki\/Cryptographic_hash_function \"Cryptographic hash function\") of the previous block,[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) chaining them in chronological order.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 7 [\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) The blockchain is maintained by a [peer-to-peer](https:\/\/en.wikipedia.org\/wiki\/Peer-to-peer \"Peer-to-peer\") network.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31): 215–219  Individual blocks, public addresses, and transactions within blocks are public information, and can be examined using a blockchain explorer.[\\[78\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-80)\n\nNodes validate and broadcast transactions, each maintaining a copy of the blockchain for ownership verification.[\\[79\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-81) A new block is created every 10 minutes on average, updating the blockchain across all nodes without central oversight. This process tracks bitcoin spending, ensuring each bitcoin is [spent only once](https:\/\/en.wikipedia.org\/wiki\/Double-spending \"Double-spending\"). Unlike a traditional ledger that tracks physical currency, bitcoins exist digitally as [unspent outputs of transactions](https:\/\/en.wikipedia.org\/wiki\/Unspent_outputs_of_transactions \"Unspent outputs of transactions\").[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5\n\n### Addresses and transactions\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/c\/ce\/Bitcoin_Transaction_Visual.svg\/250px-Bitcoin_Transaction_Visual.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin_Transaction_Visual.svg)\n\nSimplified chain of ownership. In practice, a transaction can have more than one input and more than one output.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82)\n\nIn the blockchain, bitcoins are linked to specific [strings](https:\/\/en.wikipedia.org\/wiki\/String_\$computer_science\$ \"String (computer science)\") called addresses. Most often, an address encodes a [hash](https:\/\/en.wikipedia.org\/wiki\/Hash_\$cryptography\$ \"Hash (cryptography)\") of a single [public key](https:\/\/en.wikipedia.org\/wiki\/Public_key \"Public key\"). Creating such an address involves generating a random private key and then computing the corresponding address. This process is almost instant, but the reverse (finding the private key for a given address) is nearly impossible.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 4  Publishing such a bitcoin address does not risk its private key, and it is extremely unlikely to accidentally generate a used key with funds. To use bitcoins, owners need their private key to [digitally sign](https:\/\/en.wikipedia.org\/wiki\/Digital_signature \"Digital signature\") transactions, which are verified by the network using the public key, keeping the private key secret.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5  An address may encode the hash of a bitcoin script that specifies more complex requirements to spend the funds. One common example is \"multisig\", in which multiple distinct private keys must mutually sign any transaction that attempts to spend the funds.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 7\n\nBitcoin transactions use a [Forth](https:\/\/en.wikipedia.org\/wiki\/Forth_\$programming_language\$ \"Forth (programming language)\")\\-like [scripting language](https:\/\/en.wikipedia.org\/wiki\/Scripting_language \"Scripting language\"),[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5  involving one or more inputs and outputs. When sending bitcoins, a user specifies the recipients' addresses and the amount for each output. This allows sending bitcoins to several recipients in a single transaction. To prevent double-spending, each input must refer to a previous unspent output in the blockchain.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82) Using multiple inputs is similar to using multiple coins in a cash transaction. As in a cash transaction, the sum of inputs can exceed the intended sum of payments. In such a case, an additional output can return the change back to the payer.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82) Unallocated input satoshis in the transaction become the transaction fee.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82)\n\nLosing a private key means losing access to the bitcoins, with no other proof of ownership accepted by the [protocol](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_protocol \"Bitcoin protocol\").[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31) For instance, in 2013, a user lost ₿7,500, valued at US\\$7.5 million, by accidentally discarding a [hard drive](https:\/\/en.wikipedia.org\/wiki\/Hard_disk_drive \"Hard disk drive\") with the private key.[\\[81\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-83) It is estimated that around 20% of all bitcoins are lost.[\\[82\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-84) The private key must also be kept secret as its exposure, such as through a [data breach](https:\/\/en.wikipedia.org\/wiki\/Data_breach \"Data breach\"), can lead to theft of the associated bitcoins.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 10 [\\[83\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-85) As of December 2017[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit), approximately ₿980,000 had been stolen from [cryptocurrency exchanges](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_exchange \"Cryptocurrency exchange\").[\\[84\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-86)\n\n### Mining\nSee also: [Bitcoin protocol § Mining](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_protocol#Mining \"Bitcoin protocol\")\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/b3\/Argo_Blockchain_Mirabel_Facility.jpg\/250px-Argo_Blockchain_Mirabel_Facility.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:Argo_Blockchain_Mirabel_Facility.jpg)\n\nBitcoin mining [facility](https:\/\/en.wikipedia.org\/wiki\/Data_center \"Data center\") with large amounts of mining hardware\n\nMiners don't directly act as nodes, but do communicate with nodes. The mining process is primarily intended to prevent [double-spending](https:\/\/en.wikipedia.org\/wiki\/Double-spending \"Double-spending\") and get all nodes to agree on the content of the blockchain, but it also has desirable side-effects such as making it infeasible for adversaries to stifle valid transactions or alter the historical record of transactions, since doing so generally requires the adversary to have access to more mining power than the rest of the network combined.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 12\n\nThe mining process in bitcoin involves maintaining the blockchain through computer [processing power](https:\/\/en.wikipedia.org\/wiki\/Processing_power \"Processing power\"). Miners group and broadcast new transactions into blocks, which are then verified by the network.[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) Each block must contain a proof of work (PoW) to be accepted,[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) involving finding a [nonce](https:\/\/en.wikipedia.org\/wiki\/Cryptographic_nonce \"Cryptographic nonce\") number that, combined with the block content, produces a [hash](https:\/\/en.wikipedia.org\/wiki\/Cryptographic_hash \"Cryptographic hash\") numerically smaller than the network's *difficulty target*.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8  This PoW is simple to verify but hard to generate, requiring many attempts.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8  PoW forms the basis of bitcoin's [consensus mechanism](https:\/\/en.wikipedia.org\/wiki\/Consensus_\$computer_science\$ \"Consensus (computer science)\").[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Mingxiao2017-87)\n\nThe difficulty of generating a block is [deterministically adjusted](https:\/\/en.wikipedia.org\/wiki\/Deterministic_algorithm \"Deterministic algorithm\") based on the [mining power on the network](https:\/\/en.wikipedia.org\/wiki\/Hashrate \"Hashrate\") by changing the difficulty target, which is recalibrated every 2,016 blocks (approximately two weeks) to maintain an average time of ten minutes between new blocks. The process requires significant computational power and specialized [hardware](https:\/\/en.wikipedia.org\/wiki\/Computer_hardware \"Computer hardware\").[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 [\\[86\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-88)\n\nMiners who successfully create a new block with a valid nonce can collect transaction fees from the included transactions and a fixed reward in bitcoins.[\\[87\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-bloombergvance111413-89) To claim this reward, a special transaction called a *coinbase* is included in the block, with the miner as the payee. All bitcoins in existence have been created through this type of transaction.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8  This reward is halved every 210,000 blocks until ₿21 million[\\[b\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-supply-5) have been issued in total, which is expected to occur around the year 2140. Afterward, miners will only earn from transaction fees. These fees are determined by the transaction's size and the amount of data stored, measured in satoshis per byte.[\\[88\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-90)[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8\n\nThe proof of work system and the chaining of blocks make blockchain modifications very difficult, as altering one block requires changing all subsequent blocks. As more blocks are added, modifying older blocks becomes increasingly challenging.[\\[89\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-91)[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) In case of disagreement, nodes trust the longest chain, which required the greatest amount of effort to produce.[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Mingxiao2017-87) To tamper or censor the ledger, one needs to control the majority of the global [hashrate](https:\/\/en.wikipedia.org\/wiki\/Hashrate \"Hashrate\").[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Mingxiao2017-87) The high cost required to reach this level of computational power [secures](https:\/\/en.wikipedia.org\/wiki\/Computer_security \"Computer security\") the bitcoin blockchain.[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Mingxiao2017-87)\n\nThe [environmental impact of bitcoin mining](https:\/\/en.wikipedia.org\/wiki\/Environmental_impact_of_bitcoin_mining \"Environmental impact of bitcoin mining\") is controversial and has attracted the attention of regulators, [leading to restrictions or incentives in various jurisdictions](https:\/\/en.wikipedia.org\/wiki\/Legality_of_cryptocurrency_by_country_or_territory \"Legality of cryptocurrency by country or territory\").[\\[90\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Stoll2023-92) As of 2025[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit), a [non-peer-reviewed](https:\/\/en.wikipedia.org\/wiki\/Non-peer-reviewed \"Non-peer-reviewed\") study by the [Cambridge Centre for Alternative Finance](https:\/\/en.wikipedia.org\/wiki\/Cambridge_Centre_for_Alternative_Finance \"Cambridge Centre for Alternative Finance\") (CCAF) estimated that bitcoin mining represented 0.5% of [global electricity consumption](https:\/\/en.wikipedia.org\/wiki\/World_energy_supply_and_consumption \"World energy supply and consumption\") and 0.08% of world [greenhouse gas emissions](https:\/\/en.wikipedia.org\/wiki\/Greenhouse_gas_emissions \"Greenhouse gas emissions\"), comparable to Slovakia's emissions.[\\[91\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-93) About half of the electricity used is generated through [fossil fuels](https:\/\/en.wikipedia.org\/wiki\/Fossil_fuel \"Fossil fuel\").[\\[92\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-NYT20220116-94) Moreover, mining hardware's short lifespan results in [electronic waste](https:\/\/en.wikipedia.org\/wiki\/Electronic_waste \"Electronic waste\").[\\[93\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-deVries2021-95) In October 2025, the US was the largest mining country with 38% of the global bitcoin mining market share, followed by Russia (16%) and China (14%, despite all cryptocurrency trading and mining being banned there in 2021).[\\[94\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-96)[\\[95\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-97)\n\n### Privacy and fungibility\nBitcoin is [pseudonymous](https:\/\/en.wikipedia.org\/wiki\/Pseudonym \"Pseudonym\"), with funds linked to addresses, not real-world identities. While the owners of these addresses are not directly identified, all transactions are public on the blockchain. Patterns of use, like spending coins from multiple inputs, can hint at a common owner. Public data can sometimes be matched with known address owners.[\\[96\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-98) [Bitcoin exchanges](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_companies \"List of bitcoin companies\") might also need to collect personal data as per legal requirements.[\\[97\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-99) For enhanced [privacy](https:\/\/en.wikipedia.org\/wiki\/Privacy_and_blockchain \"Privacy and blockchain\"), users can generate a new address for each transaction.[\\[98\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-100)\n\nIn the bitcoin network, each bitcoin is treated equally, ensuring basic [fungibility](https:\/\/en.wikipedia.org\/wiki\/Fungibility \"Fungibility\"). However, users and applications can choose to differentiate between bitcoins. While wallets and software treat all bitcoins the same, each bitcoin's transaction history is recorded on the blockchain. This public record allows for [chain analysis](https:\/\/en.wikipedia.org\/wiki\/Blockchain_analysis \"Blockchain analysis\"), where users can identify and potentially reject bitcoins from controversial sources.[\\[99\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-101) For example, in 2012, Mt. Gox froze accounts containing bitcoins identified as stolen.[\\[100\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-102)\n\n### Wallets\nFor broader coverage of this topic, see [Cryptocurrency wallet](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet \"Cryptocurrency wallet\").\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/7\/7c\/Bitcoin-core-v0.10.0.png\/250px-Bitcoin-core-v0.10.0.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin-core-v0.10.0.png)\n\nScreenshot of [Bitcoin Core](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Core \"Bitcoin Core\")\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/a\/ab\/Sample_Bitcoin_paper_wallet.png\/250px-Sample_Bitcoin_paper_wallet.png)](https:\/\/en.wikipedia.org\/wiki\/File:Sample_Bitcoin_paper_wallet.png)\n\nA paper wallet with the address as a [QR code](https:\/\/en.wikipedia.org\/wiki\/QR_code \"QR code\") while the private key is hidden\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/9\/93\/10elqpi.jpg\/250px-10elqpi.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:10elqpi.jpg)\n\nA hardware wallet which processes bitcoin transactions without exposing private keys\n\nBitcoin wallets were the first [cryptocurrency wallets](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet \"Cryptocurrency wallet\"), enabling users to store the information necessary to transact bitcoins.[\\[101\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-103)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1, glossary  The first wallet program, simply named *Bitcoin*, and sometimes referred to as the *Satoshi client*, was released in 2009 by Nakamoto as [open-source software](https:\/\/en.wikipedia.org\/wiki\/Open-source_software \"Open-source software\").[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Humayun-2018-21) [Bitcoin Core](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Core \"Bitcoin Core\") is among the best known [clients](https:\/\/en.wikipedia.org\/wiki\/Client_\$computing\$ \"Client (computing)\"). [Forks](https:\/\/en.wikipedia.org\/wiki\/Fork_\$software_development\$ \"Fork (software development)\") of Bitcoin Core exist such as [Bitcoin Unlimited](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Unlimited \"Bitcoin Unlimited\").[\\[102\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-104) Wallets can be full clients, with a full copy of the blockchain to check the validity of mined blocks,[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1  or lightweight clients, just to send and receive transactions without a local copy of the entire blockchain.[\\[103\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-105) Third-party internet services, called online wallets or [hot wallets](https:\/\/en.wikipedia.org\/wiki\/Digital_wallet \"Digital wallet\"), store users' credentials on their servers, making them susceptible of hacks.[\\[104\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-106) [Cold storage](https:\/\/en.wikipedia.org\/wiki\/Cold_wallet \"Cold wallet\") protects bitcoins from such hacks by keeping private keys offline, either through specialized hardware wallets or paper printouts.[\\[105\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-107)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 4\n\n### Scalability and decentralization challenges\nMain article: [Bitcoin scalability problem](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_scalability_problem \"Bitcoin scalability problem\")\n\nNakamoto limited the block size to one [megabyte](https:\/\/en.wikipedia.org\/wiki\/Megabyte \"Megabyte\").[\\[106\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-108) The limited block size and frequency can lead to delayed processing of transactions, increased fees and a bitcoin scalability problem.[\\[107\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-109) The [Lightning Network](https:\/\/en.wikipedia.org\/wiki\/Lightning_Network \"Lightning Network\"), [second-layer](https:\/\/en.wikipedia.org\/wiki\/Abstraction_layer \"Abstraction layer\") [routing](https:\/\/en.wikipedia.org\/wiki\/Routing \"Routing\") network, is a potential scaling solution.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8\n\nResearch shows a trend towards centralization in bitcoin as miners join [pools](https:\/\/en.wikipedia.org\/wiki\/Mining_pool \"Mining pool\") for stable income.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31): 215, 219–222 [\\[108\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-110): 3  If a single miner or pool controls more than 50% of the [hashing power](https:\/\/en.wikipedia.org\/wiki\/Hashrate \"Hashrate\"), it would allow them to censor transactions and double-spend coins.[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Gervais2014-78) In 2014, mining pool [Ghash.io](https:\/\/en.wikipedia.org\/wiki\/Ghash.io \"Ghash.io\") reached 51% mining power, causing safety concerns, but later voluntarily capped its power at 39.99% for the benefit of the whole network.[\\[109\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-111) A few entities also dominate other parts of the ecosystem such as the client software, online wallets, and simplified payment verification (SPV) clients.[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Gervais2014-78)\n\n## Economics and usage\nMain article: [Economics of bitcoin](https:\/\/en.wikipedia.org\/wiki\/Economics_of_bitcoin \"Economics of bitcoin\")\n\n### Bitcoin's theoretical roots and ideology\nAccording to the [European Central Bank](https:\/\/en.wikipedia.org\/wiki\/European_Central_Bank \"European Central Bank\"), the decentralization of money offered by bitcoin has its theoretical roots in the [Austrian school of economics](https:\/\/en.wikipedia.org\/wiki\/Austrian_school_of_economics \"Austrian school of economics\"), especially with [Friedrich Hayek](https:\/\/en.wikipedia.org\/wiki\/Friedrich_Hayek \"Friedrich Hayek\")'s *[The Denationalisation of Money](https:\/\/en.wikipedia.org\/wiki\/The_Denationalisation_of_Money \"The Denationalisation of Money\")*, in which he advocates a complete [free market](https:\/\/en.wikipedia.org\/wiki\/Free_market \"Free market\") in the production, distribution and management of money to end the monopoly of [central banks](https:\/\/en.wikipedia.org\/wiki\/Central_banks \"Central banks\").[\\[110\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-112): 22  Sociologist [Nigel Dodd](https:\/\/en.wikipedia.org\/wiki\/Nigel_Dodd \"Nigel Dodd\") argues that the essence of the bitcoin ideology is to remove money from social, as well as governmental, control.[\\[111\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-113) *[The Economist](https:\/\/en.wikipedia.org\/wiki\/The_Economist \"The Economist\")* describes bitcoin as \"a [techno-anarchist](https:\/\/en.wikipedia.org\/wiki\/Techno-anarchist \"Techno-anarchist\") project to create an online version of cash, a way for people to transact without the possibility of interference from malicious governments or banks\".[\\[112\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-30082018Economist-114) These philosophical ideas initially attracted [libertarians](https:\/\/en.wikipedia.org\/wiki\/Libertarian \"Libertarian\") and [anarchists](https:\/\/en.wikipedia.org\/wiki\/Anarchist \"Anarchist\").[\\[113\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-115)\n\n### Recognition as a currency and legal status\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/7\/7e\/Legal_status_of_bitcoin.svg\/330px-Legal_status_of_bitcoin.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Legal_status_of_bitcoin.svg)\n\n[Legal status of bitcoin](https:\/\/en.wikipedia.org\/wiki\/Legality_of_cryptocurrency_by_country_or_territory \"Legality of cryptocurrency by country or territory\")\n\nPermissive (legal to use bitcoin, with minimal or no restrictions)\n\nRestricted (some legal restrictions on the usage of bitcoin)\n\nContentious (interpretation of old laws, but bitcoin is not directly prohibited)\n\nProhibited (full or partial prohibition on the use of bitcoin)\n\nNo data (no information available)\n\n- [v](https:\/\/en.wikipedia.org\/wiki\/Template:Legal_status_of_bitcoin \"Template:Legal status of bitcoin\")\n- [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Legal_status_of_bitcoin \"Template talk:Legal status of bitcoin\")\n- [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Legal_status_of_bitcoin \"Special:EditPage\/Template:Legal status of bitcoin\")\n\n[Money](https:\/\/en.wikipedia.org\/wiki\/Money \"Money\") serves three purposes: a [store of value](https:\/\/en.wikipedia.org\/wiki\/Store_of_value \"Store of value\"), a [medium of exchange](https:\/\/en.wikipedia.org\/wiki\/Medium_of_exchange \"Medium of exchange\"), and a [unit of account](https:\/\/en.wikipedia.org\/wiki\/Unit_of_account \"Unit of account\").[\\[114\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econ315-116) According to *The Economist* in 2014, bitcoin functions best as a medium of exchange.[\\[114\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econ315-116) In 2015, *The Economist* noted that bitcoins had three qualities useful in a currency: they are \"hard to earn, limited in supply and easy to verify\".[\\[115\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-117) However, a 2018 assessment by *The Economist* stated that cryptocurrencies met none of these three criteria.[\\[112\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-30082018Economist-114) Per some researchers, as of 2015[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit), bitcoin functions more as a [payment system](https:\/\/en.wikipedia.org\/wiki\/Payment_system \"Payment system\") than as a currency.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31) In 2014, economist [Robert J. Shiller](https:\/\/en.wikipedia.org\/wiki\/Robert_J._Shiller \"Robert J. Shiller\") wrote that bitcoin has potential as a unit of account for measuring the relative value of goods, as with Chile's [Unidad de Fomento](https:\/\/en.wikipedia.org\/wiki\/Unidad_de_Fomento \"Unidad de Fomento\"), but that \"Bitcoin in its present form... doesn't really solve any sensible economic problem\".[\\[116\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Shiller-118) In 2017, François Velde, senior economist at the [Chicago Fed](https:\/\/en.wikipedia.org\/wiki\/Chicago_Fed \"Chicago Fed\"), described bitcoin as \"unlikely by itself to replace monies in well-functioning monetary systems.\"[\\[117\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-119)\n\nThe [legal status of bitcoin](https:\/\/en.wikipedia.org\/wiki\/Legality_of_cryptocurrency_by_country_or_territory \"Legality of cryptocurrency by country or territory\") varies substantially from one jurisdiction to another. Because of its decentralized nature and its global presence, regulating bitcoin is difficult. However, the use of bitcoin can be criminalized, and shutting down exchanges and the peer-to-peer economy in a given country would constitute a [de facto](https:\/\/en.wikipedia.org\/wiki\/De_facto \"De facto\") ban.[\\[118\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-120) The [use of bitcoin by criminals](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_and_crime \"Cryptocurrency and crime\") has attracted the attention of financial regulators, legislative bodies, and law enforcement.[\\[119\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-121) Nobel-prize winning economist [Joseph Stiglitz](https:\/\/en.wikipedia.org\/wiki\/Joseph_Stiglitz \"Joseph Stiglitz\") says that bitcoin's anonymity encourages [money laundering](https:\/\/en.wikipedia.org\/wiki\/Money_laundering \"Money laundering\") and other crimes.[\\[120\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-122) This is the main justification behind bitcoin bans.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-SunYin2019-12) As of November 2021[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit), nine countries applied an absolute ban (Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia) while another 42 countries had an implicit ban.[\\[121\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-LOC2021-123)\\[*[needs update](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Manual_of_Style\/Dates_and_numbers#Chronological_items \"Wikipedia:Manual of Style\/Dates and numbers\")*\\]\n\n### Use for payments\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/c\/cd\/De_Waag_Bitcoin.jpg\/250px-De_Waag_Bitcoin.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:De_Waag_Bitcoin.jpg)\n\nCafé in [Delft](https:\/\/en.wikipedia.org\/wiki\/Delft \"Delft\") accepting Bitcoin\n\nAccording to Harvard Professor [Kenneth Rogoff](https:\/\/en.wikipedia.org\/wiki\/Kenneth_Rogoff \"Kenneth Rogoff\") as of 2025[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit), bitcoin is rarely used in regular transactions with merchants, but is popular in the [informal economy](https:\/\/en.wikipedia.org\/wiki\/Informal_economy \"Informal economy\") and for criminal activities.[\\[122\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-RogoffEconomist-124)[\\[123\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-RogoffBloomberg-125) Prices are not usually quoted in bitcoin and trades involve conversions into [fiat](https:\/\/en.wikipedia.org\/wiki\/Fiat_money \"Fiat money\") currencies.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31) Commonly cited reasons for not using bitcoin include high costs, the inability to process [chargebacks](https:\/\/en.wikipedia.org\/wiki\/Chargeback \"Chargeback\"), high [price volatility](https:\/\/en.wikipedia.org\/wiki\/Volatility_\$finance\$ \"Volatility (finance)\"), long transaction times, and [transaction fees](https:\/\/en.wikipedia.org\/wiki\/Transaction_cost \"Transaction cost\") (especially for small purchases).[\\[124\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-FT08062018-126)[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-127) *[Bloomberg](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\")* reported that bitcoin was being used for large-item purchases on the site [Overstock.com](https:\/\/en.wikipedia.org\/wiki\/Overstock.com \"Overstock.com\") and for cross-border payments to [freelancers](https:\/\/en.wikipedia.org\/wiki\/Freelancer \"Freelancer\").[\\[126\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-128) As of 2015[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit), there was little sign of bitcoin use in international [remittances](https:\/\/en.wikipedia.org\/wiki\/Remittance \"Remittance\") despite high fees charged by banks and [Western Union](https:\/\/en.wikipedia.org\/wiki\/Western_Union \"Western Union\").[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31)[\\[127\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-129)\n\nFrom September 2021 until January 2025, the [Bitcoin Law](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Law \"Bitcoin Law\") made bitcoin a [legal tender](https:\/\/en.wikipedia.org\/wiki\/Legal_tender \"Legal tender\") currency in [El Salvador](https:\/\/en.wikipedia.org\/wiki\/El_Salvador \"El Salvador\"), alongside the US dollar.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-BTCSVSept7FT-9) The adoption had been criticized internationally and within El Salvador.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-BTCSVSept7FT-9)[\\[128\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-130) In 2022, the [International Monetary Fund](https:\/\/en.wikipedia.org\/wiki\/International_Monetary_Fund \"International Monetary Fund\") (IMF) urged El Salvador to reverse its decision.[\\[129\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-131) As of 2022[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit), the use of [Bitcoin in El Salvador](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_in_El_Salvador \"Bitcoin in El Salvador\") remained low: 80% of businesses refused to accept it.[\\[130\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-132) In 2025, El Salvador's government revoked bitcoin's status as legal tender currency in order to comply with conditions set by the IMF for a loan. El Salvador still describes bitcoin as \"legal tender\", but its acceptance is no longer obligitory (as it is with the US dollar) and the El Salvador government no longer accepts bitcoin for payment of taxes or fees.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11)\n\nIn April 2022, the [Central African Republic](https:\/\/en.wikipedia.org\/wiki\/Central_African_Republic \"Central African Republic\") (CAR) adopted bitcoin as legal tender alongside the [CFA franc](https:\/\/en.wikipedia.org\/wiki\/CFA_franc \"CFA franc\"),[\\[131\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-133) but repealed the reform one year later.[\\[132\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-134)\n\nBitcoin is also used by some governments. For instance, the [Iranian government](https:\/\/en.wikipedia.org\/wiki\/Government_of_Iran \"Government of Iran\") initially opposed cryptocurrencies, but later began using them to circumvent [sanctions](https:\/\/en.wikipedia.org\/wiki\/Sanctions_against_Iran \"Sanctions against Iran\").[\\[133\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-135) Since 2020, Iran has required local bitcoin miners to sell bitcoin to the [Central Bank of Iran](https:\/\/en.wikipedia.org\/wiki\/Central_Bank_of_Iran \"Central Bank of Iran\"), allowing the central bank to use it for imports.[\\[134\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-aawsat202011-136) Some [constituent states](https:\/\/en.wikipedia.org\/wiki\/Constituent_state \"Constituent state\") and [local governments](https:\/\/en.wikipedia.org\/wiki\/Local_government \"Local government\") also accept tax payments in bitcoin, including [Colorado](https:\/\/en.wikipedia.org\/wiki\/Colorado \"Colorado\") in the US[\\[135\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-137) and [Zug](https:\/\/en.wikipedia.org\/wiki\/Canton_of_Zug \"Canton of Zug\") and [Lugano](https:\/\/en.wikipedia.org\/wiki\/Lugano \"Lugano\") in Switzerland.[\\[136\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-138)[\\[137\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-139) As of 2023, the US government owned more than \\$5 billion worth of seized bitcoin.[\\[138\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-140)[\\[139\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-141)\n\n### Use for investment and status as an economic bubble\nFurther information: [Cryptocurrency bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\")\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/4\/43\/El_Salvador_Bitcoin_reserves.png\/250px-El_Salvador_Bitcoin_reserves.png)](https:\/\/en.wikipedia.org\/wiki\/File:El_Salvador_Bitcoin_reserves.png)\n\nGovernment website with El Salvador reserves\n\nAs of 2018[\\[update\\]](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&action=edit), the overwhelming majority of bitcoin transactions took place on [cryptocurrency exchanges](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_exchange \"Cryptocurrency exchange\").[\\[124\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-FT08062018-126) Since 2014, regulated bitcoin funds also allow [exposure](https:\/\/en.wikipedia.org\/wiki\/Market_exposure \"Market exposure\") to the asset or to [futures](https:\/\/en.wikipedia.org\/wiki\/Futures_contract \"Futures contract\") as an investment.[\\[140\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-142)[\\[141\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-143) Bitcoin is used as a [store of value](https:\/\/en.wikipedia.org\/wiki\/Store_of_value \"Store of value\"):[\\[142\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-144)[\\[143\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-145) individuals and companies such as the [Winklevoss twins](https:\/\/en.wikipedia.org\/wiki\/Winklevoss_Capital_Management \"Winklevoss Capital Management\")[\\[144\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-146) and [Elon Musk](https:\/\/en.wikipedia.org\/wiki\/Elon_Musk \"Elon Musk\")'s companies [SpaceX](https:\/\/en.wikipedia.org\/wiki\/SpaceX \"SpaceX\") and [Tesla](https:\/\/en.wikipedia.org\/wiki\/Tesla,_Inc. \"Tesla, Inc.\") have each bought and sold hundreds of millions of dollars worth of bitcoin.[\\[145\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-147)[\\[146\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-148)[\\[147\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-149) Bitcoin wealth is highly concentrated, with 0.01% holding 27% of in-circulation currency, as of 2021.[\\[148\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-150)\n\nAs of March 2025, El Salvador had \\$550 million worth of bitcoin in its [international reserves](https:\/\/en.wikipedia.org\/wiki\/Foreign_exchange_reserves \"Foreign exchange reserves\"), about 6,102 coins.[\\[149\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-151)\n\nBitcoin, along with other cryptocurrencies, has been described as an [economic bubble](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") by several economists, including [Nobel Prize in Economics](https:\/\/en.wikipedia.org\/wiki\/Nobel_Memorial_Prize_in_Economic_Sciences \"Nobel Memorial Prize in Economic Sciences\") laureates, such as [Joseph Stiglitz](https:\/\/en.wikipedia.org\/wiki\/Joseph_Stiglitz \"Joseph Stiglitz\"),[\\[150\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Stiglitz-152) [James Heckman](https:\/\/en.wikipedia.org\/wiki\/James_Heckman \"James Heckman\"),[\\[151\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-4Nobels-153) and [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\").[\\[152\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Krugman-154) Another recipient of the prize, [Robert Shiller](https:\/\/en.wikipedia.org\/wiki\/Robert_Shiller \"Robert Shiller\"), argues that bitcoin is rather a [fad](https:\/\/en.wikipedia.org\/wiki\/Fad \"Fad\") that may become an [asset class](https:\/\/en.wikipedia.org\/wiki\/Asset_classes \"Asset classes\"). He describes its price growth as an \"epidemic\", driven by [contagious narratives](https:\/\/en.wikipedia.org\/wiki\/Social_contagion \"Social contagion\").[\\[153\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-155) In 2024, [Jean Tirole](https:\/\/en.wikipedia.org\/wiki\/Jean_Tirole \"Jean Tirole\"), also Nobel laureate, described bitcoin as a \"pure bubble\" as its [intrinsic value](https:\/\/en.wikipedia.org\/wiki\/Intrinsic_value_\$finance\$ \"Intrinsic value (finance)\") is zero. According to him, some bubbles are long-lasting such as gold and fiat currencies, and it is impossible to predict whether bitcoin would implode like other financial bubbles or become an alternative to gold.[\\[154\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-156) The same year, [Federal Reserve Chair](https:\/\/en.wikipedia.org\/wiki\/Chair_of_the_Federal_Reserve \"Chair of the Federal Reserve\") [Jerome Powell](https:\/\/en.wikipedia.org\/wiki\/Jerome_Powell \"Jerome Powell\") described bitcoin as a digital competitor to gold but not to the dollar as he argued it is a highly volatile [speculative](https:\/\/en.wikipedia.org\/wiki\/Speculation \"Speculation\") asset not used as a form of payment.[\\[155\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-157) In 2025, [Kenneth Rogoff](https:\/\/en.wikipedia.org\/wiki\/Kenneth_Rogoff \"Kenneth Rogoff\") claimed that Krugman was wrong and that Bitcoin had value as it is competing with the dollar to become the [means of exchange](https:\/\/en.wikipedia.org\/wiki\/Means_of_exchange \"Means of exchange\") of the [underground economy](https:\/\/en.wikipedia.org\/wiki\/Informal_economy \"Informal economy\") which represents 20% of the world's [GDP](https:\/\/en.wikipedia.org\/wiki\/Gross_domestic_product \"Gross domestic product\").[\\[122\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-RogoffEconomist-124)[\\[123\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-RogoffBloomberg-125) According to Rogoff, bitcoin is \"the ideal currency for a more fragmented and uncertain global landscape\" and it could become appealing to [emerging-market](https:\/\/en.wikipedia.org\/wiki\/Emerging_market \"Emerging market\") central banks as a \"politically neutral\" [reserve](https:\/\/en.wikipedia.org\/wiki\/Reserve_currency \"Reserve currency\") [currency](https:\/\/en.wikipedia.org\/wiki\/Reserve_currency \"Reserve currency\").[\\[156\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-:0-158) In 2025, the nominee for the Chair of the Federal Reserve, [Kevin Warsh](https:\/\/en.wikipedia.org\/wiki\/Kevin_Warsh \"Kevin Warsh\"), described Bitcoin as the \"new gold.\"[\\[156\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-:0-158)\n\nAccording to research published in the *[International Review of Financial Analysis](https:\/\/en.wikipedia.org\/wiki\/International_Review_of_Financial_Analysis \"International Review of Financial Analysis\")* in 2018, bitcoin as an asset is highly volatile and does not behave like any other conventional asset.[\\[157\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-159) According to one 2022 analysis published in *[The Journal of Alternative Investments](https:\/\/en.wikipedia.org\/wiki\/The_Journal_of_Alternative_Investments \"The Journal of Alternative Investments\")*, bitcoin was less volatile than [oil](https:\/\/en.wikipedia.org\/wiki\/Price_of_oil \"Price of oil\"), [silver](https:\/\/en.wikipedia.org\/wiki\/Silver_as_an_investment \"Silver as an investment\"), [US Treasuries](https:\/\/en.wikipedia.org\/wiki\/United_States_Treasury_security \"United States Treasury security\"), and 190 stocks in the [S\\&P 500](https:\/\/en.wikipedia.org\/wiki\/S%26P_500 \"S&P 500\") during and after the [2020 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2020_stock_market_crash \"2020 stock market crash\").[\\[158\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-160) The term *[hodl](https:\/\/en.wiktionary.org\/wiki\/hodl#English \"wikt:hodl\")* was created in December 2013 for [holding](https:\/\/en.wikipedia.org\/wiki\/Buy_and_hold \"Buy and hold\") bitcoin rather than selling it during periods of volatility.[\\[159\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-161)[\\[160\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-162)\n\nIn 2014, economist [Nouriel Roubini](https:\/\/en.wikipedia.org\/wiki\/Nouriel_Roubini \"Nouriel Roubini\") described bitcoin as a [Ponzi scheme](https:\/\/en.wikipedia.org\/wiki\/Ponzi_scheme \"Ponzi scheme\").[\\[161\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-163) Legal scholar [Eric Posner](https:\/\/en.wikipedia.org\/wiki\/Eric_Posner \"Eric Posner\") disagrees, however, as \"a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective [delusion](https:\/\/en.wikipedia.org\/wiki\/Delusion \"Delusion\")\".[\\[162\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-164) A 2014 [World Bank](https:\/\/en.wikipedia.org\/wiki\/World_Bank \"World Bank\") report also concluded that bitcoin was not a deliberate Ponzi scheme.[\\[163\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-165)\n\n### Market characteristics\nBitcoin markets operate 24 hours a day, seven days a week, contrasting with traditional financial markets that have fixed trading hours. Bitcoin prices show much higher volatility and respond strongly to both regulatory changes and market events.[\\[164\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-166)\n\nThe volume of bitcoin trading can fluctuate considerably among various exchanges and geographic regions. The daily transaction volume of bitcoin across all exchanges typically reaches \\$50 billion as of 2025.[\\[165\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-167)\n\n## See also\n- [Alternative currency](https:\/\/en.wikipedia.org\/wiki\/Alternative_currency \"Alternative currency\") – Medium of exchange complementing national currenciesPages displaying short descriptions of redirect targets\n- [List of cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/List_of_cryptocurrencies \"List of cryptocurrencies\")\n## Notes\n1. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-satoshi_2-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-satoshi_2-1) Named after [Satoshi Nakamoto](https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto \"Satoshi Nakamoto\")\n2. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-supply_5-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-supply_5-1) The exact number is ₿20,999,999.9769.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8\n## References\n1. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-unicode-10_1-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-unicode-10_1-1)\n   [\"Unicode 10.0.0\"](https:\/\/www.unicode.org\/versions\/Unicode10.0.0\/). Unicode Consortium. 20 June 2017. [Archived](https:\/\/web.archive.org\/web\/20170620130342\/http:\/\/www.unicode.org\/versions\/Unicode10.0.0\/) from the original on 20 June 2017. Retrieved 20 June 2017.\n2. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-satoshi_unit_3-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-satoshi_unit_3-1)\n   Bradbury, Danny (November 2013). [\"The problem with Bitcoin\"](https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S1361372313701015). *Computer Fraud & Security*. **2013** (11): 5–8\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/S1361-3723(13)70101-5](https:\/\/doi.org\/10.1016%2FS1361-3723%2813%2970101-5). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1361-3723](https:\/\/search.worldcat.org\/issn\/1361-3723). [Archived](https:\/\/web.archive.org\/web\/20230118052355\/https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S1361372313701015) from the original on 18 January 2023. Retrieved 25 November 2023.\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-4)**\n   [\"Bitcoin Core 30.2\"](https:\/\/bitcoincore.org\/bin\/bitcoin-core-30.2\/). 10 January 2026. Retrieved 14 January 2026.\n4. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-whoissn_6-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-whoissn_6-1)\n   S., L. (2 November 2015). [\"Who is Satoshi Nakamoto?\"](https:\/\/www.economist.com\/the-economist-explains\/2015\/11\/02\/who-is-satoshi-nakamoto). *[The Economist](https:\/\/en.wikipedia.org\/wiki\/The_Economist \"The Economist\")*. [Archived](https:\/\/web.archive.org\/web\/20201122172929\/https:\/\/www.economist.com\/the-economist-explains\/2015\/11\/02\/who-is-satoshi-nakamoto) from the original on 22 November 2020. Retrieved 21 November 2023.\n5. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-NY2011_7-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-NY2011_7-1)\n   Davis, Joshua (10 October 2011). [\"The Crypto-Currency: Bitcoin and its mysterious inventor\"](https:\/\/www.newyorker.com\/magazine\/2011\/10\/10\/the-crypto-currency). *[The New Yorker](https:\/\/en.wikipedia.org\/wiki\/The_New_Yorker \"The New Yorker\")*. [Archived](https:\/\/web.archive.org\/web\/20141101014157\/http:\/\/www.newyorker.com\/magazine\/2011\/10\/10\/the-crypto-currency) from the original on 1 November 2014. Retrieved 31 October 2014.\n6. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-4) [***f***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-5) [***g***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-6) [***h***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-7) [***i***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-8) [***j***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-9) [***k***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-10) [***l***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-11) [***m***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-12) [***n***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-13) [***o***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-14) [***p***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-15) [***q***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-16) [***r***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-17) [***s***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-18) [***t***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-19) [***u***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-20) [***v***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-21) [***w***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-22)\n   [Antonopoulos, Andreas M.](https:\/\/en.wikipedia.org\/wiki\/Andreas_Antonopoulos \"Andreas Antonopoulos\") (2014). *Mastering Bitcoin: Unlocking Digital Crypto-Currencies*. O'Reilly Media. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n   \n   [978-1-4493-7404-4](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-4493-7404-4 \"Special:BookSources\/978-1-4493-7404-4\")\n   \n   .\n7. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-BTCSVSept7FT_9-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-BTCSVSept7FT_9-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-BTCSVSept7FT_9-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-BTCSVSept7FT_9-3)\n   [\"El Salvador's dangerous gamble on bitcoin\"](https:\/\/www.ft.com\/content\/c257a925-c864-4495-9149-d8956d786310). The editorial board. *[Financial Times](https:\/\/en.wikipedia.org\/wiki\/Financial_Times \"Financial Times\")*. 7 September 2021. [Archived](https:\/\/web.archive.org\/web\/20210907081627\/https:\/\/www.ft.com\/content\/c257a925-c864-4495-9149-d8956d786310) from the original on 7 September 2021. Retrieved 7 September 2021.\n8. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-2)\n   [\"El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment\"](https:\/\/ticotimes.net\/2025\/02\/02\/el-salvador-abandons-bitcoin-as-legal-tender-after-failed-experiment). *The Tico Times*. [AFP](https:\/\/en.wikipedia.org\/wiki\/Agence_France-Presse \"Agence France-Presse\"). 2 February 2025. Retrieved 10 October 2025.\n9. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-2)\n   [\"Bitcoin is no longer legal tender in El Salvador\"](https:\/\/dig.watch\/updates\/bitcoin-is-no-longer-legal-tender-in-el-salvador). *Dig.watch*. [DiploFoundation](https:\/\/en.wikipedia.org\/wiki\/DiploFoundation \"DiploFoundation\"). 7 February 2025. Retrieved 10 October 2025.\n10. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-SunYin2019_12-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-SunYin2019_12-1)\n    Sun Yin, Hao Hua; Langenheldt, Klaus; Harlev, Mikkel; Mukkamala, Raghava Rao; Vatrapu, Ravi (2 January 2019). [\"Regulating Cryptocurrencies: A Supervised Machine Learning Approach to De-Anonymizing the Bitcoin Blockchain\"](https:\/\/www.researchgate.net\/publication\/332118587). *[Journal of Management Information Systems](https:\/\/en.wikipedia.org\/wiki\/Journal_of_Management_Information_Systems \"Journal of Management Information Systems\")*. **36** (1): 65. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1080\/07421222.2018.1550550](https:\/\/doi.org\/10.1080%2F07421222.2018.1550550). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0742-1222](https:\/\/search.worldcat.org\/issn\/0742-1222). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [132398387](https:\/\/api.semanticscholar.org\/CorpusID:132398387). [Archived](https:\/\/web.archive.org\/web\/20240421113631\/https:\/\/www.researchgate.net\/publication\/332118587_Regulating_Cryptocurrencies_A_Supervised_Machine_Learning_Approach_to_De-Anonymizing_the_Bitcoin_Blockchain) from the original on 21 April 2024. Retrieved 29 November 2023.\n11. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-13)**\n    Huang, Jon; O’Neill, Claire; [Tabuchi, Hiroko](https:\/\/en.wikipedia.org\/wiki\/Hiroko_Tabuchi \"Hiroko Tabuchi\") (3 September 2021). [\"Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?\"](https:\/\/www.nytimes.com\/interactive\/2021\/09\/03\/climate\/bitcoin-carbon-footprint-electricity.html). *The New York Times*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0362-4331](https:\/\/search.worldcat.org\/issn\/0362-4331). [Archived](https:\/\/web.archive.org\/web\/20230217105559\/https:\/\/www.nytimes.com\/interactive\/2021\/09\/03\/climate\/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 26 October 2022.\n12. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-4) [***f***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-5) [***g***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-6) [***h***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-7)\n    Narayanan, Arvind; Clark, Jeremy (27 November 2017). [\"Bitcoin's academic pedigree\"](https:\/\/queue.acm.org\/detail.cfm?id=3136559). *[Communications of the ACM](https:\/\/en.wikipedia.org\/wiki\/Communications_of_the_ACM \"Communications of the ACM\")*. **60** (12): 36–45\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1145\/3132259](https:\/\/doi.org\/10.1145%2F3132259). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0001-0782](https:\/\/search.worldcat.org\/issn\/0001-0782). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [6425116](https:\/\/api.semanticscholar.org\/CorpusID:6425116). [Archived](https:\/\/web.archive.org\/web\/20231014120907\/https:\/\/queue.acm.org\/detail.cfm?id=3136559) from the original on 14 October 2023. Retrieved 22 November 2023.\n13. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-15)**\n    Dwork, Cynthia; Naor, Moni (1993), Brickell, Ernest F. (ed.), [\"Pricing via Processing or Combatting Junk Mail\"](http:\/\/link.springer.com\/10.1007\/3-540-48071-4_10), *Advances in Cryptology — CRYPTO’ 92*, vol. 740, Berlin, Heidelberg: Springer Berlin Heidelberg, pp. 139–147, [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1007\/3-540-48071-4\\_10](https:\/\/doi.org\/10.1007%2F3-540-48071-4_10), [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-3-540-57340-1](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-3-540-57340-1 \"Special:BookSources\/978-3-540-57340-1\")\n    \n    , retrieved 2 January 2025\n    \n    `{{citation}}`: CS1 maint: work parameter with ISBN ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_work_parameter_with_ISBN \"Category:CS1 maint: work parameter with ISBN\"))\n14. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-16)**\n    Tschorsch, Florian; Scheuermann, Bjorn (2 March 2016). \"Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies\". *IEEE Communications Surveys & Tutorials*. **18** (3): 2084–2123\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1109\/COMST.2016.2535718](https:\/\/doi.org\/10.1109%2FCOMST.2016.2535718). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1553-877X](https:\/\/search.worldcat.org\/issn\/1553-877X). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [5115101](https:\/\/api.semanticscholar.org\/CorpusID:5115101).\n15. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-17)**\n    Judmayer, Aljosha; Stifter, Nicholas; Krombholz, Katharina; Weippl, Edgar (2017). [\"History of Cryptographic Currencies\"](https:\/\/link.springer.com\/10.1007\/978-3-031-02352-1_3). [*Blocks and Chains*](https:\/\/link.springer.com\/book\/10.1007\/978-3-031-02352-1). Synthesis Lectures on Information Security, Privacy, and Trust. [Springer](https:\/\/en.wikipedia.org\/wiki\/Springer_Nature \"Springer Nature\"). pp. 15–18\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1007\/978-3-031-02352-1\\_3](https:\/\/doi.org\/10.1007%2F978-3-031-02352-1_3). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-3-031-01224-2](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-3-031-01224-2 \"Special:BookSources\/978-3-031-01224-2\")\n    \n    . [Archived](https:\/\/web.archive.org\/web\/20231122135006\/https:\/\/link.springer.com\/book\/10.1007\/978-3-031-02352-1) from the original on 22 November 2023. Retrieved 22 November 2023.\n16. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-18)**\n    Bernard, Zoë (2 December 2017). [\"Everything you need to know about Bitcoin, its mysterious origins, and the many alleged identities of its creator\"](http:\/\/www.businessinsider.com\/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12). *Business Insider*. [Archived](https:\/\/web.archive.org\/web\/20180615010015\/http:\/\/www.businessinsider.com\/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12) from the original on 15 June 2018. Retrieved 15 June 2018.\n17. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-19)**\n    Finley, Klint (31 October 2018). [\"After 10 Years, Bitcoin Has Changed Everything—and Nothing\"](https:\/\/www.wired.com\/story\/after-10-years-bitcoin-changed-everything-nothing\/). *Wired*. [Archived](https:\/\/web.archive.org\/web\/20181105070656\/https:\/\/www.wired.com\/story\/after-10-years-bitcoin-changed-everything-nothing\/) from the original on 5 November 2018. Retrieved 9 November 2018.\n18. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-te20151031_20-0)**\n    Economist Staff (31 October 2015). [\"Blockchains: The great chain of being sure about things\"](https:\/\/www.economist.com\/news\/briefing\/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable). *[The Economist](https:\/\/en.wikipedia.org\/wiki\/The_Economist \"The Economist\")*. [Archived](https:\/\/web.archive.org\/web\/20160703000844\/http:\/\/www.economist.com\/news\/briefing\/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable) from the original on 3 July 2016. Retrieved 18 June 2016.\n19. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Humayun-2018_21-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Humayun-2018_21-1)\n    Humayun, Mariam; Belk, Russell W. (2018). [\"'Satoshi is Dead. Long Live Satoshi': The Curious Case of Bitcoin's Creator\"](https:\/\/books.google.com\/books?id=FxJJDwAAQBAJ&pg=PA19). In N. N. Cross, Samantha; Ruvalcaba, Cecilia; Venkatesh, Alladi; W. Belk, Russell (eds.). *Consumer Culture Theory*. pp. 19–35\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1108\/s0885-211120180000019002](https:\/\/doi.org\/10.1108%2Fs0885-211120180000019002). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1-78743-907-8](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-78743-907-8 \"Special:BookSources\/978-1-78743-907-8\")\n    \n    .\n20. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Wired:RFB_22-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Wired:RFB_22-1)\n    Wallace, Benjamin (23 November 2011). [\"The Rise and Fall of Bitcoin\"](https:\/\/www.wired.com\/2011\/11\/mf-bitcoin\/). *Wired*. [Archived](https:\/\/web.archive.org\/web\/20131031043919\/http:\/\/www.wired.com\/magazine\/2011\/11\/mf_bitcoin) from the original on 31 October 2013. Retrieved 13 October 2012.\n21. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-23)**\n    Popper, Nathaniel (30 August 2014). [\"Hal Finney, Cryptographer and Bitcoin Pioneer, Dies at 58\"](https:\/\/www.nytimes.com\/2014\/08\/31\/business\/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [Archived](https:\/\/web.archive.org\/web\/20140903162835\/http:\/\/www.nytimes.com\/2014\/08\/31\/business\/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html) from the original on 3 September 2014. Retrieved 2 September 2014.\n22. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-24)**\n    Cooper, Anderson (16 May 2019). [\"Meet the man who spent millions worth of bitcoin on pizza\"](https:\/\/www.cbsnews.com\/news\/meet-the-man-who-spent-millions-worth-of-bitcoin-on-pizza-60-minutes-2019-05-16). *[CBS News](https:\/\/en.wikipedia.org\/wiki\/CBS_News \"CBS News\")*. [Archived](https:\/\/web.archive.org\/web\/20211208180706\/https:\/\/www.cbsnews.com\/news\/meet-the-man-who-spent-millions-worth-of-bitcoin-on-pizza-60-minutes-2019-05-16\/) from the original on 8 December 2021. Retrieved 8 December 2021.\n23. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-25)**\n    Khalili, Joel (23 February 2024). [\"Bitcoin Royalty Descends on the Satoshi Nakamoto Trial\"](https:\/\/www.wired.com\/story\/craig-wright-trial-bitcoin-royalty-testimony\/). *Wired*. Retrieved 25 August 2025.\n    \n    `{{cite magazine}}`: CS1 maint: url-status ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_url-status \"Category:CS1 maint: url-status\"))\n24. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-DominicFrisby2014_26-0)**\n    Frisby, Dominic (2014). *Bitcoin: The Future of Money?*. Unbound. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [9781783520763](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/9781783520763 \"Special:BookSources\/9781783520763\")\n    \n    .\n25. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-27)**\n    McMillan, Robert. [\"Who Owns the World's Biggest Bitcoin Wallet? The FBI\"](https:\/\/www.wired.com\/2013\/12\/fbi-wallet\/). *Wired*. [Archived](https:\/\/web.archive.org\/web\/20161021221609\/https:\/\/www.wired.com\/2013\/12\/fbi-wallet\/) from the original on 21 October 2016. Retrieved 7 October 2016.\n26. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-28)**\n    Simonite, Tom (15 August 2014). [\"Meet Gavin Andresen, the most powerful person in the world of Bitcoin\"](https:\/\/www.technologyreview.com\/2014\/08\/15\/12784\/the-man-who-really-built-bitcoin). *[MIT Technology Review](https:\/\/en.wikipedia.org\/wiki\/MIT_Technology_Review \"MIT Technology Review\")*. [Archived](https:\/\/web.archive.org\/web\/20231122163924\/https:\/\/www.technologyreview.com\/2014\/08\/15\/12784\/the-man-who-really-built-bitcoin) from the original on 22 November 2023. Retrieved 22 November 2023.\n27. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-29)**\n    Odell, Matt (21 September 2015). [\"A Solution To Bitcoin's Governance Problem\"](https:\/\/techcrunch.com\/2015\/09\/21\/a-solution-to-bitcoins-governance-problem\/). *TechCrunch*. [Archived](https:\/\/web.archive.org\/web\/20160126051521\/http:\/\/techcrunch.com\/2015\/09\/21\/a-solution-to-bitcoins-governance-problem\/) from the original on 26 January 2016. Retrieved 24 January 2016.\n28. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-30)**\n    Bustillos, Maria (1 April 2013). [\"The Bitcoin Boom\"](https:\/\/www.newyorker.com\/tech\/elements\/the-bitcoin-boom). *The New Yorker*. [Archived](https:\/\/web.archive.org\/web\/20180702064450\/https:\/\/www.newyorker.com\/tech\/elements\/the-bitcoin-boom) from the original on 2 July 2018. Retrieved 30 July 2018.\n29. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-4) [***f***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-5) [***g***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-6)\n    Rainer Böhme; Nicolas Christin; Benjamin Edelman; Tyler Moore (2015). [\"Bitcoin: Economics, Technology, and Governance\"](https:\/\/doi.org\/10.1257%2Fjep.29.2.213). *[Journal of Economic Perspectives](https:\/\/en.wikipedia.org\/wiki\/Journal_of_Economic_Perspectives \"Journal of Economic Perspectives\")*. **29** (2): 213–238\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1257\/jep.29.2.213](https:\/\/doi.org\/10.1257%2Fjep.29.2.213). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0895-3309](https:\/\/search.worldcat.org\/issn\/0895-3309).\n30. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-32)**\n    Lee, Timothy B. (19 March 2013). [\"US regulator Bitcoin Exchanges Must Comply With Money Laundering Laws\"](https:\/\/arstechnica.com\/tech-policy\/2013\/03\/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws\/). *[Ars Technica](https:\/\/en.wikipedia.org\/wiki\/Ars_Technica \"Ars Technica\")*. [Archived](https:\/\/web.archive.org\/web\/20131021203745\/http:\/\/arstechnica.com\/tech-policy\/2013\/03\/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws\/) from the original on 21 October 2013. Retrieved 28 July 2017.\n31. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-33)**\n    Dillet, Romain. [\"Feds Seize Assets From Mt. Gox's Dwolla Account, Accuse It Of Violating Money Transfer Regulations\"](https:\/\/techcrunch.com\/2013\/05\/16\/mt-gox-dwolla-account-money-seizure\/). *[TechCrunch](https:\/\/en.wikipedia.org\/wiki\/TechCrunch \"TechCrunch\")*. [Archived](https:\/\/web.archive.org\/web\/20131009161856\/http:\/\/techcrunch.com\/2013\/05\/16\/mt-gox-dwolla-account-money-seizure\/) from the original on 9 October 2013. Retrieved 15 May 2013.\n32. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-34)**\n    Sampson, Tim (2013). [\"U.S. government makes its first-ever Bitcoin seizure\"](http:\/\/www.dailydot.com\/business\/11-bitcoins-seized-government-dea\/). *The Daily Dot*. [Archived](https:\/\/web.archive.org\/web\/20130712010826\/http:\/\/www.dailydot.com\/business\/11-bitcoins-seized-government-dea\/) from the original on 12 July 2013. Retrieved 15 October 2013.\n33. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-35)**\n    Hill, Kashmir. [\"The FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road\"](https:\/\/www.forbes.com\/sites\/kashmirhill\/2013\/10\/04\/fbi-silk-road-bitcoin-seizure\/). *Forbes*. [Archived](https:\/\/web.archive.org\/web\/20140502154935\/http:\/\/www.forbes.com\/sites\/kashmirhill\/2013\/10\/04\/fbi-silk-road-bitcoin-seizure\/) from the original on 2 May 2014.\n34. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-36)**\n    Kelion, Leo (18 December 2013). [\"Bitcoin sinks after China restricts yuan exchanges\"](https:\/\/www.bbc.co.uk\/news\/technology-25428866). *BBC News*. [Archived](https:\/\/web.archive.org\/web\/20131219214615\/http:\/\/www.bbc.co.uk\/news\/technology-25428866) from the original on 19 December 2013. Retrieved 20 December 2013.\n35. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-37)**\n    [\"China bans banks from bitcoin transactions\"](https:\/\/www.smh.com.au\/business\/markets\/currencies\/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html). *[The Sydney Morning Herald](https:\/\/en.wikipedia.org\/wiki\/The_Sydney_Morning_Herald \"The Sydney Morning Herald\")*. Reuters. 6 December 2013. [Archived](https:\/\/web.archive.org\/web\/20140323102824\/http:\/\/www.smh.com.au\/business\/markets\/currencies\/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html) from the original on 23 March 2014. Retrieved 31 October 2014.\n36. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-38)**\n    [\"Baidu Stops Accepting Bitcoins After China Ban\"](https:\/\/www.bloomberg.com\/news\/2013-12-07\/baidu-stops-accepting-bitcoins-after-china-ban.html). *Bloomberg*. New York. 7 December 2013. [Archived](https:\/\/web.archive.org\/web\/20131210214547\/http:\/\/www.bloomberg.com\/news\/2013-12-07\/baidu-stops-accepting-bitcoins-after-china-ban.html) from the original on 10 December 2013. Retrieved 11 December 2013.\n37. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-39)**\n    [\"China bars use of virtual money for trading in real goods\"](http:\/\/english.mofcom.gov.cn\/aarticle\/newsrelease\/commonnews\/200906\/20090606364208.html). English.mofcom.gov.cn. 29 June 2009. [Archived](https:\/\/web.archive.org\/web\/20131129184312\/http:\/\/english.mofcom.gov.cn\/aarticle\/newsrelease\/commonnews\/200906\/20090606364208.html) from the original on 29 November 2013. Retrieved 10 January 2014.\n38. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-40)**\n    Hileman, Garrick; Rauchs, Michel. [\"Global Cryptocurrency Benchmarking Study\"](https:\/\/www.jbs.cam.ac.uk\/fileadmin\/user_upload\/research\/centres\/alternative-finance\/downloads\/2017-global-cryptocurrency-benchmarking-study.pdf) (PDF). Cambridge University. [Archived](https:\/\/web.archive.org\/web\/20170410130007\/https:\/\/www.jbs.cam.ac.uk\/fileadmin\/user_upload\/research\/centres\/alternative-finance\/downloads\/2017-global-cryptocurrency-benchmarking-study.pdf) (PDF) from the original on 10 April 2017. Retrieved 14 April 2017.\n39. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-41)**\n    Vigna, Paul (21 July 2017). [\"Bitcoin Rallies Sharply After Vote Resolves Bitter Scaling Debate\"](https:\/\/www.wsj.com\/articles\/bitcoin-rallies-sharply-after-vote-resolves-bitter-scaling-debate-1500656084). *The Wall Street Journal*. [Archived](https:\/\/web.archive.org\/web\/20231121164350\/https:\/\/www.wsj.com\/articles\/bitcoin-rallies-sharply-after-vote-resolves-bitter-scaling-debate-1500656084) from the original on 21 November 2023. Retrieved 21 November 2023.\n40. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-42)**\n    Selena Larson (1 August 2017). [\"Bitcoin split in two, here's what that means\"](https:\/\/money.cnn.com\/2017\/08\/01\/technology\/business\/bitcoin-cash-new-currency\/index.html). *CNN Tech*. Cable News Network. [Archived](https:\/\/web.archive.org\/web\/20180227214042\/https:\/\/money.cnn.com\/2017\/08\/01\/technology\/business\/bitcoin-cash-new-currency\/index.html) from the original on 27 February 2018. Retrieved 2 April 2018.\n41. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-43)**\n    Cheng, Evelyn (17 December 2017). [\"Bitcoin debuts on the world's largest futures exchange, and prices fall slightly\"](https:\/\/www.cnbc.com\/2017\/12\/17\/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html). *CNBC*. [Archived](https:\/\/web.archive.org\/web\/20240118182719\/https:\/\/www.cnbc.com\/2017\/12\/17\/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html) from the original on 18 January 2024. Retrieved 19 January 2024.\n42. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-44)**\n    French, Sally (9 February 2017). [\"Here's proof that this bitcoin crash is far from the worst the cryptocurrency has seen\"](https:\/\/www.marketwatch.com\/story\/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09). Market Watch. [Archived](https:\/\/web.archive.org\/web\/20180703220246\/https:\/\/www.marketwatch.com\/story\/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09) from the original on 3 July 2018. Retrieved 3 July 2018.\n43. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-45)**\n    [\"RMB Bitcoin trading falls below 1 pct of world total\"](http:\/\/www.xinhuanet.com\/english\/2018-07\/07\/c_137308879.htm). Xinhuanet. [Xinhua](https:\/\/en.wikipedia.org\/wiki\/Xinhua \"Xinhua\"). 7 July 2018. [Archived](https:\/\/web.archive.org\/web\/20180710225218\/http:\/\/www.xinhuanet.com\/english\/2018-07\/07\/c_137308879.htm) from the original on 10 July 2018. Retrieved 10 July 2018.\n44. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-46)**\n    Chavez-Dreyfuss, Gertrude (3 July 2018). [\"Cryptocurrency exchange theft surges in first half of 2018: report\"](https:\/\/www.reuters.com\/article\/us-crypto-currencies-ciphertrace\/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5). *Reuters*. [Archived](https:\/\/web.archive.org\/web\/20180704120854\/https:\/\/www.reuters.com\/article\/us-crypto-currencies-ciphertrace\/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5) from the original on 4 July 2018. Retrieved 10 July 2018.\n45. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-47)**\n    [\"Coinbase Bitcoin\"](https:\/\/fred.stlouisfed.org\/graph\/?g=1BVJt). *[Coinbase](https:\/\/en.wikipedia.org\/wiki\/Coinbase \"Coinbase\")*. [Federal Reserve Economic Data](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_Economic_Data \"Federal Reserve Economic Data\"). 4 December 2024. Retrieved 4 December 2024.\n46. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-48)**\n    Cuthbertson, Anthony (13 September 2021). [\"MicroStrategy buys another \\$250m worth of bitcoin in hope of 100X price growth\"](https:\/\/www.independent.co.uk\/tech\/microstrategy-bitcoin-crypto-price-prediction-b1919178.html). *[The Independent](https:\/\/en.wikipedia.org\/wiki\/The_Independent \"The Independent\")*. [Archived](https:\/\/web.archive.org\/web\/20231122163924\/https:\/\/www.independent.co.uk\/tech\/microstrategy-bitcoin-crypto-price-prediction-b1919178.html) from the original on 22 November 2023. Retrieved 22 November 2023.\n47. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-49)**\n    Oliver Effron. [\"Square just bought \\$50 million in bitcoin\"](https:\/\/www.cnn.com\/2020\/10\/08\/business\/square-bitcoin-crypto-investment\/index.html). *CNN*. [Archived](https:\/\/web.archive.org\/web\/20201024101610\/https:\/\/www.cnn.com\/2020\/10\/08\/business\/square-bitcoin-crypto-investment\/index.html) from the original on 24 October 2020. Retrieved 22 October 2020.\n48. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-50)**\n    Olga Kharif (11 December 2020). [\"169-Year-Old MassMutual Invests \\$100 Million in Bitcoin\"](https:\/\/www.bloomberg.com\/news\/articles\/2020-12-10\/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin). *Bloomberg*. [Archived](https:\/\/web.archive.org\/web\/20201219220543\/https:\/\/www.bloomberg.com\/news\/articles\/2020-12-10\/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin) from the original on 19 December 2020. Retrieved 26 December 2020.\n49. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-51)**\n    [\"PayPal says all users in US can now buy, hold and sell cryptocurrencies\"](https:\/\/techcrunch.com\/2020\/11\/12\/paypal-says-all-users-in-u-s-can-now-buy-hold-and-sell-cryptocurrencies\/). *Techcrunch*. 13 November 2020. [Archived](https:\/\/web.archive.org\/web\/20201124050031\/https:\/\/techcrunch.com\/2020\/11\/12\/paypal-says-all-users-in-u-s-can-now-buy-hold-and-sell-cryptocurrencies\/) from the original on 24 November 2020. Retrieved 26 November 2020.\n50. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-52)**\n    Chavez-Dreyfuss, Gertrude; Wilson, Tom (19 February 2021). [\"Bitcoin hits \\$1 trillion market cap, surges to fresh all-time peak\"](https:\/\/www.reuters.com.article\/idUSKBN2AJ0GC\/). *Reuters*. Retrieved 24 November 2023.\n    \n    \\[*[dead link](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Link_rot \"Wikipedia:Link rot\")*\\]\n51. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-53)**\n    Sigalos, MacKenzie (14 November 2021). [\"Bitcoin's biggest upgrade in four years just happened – here's what changes\"](https:\/\/www.cnbc.com\/2021\/11\/14\/bitcoin-taproot-upgrade-what-it-means-for-investors.html). *CNBC*. [Archived](https:\/\/web.archive.org\/web\/20211114215032\/https:\/\/www.cnbc.com\/2021\/11\/14\/bitcoin-taproot-upgrade-what-it-means-for-investors.html) from the original on 14 November 2021. Retrieved 15 November 2021.\n52. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-54)**\n    Van Hijfte, Stijn (2020). *Blockchain Platforms: A Look at the Underbelly of Distributed Platforms*. Morgan & Claypool Publishers. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1681738925](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1681738925 \"Special:BookSources\/978-1681738925\")\n    \n    .\n53. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-55)**\n    Wursthorn, Michael (19 October 2021). [\"A Bitcoin ETF Is Here. What Does That Mean for Investors?\"](https:\/\/www.wsj.com\/articles\/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601). *The Wall Street Journal*. [Archived](https:\/\/web.archive.org\/web\/20240110200308\/https:\/\/www.wsj.com\/articles\/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601) from the original on 10 January 2024. Retrieved 11 January 2024.\n54. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-56)**\n    Loh, Matthew. [\"Canada says it will freeze the bank accounts of 'Freedom Convoy' truckers who continue their anti-vaccine mandate blockades\"](https:\/\/www.businessinsider.com\/trudeau-canada-freeze-bank-accounts-freedom-convoy-truckers-2022-2). *Business Insider*. Retrieved 19 January 2025.\n55. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-57)**\n    [\"Crypto enthusiasts keep funding convoy protests as traditional banks take action against it – The Globe and Mail\"](https:\/\/web.archive.org\/web\/20241208224444\/https:\/\/www.theglobeandmail.com\/business\/article-crypto-enthusiasts-keep-funding-convoy-protests-as-traditional-banks\/). *The Globe and Mail*. 8 December 2024. Archived from [the original](https:\/\/www.theglobeandmail.com\/business\/article-crypto-enthusiasts-keep-funding-convoy-protests-as-traditional-banks\/) on 8 December 2024. Retrieved 19 January 2025.\n56. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-58)**\n    [\"Meet Greg Foss: A Former Bitcoin Fundraiser For Canada's 'Freedom Convoy' Protest\"](https:\/\/web.archive.org\/web\/20240620070940\/https:\/\/www.forbes.com\/sites\/jasonbrett\/2022\/02\/17\/meet-greg-foss-a-former-bitcoin-fundraiser-for-canadas-freedom-convoy-protest\/). *Forbes*. 20 June 2024. Archived from [the original](https:\/\/www.forbes.com\/sites\/jasonbrett\/2022\/02\/17\/meet-greg-foss-a-former-bitcoin-fundraiser-for-canadas-freedom-convoy-protest\/) on 20 June 2024. Retrieved 19 January 2025.\n57. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-59)**\n    [\"Elon Musk–backed 'freedom truckers' in Canada get Bitcoin lifeline after GoFundMe freezes millions in donations\"](https:\/\/web.archive.org\/web\/20220313170541\/https:\/\/finance.yahoo.com\/news\/elon-musk-backed-freedom-truckers-200403223.html). *Yahoo! Finance*. 13 March 2022. Archived from [the original](https:\/\/finance.yahoo.com\/news\/elon-musk-backed-freedom-truckers-200403223.html) on 13 March 2022. Retrieved 19 January 2025.\n58. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-60)**\n    Browne, Ryan (10 May 2022). [\"Bitcoin investors are panicking as a controversial crypto experiment unravels\"](https:\/\/www.cnbc.com\/2022\/05\/10\/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html). *CNBC*. [Archived](https:\/\/web.archive.org\/web\/20220511021259\/https:\/\/www.cnbc.com\/2022\/05\/10\/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html) from the original on 11 May 2022. Retrieved 11 May 2022.\n59. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-61)**\n    Milmo, Dan (18 June 2022). [\"Bitcoin value slumps below \\$20,000 in cryptocurrencies turmoil\"](https:\/\/www.theguardian.com\/technology\/2022\/jun\/18\/bitcoin-value-falls-cryptocurrency-markets-turmoil). *The Guardian*. [Archived](https:\/\/web.archive.org\/web\/20220618231120\/https:\/\/www.theguardian.com\/technology\/2022\/jun\/18\/bitcoin-value-falls-cryptocurrency-markets-turmoil) from the original on 18 June 2022. Retrieved 19 June 2022.\n60. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-62)**\n    Yaffe-Bellany, David (13 June 2022). [\"Celsius Network Leads Crypto Markets Into Another Free Fall\"](https:\/\/www.nytimes.com\/2022\/06\/13\/technology\/bitcoin-ether-price.html). *The New York Times*. [Archived](https:\/\/web.archive.org\/web\/20220614030021\/https:\/\/www.nytimes.com\/2022\/06\/13\/technology\/bitcoin-ether-price.html) from the original on 14 June 2022. Retrieved 14 June 2022.\n61. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-63)**\n    Behrendt, Philipp (2023). [\"Taxation of the New Age: New Guidance for the World of Digital Assets\"](https:\/\/heinonline.org\/HOL\/Page?handle=hein.journals\/jtaxpp25&id=105&div=&collection=). *Journal of Tax Practice & Procedure*. **25**: 47. [Archived](https:\/\/web.archive.org\/web\/20231121164911\/https:\/\/heinonline.org\/HOL\/Page?handle=hein.journals\/jtaxpp25&id=105&div=&collection=) from the original on 21 November 2023. Retrieved 21 November 2023.\n62. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-64)**\n    [\"As banks buy up bitcoins, who else are the 'Bitcoin whales'?\"](https:\/\/www.bbc.com\/news\/technology-68434579). *BBC Home*. 1 March 2024. Retrieved 14 March 2024.\n63. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-65)**\n    Schmitt, Will (12 January 2024). [\"Bitcoin trading volumes surge after debut of long-awaited US ETFs\"](https:\/\/www.ft.com\/content\/f30ece62-0f1c-492a-8ccd-63ec9730573c). *Financial Times*. [Archived](https:\/\/web.archive.org\/web\/20240112025105\/https:\/\/www.ft.com\/content\/f30ece62-0f1c-492a-8ccd-63ec9730573c) from the original on 12 January 2024. Retrieved 12 January 2024.\n64. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-66)**\n    Lang, Hannah (11 January 2024). [\"US bitcoin ETFs see \\$4.6B in volume in first day of trading\"](https:\/\/www.reuters.com\/technology\/spot-bitcoin-etfs-start-trading-big-boost-crypto-industry-2024-01-11\/). *Reuters*. Retrieved 12 January 2024.\n65. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-67)**\n    [\"Bitcoin storms above \\$100,000 as Trump 2.0 fuels crypto euphoria\"](https:\/\/www.reuters.com\/technology\/bitcoin-tops-100000-optimism-over-trump-crypto-plans-2024-12-05\/). *Reuters*. 5 December 2024.\n66. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-68)**\n    McGee, Suzanne (12 December 2024). [\"BlackRock recommends bitcoin portfolio weighting of up to 2% for interested investors\"](https:\/\/www.reuters.com\/markets\/us\/blackrock-recommends-bitcoin-portfolio-weighting-up-2-interested-investors-2024-12-12\/). *Reuters*.\n67. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-69)**\n    Bose, Nandita; Ward, Jasper (7 March 2025). [\"Trump signs order to establish strategic bitcoin reserve\"](https:\/\/www.reuters.com\/technology\/trump-signs-order-establish-strategic-bitcoin-reserve-white-house-crypto-czar-2025-03-07\/). *[Reuters](https:\/\/en.wikipedia.org\/wiki\/Reuters \"Reuters\")*. [Washington](https:\/\/en.wikipedia.org\/wiki\/Washington,_D.C. \"Washington, D.C.\"). Retrieved 10 March 2025.\n68. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-70)**\n    [\"Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve\"](https:\/\/web.archive.org\/web\/20250624034336\/https:\/\/news.bgov.com\/bloomberg-government-news\/texas-gov-abbott-signs-bill-to-create-state-bitcoin-reserve). 22 June 2025. Archived from [the original](https:\/\/news.bgov.com\/bloomberg-government-news\/texas-gov-abbott-signs-bill-to-create-state-bitcoin-reserve) on 24 June 2025. Retrieved 6 July 2025.\n69. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-71)**\n    [\"Czech central bank buys \\$1 million in bitcoin, other crypto assets for testing\"](https:\/\/www.reuters.com\/business\/czech-central-bank-buys-1-mln-bitcoin-other-crypto-assets-testing-2025-11-13). *Reuters*.\n70. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-ssrn.3383734_72-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-ssrn.3383734_72-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-ssrn.3383734_72-2)\n    Alexander, Carol; Imeraj, Arben (2019). [\"Introducing the BITIX: The Bitcoin Fear Gauge\"](https:\/\/www.ssrn.com\/abstract=3383734). *[SSRN Electronic Journal](https:\/\/en.wikipedia.org\/wiki\/SSRN_Electronic_Journal \"SSRN Electronic Journal\")*. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2139\/ssrn.3383734](https:\/\/doi.org\/10.2139%2Fssrn.3383734). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1556-5068](https:\/\/search.worldcat.org\/issn\/1556-5068). \"XBT satisfies the norm 'ISO 4217' by the International Organisation for Standardisation (ISO) as BTC goes against the name of Bhutan's currency. In general, transaction instruments that are not national currencies, like gold or silver, begin with an X. However, the symbol XBT is not officially recognised by ISO.\"\n71. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-73)**\n    Romain Dillet (9 August 2013). [\"Bitcoin Ticker Available On Bloomberg Terminal For Employees\"](https:\/\/techcrunch.com\/2013\/08\/09\/bitcoin-ticker-available-on-bloomberg-terminal\/). *[TechCrunch](https:\/\/en.wikipedia.org\/wiki\/TechCrunch \"TechCrunch\")*. [Archived](https:\/\/web.archive.org\/web\/20141101232825\/http:\/\/techcrunch.com\/2013\/08\/09\/bitcoin-ticker-available-on-bloomberg-terminal\/) from the original on 1 November 2014. Retrieved 2 November 2014.\n72. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-74)**\n    Bustillos, Maria (2 April 2013). [\"The Bitcoin Boom\"](https:\/\/www.newyorker.com\/tech\/elements\/the-bitcoin-boom). *[The New Yorker](https:\/\/en.wikipedia.org\/wiki\/The_New_Yorker \"The New Yorker\")*. [Archived](https:\/\/web.archive.org\/web\/20140727185121\/http:\/\/www.newyorker.com\/tech\/elements\/the-bitcoin-boom) from the original on 27 July 2014. Retrieved 22 December 2013.\n73. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-75)** [Bitcoin](https:\/\/www.oxfordlearnersdictionaries.com\/definition\/english\/bitcointm?q=bitcoin), *[Oxford Advanced Learner's Dictionary](https:\/\/en.wikipedia.org\/wiki\/Oxford_Advanced_Learner%27s_Dictionary \"Oxford Advanced Learner's Dictionary\")*\n74. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-76)** [bitcoin](https:\/\/dictionary.cambridge.org\/dictionary\/english\/bitcoin) [Archived](https:\/\/web.archive.org\/web\/20220503092252\/http:\/\/dictionary.cambridge.org\/dictionary\/english\/bitcoin) 3 May 2022 at the [Wayback Machine](https:\/\/en.wikipedia.org\/wiki\/Wayback_Machine \"Wayback Machine\"), *[Cambridge Advanced Learner's Dictionary](https:\/\/en.wikipedia.org\/wiki\/Cambridge_Advanced_Learner%27s_Dictionary \"Cambridge Advanced Learner's Dictionary\")*\n75. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-77)**\n    Katie Pisa; Natasha Maguder (9 July 2014). [\"Bitcoin your way to a double espresso\"](https:\/\/edition.cnn.com\/2014\/06\/18\/business\/bitcoin-your-way-to-a-double-espresso\/). *CNN*. [Archived](https:\/\/web.archive.org\/web\/20150618072429\/http:\/\/edition.cnn.com\/2014\/06\/18\/business\/bitcoin-your-way-to-a-double-espresso\/) from the original on 18 June 2015. Retrieved 23 April 2015.\n76. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Gervais2014_78-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Gervais2014_78-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Gervais2014_78-2)\n    Gervais, Arthur; Karame, Ghassan O.; Capkun, Vedran; Capkun, Srdjan (May 2014). \"Is Bitcoin a Decentralized Currency?\". *[IEEE Security & Privacy](https:\/\/en.wikipedia.org\/wiki\/IEEE_Security_%26_Privacy \"IEEE Security & Privacy\")*. **12** (3): 54–60\\. [Bibcode](https:\/\/en.wikipedia.org\/wiki\/Bibcode_\$identifier\$ \"Bibcode (identifier)\"):[2014ISPri..12c..54G](https:\/\/ui.adsabs.harvard.edu\/abs\/2014ISPri..12c..54G). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1109\/MSP.2014.49](https:\/\/doi.org\/10.1109%2FMSP.2014.49). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1540-7993](https:\/\/search.worldcat.org\/issn\/1540-7993). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [13948781](https:\/\/api.semanticscholar.org\/CorpusID:13948781).\n77. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-4) [***f***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-5)\n    [\"The great chain of being sure about things\"](https:\/\/www.economist.com\/briefing\/2015\/10\/31\/the-great-chain-of-being-sure-about-things). *The Economist*. 31 October 2015. [Archived](https:\/\/web.archive.org\/web\/20231204154941\/https:\/\/www.economist.com\/briefing\/2015\/10\/31\/the-great-chain-of-being-sure-about-things) from the original on 4 December 2023. Retrieved 22 November 2023.\n78. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-80)**\n    [\"Blockchain Networks: Token Design and Management Overview\"](https:\/\/nvlpubs.nist.gov\/nistpubs\/ir\/2021\/NIST.IR.8301.pdf) (PDF). National Institute of Standards Technology (NIST). p. 32. [Archived](https:\/\/web.archive.org\/web\/20221224003108\/https:\/\/nvlpubs.nist.gov\/nistpubs\/ir\/2021\/NIST.IR.8301.pdf) (PDF) from the original on 24 December 2022. Retrieved 29 December 2022.\n79. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-81)**\n    Sparkes, Matthew (9 June 2014). [\"The coming digital anarchy\"](https:\/\/www.telegraph.co.uk\/technology\/news\/10881213\/The-coming-digital-anarchy.html). *The Daily Telegraph*. [Archived](https:\/\/web.archive.org\/web\/20150123190900\/http:\/\/www.telegraph.co.uk\/technology\/news\/10881213\/The-coming-digital-anarchy.html) from the original on 23 January 2015. Retrieved 7 January 2015.\n80. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-4)\n    Kroll, Joshua A.; Davey, Ian C.; Felten, E. (11–12 June 2013). *The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries*. The Twelfth Workshop on the Economics of Information Security (WEIS 2013). Washington, DC. [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [2794725](https:\/\/api.semanticscholar.org\/CorpusID:2794725).\n81. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-83)**\n    [\"Man Throws Away 7,500 Bitcoins, Now Worth \\$7.5 Million\"](http:\/\/washington.cbslocal.com\/2013\/11\/29\/man-throws-away-7500-bitcoins-now-worth-7-5-million\/). *CBS DC*. 29 November 2013. [Archived](https:\/\/web.archive.org\/web\/20140115062630\/http:\/\/washington.cbslocal.com\/2013\/11\/29\/man-throws-away-7500-bitcoins-now-worth-7-5-million\/) from the original on 15 January 2014. Retrieved 23 January 2014.\n82. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-84)**\n    Krause, Elliott (5 July 2018). [\"A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help\"](https:\/\/www.wsj.com\/articles\/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731). *The Wall Street Journal*. [Archived](https:\/\/web.archive.org\/web\/20180709010939\/https:\/\/www.wsj.com\/articles\/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731) from the original on 9 July 2018. Retrieved 8 July 2018.\n83. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-85)**\n    Jeffries, Adrianne (19 December 2013). [\"How to steal Bitcoin in three easy steps\"](https:\/\/www.theverge.com\/2013\/12\/19\/5183356\/how-to-steal-bitcoin-in-three-easy-steps). *The Verge*. [Archived](https:\/\/web.archive.org\/web\/20190727141228\/https:\/\/www.theverge.com\/2013\/12\/19\/5183356\/how-to-steal-bitcoin-in-three-easy-steps) from the original on 27 July 2019. Retrieved 17 January 2014.\n84. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-86)**\n    Harney, Alexandra; Stecklow, Steve (16 November 2017). [\"Twice burned – How Mt. Gox's bitcoin customers could lose again\"](https:\/\/www.reuters.com\/investigates\/special-report\/bitcoin-gox\/). *Reuters*. [Archived](https:\/\/web.archive.org\/web\/20190829052101\/https:\/\/www.reuters.com\/investigates\/special-report\/bitcoin-gox\/) from the original on 29 August 2019. Retrieved 6 September 2018.\n85. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Mingxiao2017_87-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Mingxiao2017_87-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Mingxiao2017_87-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Mingxiao2017_87-3)\n    Mingxiao, Du; Xiaofeng, Ma; Zhe, Zhang; Xiangwei, Wang; Qijun, Chen (5–8 October 2017). *A review on consensus algorithm of blockchain*. 2017 IEEE International Conference on Systems, Man, and Cybernetics (SMC). Banff, AB, Canada: IEEE. pp. 2567–2572\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1109\/SMC.2017.8123011](https:\/\/doi.org\/10.1109%2FSMC.2017.8123011). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1-5386-1645-1](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-5386-1645-1 \"Special:BookSources\/978-1-5386-1645-1\")\n    \n    .\n86. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-88)**\n    [\"Bitcoin boom benefiting TSMC: report\"](http:\/\/www.taipeitimes.com\/News\/biz\/archives\/2014\/01\/04\/2003580449). *[Taipei Times](https:\/\/en.wikipedia.org\/wiki\/Taipei_Times \"Taipei Times\")*. 4 January 2014. [Archived](https:\/\/web.archive.org\/web\/20230129102127\/https:\/\/www.taipeitimes.com\/News\/biz\/archives\/2014\/01\/04\/2003580449) from the original on 29 January 2023. Retrieved 22 October 2021.\n87. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-bloombergvance111413_89-0)**\n    [Ashlee, Vance](https:\/\/en.wikipedia.org\/wiki\/Ashlee_Vance \"Ashlee Vance\") (14 November 2013). [\"2014 Outlook: Bitcoin Mining Chips, a High-Tech Arms Race\"](https:\/\/web.archive.org\/web\/20131121225123\/http:\/\/www.businessweek.com\/articles\/2013-11-14\/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race). *[BusinessWeek](https:\/\/en.wikipedia.org\/wiki\/BusinessWeek \"BusinessWeek\")*. Archived from [the original](http:\/\/www.businessweek.com\/articles\/2013-11-14\/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race) on 21 November 2013. Retrieved 24 November 2013.\n88. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-90)**\n    King, Ritchie S.; Williams, Sam; Yanofsky, David (17 December 2013). [\"By reading this article, you're mining bitcoins\"](http:\/\/qz.com\/154877\/by-reading-this-page-you-are-mining-bitcoins). *[Quartz](https:\/\/en.wikipedia.org\/wiki\/Quartz_\$publication\$ \"Quartz (publication)\")*. [Archived](https:\/\/web.archive.org\/web\/20131217221429\/http:\/\/qz.com\/154877\/by-reading-this-page-you-are-mining-bitcoins\/) from the original on 17 December 2013. Retrieved 17 December 2013.\n89. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-91)**\n    Hampton, Nikolai (5 September 2016). [\"Understanding the blockchain hype: Why much of it is nothing more than snake oil and spin\"](http:\/\/www.computerworld.com.au\/article\/606253\/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin\/). *[Computerworld](https:\/\/en.wikipedia.org\/wiki\/Computerworld \"Computerworld\")*. [Archived](https:\/\/web.archive.org\/web\/20160906171838\/http:\/\/www.computerworld.com.au\/article\/606253\/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin\/) from the original on 6 September 2016. Retrieved 5 September 2016.\n90. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Stoll2023_92-0)**\n    Stoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich; Neumüller, Alexander (June 2023). Climate Impacts of Bitcoin Mining in the U.S. (Report). Working Paper Series. MIT Center for Energy and Environmental Policy Research. [JSTOR](https:\/\/en.wikipedia.org\/wiki\/JSTOR_\$identifier\$ \"JSTOR (identifier)\") [resrep51839](https:\/\/www.jstor.org\/stable\/resrep51839).\n91. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-93)**\n    [\"Cambridge Digital Mining Industry Report: Global Operations, Sentiment, and Energy Use – CCAF publications\"](https:\/\/www.jbs.cam.ac.uk\/faculty-research\/centres\/alternative-finance\/publications\/cambridge-digital-mining-industry-report\/). *Cambridge Judge Business School*. Retrieved 29 April 2025.\n92. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-NYT20220116_94-0)**\n    Huang, Jon; O'Neill, Claire; Tabuchi, Hiroko (3 September 2021). [\"Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?\"](https:\/\/www.nytimes.com\/interactive\/2021\/09\/03\/climate\/bitcoin-carbon-footprint-electricity.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0362-4331](https:\/\/search.worldcat.org\/issn\/0362-4331). [Archived](https:\/\/web.archive.org\/web\/20230217105559\/https:\/\/www.nytimes.com\/interactive\/2021\/09\/03\/climate\/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 16 January 2022.\n93. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-deVries2021_95-0)**\n    de Vries, Alex; Stoll, Christian (December 2021). \"Bitcoin's growing e-waste problem\". *Resources, Conservation and Recycling*. **175** 105901. [Bibcode](https:\/\/en.wikipedia.org\/wiki\/Bibcode_\$identifier\$ \"Bibcode (identifier)\"):[2021RCR...17505901D](https:\/\/ui.adsabs.harvard.edu\/abs\/2021RCR...17505901D). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.resconrec.2021.105901](https:\/\/doi.org\/10.1016%2Fj.resconrec.2021.105901).\n94. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-96)**\n    [\"Bitcoin mining in China rebounds, defying 2021 ban\"](https:\/\/www.reuters.com\/world\/asia-pacific\/bitcoin-mining-china-rebounds-defying-2021-ban-2025-11-24\/). *Reuters*. 26 November 2025.\n95. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-97)**\n    [\"Global Hashrate Heatmap Update: Q4 2025\"](https:\/\/hashrateindex.com\/blog\/global-hashrate-heatmap-update-q4-2025\/). *Hashrate Index*. 6 October 2025. Retrieved 26 November 2025.\n96. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-98)**\n    Simonite, Tom (5 September 2013). [\"Mapping the Bitcoin Economy Could Reveal Users' Identities\"](https:\/\/www.technologyreview.com\/2013\/09\/05\/176558\/mapping-the-bitcoin-economy-could-reveal-users-identities\/). *[MIT Technology Review](https:\/\/en.wikipedia.org\/wiki\/MIT_Technology_Review \"MIT Technology Review\")*. [Archived](https:\/\/web.archive.org\/web\/20200927062235\/https:\/\/www.technologyreview.com\/2013\/09\/05\/176558\/mapping-the-bitcoin-economy-could-reveal-users-identities\/) from the original on 27 September 2020. Retrieved 2 April 2014.\n97. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-99)**\n    Lee, Timothy (21 August 2013). [\"Five surprising facts about Bitcoin\"](https:\/\/www.washingtonpost.com\/news\/the-switch\/wp\/2013\/08\/21\/five-surprising-facts-about-bitcoin-2). *The Washington Post*. [Archived](https:\/\/web.archive.org\/web\/20220709135222\/https:\/\/www.washingtonpost.com\/news\/the-switch\/wp\/2013\/08\/21\/five-surprising-facts-about-bitcoin-2\/) from the original on 9 July 2022. Retrieved 21 November 2023.\n98. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-100)**\n    McMillan, Robert (6 June 2013). [\"How Bitcoin lets you spy on careless companies\"](https:\/\/www.wired.com\/2013\/06\/bitcoin-retai\/). *[Wired UK](https:\/\/en.wikipedia.org\/wiki\/Wired_UK \"Wired UK\")*. [Archived](https:\/\/web.archive.org\/web\/20140209202222\/http:\/\/www.wired.co.uk\/news\/archive\/2013-06\/06\/bitcoin-retail) from the original on 9 February 2014. Retrieved 3 April 2020.\n99. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-101)**\n    Anderson, Ross; Shumailov, Ilia; Ahmed, Mansoor (24 November 2018). [\"Making Bitcoin Legal\"](https:\/\/www.research.ed.ac.uk\/en\/publications\/making-bitcoin-legal). In Matyáš, Vashek; Švenda, Petr; Stajano, Frank; Christianson, Bruce (eds.). *Security Protocols XXVI*. Lecture Notes in Computer Science. Vol. 11286. Springer. pp. 243–253\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1007\/978-3-030-03251-7\\_29](https:\/\/doi.org\/10.1007%2F978-3-030-03251-7_29). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-3-030-03250-0](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-3-030-03250-0 \"Special:BookSources\/978-3-030-03250-0\")\n    \n    . [Archived](https:\/\/web.archive.org\/web\/20231124165246\/https:\/\/www.research.ed.ac.uk\/en\/publications\/making-bitcoin-legal) from the original on 24 November 2023. Retrieved 24 November 2023.\n100. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-102)**\n     Möser, Malte; Böhme, Rainer; Breuker, Dominic (2013). [*An Inquiry into Money Laundering Tools in the Bitcoin Ecosystem*](https:\/\/maltemoeser.de\/paper\/money-laundering.pdf) (PDF). 2013 APWG eCrime Researchers Summit. [IEEE](https:\/\/en.wikipedia.org\/wiki\/Institute_of_Electrical_and_Electronics_Engineers \"Institute of Electrical and Electronics Engineers\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n     \n     [978-1-4799-1158-5](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-4799-1158-5 \"Special:BookSources\/978-1-4799-1158-5\")\n     \n     . [Archived](https:\/\/web.archive.org\/web\/20180626110754\/https:\/\/maltemoeser.de\/paper\/money-laundering.pdf) (PDF) from the original on 26 June 2018. Retrieved 19 June 2019.\n101. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-103)**\n     Serwer, Adam; Liebelson, Dana (10 April 2013). [\"Bitcoin, Explained\"](https:\/\/www.motherjones.com\/politics\/2013\/04\/what-is-bitcoin-explained). *[Mother Jones](https:\/\/en.wikipedia.org\/wiki\/Mother_Jones_\$magazine\$ \"Mother Jones (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20140427022315\/https:\/\/www.motherjones.com\/politics\/2013\/04\/what-is-bitcoin-explained) from the original on 27 April 2014. Retrieved 26 April 2014.\n102. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-104)**\n     Vigna, Paul (17 January 2016). [\"Is Bitcoin Breaking Up?\"](https:\/\/www.wsj.com\/articles\/is-bitcoin-breaking-up-1453044493). *The Wall Street Journal*. [Archived](https:\/\/web.archive.org\/web\/20160820144312\/http:\/\/www.wsj.com\/articles\/is-bitcoin-breaking-up-1453044493) from the original on 20 August 2016. Retrieved 8 November 2016.\n103. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-105)**\n     Gervais, Arthur; Capkun, Srdjan; Karame, Ghassan O.; Gruber, Damian (8 December 2014). [\"On the privacy provisions of Bloom filters in lightweight bitcoin clients\"](https:\/\/doi.org\/10.1145\/2664243.2664267). *Proceedings of the 30th Annual Computer Security Applications Conference*. ACSAC '14. New York, NY, USA: Association for Computing Machinery. pp. 326–335\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1145\/2664243.2664267](https:\/\/doi.org\/10.1145%2F2664243.2664267). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n     \n     [978-1-4503-3005-3](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-4503-3005-3 \"Special:BookSources\/978-1-4503-3005-3\")\n     \n     . [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [9161497](https:\/\/api.semanticscholar.org\/CorpusID:9161497). [Archived](https:\/\/web.archive.org\/web\/20240421113526\/https:\/\/consent.cookiebot.com\/uc.js) from the original on 21 April 2024. Retrieved 22 November 2023.\n104. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-106)**\n     Barhydt, Bill (4 June 2014). [\"3 reasons Wall Street can't stay away from bitcoin\"](https:\/\/www.cnbc.com\/2014\/06\/04\/3-reasons-wall-street-cant-stay-away-from-bitcoin.html). CNBC. [Archived](https:\/\/web.archive.org\/web\/20231204140256\/https:\/\/www.cnbc.com\/2014\/06\/04\/3-reasons-wall-street-cant-stay-away-from-bitcoin.html) from the original on 4 December 2023. Retrieved 22 November 2023.\n105. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-107)**\n     Roberts, Daniel (15 December 2017). [\"How to send bitcoin to a hardware wallet\"](https:\/\/finance.yahoo.com\/news\/send-bitcoin-hardware-wallet-140141385.html). *Yahoo Finance*. [Archived](https:\/\/web.archive.org\/web\/20180217142235\/https:\/\/finance.yahoo.com\/news\/send-bitcoin-hardware-wallet-140141385.html) from the original on 17 February 2018. Retrieved 17 February 2018.\n106. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-108)**\n     Mike Orcutt (19 May 2015). [\"Leaderless Bitcoin Struggles to Make Its Most Crucial Decision\"](https:\/\/www.technologyreview.com\/s\/537486\/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision\/). *MIT Technology Review*. [Archived](https:\/\/wayback.archive-it.org\/all\/20171018075515\/https:\/\/www.technologyreview.com\/s\/537486\/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision\/) from the original on 18 October 2017. Retrieved 15 November 2016.\n107. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-109)**\n     Orcutt, Mike (19 May 2015). [\"Leaderless Bitcoin Struggles to Make Its Most Crucial Decision\"](https:\/\/www.technologyreview.com\/s\/537486\/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision\/). *MIT Technology Review*. [Archived](https:\/\/wayback.archive-it.org\/all\/20171018075515\/https:\/\/www.technologyreview.com\/s\/537486\/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision\/) from the original on 18 October 2017. Retrieved 22 June 2017.\n108. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-110)**\n     Tschorsch, Florian; Scheuermann, Björn (2016). \"Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies\". *[IEEE Communications Surveys and Tutorials](https:\/\/en.wikipedia.org\/wiki\/IEEE_Communications_Surveys_and_Tutorials \"IEEE Communications Surveys and Tutorials\")*. **18** (3): 2084–2123\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1109\/comst.2016.2535718](https:\/\/doi.org\/10.1109%2Fcomst.2016.2535718). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [5115101](https:\/\/api.semanticscholar.org\/CorpusID:5115101).\n109. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-111)**\n     Wilhelm, Alex. [\"Popular Bitcoin Mining Pool Promises To Restrict Its Compute Power To Prevent Feared '51%' Fiasco\"](https:\/\/techcrunch.com\/2014\/07\/16\/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco\/). *TechCrunch*. [Archived](https:\/\/web.archive.org\/web\/20171205042008\/https:\/\/techcrunch.com\/2014\/07\/16\/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco\/) from the original on 5 December 2017. Retrieved 25 January 2018.\n110. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-112)**\n     European Central Bank (2012). [*Virtual Currency Schemes*](http:\/\/www.ecb.europa.eu\/pub\/pdf\/other\/virtualcurrencyschemes201210en.pdf) (PDF). [European Central Bank](https:\/\/en.wikipedia.org\/wiki\/European_Central_Bank \"European Central Bank\"). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2866\/47380](https:\/\/doi.org\/10.2866%2F47380). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n     \n     [978-92-899-0862-7](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-92-899-0862-7 \"Special:BookSources\/978-92-899-0862-7\")\n     \n     . [OCLC](https:\/\/en.wikipedia.org\/wiki\/OCLC_\$identifier\$ \"OCLC (identifier)\") [1044382974](https:\/\/search.worldcat.org\/oclc\/1044382974). [Archived](https:\/\/web.archive.org\/web\/20121106053452\/http:\/\/www.ecb.europa.eu\/pub\/pdf\/other\/virtualcurrencyschemes201210en.pdf) (PDF) from the original on 6 November 2012.\n111. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-113)**\n     [Dodd, Nigel](https:\/\/en.wikipedia.org\/wiki\/Nigel_Dodd \"Nigel Dodd\") (May 2018). [\"The Social Life of Bitcoin\"](https:\/\/researchonline.lse.ac.uk\/id\/eprint\/69229\/). *Theory, Culture & Society*. **35** (3): 35–56\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1177\/0263276417746464](https:\/\/doi.org\/10.1177%2F0263276417746464). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0263-2764](https:\/\/search.worldcat.org\/issn\/0263-2764). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [51914607](https:\/\/api.semanticscholar.org\/CorpusID:51914607). [Archived](https:\/\/web.archive.org\/web\/20231122163925\/https:\/\/researchonline.lse.ac.uk\/id\/eprint\/69229\/) from the original on 22 November 2023. Retrieved 22 November 2023.\n112. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-30082018Economist_114-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-30082018Economist_114-1)\n     [\"Bitcoin and other cryptocurrencies are useless\"](https:\/\/www.economist.com\/leaders\/2018\/08\/30\/bitcoin-and-other-cryptocurrencies-are-useless). *The Economist*. 30 August 2018. [Archived](https:\/\/web.archive.org\/web\/20180904040905\/https:\/\/www.economist.com\/leaders\/2018\/08\/30\/bitcoin-and-other-cryptocurrencies-are-useless) from the original on 4 September 2018. Retrieved 4 September 2018.\n113. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-115)**\n     Feuer, Alan (14 December 2013). [\"The Bitcoin Ideology\"](https:\/\/www.nytimes.com\/2013\/12\/15\/sunday-review\/the-bitcoin-ideology.html). *The New York Times*. [Archived](https:\/\/web.archive.org\/web\/20180701222302\/https:\/\/www.nytimes.com\/2013\/12\/15\/sunday-review\/the-bitcoin-ideology.html) from the original on 1 July 2018. Retrieved 1 July 2018.\n114. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econ315_116-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econ315_116-1)\n     [\"Free Exchange. Money from nothing. Chronic deflation may keep Bitcoin from displacing its rivals\"](https:\/\/www.economist.com\/news\/finance-and-economics\/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money). *The Economist*. 15 March 2014. [Archived](https:\/\/web.archive.org\/web\/20140325085119\/http:\/\/www.economist.com\/news\/finance-and-economics\/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money) from the original on 25 March 2014. Retrieved 25 March 2014.\n115. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-117)**\n     [\"The magic of mining\"](https:\/\/www.economist.com\/news\/business\/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic). *[The Economist](https:\/\/en.wikipedia.org\/wiki\/The_Economist \"The Economist\")*. 13 January 2015. [Archived](https:\/\/web.archive.org\/web\/20150112165531\/http:\/\/www.economist.com\/news\/business\/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic) from the original on 12 January 2015. Retrieved 13 January 2015.\n116. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Shiller_118-0)**\n     Shiller, Robert (1 March 2014). [\"In Search of a Stable Electronic Currency\"](https:\/\/www.nytimes.com\/2014\/03\/02\/business\/in-search-of-a-stable-electronic-currency.html). *The New York Times*. [Archived](https:\/\/web.archive.org\/web\/20141024120222\/http:\/\/www.nytimes.com\/2014\/03\/02\/business\/in-search-of-a-stable-electronic-currency.html) from the original on 24 October 2014.\n117. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-119)**\n     Velde, François R. (August 2017). [Technological Change and the Future of Cash](https:\/\/www.suerf.org\/publications\/suerf-policy-notes-and-briefs\/technological-change-and-the-future-of-cash\/) (Report). SUERF Policy Note. SUERF – The European Money and Finance Forum. Retrieved 21 October 2025.\n118. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-120)**\n     Weindling, Jacob (18 September 2017). [\"China May Be Gearing Up to Ban Bitcoin\"](https:\/\/www.pastemagazine.com\/politics\/bitcoin\/china-may-be-gearing-up-to-ban-bitcoin). *[Paste](https:\/\/en.wikipedia.org\/wiki\/Paste_\$magazine\$ \"Paste (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20231122163924\/https:\/\/www.pastemagazine.com\/politics\/bitcoin\/china-may-be-gearing-up-to-ban-bitcoin) from the original on 22 November 2023. Retrieved 22 November 2023.\n119. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-121)**\n     Lavin, Tim (8 August 2013). [\"The SEC Shows Why Bitcoin Is Doomed\"](http:\/\/www.bloombergview.com\/articles\/2013-08-08\/did-the-sec-just-validate-bitcoin-no-). *[Bloomberg News](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\")*. [Archived](https:\/\/web.archive.org\/web\/20140325214514\/http:\/\/www.bloombergview.com\/articles\/2013-08-08\/did-the-sec-just-validate-bitcoin-no-) from the original on 25 March 2014. Retrieved 20 October 2013.\n120. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-122)**\n     Montag, Ali (9 July 2018). [\"Nobel-winning economist: Authorities will bring down 'hammer' on bitcoin\"](https:\/\/www.cnbc.com\/2018\/07\/09\/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html). CNBC. [Archived](https:\/\/web.archive.org\/web\/20180711200915\/https:\/\/www.cnbc.com\/2018\/07\/09\/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html) from the original on 11 July 2018. Retrieved 11 July 2018.\n121. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-LOC2021_123-0)**\n     [\"Regulation of Cryptocurrency Around the World: November 2021 Update\"](https:\/\/tile.loc.gov\/storage-services\/service\/ll\/llglrd\/2021687419\/2021687419.pdf) (PDF). United States Library of Congress. [Archived](https:\/\/web.archive.org\/web\/20211224043203\/https:\/\/tile.loc.gov\/storage-services\/service\/ll\/llglrd\/2021687419\/2021687419.pdf) (PDF) from the original on 24 December 2021. Retrieved 28 December 2022.\n122. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-RogoffEconomist_124-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-RogoffEconomist_124-1)\n     [\"This time really is different for the dollar, writes Kenneth Rogoff\"](https:\/\/www.economist.com\/by-invitation\/2025\/05\/05\/this-time-really-is-different-for-the-dollar-writes-kenneth-rogoff). *The Economist*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0013-0613](https:\/\/search.worldcat.org\/issn\/0013-0613). Retrieved 25 May 2025.\n123. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-RogoffBloomberg_125-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-RogoffBloomberg_125-1) [Ken Rogoff on How Crypto Is Cutting Into the Dollar’s Hegemony](https:\/\/www.bloomberg.com\/news\/articles\/2025-05-24\/crypto-is-infiltrating-the-dollar-s-hegemony-says-ken-rogoff), Vildana Hajric, Bloomberg, May 24, 2025\n124. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-FT08062018_126-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-FT08062018_126-1)\n     Murphy, Hannah (8 June 2018). [\"Who really owns bitcoin now?\"](https:\/\/www.ft.com\/content\/29259448-69b3-11e8-b6eb-4acfcfb08c11). *Financial Times*. [Archived](https:\/\/web.archive.org\/web\/20180610051316\/https:\/\/www.ft.com\/content\/29259448-69b3-11e8-b6eb-4acfcfb08c11) from the original on 10 June 2018. Retrieved 10 June 2018.\n125. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-127)**\n     Katz, Lily (12 July 2017). [\"Bitcoin Acceptance Among Retailers Is Low and Getting Lower\"](https:\/\/www.bloomberg.com\/news\/articles\/2017-07-12\/bitcoin-acceptance-among-retailers-is-low-and-getting-lower). *Bloomberg News*. [Archived](https:\/\/web.archive.org\/web\/20180125204553\/https:\/\/www.bloomberg.com\/news\/articles\/2017-07-12\/bitcoin-acceptance-among-retailers-is-low-and-getting-lower) from the original on 25 January 2018. Retrieved 25 January 2018.\n126. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-128)**\n     Kharif, Olga (1 August 2018). [\"Bitcoin's Use in Commerce Keeps Falling Even as Volatility Eases\"](https:\/\/www.bloomberg.com\/news\/articles\/2018-08-01\/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases). *Bloomberg News*. [Archived](https:\/\/web.archive.org\/web\/20180802073219\/https:\/\/www.bloomberg.com\/news\/articles\/2018-08-01\/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases) from the original on 2 August 2018. Retrieved 2 August 2018.\n127. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-129)**\n     Chan, Bernice (16 January 2015). [\"Bitcoin transactions cut the cost of international money transfers\"](https:\/\/www.scmp.com\/lifestyle\/technology\/article\/1679904\/bitcoin-transactions-cut-cost-international-money-transfers). *[South China Morning Post](https:\/\/en.wikipedia.org\/wiki\/South_China_Morning_Post \"South China Morning Post\")*. [Archived](https:\/\/web.archive.org\/web\/20190531060301\/https:\/\/www.scmp.com\/lifestyle\/technology\/article\/1679904\/bitcoin-transactions-cut-cost-international-money-transfers) from the original on 31 May 2019. Retrieved 31 May 2019.\n128. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-130)**\n     [\"Majority of Salvadorans do not want bitcoin, poll shows\"](https:\/\/www.reuters.com\/technology\/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02\/). *Reuters*. 2 September 2021. [Archived](https:\/\/web.archive.org\/web\/20211130154620\/https:\/\/www.reuters.com\/technology\/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02\/) from the original on 30 November 2021. Retrieved 30 November 2021.\n129. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-131)**\n     [\"IMF urges El Salvador to remove Bitcoin as legal tender\"](https:\/\/www.bbc.co.uk\/news\/world-latin-america-60135552). *BBC News*. 26 January 2022. [Archived](https:\/\/web.archive.org\/web\/20220126154241\/https:\/\/www.bbc.co.uk\/news\/world-latin-america-60135552) from the original on 26 January 2022. Retrieved 26 January 2022.\n130. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-132)**\n     Alvarez, Fernando; Argente, David; Van Patten, Diana (2022). Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador (Report). Cambridge, MA: National Bureau of Economic Research. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.3386\/w29968](https:\/\/doi.org\/10.3386%2Fw29968).\n131. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-133)**\n     [\"Bitcoin Declared Legal Currency in Central African Republic\"](https:\/\/www.bloomberg.com\/news\/articles\/2022-04-28\/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppnb). *Bloomberg*. 28 April 2022. [Archived](https:\/\/web.archive.org\/web\/20220428141222\/https:\/\/www.bloomberg.com\/news\/articles\/2022-04-28\/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppnb) from the original on 28 April 2022. Retrieved 28 April 2022.\n132. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-134)**\n     [\"Frequently Asked Questions on Central African Republic\"](https:\/\/www.imf.org\/en\/Countries\/CAF\/central-african-republic-qandas). *International Monetary Fund*. [Archived](https:\/\/web.archive.org\/web\/20230811002905\/https:\/\/www.imf.org\/en\/Countries\/CAF\/central-african-republic-qandas) from the original on 11 August 2023. Retrieved 11 August 2023.\n133. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-135)**\n     Rasool, Mohammed (3 November 2020). [\"Iran Is Pivoting to Bitcoin\"](https:\/\/www.vice.com\/en\/article\/iran-bitcoin-us-sanctions\/). *[Vice](https:\/\/en.wikipedia.org\/wiki\/Vice_\$magazine\$ \"Vice (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20201103235640\/https:\/\/www.vice.com\/en\/article\/qjppx3\/iran-bitcoin-us-sanctions) from the original on 3 November 2020. Retrieved 10 November 2020.\n134. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-aawsat202011_136-0)**\n     [\"Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports\"](https:\/\/english.aawsat.com\/home\/article\/2596686\/iran-new-crypto-law-requires-selling-bitcoin-directly-central-bank-fund-imports). *[Asharq Al-Awsat](https:\/\/en.wikipedia.org\/wiki\/Asharq_Al-Awsat \"Asharq Al-Awsat\")*. 31 October 2020. [Archived](https:\/\/web.archive.org\/web\/20201031235032\/https:\/\/english.aawsat.com\/home\/article\/2596686\/iran-new-crypto-law-requires-selling-bitcoin-directly-central-bank-fund-imports) from the original on 31 October 2020. Retrieved 31 October 2020.\n135. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-137)**\n     Kohler, Judith (21 September 2022). [\"Colorado accepts cryptocurrency to pay taxes, moving the state \"tech forward\"\"](https:\/\/www.denverpost.com\/2022\/09\/21\/colorado-accepts-cryptocurrency-taxes\/). *[The Denver Post](https:\/\/en.wikipedia.org\/wiki\/The_Denver_Post \"The Denver Post\")*. [Archived](https:\/\/web.archive.org\/web\/20221229090417\/https:\/\/www.denverpost.com\/2022\/09\/21\/colorado-accepts-cryptocurrency-taxes\/) from the original on 29 December 2022. Retrieved 29 December 2022.\n136. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-138)**\n     [\"'Crypto Valley' canton to accept Bitcoin for tax payments\"](https:\/\/www.swissinfo.ch\/eng\/business\/-crypto-valley--canton-to-accept-bitcoin-for-tax-payments\/46010364). *[SWI swissinfo](https:\/\/en.wikipedia.org\/wiki\/SWI_swissinfo \"SWI swissinfo\")*. 3 September 2020. [Archived](https:\/\/web.archive.org\/web\/20231122163924\/https:\/\/www.swissinfo.ch\/eng\/business\/-crypto-valley--canton-to-accept-bitcoin-for-tax-payments\/46010364) from the original on 22 November 2023. Retrieved 22 November 2023.\n137. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-139)**\n     swissinfo.ch, S. W. I. (5 December 2023). [\"Lugano accepts bitcoin and tether payments for all city invoices\"](https:\/\/www.swissinfo.ch\/eng\/business\/lugano-accepts-bitcoin-and-tether-payments-for-all-city-invoices\/49032696). *SWI swissinfo.ch*. Retrieved 21 October 2025.\n138. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-140)**\n     Huang, Vicky Ge (15 October 2023). [\"Why the U.S. Government Has \\$5 Billion in Bitcoin\"](https:\/\/www.wsj.com\/finance\/currencies\/federal-government-bitcoin-5-billion-78ce0938). *[The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\")*. [Archived](https:\/\/web.archive.org\/web\/20240220023509\/https:\/\/www.wsj.com\/finance\/currencies\/federal-government-bitcoin-5-billion-78ce0938) from the original on 20 February 2024. Retrieved 20 February 2024.\n139. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-141)**\n     Castillo, Michael del (16 June 2023). [\"U.S. Government Owns Way More Bitcoin Than Any Other Country–So Why Aren't They Selling It?\"](https:\/\/www.forbes.com\/sites\/michaeldelcastillo\/2023\/06\/16\/us-government-owns-way-more-bitcoin-than-any-other-countryso-why-arent-they-selling-it). *[Forbes](https:\/\/en.wikipedia.org\/wiki\/Forbes \"Forbes\")*. [Archived](https:\/\/web.archive.org\/web\/20240221155659\/https:\/\/www.forbes.com\/sites\/michaeldelcastillo\/2023\/06\/16\/us-government-owns-way-more-bitcoin-than-any-other-countryso-why-arent-they-selling-it\/) from the original on 21 February 2024. Retrieved 21 February 2024.\n140. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-142)**\n     [\"Jersey approve Bitcoin fund launch on island\"](https:\/\/www.bbc.com\/news\/world-europe-jersey-28247796). *BBC News*. 10 July 2014. [Archived](https:\/\/web.archive.org\/web\/20140710211917\/http:\/\/www.bbc.com\/news\/world-europe-jersey-28247796) from the original on 10 July 2014. Retrieved 10 July 2014.\n141. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-143)**\n     [\"Chicago Mercantile Exchange jumps into bitcoin futures\"](https:\/\/www.cbsnews.com\/news\/chicago-mercantile-exchange-jumps-into-bitcoin-futures\/). *CBS News*. 18 December 2017. [Archived](https:\/\/web.archive.org\/web\/20190531054602\/https:\/\/www.cbsnews.com\/news\/chicago-mercantile-exchange-jumps-into-bitcoin-futures\/) from the original on 31 May 2019. Retrieved 31 May 2019.\n142. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-144)**\n     [\"Gold or Bitcoin? Store-of-value debate rages as Bitcoin grows\"](https:\/\/www.bloomberg.com\/professional\/insights\/trading\/gold-or-bitcoin-store-of-value-debate-rages-as-bitcoin-grows\/). *Bloomberg Professional Services*. 25 October 2021. Retrieved 2 October 2024.\n143. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-145)**\n     [\"Goldman Sachs says bitcoin will compete with gold as \"store of value\"\"](https:\/\/www.reuters.com\/business\/finance\/goldman-sachs-says-bitcoin-will-compete-with-gold-store-value-2022-01-05\/). *Reuters*. 5 January 2022.\n144. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-146)**\n     Lee, Timothy B. [\"The \\$11 million in bitcoins the Winklevoss brothers bought is now worth \\$32 million\"](https:\/\/www.washingtonpost.com\/news\/the-switch\/wp\/2013\/11\/09\/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million\/). *The Washington Post*. [Archived](https:\/\/web.archive.org\/web\/20170706111658\/https:\/\/www.washingtonpost.com\/news\/the-switch\/wp\/2013\/11\/09\/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million\/) from the original on 6 July 2017. Retrieved 11 August 2017.\n145. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-147)**\n     [\"Tesla Sells 75% of Its Bitcoin Purchases\"](https:\/\/www.wsj.com\/livecoverage\/tesla-earnings-q2-2022-elon-musk-live\/card\/tesla-sells-75-of-its-bitcoin-purchases-tgkMdMf1EHDvdniqHu8S). *The Wall Street Journal*. Retrieved 23 November 2025.\n     \n     `{{cite news}}`: CS1 maint: deprecated archival service ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_deprecated_archival_service \"Category:CS1 maint: deprecated archival service\"))\n146. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-148)**\n     Maidenberg, Micah; Driebusch, Corrie; Jin, Berber (17 August 2023). [\"A Rare Look Into the Finances of Elon Musk's Secretive SpaceX\"](https:\/\/www.wsj.com\/tech\/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b). *The Wall Street Journal*. Retrieved 19 November 2023.\n     \n     `{{cite news}}`: CS1 maint: deprecated archival service ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_deprecated_archival_service \"Category:CS1 maint: deprecated archival service\"))\n147. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-149)**\n     Ostroff, Caitlin; Elliott, Rebecca (8 February 2021). [\"Tesla Buys \\$1.5 Billion in Bitcoin\"](https:\/\/www.wsj.com\/articles\/tesla-buys-1-5-billion-in-bitcoin-11612791688). *[The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\")*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0099-9660](https:\/\/search.worldcat.org\/issn\/0099-9660). [Archived](https:\/\/web.archive.org\/web\/20240106160013\/https:\/\/www.wsj.com\/articles\/tesla-buys-1-5-billion-in-bitcoin-11612791688) from the original on 6 January 2024. Retrieved 22 November 2023.\n148. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-150)**\n     Vigna, Paul (20 December 2021). [\"Bitcoin's 'One Percent' Controls Lion's Share of the Cryptocurrency's Wealth\"](https:\/\/www.wsj.com\/articles\/bitcoins-one-percent-controls-lions-share-of-the-cryptocurrencys-wealth-11639996204). *[Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_Journal \"Wall Street Journal\")*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0099-9660](https:\/\/search.worldcat.org\/issn\/0099-9660). [Archived](https:\/\/web.archive.org\/web\/20211222180909\/https:\/\/www.wsj.com\/articles\/bitcoins-one-percent-controls-lions-share-of-the-cryptocurrencys-wealth-11639996204) from the original on 22 December 2021. Retrieved 22 December 2021.\n149. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-151)**\n     Renteria, Nelson (5 March 2025). [\"El Salvador announces more bitcoin purchases, gives IMF assurances\"](https:\/\/www.reuters.com\/technology\/el-salvador-announces-more-bitcoin-purchases-gives-imf-assurances-2025-03-05\/).\n150. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Stiglitz_152-0)**\n     Costelloe, Kevin (29 November 2017). [\"Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says\"](https:\/\/www.bloomberg.com\/news\/articles\/2017-11-29\/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd). *Bloomberg News*. [Archived](https:\/\/web.archive.org\/web\/20180612224313\/https:\/\/www.bloomberg.com\/news\/articles\/2017-11-29\/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd) from the original on 12 June 2018. Retrieved 5 June 2018. \"It doesn't serve any socially useful function.\"\n151. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-4Nobels_153-0)**\n     Wolff-Mann, Ethan (27 April 2018). [\"'Only good for drug dealers': More Nobel prize winners snub bitcoin\"](https:\/\/finance.yahoo.com\/news\/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html). *Yahoo Finance*. [Archived](https:\/\/web.archive.org\/web\/20180612141128\/https:\/\/finance.yahoo.com\/news\/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html) from the original on 12 June 2018. Retrieved 7 June 2018.\n152. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Krugman_154-0)**\n     Mohamed, Theron (30 May 2023). [\"Nobel economist Paul Krugman slams crypto as mostly useless, after saying it's hugely overpriced and helps criminals\"](https:\/\/markets.businessinsider.com\/news\/currencies\/paul-krugman-crypto-bitcoin-price-bubble-crime-cbdc-desantis-banks-2023-5). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. [Archived](https:\/\/web.archive.org\/web\/20231123131322\/https:\/\/markets.businessinsider.com\/news\/currencies\/paul-krugman-crypto-bitcoin-price-bubble-crime-cbdc-desantis-banks-2023-5) from the original on 23 November 2023. Retrieved 23 November 2023.\n153. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-155)**\n     [Authers, John](https:\/\/en.wikipedia.org\/wiki\/John_Authers \"John Authers\") (9 June 2021). [\"Don't Call Bitcoin a Bubble. It's an Epidemic\"](https:\/\/www.bloomberg.com\/opinion\/articles\/2021-06-09\/don-t-call-bitcoin-a-bubble-it-s-an-epidemic). *Bloomberg.com*. [Archived](https:\/\/web.archive.org\/web\/20210610021335\/https:\/\/www.bloomberg.com\/opinion\/articles\/2021-06-09\/don-t-call-bitcoin-a-bubble-it-s-an-epidemic) from the original on 10 June 2021.\n154. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-156)**\n     [Tirole, Jean](https:\/\/en.wikipedia.org\/wiki\/Jean_Tirole \"Jean Tirole\") (1 February 2024). [\"Cryptocurrencies: an economist's view\"](https:\/\/www.tse-fr.eu\/cryptocurrencies-economists-view). *La Jaune et la Rouge*. Vol. February 2024, no. 792. Retrieved 15 November 2024.\n155. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-157)**\n     [\"Bitcoin breaks \\$100,000 barrier amid post-election cryptocurrency surge\"](https:\/\/www.washingtonpost.com\/business\/2024\/12\/04\/bitcoin-price-100k-crypto-trump\/). *Washington Post*. Retrieved 5 December 2024. \"\"People use bitcoin as a speculative asset. It's like gold, it's just like gold, only it's virtual, it's digital. People are not using it as a form of payment or a store of value,\" he said. \"It's highly volatile. It's not a competitor for the dollar; it's really a competitor for gold.\"\"\n156. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-:0_158-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-:0_158-1)\n     Rogoff, Kenneth (26 February 2026). [\"Should Central Banks Hold Bitcoin Reserves?\"](https:\/\/www.project-syndicate.org\/commentary\/the-case-for-bitcoin-as-a-central-bank-reserve-asset-by-kenneth-rogoff-2026-02). *Project Syndicate*. Retrieved 30 March 2026.\n157. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-159)**\n     Klein, Tony; Pham Thu, Hien; Walther, Thomas (October 2018). [\"Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance\"](https:\/\/pureadmin.qub.ac.uk\/ws\/files\/155247201\/crypto_V2.pdf) (PDF). *International Review of Financial Analysis*. **59**: 105–116\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.irfa.2018.07.010](https:\/\/doi.org\/10.1016%2Fj.irfa.2018.07.010). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [158400153](https:\/\/api.semanticscholar.org\/CorpusID:158400153). [Archived](https:\/\/web.archive.org\/web\/20231125164037\/https:\/\/pureadmin.qub.ac.uk\/ws\/files\/155247201\/crypto_V2.pdf) (PDF) from the original on 25 November 2023. Retrieved 24 November 2023.\n158. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-160)**\n     Mazur, Mieszko (31 March 2022). \"Misperceptions of Bitcoin Volatility\". *The Journal of Alternative Investments*. **24** (4): 33–44\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.3905\/jai.2022.1.153](https:\/\/doi.org\/10.3905%2Fjai.2022.1.153). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1520-3255](https:\/\/search.worldcat.org\/issn\/1520-3255). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [247843794](https:\/\/api.semanticscholar.org\/CorpusID:247843794).\n159. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-161)**\n     Montag, Ali (26 August 2018). [\"'HODL,' 'whale' and 5 other cryptocurrency slang terms explained\"](https:\/\/www.cnbc.com\/2018\/01\/23\/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html). *CNBC*. [Archived](https:\/\/web.archive.org\/web\/20220112091630\/https:\/\/www.cnbc.com\/2018\/01\/23\/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html) from the original on 12 January 2022. Retrieved 16 March 2021.\n160. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-162)**\n     Hajric, Vildana (19 November 2020). [\"All the Bitcoin Lingo You Need to Know as Crypto Heats Up\"](https:\/\/www.bloomberg.com\/news\/articles\/2020-11-19\/what-the-heck-is-hodl-bitcoin-lingo-for-crypto-noobs-quicktake). *Bloomberg*. [Archived](https:\/\/web.archive.org\/web\/20201129234847\/https:\/\/www.bloomberg.com\/news\/articles\/2020-11-19\/what-the-heck-is-hodl-bitcoin-lingo-for-crypto-noobs-quicktake) from the original on 29 November 2020. Retrieved 1 December 2020.\n161. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-163)**\n     Clinch, Matt (10 March 2014). [\"Roubini launches stinging attack on bitcoin\"](https:\/\/www.cnbc.com\/2014\/03\/10\/nches-stinging-attack-on-bitcoin.html). [CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\"). [Archived](https:\/\/web.archive.org\/web\/20220709232801\/https:\/\/www.cnbc.com\/2014\/03\/10\/nches-stinging-attack-on-bitcoin.html) from the original on 9 July 2022. Retrieved 22 November 2023.\n162. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-164)**\n     [Posner, Eric](https:\/\/en.wikipedia.org\/wiki\/Eric_Posner \"Eric Posner\") (11 April 2013). [\"Fool's Gold\"](https:\/\/slate.com\/news-and-politics\/2013\/04\/bitcoin-is-a-ponzi-scheme-the-internet-currency-will-collapse.html). *Slate*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1091-2339](https:\/\/search.worldcat.org\/issn\/1091-2339). [Archived](https:\/\/web.archive.org\/web\/20220708202651\/https:\/\/slate.com\/news-and-politics\/2013\/04\/bitcoin-is-a-ponzi-scheme-the-internet-currency-will-collapse.html) from the original on 8 July 2022. Retrieved 22 November 2023.\n163. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-165)**\n     Davradakis, Emmanouil; Santos, Ricardo (2019). [*Blockchain, FinTechs and their relevance for international financial institutions*](https:\/\/data.europa.eu\/doi\/10.2867\/11329). [European Investment Bank](https:\/\/en.wikipedia.org\/wiki\/European_Investment_Bank \"European Investment Bank\"). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2867\/11329](https:\/\/doi.org\/10.2867%2F11329). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n     \n     [978-92-861-4184-3](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-92-861-4184-3 \"Special:BookSources\/978-92-861-4184-3\")\n     \n     . [Archived](https:\/\/web.archive.org\/web\/20240421113801\/https:\/\/op.europa.eu\/en\/publication-detail\/-\/publication\/ae472145-237a-11e9-8d04-01aa75ed71a1\/language-en) from the original on 21 April 2024. Retrieved 24 November 2023.\n164. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-166)**\n     Feng, Wenjun; Wang, Yiming; Zhang, Zhengjun (1 September 2018). [\"Informed trading in the Bitcoin market\"](https:\/\/doi.org\/10.1016%2Fj.frl.2017.11.009). *Finance Research Letters*. **26**: 63–70\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.frl.2017.11.009](https:\/\/doi.org\/10.1016%2Fj.frl.2017.11.009). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1544-6123](https:\/\/search.worldcat.org\/issn\/1544-6123).\n165. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-167)**\n     [\"Bitcoin set to break records and shatter the \\$100K barrier\"](https:\/\/economictimes.indiatimes.com\/news\/international\/us\/bitcoin-set-to-break-records-and-shatter-the-100k-barrier\/articleshow\/120988931.cms). *The Economic Times*. 8 May 2025. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0013-0389](https:\/\/search.worldcat.org\/issn\/0013-0389). Retrieved 20 May 2025.\n## Further reading\n- Nakamoto, Satoshi (31 October 2008). [\"Bitcoin: A Peer-to-Peer Electronic Cash System\"](https:\/\/web.archive.org\/web\/20140320135003\/https:\/\/bitcoin.org\/bitcoin.pdf) (PDF). bitcoin.org. Archived from [the original](https:\/\/bitcoin.org\/bitcoin.pdf) (PDF) on 20 March 2014. Retrieved 28 April 2014.\n## External links\n[![Wiktionary logo](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/9\/99\/Wiktionary-logo-en-v2.svg\/40px-Wiktionary-logo-en-v2.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Wiktionary-logo-en-v2.svg)\n\nLook up ***[bitcoin](https:\/\/en.wiktionary.org\/wiki\/Special:Search\/bitcoin \"wiktionary:Special:Search\/bitcoin\")*** in Wiktionary, the free dictionary.\n\n![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/fa\/Wikiquote-logo.svg\/40px-Wikiquote-logo.svg.png)\n\nWikiquote has quotations related to ***[Bitcoin](https:\/\/en.wikiquote.org\/wiki\/Special:Search\/Bitcoin \"q:Special:Search\/Bitcoin\")***.\n\n- [Code repository on Github](https:\/\/github.com\/bitcoin\/bitcoin)\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Bitcoin \"Template:Bitcoin\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Bitcoin \"Template talk:Bitcoin\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Bitcoin \"Special:EditPage\/Template:Bitcoin\")[Bitcoin]() |   |   |\n|---|---|---|\n| [History](https:\/\/en.wikipedia.org\/wiki\/History_of_bitcoin \"History of bitcoin\") [Economics](https:\/\/en.wikipedia.org\/wiki\/Economics_of_bitcoin \"Economics of bitcoin\") [Politics](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_and_politics \"Bitcoin and politics\") [Legal status](https:\/\/en.wikipedia.org\/wiki\/Legality_of_bitcoin_by_country_or_territory \"Legality of bitcoin by country or territory\") [Environmental effects](https:\/\/en.wikipedia.org\/wiki\/Environmental_effects_of_bitcoin \"Environmental effects of bitcoin\") |   |   |\n| People | [Gavin Andresen](https:\/\/en.wikipedia.org\/wiki\/Gavin_Andresen \"Gavin Andresen\") [Andreas Antonopoulos](https:\/\/en.wikipedia.org\/wiki\/Andreas_Antonopoulos \"Andreas Antonopoulos\") [Brian Armstrong](https:\/\/en.wikipedia.org\/wiki\/Brian_Armstrong_\$CEO\$ \"Brian Armstrong (CEO)\") [Adam Back](https:\/\/en.wikipedia.org\/wiki\/Adam_Back \"Adam Back\") [Vitalik Buterin](https:\/\/en.wikipedia.org\/wiki\/Vitalik_Buterin \"Vitalik Buterin\") [Wences Casares](https:\/\/en.wikipedia.org\/wiki\/Wences_Casares \"Wences Casares\") [Luke Dashjr](https:\/\/en.wikipedia.org\/wiki\/Luke_Dashjr \"Luke Dashjr\") [Wei Dai](https:\/\/en.wikipedia.org\/wiki\/Wei_Dai \"Wei Dai\") [Tim Draper](https:\/\/en.wikipedia.org\/wiki\/Tim_Draper \"Tim Draper\") [Hal Finney](https:\/\/en.wikipedia.org\/wiki\/Hal_Finney_\$computer_scientist\$ \"Hal Finney (computer scientist)\") [Mark Karpelès](https:\/\/en.wikipedia.org\/wiki\/Mark_Karpel%C3%A8s \"Mark Karpelès\") [Dave Kleiman](https:\/\/en.wikipedia.org\/wiki\/Dave_Kleiman \"Dave Kleiman\") [Dadvan Yousuf](https:\/\/en.wikipedia.org\/wiki\/Dadvan_Yousuf \"Dadvan Yousuf\") [Satoshi Nakamoto](https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto \"Satoshi Nakamoto\") [Charlie Shrem](https:\/\/en.wikipedia.org\/wiki\/Charlie_Shrem \"Charlie Shrem\") [Nick Szabo](https:\/\/en.wikipedia.org\/wiki\/Nick_Szabo \"Nick Szabo\") [Zhimin Qian](https:\/\/en.wikipedia.org\/wiki\/Qian_Zhimin_\$criminal\$ \"Qian Zhimin (criminal)\") [Ross Ulbricht](https:\/\/en.wikipedia.org\/wiki\/Ross_Ulbricht \"Ross Ulbricht\") [Roger Ver](https:\/\/en.wikipedia.org\/wiki\/Roger_Ver \"Roger Ver\") [Erik Voorhees](https:\/\/en.wikipedia.org\/wiki\/Erik_Voorhees \"Erik Voorhees\") [Paolo Ardoino](https:\/\/en.wikipedia.org\/wiki\/Paolo_Ardoino \"Paolo Ardoino\") [Cody Wilson](https:\/\/en.wikipedia.org\/wiki\/Cody_Wilson \"Cody Wilson\") [Cameron Winklevoss](https:\/\/en.wikipedia.org\/wiki\/Cameron_Winklevoss \"Cameron Winklevoss\") [Tyler Winklevoss](https:\/\/en.wikipedia.org\/wiki\/Tyler_Winklevoss \"Tyler Winklevoss\") [Craig Wright](https:\/\/en.wikipedia.org\/wiki\/Craig_Steven_Wright \"Craig Steven Wright\") [Jihan Wu](https:\/\/en.wikipedia.org\/wiki\/Jihan_Wu \"Jihan Wu\") | [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/4\/46\/Bitcoin.svg\/120px-Bitcoin.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin.svg) |\n| Lists | [List of bitcoin companies](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_companies \"List of bitcoin companies\") [List of bitcoin forks](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_forks \"List of bitcoin forks\") [List of bitcoin organizations](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_organizations \"List of bitcoin organizations\") [List of people in blockchain technology](https:\/\/en.wikipedia.org\/wiki\/List_of_people_in_blockchain_technology \"List of people in blockchain technology\") |   |\n| Technologies | [Bitcoin network](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_network \"Bitcoin network\") [Blockchain](https:\/\/en.wikipedia.org\/wiki\/Blockchain \"Blockchain\") [Cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\") [Cryptocurrency wallet](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet \"Cryptocurrency wallet\") [Bitcoin ATM](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_ATM \"Bitcoin ATM\") [ECDSA](https:\/\/en.wikipedia.org\/wiki\/Elliptic_Curve_Digital_Signature_Algorithm \"Elliptic Curve Digital Signature Algorithm\") [Lightning Network](https:\/\/en.wikipedia.org\/wiki\/Lightning_Network \"Lightning Network\") [P2P](https:\/\/en.wikipedia.org\/wiki\/Peer-to-peer \"Peer-to-peer\") [Proof of work](https:\/\/en.wikipedia.org\/wiki\/Proof_of_work \"Proof of work\") [SegWit](https:\/\/en.wikipedia.org\/wiki\/SegWit \"SegWit\") [SHA-2](https:\/\/en.wikipedia.org\/wiki\/SHA-2 \"SHA-2\") |   |\n| [Forks](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_forks \"List of bitcoin forks\") |   |   |\n|   |   |   |\n| Client | [Bitcoin Unlimited](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Unlimited \"Bitcoin Unlimited\") |   |\n| Currency | [Bitcoin Cash](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Cash \"Bitcoin Cash\") [Bitcoin Gold](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Gold \"Bitcoin Gold\") [Bitcoin Satoshi Vision](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Satoshi_Vision \"Bitcoin Satoshi Vision\") |   |\n| History | [Bitcoin scalability problem](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_scalability_problem \"Bitcoin scalability problem\") [History of bitcoin](https:\/\/en.wikipedia.org\/wiki\/History_of_bitcoin \"History of bitcoin\") [2013 Bitcoin buried in Newport landfill](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_buried_in_Newport_landfill \"Bitcoin buried in Newport landfill\") [2018 cryptocurrency crash](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\") [2018 Bitcoin bomb threats](https:\/\/en.wikipedia.org\/wiki\/2018_Bitcoin_bomb_threats \"2018 Bitcoin bomb threats\") [2020 Twitter account hijacking](https:\/\/en.wikipedia.org\/wiki\/2020_Twitter_account_hijacking \"2020 Twitter account hijacking\") |   |\n| Movies | *[The Rise and Rise of Bitcoin](https:\/\/en.wikipedia.org\/wiki\/The_Rise_and_Rise_of_Bitcoin \"The Rise and Rise of Bitcoin\")* (2014 film) *[Deep Web](https:\/\/en.wikipedia.org\/wiki\/Deep_Web_\$film\$ \"Deep Web (film)\")* (2015 film) |   |\n| Legal entities (not exchanges) | [Bitcoin Foundation](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Foundation \"Bitcoin Foundation\") *[Bitcoin Magazine](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Magazine \"Bitcoin Magazine\")* [BitGo](https:\/\/en.wikipedia.org\/wiki\/BitGo \"BitGo\") [Bitmain](https:\/\/en.wikipedia.org\/wiki\/Bitmain \"Bitmain\") [Canaan Creative](https:\/\/en.wikipedia.org\/wiki\/Canaan_Creative \"Canaan Creative\") [CoinDesk](https:\/\/en.wikipedia.org\/wiki\/CoinDesk \"CoinDesk\") [GHash.io](https:\/\/en.wikipedia.org\/wiki\/GHash.io \"GHash.io\") [Nuri](https:\/\/en.wikipedia.org\/wiki\/Nuri_\$company\$ \"Nuri (company)\") [Strategy](https:\/\/en.wikipedia.org\/wiki\/MicroStrategy \"MicroStrategy\") |   |\n| [Bitcoin in El Salvador](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_in_El_Salvador \"Bitcoin in El Salvador\") | [Bitcoin Law](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Law \"Bitcoin Law\") [Bitcoin Beach](https:\/\/en.wikipedia.org\/wiki\/El_Zonte \"El Zonte\") [Bitcoin City](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_City \"Bitcoin City\") |   |\n| ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) [Category](https:\/\/en.wikipedia.org\/wiki\/Category:Bitcoin \"Category:Bitcoin\") [![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/4\/4a\/Commons-logo.svg\/20px-Commons-logo.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Commons-logo.svg \"Commons page\") [Commons](https:\/\/commons.wikimedia.org\/wiki\/Category:Bitcoin \"commons:Category:Bitcoin\") |   |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Cryptocurrencies \"Template:Cryptocurrencies\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Cryptocurrencies \"Template talk:Cryptocurrencies\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Cryptocurrencies \"Special:EditPage\/Template:Cryptocurrencies\")[Cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\") |   |\n|---|---|\n| Technology | [Blockchain](https:\/\/en.wikipedia.org\/wiki\/Blockchain \"Blockchain\") [Cryptocurrency tumbler](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_tumbler \"Cryptocurrency tumbler\") [Cryptocurrency wallet](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet \"Cryptocurrency wallet\") [Cryptographic hash function](https:\/\/en.wikipedia.org\/wiki\/Cryptographic_hash_function \"Cryptographic hash function\") [Decentralized exchange](https:\/\/en.wikipedia.org\/wiki\/Decentralized_finance#Decentralized_exchanges \"Decentralized finance\") [Decentralized finance](https:\/\/en.wikipedia.org\/wiki\/Decentralized_finance \"Decentralized finance\") [Distributed ledger](https:\/\/en.wikipedia.org\/wiki\/Distributed_ledger \"Distributed ledger\") [Fork](https:\/\/en.wikipedia.org\/wiki\/Fork_\$blockchain\$ \"Fork (blockchain)\") [Lightning Network](https:\/\/en.wikipedia.org\/wiki\/Lightning_Network \"Lightning Network\") [MetaMask](https:\/\/en.wikipedia.org\/wiki\/MetaMask \"MetaMask\") [Smart contract](https:\/\/en.wikipedia.org\/wiki\/Smart_contract \"Smart contract\") [Web3](https:\/\/en.wikipedia.org\/wiki\/Web3 \"Web3\") |\n| [Consensus](https:\/\/en.wikipedia.org\/wiki\/Consensus_\$computer_science\$ \"Consensus (computer science)\") mechanisms | [Proof of authority](https:\/\/en.wikipedia.org\/wiki\/Proof_of_authority \"Proof of authority\") [Proof of space](https:\/\/en.wikipedia.org\/wiki\/Proof_of_space \"Proof of space\") [Proof of stake](https:\/\/en.wikipedia.org\/wiki\/Proof_of_stake \"Proof of stake\") [Proof of work](https:\/\/en.wikipedia.org\/wiki\/Proof_of_work \"Proof of work\") |\n| [Proof of work](https:\/\/en.wikipedia.org\/wiki\/Proof_of_work \"Proof of work\") currencies |   |\n|   |   |\n| [SHA-256](https:\/\/en.wikipedia.org\/wiki\/SHA-2 \"SHA-2\")\\-based | [Bitcoin]() [Bitcoin Cash](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Cash \"Bitcoin Cash\") [Counterparty](https:\/\/en.wikipedia.org\/wiki\/Counterparty_\$platform\$ \"Counterparty (platform)\") [LBRY](https:\/\/en.wikipedia.org\/wiki\/LBRY \"LBRY\") [MazaCoin](https:\/\/en.wikipedia.org\/wiki\/MazaCoin \"MazaCoin\") [Namecoin](https:\/\/en.wikipedia.org\/wiki\/Namecoin \"Namecoin\") [Peercoin](https:\/\/en.wikipedia.org\/wiki\/Peercoin \"Peercoin\") [Titcoin](https:\/\/en.wikipedia.org\/wiki\/Titcoin \"Titcoin\") |\n| [Ethash](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\")\\-based | [Ethereum](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\") (1.0) [Ethereum Classic](https:\/\/en.wikipedia.org\/wiki\/Ethereum_Classic \"Ethereum Classic\") |\n| [Scrypt](https:\/\/en.wikipedia.org\/wiki\/Scrypt \"Scrypt\")\\-based | [Auroracoin](https:\/\/en.wikipedia.org\/wiki\/Auroracoin \"Auroracoin\") [Bitconnect](https:\/\/en.wikipedia.org\/wiki\/Bitconnect \"Bitconnect\") [Coinye](https:\/\/en.wikipedia.org\/wiki\/Coinye \"Coinye\") [Dogecoin](https:\/\/en.wikipedia.org\/wiki\/Dogecoin \"Dogecoin\") [Litecoin](https:\/\/en.wikipedia.org\/wiki\/Litecoin \"Litecoin\") |\n| [Equihash](https:\/\/en.wikipedia.org\/wiki\/Equihash \"Equihash\")\\-based | [Bitcoin Gold](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Gold \"Bitcoin Gold\") [Zcash](https:\/\/en.wikipedia.org\/wiki\/Zcash \"Zcash\") |\n| RandomX-based | [Monero](https:\/\/en.wikipedia.org\/wiki\/Monero \"Monero\") |\n| [X11](https:\/\/en.wikipedia.org\/wiki\/Dash_\$cryptocurrency\$#X11 \"Dash (cryptocurrency)\")\\-based | [Dash](https:\/\/en.wikipedia.org\/wiki\/Dash_\$cryptocurrency\$ \"Dash (cryptocurrency)\") [Petro](https:\/\/en.wikipedia.org\/wiki\/Petro_\$token\$ \"Petro (token)\") |\n| Other | [AmbaCoin](https:\/\/en.wikipedia.org\/wiki\/AmbaCoin \"AmbaCoin\") [Firo](https:\/\/en.wikipedia.org\/wiki\/Firo_\$cryptocurrency\$ \"Firo (cryptocurrency)\") [IOTA](https:\/\/en.wikipedia.org\/wiki\/IOTA_\$technology\$ \"IOTA (technology)\") [Nervos Network](https:\/\/en.wikipedia.org\/wiki\/Nervos_Network \"Nervos Network\") [Primecoin](https:\/\/en.wikipedia.org\/wiki\/Primecoin \"Primecoin\") [Verge](https:\/\/en.wikipedia.org\/wiki\/Verge_\$cryptocurrency\$ \"Verge (cryptocurrency)\") [Vertcoin](https:\/\/en.wikipedia.org\/wiki\/Vertcoin \"Vertcoin\") |\n| [Proof of stake](https:\/\/en.wikipedia.org\/wiki\/Proof_of_stake \"Proof of stake\") currencies | [Algorand](https:\/\/en.wikipedia.org\/wiki\/Algorand \"Algorand\") [Avalanche](https:\/\/en.wikipedia.org\/wiki\/Avalanche_\$blockchain_platform\$ \"Avalanche (blockchain platform)\") [Cardano](https:\/\/en.wikipedia.org\/wiki\/Cardano_\$blockchain_platform\$ \"Cardano (blockchain platform)\") [EOS.IO](https:\/\/en.wikipedia.org\/wiki\/EOS.IO \"EOS.IO\") [Ethereum](https:\/\/en.wikipedia.org\/wiki\/Ethereum \"Ethereum\") (2.0) [Gridcoin](https:\/\/en.wikipedia.org\/wiki\/Gridcoin \"Gridcoin\") [ICON](https:\/\/en.wikipedia.org\/wiki\/ICON_\$blockchain_platform\$ \"ICON (blockchain platform)\") [Injective](https:\/\/en.wikipedia.org\/wiki\/Injective_\$blockchain\$ \"Injective (blockchain)\") [Kin](https:\/\/en.wikipedia.org\/wiki\/Kin_\$cryptocurrency\$ \"Kin (cryptocurrency)\") [Nxt](https:\/\/en.wikipedia.org\/wiki\/Nxt \"Nxt\") [Peercoin](https:\/\/en.wikipedia.org\/wiki\/Peercoin \"Peercoin\") [Polkadot](https:\/\/en.wikipedia.org\/wiki\/Polkadot_\$blockchain_platform\$ \"Polkadot (blockchain platform)\") [Solana](https:\/\/en.wikipedia.org\/wiki\/Solana_\$blockchain_platform\$ \"Solana (blockchain platform)\") [Steem](https:\/\/en.wikipedia.org\/wiki\/Steemit \"Steemit\") [Tezos](https:\/\/en.wikipedia.org\/wiki\/Tezos \"Tezos\") [TON](https:\/\/en.wikipedia.org\/wiki\/The_Open_Network \"The Open Network\") |\n| [ERC-20](https:\/\/en.wikipedia.org\/wiki\/ERC-20 \"ERC-20\") tokens | [Augur](https:\/\/en.wikipedia.org\/wiki\/Augur_\$software\$ \"Augur (software)\") [Aventus](https:\/\/en.wikipedia.org\/wiki\/Aventus_\$protocol\$ \"Aventus (protocol)\") [Basic Attention Token](https:\/\/en.wikipedia.org\/wiki\/Brave_\$web_browser\$#Basic_Attention_Token \"Brave (web browser)\") [Chainlink](https:\/\/en.wikipedia.org\/wiki\/Chainlink_\$blockchain_oracle\$ \"Chainlink (blockchain oracle)\") [Kin](https:\/\/en.wikipedia.org\/wiki\/Kin_\$cryptocurrency\$ \"Kin (cryptocurrency)\") [KodakCoin](https:\/\/en.wikipedia.org\/wiki\/KodakCoin \"KodakCoin\") [Minds](https:\/\/en.wikipedia.org\/wiki\/Minds_\$social_network\$ \"Minds (social network)\") [Polygon](https:\/\/en.wikipedia.org\/wiki\/Polygon_\$blockchain\$ \"Polygon (blockchain)\") [Shiba Inu](https:\/\/en.wikipedia.org\/wiki\/Shiba_Inu_\$cryptocurrency\$ \"Shiba Inu (cryptocurrency)\") [The DAO](https:\/\/en.wikipedia.org\/wiki\/The_DAO \"The DAO\") [TRON](https:\/\/en.wikipedia.org\/wiki\/Tron_\$blockchain\$ \"Tron (blockchain)\") |\n| [Stablecoins](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\") | [Dai](https:\/\/en.wikipedia.org\/wiki\/Dai_\$cryptocurrency\$ \"Dai (cryptocurrency)\") [Diem](https:\/\/en.wikipedia.org\/wiki\/Diem_\$digital_currency\$ \"Diem (digital currency)\") [Pax](https:\/\/en.wikipedia.org\/wiki\/Paxos_Trust_Company#Paxos_Standard \"Paxos Trust Company\") [Terra](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\") [Tether](https:\/\/en.wikipedia.org\/wiki\/Tether_\$cryptocurrency\$ \"Tether (cryptocurrency)\") [USD Coin](https:\/\/en.wikipedia.org\/wiki\/USDC_\$cryptocurrency\$ \"USDC (cryptocurrency)\") |\n| [Meme coins](https:\/\/en.wikipedia.org\/wiki\/Meme_coins \"Meme coins\") | [CAR](https:\/\/en.wikipedia.org\/wiki\/$CAR \"$CAR\") [Chill Guy](https:\/\/en.wikipedia.org\/wiki\/$CHILLGUY \"$CHILLGUY\") [Coinye](https:\/\/en.wikipedia.org\/wiki\/Coinye \"Coinye\") [Dogecoin](https:\/\/en.wikipedia.org\/wiki\/Dogecoin \"Dogecoin\") [LGBcoin](https:\/\/en.wikipedia.org\/wiki\/LGBcoin \"LGBcoin\") [Libra](https:\/\/en.wikipedia.org\/wiki\/$Libra \"$Libra\") [Melania](https:\/\/en.wikipedia.org\/wiki\/$Melania \"$Melania\") [Pawthereum](https:\/\/en.wikipedia.org\/wiki\/Pawthereum \"Pawthereum\") [Trump](https:\/\/en.wikipedia.org\/wiki\/$Trump \"$Trump\") |\n| Other currencies | [Chia](https:\/\/en.wikipedia.org\/wiki\/Chia_\$cryptocurrency\$ \"Chia (cryptocurrency)\") [Filecoin](https:\/\/en.wikipedia.org\/wiki\/Filecoin \"Filecoin\") [HBAR (Hashgraph)](https:\/\/en.wikipedia.org\/wiki\/Hashgraph \"Hashgraph\") [Helium](https:\/\/en.wikipedia.org\/wiki\/Helium_Network \"Helium Network\") [Luna](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\") [MobileCoin](https:\/\/en.wikipedia.org\/wiki\/MobileCoin \"MobileCoin\") [Nano](https:\/\/en.wikipedia.org\/wiki\/Nano_\$cryptocurrency\$ \"Nano (cryptocurrency)\") [NEO](https:\/\/en.wikipedia.org\/wiki\/NEO_\$cryptocurrency\$ \"NEO (cryptocurrency)\") [SafeMoon](https:\/\/en.wikipedia.org\/wiki\/SafeMoon \"SafeMoon\") [Stellar](https:\/\/en.wikipedia.org\/wiki\/Stellar_\$payment_network\$ \"Stellar (payment network)\") [WhopperCoin](https:\/\/en.wikipedia.org\/wiki\/WhopperCoin \"WhopperCoin\") [XRP Ledger](https:\/\/en.wikipedia.org\/wiki\/XRP_Ledger \"XRP Ledger\") |\n| [Inactive currencies](https:\/\/en.wikipedia.org\/wiki\/List_of_cryptocurrencies#Inactive_currencies \"List of cryptocurrencies\") | [BitConnect](https:\/\/en.wikipedia.org\/wiki\/Bitconnect \"Bitconnect\") [Coinye](https:\/\/en.wikipedia.org\/wiki\/Coinye \"Coinye\") [KodakCoin](https:\/\/en.wikipedia.org\/wiki\/KodakCoin \"KodakCoin\") [OneCoin](https:\/\/en.wikipedia.org\/wiki\/OneCoin \"OneCoin\") [Petro](https:\/\/en.wikipedia.org\/wiki\/Petro_\$token\$ \"Petro (token)\") |\n| Crypto service companies | [Hyperledger](https:\/\/en.wikipedia.org\/wiki\/Hyperledger \"Hyperledger\") [IQ.Wiki](https:\/\/en.wikipedia.org\/wiki\/IQ.Wiki \"IQ.Wiki\") [Initiative Q](https:\/\/en.wikipedia.org\/wiki\/Quahl \"Quahl\") |\n| Related topics | [\\$Libra cryptocurrency scandal](https:\/\/en.wikipedia.org\/wiki\/$Libra_cryptocurrency_scandal \"$Libra cryptocurrency scandal\") [2023 United States banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\") [Airdrop](https:\/\/en.wikipedia.org\/wiki\/Airdrop_\$cryptocurrency\$ \"Airdrop (cryptocurrency)\") [Bitcoin in El Salvador](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_in_El_Salvador \"Bitcoin in El Salvador\") [BitLicense](https:\/\/en.wikipedia.org\/wiki\/BitLicense \"BitLicense\") [Blockchain game](https:\/\/en.wikipedia.org\/wiki\/Blockchain_game \"Blockchain game\") [Complementary currency](https:\/\/en.wikipedia.org\/wiki\/Complementary_currency \"Complementary currency\") [Crypto-anarchy](https:\/\/en.wikipedia.org\/wiki\/Crypto-anarchy \"Crypto-anarchy\") [Cryptocurrency and crime](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_and_crime \"Cryptocurrency and crime\") [Bankruptcy of FTX](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_FTX \"Bankruptcy of FTX\") [Trial of Sam Bankman-Fried](https:\/\/en.wikipedia.org\/wiki\/Trial_of_Sam_Bankman-Fried \"Trial of Sam Bankman-Fried\") [Scam center](https:\/\/en.wikipedia.org\/wiki\/Scam_center \"Scam center\") [Pig butchering scam](https:\/\/en.wikipedia.org\/wiki\/Pig_butchering_scam \"Pig butchering scam\") [Cryptocurrencies in Europe](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrencies_in_Europe \"Cryptocurrencies in Europe\") [Cryptocurrencies in Puerto Rico](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrencies_in_Puerto_Rico \"Cryptocurrencies in Puerto Rico\") [Cryptocurrency bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\") [Cryptocurrency in Australia](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_in_Australia \"Cryptocurrency in Australia\") [Cryptocurrency in Nigeria](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_in_Nigeria \"Cryptocurrency in Nigeria\") [Cryptocurrency scams](https:\/\/en.wikipedia.org\/wiki\/Category:Cryptocurrency_scams \"Category:Cryptocurrency scams\") [Digital currency](https:\/\/en.wikipedia.org\/wiki\/Digital_currency \"Digital currency\") [Decentralized autonomous organization](https:\/\/en.wikipedia.org\/wiki\/Decentralized_autonomous_organization \"Decentralized autonomous organization\") [Decentralized application](https:\/\/en.wikipedia.org\/wiki\/Decentralized_application \"Decentralized application\") [Distributed ledger technology law](https:\/\/en.wikipedia.org\/wiki\/Distributed_ledger_technology_law \"Distributed ledger technology law\") [Double-spending](https:\/\/en.wikipedia.org\/wiki\/Double-spending \"Double-spending\") [Environmental impact](https:\/\/en.wikipedia.org\/wiki\/Environmental_impact_of_bitcoin \"Environmental impact of bitcoin\") [Initial coin offering](https:\/\/en.wikipedia.org\/wiki\/Initial_coin_offering \"Initial coin offering\") [Initial exchange offering](https:\/\/en.wikipedia.org\/wiki\/Initial_exchange_offering \"Initial exchange offering\") [List of cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/List_of_cryptocurrencies \"List of cryptocurrencies\") [Non-fungible token](https:\/\/en.wikipedia.org\/wiki\/Non-fungible_token \"Non-fungible token\") [Token money](https:\/\/en.wikipedia.org\/wiki\/Token_money \"Token money\") [United States Strategic Bitcoin Reserve](https:\/\/en.wikipedia.org\/wiki\/Strategic_bitcoin_reserve_\$United_States\$ \"Strategic bitcoin reserve (United States)\") [Virtual currency](https:\/\/en.wikipedia.org\/wiki\/Virtual_currency \"Virtual currency\") [Voiceverse NFT plagiarism scandal](https:\/\/en.wikipedia.org\/wiki\/Voiceverse_NFT_plagiarism_scandal \"Voiceverse NFT plagiarism scandal\") |\n| ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) **[Category](https:\/\/en.wikipedia.org\/wiki\/Category:Cryptocurrencies \"Category:Cryptocurrencies\")** [![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/4\/4a\/Commons-logo.svg\/20px-Commons-logo.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Commons-logo.svg \"Commons page\") **[Commons](https:\/\/commons.wikimedia.org\/wiki\/Category:Cryptocurrency \"commons:Category:Cryptocurrency\")** ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/d\/db\/Symbol_list_class.svg\/20px-Symbol_list_class.svg.png) **[List](https:\/\/en.wikipedia.org\/wiki\/List_of_cryptocurrencies \"List of cryptocurrencies\")** |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Currency_symbols \"Template:Currency symbols\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Currency_symbols \"Template talk:Currency symbols\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Currency_symbols \"Special:EditPage\/Template:Currency symbols\")[Currency symbols](https:\/\/en.wikipedia.org\/wiki\/Currency_symbol \"Currency symbol\") |   |\n|---|---|\n| [Circulating](https:\/\/en.wikipedia.org\/wiki\/List_of_circulating_currencies \"List of circulating currencies\") | [؋](https:\/\/en.wikipedia.org\/wiki\/Afghan_afghani \"Afghan afghani\") [฿](https:\/\/en.wikipedia.org\/wiki\/Thai_baht#Currency_symbol \"Thai baht\") [₿](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#Units_and_divisibility_symbol) [₵](https:\/\/en.wikipedia.org\/wiki\/Ghanaian_cedi \"Ghanaian cedi\") [₡](https:\/\/en.wikipedia.org\/wiki\/Col%C3%B3n_\$currency\$ \"Colón (currency)\") [¢](https:\/\/en.wikipedia.org\/wiki\/Cent_\$currency\$ \"Cent (currency)\") [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/e\/ee\/UAE_Dirham_Symbol.svg\/20px-UAE_Dirham_Symbol.svg.png)](https:\/\/en.wikipedia.org\/wiki\/United_Arab_Emirates_dirham \"United Arab Emirates dirham\") [\\$](https:\/\/en.wikipedia.org\/wiki\/Dollar_sign \"Dollar sign\") [₫](https:\/\/en.wikipedia.org\/wiki\/Vietnamese_%C4%91%E1%BB%93ng \"Vietnamese đồng\") [֏](https:\/\/en.wikipedia.org\/wiki\/Armenian_dram_sign \"Armenian dram sign\") [![Escudo](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/d\/df\/Cifr%C3%A3o_symbol_%28narrow%29.svg\/20px-Cifr%C3%A3o_symbol_%28narrow%29.svg.png)](https:\/\/en.wikipedia.org\/wiki\/Cape_Verdean_escudo \"Escudo\") [€](https:\/\/en.wikipedia.org\/wiki\/Euro_sign \"Euro sign\") [ƒ](https:\/\/en.wikipedia.org\/wiki\/Florin_sign \"Florin sign\") [F](https:\/\/en.wikipedia.org\/wiki\/Franc#Countries_that_use_a_franc \"Franc\") [₲](https:\/\/en.wikipedia.org\/wiki\/Paraguayan_guaran%C3%AD \"Paraguayan guaraní\") [₴](https:\/\/en.wikipedia.org\/wiki\/Hryvnia_sign \"Hryvnia sign\") [₭](https:\/\/en.wikipedia.org\/wiki\/Lao_kip \"Lao kip\") [₾](https:\/\/en.wikipedia.org\/wiki\/Georgian_lari \"Georgian lari\") [₼](https:\/\/en.wikipedia.org\/wiki\/Azerbaijani_manat_sign \"Azerbaijani manat sign\") [₦](https:\/\/en.wikipedia.org\/wiki\/Nigerian_naira \"Nigerian naira\") [₱](https:\/\/en.wikipedia.org\/wiki\/Philippine_peso_sign \"Philippine peso sign\") [£](https:\/\/en.wikipedia.org\/wiki\/Pound_sign \"Pound sign\") [元](https:\/\/en.wikipedia.org\/wiki\/Renminbi \"Renminbi\") [﷼](https:\/\/en.wikipedia.org\/wiki\/Iranian_rial \"Iranian rial\") [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/1\/1d\/Omani_rial_black_medium.svg\/20px-Omani_rial_black_medium.svg.png)](https:\/\/en.wikipedia.org\/wiki\/Omani_rial_sign \"Omani rial sign\") [៛](https:\/\/en.wikipedia.org\/wiki\/Cambodian_riel \"Cambodian riel\") [⃁](https:\/\/en.wikipedia.org\/wiki\/Saudi_riyal_sign \"Saudi riyal sign\") [₽](https:\/\/en.wikipedia.org\/wiki\/Ruble_sign \"Ruble sign\") [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/2\/28\/BYN_symbol.svg\/20px-BYN_symbol.svg.png)](https:\/\/en.wikipedia.org\/wiki\/Belarusian_ruble \"Belarusian ruble\") [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/a\/a1\/Rufiyaa_sign_angular.svg\/20px-Rufiyaa_sign_angular.svg.png)](https:\/\/en.wikipedia.org\/wiki\/Maldivian_rufiyaa \"Maldivian rufiyaa\") [₹](https:\/\/en.wikipedia.org\/wiki\/Indian_rupee_sign \"Indian rupee sign\") [रू](https:\/\/en.wikipedia.org\/wiki\/Nepalese_rupee \"Nepalese rupee\") [𞱱](https:\/\/en.wikipedia.org\/wiki\/Pakistani_rupee \"Pakistani rupee\") [රු](https:\/\/en.wikipedia.org\/wiki\/Sri_Lankan_rupee \"Sri Lankan rupee\") [૱](https:\/\/en.wikipedia.org\/wiki\/Rupee_sign \"Rupee sign\") [௹](https:\/\/en.wikipedia.org\/wiki\/Rupee_sign \"Rupee sign\") [꠸](https:\/\/en.wikipedia.org\/wiki\/Rupee_sign \"Rupee sign\") [Rs](https:\/\/en.wikipedia.org\/wiki\/Rupee_sign \"Rupee sign\") [₪](https:\/\/en.wikipedia.org\/wiki\/Shekel_sign \"Shekel sign\") [⃀](https:\/\/en.wikipedia.org\/wiki\/Kyrgyz_som \"Kyrgyz som\") [৳](https:\/\/en.wikipedia.org\/wiki\/Bangladeshi_taka_sign \"Bangladeshi taka sign\") [₺](https:\/\/en.wikipedia.org\/wiki\/Turkish_lira_sign \"Turkish lira sign\") [₸](https:\/\/en.wikipedia.org\/wiki\/Kazakhstani_tenge \"Kazakhstani tenge\") [₮](https:\/\/en.wikipedia.org\/wiki\/Mongolian_t%C3%B6gr%C3%B6g \"Mongolian tögrög\") [₩](https:\/\/en.wikipedia.org\/wiki\/Won_sign \"Won sign\") [¥](https:\/\/en.wikipedia.org\/wiki\/Yen_and_yuan_sign \"Yen and yuan sign\") [円](https:\/\/en.wikipedia.org\/wiki\/Japanese_yen \"Japanese yen\") |\n| [Obsolete and historical](https:\/\/en.wikipedia.org\/wiki\/List_of_historical_currencies \"List of historical currencies\") | [₳](https:\/\/en.wikipedia.org\/wiki\/Argentine_austral \"Argentine austral\") [Դր.](https:\/\/en.wikipedia.org\/wiki\/Artsakh_dram \"Artsakh dram\") [₢\\$](https:\/\/en.wikipedia.org\/wiki\/Cruzeiro_sign \"Cruzeiro sign\") [₰](https:\/\/en.wikipedia.org\/wiki\/Pfennig \"Pfennig\") [₯](https:\/\/en.wikipedia.org\/wiki\/Modern_drachma \"Modern drachma\") [₠](https:\/\/en.wikipedia.org\/wiki\/European_Currency_Unit \"European Currency Unit\") [₣](https:\/\/en.wikipedia.org\/wiki\/French_franc \"French franc\") [₤](https:\/\/en.wikipedia.org\/wiki\/Lira \"Lira\") [ℒ𝓈](https:\/\/en.wikipedia.org\/wiki\/Latvian_lats \"Latvian lats\") [₶](https:\/\/en.wikipedia.org\/wiki\/Livre_tournois \"Livre tournois\") [₥](https:\/\/en.wikipedia.org\/wiki\/Mill_\$currency\$ \"Mill (currency)\") [ℳ](https:\/\/en.wikipedia.org\/wiki\/German_mark_\$1871\$ \"German mark (1871)\") [Pts](https:\/\/en.wikipedia.org\/wiki\/Spanish_peseta \"Spanish peseta\") [ℛℳ](https:\/\/en.wikipedia.org\/wiki\/Reichsmark \"Reichsmark\") [![Imperial rouble](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/fc\/Old_sign_of_Russian_ruble.svg\/40px-Old_sign_of_Russian_ruble.svg.png)](https:\/\/en.wikipedia.org\/wiki\/Ruble_sign#History \"Imperial rouble\") [₷](https:\/\/en.wikipedia.org\/wiki\/Spesmilo \"Spesmilo\") [![Old Israeli shekel](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/e\/ef\/Old_Sheqel_sign.svg\/40px-Old_Sheqel_sign.svg.png)](https:\/\/en.wikipedia.org\/wiki\/Shekel_sign#Old_Israeli_shekel_.281980.E2.80.931985.29 \"Old Israeli shekel\") [𐆚](https:\/\/en.wikipedia.org\/wiki\/As_\$Roman_coin\$ \"As (Roman coin)\") [𐆖](https:\/\/en.wikipedia.org\/wiki\/Denarius \"Denarius\") [𐆙](https:\/\/en.wikipedia.org\/wiki\/Dupondius \"Dupondius\") [𐆗](https:\/\/en.wikipedia.org\/wiki\/Quinarius \"Quinarius\") [𐆘](https:\/\/en.wikipedia.org\/wiki\/Sestertius \"Sestertius\") |\n| Generic placeholder | [¤](https:\/\/en.wikipedia.org\/wiki\/Currency_sign_\$generic\$ \"Currency sign (generic)\") |\n\n| [Authority control databases](https:\/\/en.wikipedia.org\/wiki\/Help:Authority_control \"Help:Authority control\") [![Edit this at Wikidata](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/8\/8a\/OOjs_UI_icon_edit-ltr-progressive.svg\/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png)](https:\/\/www.wikidata.org\/wiki\/Q131723#identifiers \"Edit this at Wikidata\") |   |\n|---|---|\n| International | [GND](https:\/\/d-nb.info\/gnd\/1041888279) [FAST](https:\/\/id.worldcat.org\/fast\/1920464) |\n| National | [United States](https:\/\/id.loc.gov\/authorities\/sh2015000075) [France](https:\/\/catalogue.bnf.fr\/ark:\/12148\/cb16732034m) [BnF data](https:\/\/data.bnf.fr\/ark:\/12148\/cb16732034m) [Czech Republic](https:\/\/aleph.nkp.cz\/F\/?func=find-c&local_base=aut&ccl_term=ica=ph844483&CON_LNG=ENG) [Spain](https:\/\/datos.bne.es\/resource\/XX5395494) [Israel](https:\/\/www.nli.org.il\/en\/authorities\/987007363578605171) |\n| Other | [IdRef](https:\/\/www.idref.fr\/175289379) [Yale LUX](https:\/\/lux.collections.yale.edu\/view\/concept\/83c10b93-7d69-470e-adf8-cfd507a29b16) |\n\n[Portals](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contents\/Portals \"Wikipedia:Contents\/Portals\"):\n\n- [![icon](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/f3\/Emblem-money.svg\/20px-Emblem-money.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Emblem-money.svg) [Business and economics](https:\/\/en.wikipedia.org\/wiki\/Portal:Business_and_economics \"Portal:Business and economics\")\n- ![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/3\/31\/Free_and_open-source_software_logo_%282009%29.svg\/20px-Free_and_open-source_software_logo_%282009%29.svg.png) [Free and open-source software](https:\/\/en.wikipedia.org\/wiki\/Portal:Free_and_open-source_software \"Portal:Free and open-source software\")\n- [![icon](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/f9\/Crystal_Clear_app_linneighborhood.svg\/20px-Crystal_Clear_app_linneighborhood.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Crystal_Clear_app_linneighborhood.svg) [Internet](https:\/\/en.wikipedia.org\/wiki\/Portal:Internet \"Portal:Internet\")\n- ![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/4\/46\/United_States_penny%2C_obverse%2C_2002.png\/20px-United_States_penny%2C_obverse%2C_2002.png) [Numismatics](https:\/\/en.wikipedia.org\/wiki\/Portal:Numismatics \"Portal:Numismatics\")\n- ![icon](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/5\/55\/Bills_and_coins.svg\/40px-Bills_and_coins.svg.png) [Money](https:\/\/en.wikipedia.org\/wiki\/Portal:Money \"Portal:Money\")\n\n**Bitcoin** at Wikipedia's [sister projects](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Wikimedia_sister_projects \"Wikipedia:Wikimedia sister projects\"):\n\n- [![Wikimedia Commons logo](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/4\/4a\/Commons-logo.svg\/20px-Commons-logo.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Commons-logo.svg)[**Media**](https:\/\/commons.wikimedia.org\/wiki\/Bitcoin \"c:Bitcoin\") from Commons\n- ![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/fa\/Wikiquote-logo.svg\/20px-Wikiquote-logo.svg.png)[**Quotations**](https:\/\/en.wikiquote.org\/wiki\/Bitcoin \"q:Bitcoin\") from Wikiquote\n\n![](https:\/\/en.wikipedia.org\/wiki\/Special:CentralAutoLogin\/start?useformat=desktop&type=1x1&usesul3=1)\n\nRetrieved from \"<https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&oldid=1346671137>\"\n\n[Categories](https:\/\/en.wikipedia.org\/wiki\/Help:Category \"Help:Category\"):\n\n- [Currencies without ISO 4217 code](https:\/\/en.wikipedia.org\/wiki\/Category:Currencies_without_ISO_4217_code \"Category:Currencies without ISO 4217 code\")\n- [Bitcoin](https:\/\/en.wikipedia.org\/wiki\/Category:Bitcoin \"Category:Bitcoin\")\n- [Cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/Category:Cryptocurrencies \"Category:Cryptocurrencies\")\n- [Currencies introduced in 2009](https:\/\/en.wikipedia.org\/wiki\/Category:Currencies_introduced_in_2009 \"Category:Currencies introduced in 2009\")\n\nHidden categories:\n\n- [CS1 maint: work parameter with ISBN](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_work_parameter_with_ISBN \"Category:CS1 maint: work parameter with ISBN\")\n- [CS1 maint: url-status](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_url-status \"Category:CS1 maint: url-status\")\n- [All articles with dead external links](https:\/\/en.wikipedia.org\/wiki\/Category:All_articles_with_dead_external_links \"Category:All articles with dead external links\")\n- [Articles with dead external links from March 2026](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_with_dead_external_links_from_March_2026 \"Category:Articles with dead external links from March 2026\")\n- [Webarchive template wayback links](https:\/\/en.wikipedia.org\/wiki\/Category:Webarchive_template_wayback_links \"Category:Webarchive template wayback links\")\n- [CS1 maint: deprecated archival service](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_deprecated_archival_service \"Category:CS1 maint: deprecated archival service\")\n- [CS1: long volume value](https:\/\/en.wikipedia.org\/wiki\/Category:CS1:_long_volume_value \"Category:CS1: long volume value\")\n- [Articles with short description](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_with_short_description \"Category:Articles with short description\")\n- [Short description is different from Wikidata](https:\/\/en.wikipedia.org\/wiki\/Category:Short_description_is_different_from_Wikidata \"Category:Short description is different from Wikidata\")\n- [Wikipedia extended-confirmed-protected pages](https:\/\/en.wikipedia.org\/wiki\/Category:Wikipedia_extended-confirmed-protected_pages \"Category:Wikipedia extended-confirmed-protected pages\")\n- [Use dmy dates from March 2024](https:\/\/en.wikipedia.org\/wiki\/Category:Use_dmy_dates_from_March_2024 \"Category:Use dmy dates from March 2024\")\n- [Use American English from December 2017](https:\/\/en.wikipedia.org\/wiki\/Category:Use_American_English_from_December_2017 \"Category:Use American English from December 2017\")\n- [All Wikipedia articles written in American English](https:\/\/en.wikipedia.org\/wiki\/Category:All_Wikipedia_articles_written_in_American_English \"Category:All Wikipedia articles written in American English\")\n- [Articles containing Japanese-language text](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_containing_Japanese-language_text \"Category:Articles containing Japanese-language text\")\n- [Articles containing potentially dated statements from 2025](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_containing_potentially_dated_statements_from_2025 \"Category:Articles containing potentially dated statements from 2025\")\n- [All articles containing potentially dated statements](https:\/\/en.wikipedia.org\/wiki\/Category:All_articles_containing_potentially_dated_statements \"Category:All articles containing potentially dated statements\")\n- [Articles containing potentially dated statements from October 2025](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_containing_potentially_dated_statements_from_October_2025 \"Category:Articles containing potentially dated statements from October 2025\")\n- [Articles containing potentially dated statements from December 2017](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_containing_potentially_dated_statements_from_December_2017 \"Category:Articles containing potentially dated statements from December 2017\")\n- [Pages using multiple image with auto scaled images](https:\/\/en.wikipedia.org\/wiki\/Category:Pages_using_multiple_image_with_auto_scaled_images \"Category:Pages using multiple image with auto scaled images\")\n- [Articles containing potentially dated statements from 2015](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_containing_potentially_dated_statements_from_2015 \"Category:Articles containing potentially dated statements from 2015\")\n- [Articles containing potentially dated statements from November 2021](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_containing_potentially_dated_statements_from_November_2021 \"Category:Articles containing potentially dated statements from November 2021\")\n- [Wikipedia articles in need of updating from November 2023](https:\/\/en.wikipedia.org\/wiki\/Category:Wikipedia_articles_in_need_of_updating_from_November_2023 \"Category:Wikipedia articles in need of updating from November 2023\")\n- [All Wikipedia articles in need of updating](https:\/\/en.wikipedia.org\/wiki\/Category:All_Wikipedia_articles_in_need_of_updating \"Category:All Wikipedia articles in need of updating\")\n- [Articles containing potentially dated statements from 2022](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_containing_potentially_dated_statements_from_2022 \"Category:Articles containing potentially dated statements from 2022\")\n- [Articles containing potentially dated statements from 2018](https:\/\/en.wikipedia.org\/wiki\/Category:Articles_containing_potentially_dated_statements_from_2018 \"Category:Articles containing potentially dated statements from 2018\")\n- [Pages displaying short descriptions of redirect targets via Module:Annotated link](https:\/\/en.wikipedia.org\/wiki\/Category:Pages_displaying_short_descriptions_of_redirect_targets_via_Module:Annotated_link \"Category:Pages displaying short descriptions of redirect targets via Module:Annotated link\")\n- [Pages using Sister project links with wikidata namespace mismatch](https:\/\/en.wikipedia.org\/wiki\/Category:Pages_using_Sister_project_links_with_wikidata_namespace_mismatch \"Category:Pages using Sister project links with wikidata namespace mismatch\")\n\n- This page was last edited on 2 April 2026, at 04:30 (UTC).\n- Text is available under the [Creative Commons Attribution-ShareAlike 4.0 License](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License \"Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License\"); additional terms may apply. By using this site, you agree to the [Terms of Use](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Terms_of_Use \"foundation:Special:MyLanguage\/Policy:Terms of Use\") and [Privacy Policy](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Privacy_policy \"foundation:Special:MyLanguage\/Policy:Privacy policy\"). Wikipedia® is a registered trademark of the [Wikimedia Foundation, Inc.](https:\/\/wikimediafoundation.org\/), a non-profit organization.\n\n- [Privacy policy](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Privacy_policy)\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About)\n- [Disclaimers](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:General_disclaimer)\n- [Contact Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us)\n- [Legal & safety contacts](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Legal:Wikimedia_Foundation_Legal_and_Safety_Contact_Information)\n- [Code of Conduct](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Universal_Code_of_Conduct)\n- [Developers](https:\/\/developer.wikimedia.org\/)\n- [Statistics](https:\/\/stats.wikimedia.org\/#\/en.wikipedia.org)\n- [Cookie statement](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Cookie_statement)\n- [Mobile view](https:\/\/en.wikipedia.org\/w\/index.php?title=Bitcoin&mobileaction=toggle_view_mobile)\n\n- [![Wikimedia Foundation](https:\/\/en.wikipedia.org\/static\/images\/footer\/wikimedia.svg)](https:\/\/www.wikimedia.org\/)\n- [![Powered by MediaWiki](https:\/\/en.wikipedia.org\/w\/resources\/assets\/mediawiki_compact.svg)](https:\/\/www.mediawiki.org\/)\n\nSearch\n\nToggle the table of contents\n\nBitcoin\n\n137 languages\n\n[Add topic](https:\/\/en.wikipedia.org\/wiki\/Bitcoin)","attrs_readable_markdown":"For the colloquial expression for coinage, see [Bit (money)](https:\/\/en.wikipedia.org\/wiki\/Bit_\$money\$ \"Bit (money)\").\n\n\"₿\" redirects here. Not to be confused with \"฿\" for [Thai baht](https:\/\/en.wikipedia.org\/wiki\/Thai_baht \"Thai baht\").\n\n|   |   |\n|---|---|\n| [![Prevailing bitcoin logo](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/4\/46\/Bitcoin.svg\/250px-Bitcoin.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin.svg)Commonly used logo of bitcoin |   |\n| Denominations |   |\n| Plural | bitcoins |\n| Symbol | **₿** (Unicode: U+20BF ₿ BITCOIN SIGN)[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-unicode-10-1) |\n| Code | BTC |\n| Precision | 10−8 |\n| Subunits |   |\n| 1⁄1000 | millibitcoin |\n| 1⁄1000000 | microbitcoin |\n| 1⁄100000000 | satoshi[\\[a\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-satoshi-2)[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-satoshi_unit-3) |\n| Development |   |\n| Original author | [Satoshi Nakamoto](https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto \"Satoshi Nakamoto\") |\n| [White paper](https:\/\/en.wikipedia.org\/wiki\/White_paper \"White paper\") | [\"Bitcoin: A Peer-to-Peer Electronic Cash System\"](https:\/\/bitcoin.org\/bitcoin.pdf) |\n| Implementation | [Bitcoin Core](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Core \"Bitcoin Core\") |\n| Initial release | 0\\.1.0 \/ 9 January 2009 (17 years ago) |\n| [Latest release](https:\/\/en.wikipedia.org\/wiki\/Software_release_life_cycle \"Software release life cycle\") | 30\\.2.0 \/ 10 January 2026 (2 months ago)[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-4) |\n| [Code repository](https:\/\/en.wikipedia.org\/wiki\/Repository_\$version_control\$ \"Repository (version control)\") | [github.com\/bitcoin\/bitcoin](https:\/\/github.com\/bitcoin\/bitcoin) |\n| Development status | Active |\n| [Written in](https:\/\/en.wikipedia.org\/wiki\/Programming_language \"Programming language\") | C++ |\n| Source model | [Free and open-source software](https:\/\/en.wikipedia.org\/wiki\/Free_and_open-source_software \"Free and open-source software\") |\n| [License](https:\/\/en.wikipedia.org\/wiki\/Software_license \"Software license\") | [MIT License](https:\/\/en.wikipedia.org\/wiki\/MIT_License \"MIT License\") |\n| Ledger |   |\n| Ledger start | 3 January 2009 (17 years ago) |\n| [Timestamping scheme](https:\/\/en.wikipedia.org\/wiki\/Trusted_timestamping \"Trusted timestamping\") | [Proof of work](https:\/\/en.wikipedia.org\/wiki\/Proof_of_work \"Proof of work\") (partial hash inversion) |\n| [Hash function](https:\/\/en.wikipedia.org\/wiki\/Hash_function \"Hash function\") | [SHA-256](https:\/\/en.wikipedia.org\/wiki\/SHA-256 \"SHA-256\") (two rounds) |\n| Issuance schedule | Decentralized (block reward) Initially ₿50 per block, halved every 210,000 blocks |\n| Block reward | ₿3.125 (as of 2025) |\n| Block time | 10 minutes |\n| Circulating supply | ₿19,934,271 (as of 14 October 2025) |\n| Supply limit | ₿21,000,000[\\[b\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-supply-5) |\n| Valuation |   |\n| [Exchange rate](https:\/\/en.wikipedia.org\/wiki\/Exchange_rate \"Exchange rate\") | Floating |\n| Website |   |\n| Website | [bitcoin.org](https:\/\/bitcoin.org\/) |\n\n**Bitcoin** (abbreviation: **BTC**; [sign](https:\/\/en.wikipedia.org\/wiki\/Currency_symbol \"Currency symbol\"): **₿**) is the first [decentralized](https:\/\/en.wikipedia.org\/wiki\/Decentralized_application \"Decentralized application\") [cryptocurrency](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency \"Cryptocurrency\"). Based on a [free-market](https:\/\/en.wikipedia.org\/wiki\/Free-market \"Free-market\") ideology, bitcoin was invented in 2008 when an unknown person published a [white paper](https:\/\/en.wikipedia.org\/wiki\/White_paper \"White paper\") under the pseudonym of [Satoshi Nakamoto](https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto \"Satoshi Nakamoto\").[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-whoissn-6) Use of bitcoin as a [currency](https:\/\/en.wikipedia.org\/wiki\/Currency \"Currency\") began in 2009,[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-NY2011-7) with the release of its [open-source implementation](https:\/\/en.wikipedia.org\/wiki\/Open-source_software \"Open-source software\").[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1  From 2021 to 2025, [El Salvador adopted it as legal tender currency before revoking it](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_in_El_Salvador \"Bitcoin in El Salvador\").[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-BTCSVSept7FT-9)[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) As bitcoin is [pseudonymous](https:\/\/en.wikipedia.org\/wiki\/Pseudonym \"Pseudonym\"), [its use by criminals](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_and_crime \"Cryptocurrency and crime\") has attracted the attention of regulators, leading to [its ban by several countries](https:\/\/en.wikipedia.org\/wiki\/Legality_of_cryptocurrency_by_country_or_territory \"Legality of cryptocurrency by country or territory\").[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-SunYin2019-12)\n\nBitcoin works through the collaboration of computers, each of which acts as a [node](https:\/\/en.wikipedia.org\/wiki\/Node_\$networking\$ \"Node (networking)\") in the [peer-to-peer](https:\/\/en.wikipedia.org\/wiki\/Peer-to-peer \"Peer-to-peer\") [bitcoin network](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_network \"Bitcoin network\"). Each node maintains an independent copy of a public [distributed ledger](https:\/\/en.wikipedia.org\/wiki\/Distributed_ledger \"Distributed ledger\") of transactions, called a [blockchain](https:\/\/en.wikipedia.org\/wiki\/Blockchain \"Blockchain\"), without central oversight. Transactions are validated through the use of [cryptography](https:\/\/en.wikipedia.org\/wiki\/Cryptography \"Cryptography\"), preventing one person from spending another person's bitcoin, as long as the owner of the bitcoin keeps certain sensitive data secret.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5\n\n[Consensus](https:\/\/en.wikipedia.org\/wiki\/Consensus_\$computer_science\$ \"Consensus (computer science)\") between nodes about the content of the blockchain is achieved using a [computationally intensive](https:\/\/en.wikipedia.org\/wiki\/Computational_complexity \"Computational complexity\") process based on [proof of work](https:\/\/en.wikipedia.org\/wiki\/Proof_of_work \"Proof of work\"), called [mining](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_mining \"Bitcoin mining\"), which is performed by purpose-built computers.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 12  Mining consumes large quantities of electricity and has been criticized for [its environmental impact](https:\/\/en.wikipedia.org\/wiki\/Environmental_impact_of_bitcoin \"Environmental impact of bitcoin\").[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-13)\n\nHistory\n\nBackground\n\nBefore bitcoin, several [digital cash technologies](https:\/\/en.wikipedia.org\/wiki\/Digital_cash \"Digital cash\") were released, starting with [David Chaum](https:\/\/en.wikipedia.org\/wiki\/David_Chaum \"David Chaum\")'s [ecash](https:\/\/en.wikipedia.org\/wiki\/Ecash \"Ecash\") in the 1980s.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) The idea that solutions to computational puzzles could have some value was first proposed by cryptographers [Cynthia Dwork](https:\/\/en.wikipedia.org\/wiki\/Cynthia_Dwork \"Cynthia Dwork\") and [Moni Naor](https:\/\/en.wikipedia.org\/wiki\/Moni_Naor \"Moni Naor\") in 1992.[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-15)[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) The concept was [independently rediscovered](https:\/\/en.wikipedia.org\/wiki\/Multiple_discovery \"Multiple discovery\") by [Adam Back](https:\/\/en.wikipedia.org\/wiki\/Adam_Back \"Adam Back\") who developed [Hashcash](https:\/\/en.wikipedia.org\/wiki\/Hashcash \"Hashcash\"), a [proof-of-work](https:\/\/en.wikipedia.org\/wiki\/Proof-of-work \"Proof-of-work\") scheme for [spam control](https:\/\/en.wikipedia.org\/wiki\/Anti-spam_techniques \"Anti-spam techniques\") in 1997.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) The first proposals for distributed digital scarcity-based [cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrencies \"Cryptocurrencies\") came from [cypherpunks](https:\/\/en.wikipedia.org\/wiki\/Cypherpunk \"Cypherpunk\") [Wei Dai](https:\/\/en.wikipedia.org\/wiki\/Wei_Dai \"Wei Dai\") (b-money) and [Nick Szabo](https:\/\/en.wikipedia.org\/wiki\/Nick_Szabo \"Nick Szabo\") ([bit gold](https:\/\/en.wikipedia.org\/wiki\/Bit_gold \"Bit gold\")) in 1998.[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-16) In 2004, [Hal Finney](https:\/\/en.wikipedia.org\/wiki\/Hal_Finney_\$cypherpunk\$ \"Hal Finney (cypherpunk)\") developed the first currency based on reusable proof of work.[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-17) These various attempts were not successful:[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) Chaum's concept required centralized control and no banks wanted to sign on, Hashcash had no protection against [double-spending](https:\/\/en.wikipedia.org\/wiki\/Double-spending \"Double-spending\"), while b-money and bit gold were not resistant to [Sybil attacks](https:\/\/en.wikipedia.org\/wiki\/Sybil_attack \"Sybil attack\").[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14)\n\n2008–2009: Creation\n\n| External image |\n|---|\n| [![image icon](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/6\/61\/Searchtool.svg\/20px-Searchtool.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Searchtool.svg) [Cover page of *The Times* 3 January 2009 showing the headline used in the genesis block](https:\/\/www.thetimes03jan2009.com\/wp-content\/uploads\/2015\/03\/genesis-block-newspaper-bitcoin.jpg) |\n\nThe domain name *bitcoin.org* was registered on 18 August 2008.[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-18) On 31 October 2008, a link to a [white paper](https:\/\/en.wikipedia.org\/wiki\/White_paper \"White paper\") authored by [Satoshi Nakamoto](https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto \"Satoshi Nakamoto\") titled *Bitcoin: A Peer-to-Peer Electronic Cash System* was posted to a cryptography mailing list.[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-19) Nakamoto's identity remains unknown.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-whoissn-6) According to computer scientist [Arvind Narayanan](https:\/\/en.wikipedia.org\/wiki\/Arvind_Narayanan \"Arvind Narayanan\"), all individual components of bitcoin originated in earlier academic literature.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14) Nakamoto's innovation was their complex interplay resulting in the first decentralized, [Sybil resistant](https:\/\/en.wikipedia.org\/wiki\/Sybil_attack \"Sybil attack\"), [Byzantine fault](https:\/\/en.wikipedia.org\/wiki\/Byzantine_fault \"Byzantine fault\") tolerant digital cash system, that would eventually be referred to as the first blockchain.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14)[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-te20151031-20) Nakamoto's paper was not [peer reviewed](https:\/\/en.wikipedia.org\/wiki\/Peer_review \"Peer review\") and was initially ignored by academics, who argued that it could not work.[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Narayanan2017-14)\n\nNakamoto released bitcoin as [open-source software](https:\/\/en.wikipedia.org\/wiki\/Open-source_software \"Open-source software\").[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Humayun-2018-21) On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the *[genesis block](https:\/\/en.wikipedia.org\/wiki\/Genesis_\$blockchain\$ \"Genesis (blockchain)\")*.[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Wired:RFB-22) Embedded in this block was the text \"The Times 03\/Jan\/2009 Chancellor on brink of [second bailout for banks](https:\/\/en.wikipedia.org\/wiki\/2009_United_Kingdom_bank_rescue_package \"2009 United Kingdom bank rescue package\")\", which is the date and headline of an issue of *[The Times](https:\/\/en.wikipedia.org\/wiki\/The_Times \"The Times\")* newspaper.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-NY2011-7) Nine days later, Hal Finney received the first bitcoin transaction: ten bitcoins from Nakamoto.[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-23) Wei Dai and Nick Szabo were also early supporters.[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Wired:RFB-22) On May 22, 2010, the first known [commercial transaction](https:\/\/en.wikipedia.org\/wiki\/Financial_transaction \"Financial transaction\") using bitcoin occurred when programmer Laszlo Hanyecz bought two [Papa John's](https:\/\/en.wikipedia.org\/wiki\/Papa_John%27s \"Papa John's\") pizzas for ₿10,000, in what would later be celebrated as \"Bitcoin Pizza Day\".[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-24) Satoshi tasked Finnish developer and early Bitcoin contributor [Martti Malmi](https:\/\/en.wikipedia.org\/w\/index.php?title=Martti_Malmi&action=edit&redlink=1 \"Martti Malmi (page does not exist)\") \\[[fi](https:\/\/fi.wikipedia.org\/wiki\/Martti_Malmi \"fi:Martti Malmi\")\\] with creating content for the bitcoin.org website.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-25)[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-DominicFrisby2014-26)\n\n2010–2012: Early growth\n\n[Blockchain analysts](https:\/\/en.wikipedia.org\/wiki\/Blockchain#Blockchain_analysis \"Blockchain\") estimate that Nakamoto had mined about one million bitcoins[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-27) before disappearing in 2010 when he handed the network alert key and control of the [code repository](https:\/\/en.wikipedia.org\/wiki\/Software_repository \"Software repository\") over to [Gavin Andresen](https:\/\/en.wikipedia.org\/wiki\/Gavin_Andresen \"Gavin Andresen\"). Andresen later became lead developer at the [Bitcoin Foundation](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Foundation \"Bitcoin Foundation\"),[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-28)[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-29) an [organization](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_organizations \"List of bitcoin organizations\") founded in September 2012 to promote bitcoin.[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-30)\n\nAfter early \"[proof-of-concept](https:\/\/en.wikipedia.org\/wiki\/Proof-of-concept \"Proof-of-concept\")\" transactions, the first major users of bitcoin were [black markets](https:\/\/en.wikipedia.org\/wiki\/Black_market \"Black market\"), such as the [dark web](https:\/\/en.wikipedia.org\/wiki\/Dark_web \"Dark web\") [Silk Road](https:\/\/en.wikipedia.org\/wiki\/Silk_Road_\$marketplace\$ \"Silk Road (marketplace)\"). During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting ₿9.9 million, worth about \\$214 million.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31): 222\n\n2013–2014: First regulatory actions\n\nIn March 2013, the US [Financial Crimes Enforcement Network](https:\/\/en.wikipedia.org\/wiki\/Financial_Crimes_Enforcement_Network \"Financial Crimes Enforcement Network\") (FinCEN) established regulatory guidelines for \"decentralized virtual currencies\" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as [money services businesses](https:\/\/en.wikipedia.org\/wiki\/Money_services_business \"Money services business\"), subject to registration and other legal obligations.[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-32) In May 2013, US authorities seized the unregistered [exchange](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_exchange \"Cryptocurrency exchange\") [Mt. Gox](https:\/\/en.wikipedia.org\/wiki\/Mt._Gox \"Mt. Gox\").[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-33) In June 2013, the US [Drug Enforcement Administration](https:\/\/en.wikipedia.org\/wiki\/Drug_Enforcement_Administration \"Drug Enforcement Administration\") seized ₿11.02 from an individual attempting to use them to purchase illicit drugs. This marked the first time a government agency had seized bitcoins.[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-34) The FBI seized about ₿30,000 in October 2013 from Silk Road, following the arrest of its founder [Ross Ulbricht](https:\/\/en.wikipedia.org\/wiki\/Ross_Ulbricht \"Ross Ulbricht\").[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-35)\n\nIn December 2013, the [People's Bank of China](https:\/\/en.wikipedia.org\/wiki\/People%27s_Bank_of_China \"People's Bank of China\") prohibited Chinese financial institutions from using bitcoin.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-36) After the announcement, the value of bitcoin dropped,[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-37) and [Baidu](https:\/\/en.wikipedia.org\/wiki\/Baidu \"Baidu\") no longer accepted bitcoins for certain services.[\\[36\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-38) Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-39)\n\n2015–2019\n\nResearch produced by the [University of Cambridge](https:\/\/en.wikipedia.org\/wiki\/University_of_Cambridge \"University of Cambridge\") estimated that in 2017, there were 2.9 to 5.8 million unique users using a [cryptocurrency wallet](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet \"Cryptocurrency wallet\"), most of them using bitcoin.[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-40) In August 2017, the [SegWit](https:\/\/en.wikipedia.org\/wiki\/SegWit \"SegWit\") software upgrade was activated. Segwit was intended to support the [Lightning Network](https:\/\/en.wikipedia.org\/wiki\/Lightning_Network \"Lightning Network\") as well as improve [scalability](https:\/\/en.wikipedia.org\/wiki\/Scalability \"Scalability\").[\\[39\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-41) SegWit opponents, who supported larger blocks as a scalability solution, [forked](https:\/\/en.wikipedia.org\/wiki\/Fork_\$blockchain\$ \"Fork (blockchain)\") to create [Bitcoin Cash](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Cash \"Bitcoin Cash\"), one of many [forks of bitcoin](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_forks \"List of bitcoin forks\").[\\[40\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-42)\n\nIn December 2017, the first [futures](https:\/\/en.wikipedia.org\/wiki\/Futures_contract \"Futures contract\") on bitcoin was introduced by the [Chicago Mercantile Exchange](https:\/\/en.wikipedia.org\/wiki\/Chicago_Mercantile_Exchange \"Chicago Mercantile Exchange\") (CME).[\\[41\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-43)\n\nIn February 2018, the price crashed after China imposed a complete ban on bitcoin trading.[\\[42\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-44) The percentage of bitcoin trading in the Chinese [renminbi](https:\/\/en.wikipedia.org\/wiki\/Renminbi \"Renminbi\") fell from over 90% in September 2017 to less than 1% in June 2018.[\\[43\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-45) During the same year, bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges.[\\[44\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-46)\n\n2020–present\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/2\/23\/Bitcoin_Price.webp\/250px-Bitcoin_Price.webp.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin_Price.webp)\n\n**Bitcoin price**[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-47)\n\nDecember 1, 2014 –   \n December 4, 2024\n\nIn 2020, some major companies and institutions started to acquire bitcoin: [MicroStrategy](https:\/\/en.wikipedia.org\/wiki\/MicroStrategy \"MicroStrategy\") invested \\$250 million in bitcoin as a [treasury reserve asset](https:\/\/en.wikipedia.org\/wiki\/Treasury_management \"Treasury management\"),[\\[46\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-48) [Square, Inc.](https:\/\/en.wikipedia.org\/wiki\/Square,_Inc. \"Square, Inc.\"), \\$50 million,[\\[47\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-49) and [MassMutual](https:\/\/en.wikipedia.org\/wiki\/MassMutual \"MassMutual\"), \\$100 million.[\\[48\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-50) In November 2020, [PayPal](https:\/\/en.wikipedia.org\/wiki\/PayPal \"PayPal\") added support for bitcoin in the US.[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-51)\n\nIn February 2021, bitcoin's [market capitalization](https:\/\/en.wikipedia.org\/wiki\/Market_capitalization \"Market capitalization\") reached \\$1 trillion for the first time.[\\[50\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-52) In November 2021, the [Taproot](https:\/\/en.wikipedia.org\/wiki\/Taproot_\$fork\$ \"Taproot (fork)\") [soft-fork](https:\/\/en.wikipedia.org\/wiki\/Soft-fork \"Soft-fork\") upgrade was activated, adding support for [Schnorr signatures](https:\/\/en.wikipedia.org\/wiki\/Schnorr_signature \"Schnorr signature\"), improved functionality of [smart contracts](https:\/\/en.wikipedia.org\/wiki\/Smart_contract \"Smart contract\") and [Lightning Network](https:\/\/en.wikipedia.org\/wiki\/Lightning_Network \"Lightning Network\").[\\[51\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-53) Before, bitcoin only used a custom [elliptic curve](https:\/\/en.wikipedia.org\/wiki\/Elliptic_curve_cryptography \"Elliptic curve cryptography\") with the [ECDSA](https:\/\/en.wikipedia.org\/wiki\/ECDSA \"ECDSA\") algorithm to produce [signatures](https:\/\/en.wikipedia.org\/wiki\/Digital_signature \"Digital signature\").[\\[52\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-54): 101  In September 2021, bitcoin became [legal tender](https:\/\/en.wikipedia.org\/wiki\/Legal_tender \"Legal tender\") currency [in El Salvador](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_in_El_Salvador \"Bitcoin in El Salvador\"), alongside the US dollar.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-BTCSVSept7FT-9) In October 2021, the first bitcoin futures [exchange-traded fund](https:\/\/en.wikipedia.org\/wiki\/Exchange-traded_fund \"Exchange-traded fund\") (ETF), called BITO, from [ProShares](https:\/\/en.wikipedia.org\/wiki\/ProShares \"ProShares\") was approved by the [SEC](https:\/\/en.wikipedia.org\/wiki\/U.S._Securities_and_Exchange_Commission \"U.S. Securities and Exchange Commission\") and listed on the [CME](https:\/\/en.wikipedia.org\/wiki\/Chicago_Mercantile_Exchange \"Chicago Mercantile Exchange\").[\\[53\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-55)\n\nIn early 2022, during the [Canadian trucker protests](https:\/\/en.wikipedia.org\/wiki\/Canada_convoy_protest \"Canada convoy protest\") opposing [COVID-19 vaccine mandates](https:\/\/en.wikipedia.org\/wiki\/COVID-19_vaccine_misinformation_and_hesitancy \"COVID-19 vaccine misinformation and hesitancy\"), organizers turned to bitcoin to receive donations after traditional financial platforms restricted access to funding.[\\[54\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-56)[\\[55\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-57) Proponents highlighted bitcoin's use as a tool for fundraising in situations where access to conventional financial systems may be restricted.[\\[56\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-58)[\\[57\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-59) In May and June 2022, the bitcoin price fell following the collapses of [TerraUSD](https:\/\/en.wikipedia.org\/wiki\/Terra_\$blockchain\$ \"Terra (blockchain)\"), a [stablecoin](https:\/\/en.wikipedia.org\/wiki\/Stablecoin \"Stablecoin\"),[\\[58\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-60) and the [Celsius Network](https:\/\/en.wikipedia.org\/wiki\/Celsius_Network \"Celsius Network\"), a cryptocurrency loan company.[\\[59\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-61)[\\[60\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-62)\n\nIn 2023, ordinals—[non-fungible tokens](https:\/\/en.wikipedia.org\/wiki\/Non-fungible_token \"Non-fungible token\") (NFTs)—on bitcoin, went live.[\\[61\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-63) As of June 2023, River Financial estimated that bitcoin had 81.7 million users, about 1% of the global population.[\\[62\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-64)\n\nIn January 2024, the first 11 US [spot](https:\/\/en.wikipedia.org\/wiki\/Spot_market \"Spot market\") bitcoin [ETFs](https:\/\/en.wikipedia.org\/wiki\/Exchange-traded_fund \"Exchange-traded fund\") began trading, offering direct exposure to bitcoin for the first time on American stock exchanges.[\\[63\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-65)[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-66) In December 2024, bitcoin price reached \\$100,000 for the first time, as US president-elect [Donald Trump](https:\/\/en.wikipedia.org\/wiki\/Donald_Trump \"Donald Trump\") promised to make the US the \"crypto capital of the planet\" and to stockpile bitcoin.[\\[65\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-67) The same month, [BlackRock](https:\/\/en.wikipedia.org\/wiki\/BlackRock \"BlackRock\"), the world's largest [asset manager](https:\/\/en.wikipedia.org\/wiki\/Asset_manager \"Asset manager\"), recommended investors to allocate up to 2% of their [portfolio](https:\/\/en.wikipedia.org\/wiki\/Portfolio_\$finance\$ \"Portfolio (finance)\") to bitcoin.[\\[66\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-68)\n\nAs of 2025, the Salvadoran government continues to describe Bitcoin as legal tender under the 2021 Bitcoin Law; however, a January 2025 reform removed obligations for businesses and the government to accept it, so many analysts regard its legal-tender status as effectively ended in practice.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) In March 2025, [President Trump](https:\/\/en.wikipedia.org\/wiki\/President_Trump \"President Trump\") signed an [executive order](https:\/\/en.wikipedia.org\/wiki\/Executive_order_\$United_States\$ \"Executive order (United States)\") to establish a [strategic bitcoin reserve](https:\/\/en.wikipedia.org\/wiki\/Strategic_bitcoin_reserve \"Strategic bitcoin reserve\").[\\[67\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-69) Later that year, some U.S. states, such as [Texas](https:\/\/en.wikipedia.org\/wiki\/Texas \"Texas\") and [New Hampshire](https:\/\/en.wikipedia.org\/wiki\/New_Hampshire \"New Hampshire\") also instituted strategic bitcoin reserves,[\\[68\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-70) and the [Czech National Bank](https:\/\/en.wikipedia.org\/wiki\/Czech_National_Bank \"Czech National Bank\") bought less than €1 million in a \"test portfolio\".[\\[69\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-71)\n\nDesign\n\nUnits and divisibility\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/8\/8f\/Bitcoin_old.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin_old.png)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/5\/50\/Bitcoin.png\/120px-Bitcoin.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin.png)\n\nBitcoin logos made by Satoshi Nakamoto in 2009 (left) and 2010 (right).\n\nThe [unit of account](https:\/\/en.wikipedia.org\/wiki\/Unit_of_account \"Unit of account\") of the bitcoin system is the *bitcoin*. It is most commonly represented with the [symbol](https:\/\/en.wikipedia.org\/wiki\/Currency_symbol \"Currency symbol\") ₿ designed in 2010[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-unicode-10-1) and the [currency code](https:\/\/en.wikipedia.org\/wiki\/Currency_code \"Currency code\") BTC. However, the BTC code does not conform to [ISO 4217](https:\/\/en.wikipedia.org\/wiki\/ISO_4217 \"ISO 4217\") as BT is the country code of Bhutan,[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-ssrn.3383734-72) and ISO 4217 requires the first letter used in global commodities to be 'X'.[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-ssrn.3383734-72) XBT, a code that conforms to [ISO 4217](https:\/\/en.wikipedia.org\/wiki\/ISO_4217 \"ISO 4217\") though not officially part of it,[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-ssrn.3383734-72) is used by [Bloomberg L.P.](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_L.P. \"Bloomberg L.P.\")[\\[71\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-73)\n\nNo uniform [capitalization](https:\/\/en.wikipedia.org\/wiki\/Capitalization \"Capitalization\") convention exists; some sources use *Bitcoin*, capitalized, to refer to the technology and [network](https:\/\/en.wikipedia.org\/wiki\/Computer_network \"Computer network\"), and *bitcoin*, lowercase, for the unit of account.[\\[72\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-74) The *[Cambridge Advanced Learner's Dictionary](https:\/\/en.wikipedia.org\/wiki\/Cambridge_Advanced_Learner%27s_Dictionary \"Cambridge Advanced Learner's Dictionary\")* and the *[Oxford Advanced Learner's Dictionary](https:\/\/en.wikipedia.org\/wiki\/Oxford_Advanced_Learner%27s_Dictionary \"Oxford Advanced Learner's Dictionary\")* use the capitalized and lowercase variants without distinction.[\\[73\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-75)[\\[74\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-76)\n\nOne bitcoin is divisible to eight decimal places.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5  Units for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to 1⁄1000 bitcoin, and the satoshi[\\[a\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-satoshi-2) (sat), representing 1⁄100000000 (one hundred millionth) bitcoin, the smallest amount possible.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-satoshi_unit-3) 100,000 satoshis are one mBTC.[\\[75\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-77)\n\nBlockchain\n\nAs a [decentralized](https:\/\/en.wikipedia.org\/wiki\/Decentralization \"Decentralization\") system, bitcoin operates without a central authority or single administrator,[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Gervais2014-78) so that anyone can create a new bitcoin address and transact without needing any approval.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1  This is accomplished through a specialized [distributed ledger](https:\/\/en.wikipedia.org\/wiki\/Distributed_ledger \"Distributed ledger\") called a *[blockchain](https:\/\/en.wikipedia.org\/wiki\/Blockchain \"Blockchain\")* that records bitcoin transactions.[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79)\n\nThe blockchain is implemented as an ordered list of *blocks*. Each block contains a [SHA-256](https:\/\/en.wikipedia.org\/wiki\/SHA-256 \"SHA-256\") [hash](https:\/\/en.wikipedia.org\/wiki\/Cryptographic_hash_function \"Cryptographic hash function\") of the previous block,[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) chaining them in chronological order.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 7 [\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) The blockchain is maintained by a [peer-to-peer](https:\/\/en.wikipedia.org\/wiki\/Peer-to-peer \"Peer-to-peer\") network.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31): 215–219  Individual blocks, public addresses, and transactions within blocks are public information, and can be examined using a blockchain explorer.[\\[78\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-80)\n\nNodes validate and broadcast transactions, each maintaining a copy of the blockchain for ownership verification.[\\[79\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-81) A new block is created every 10 minutes on average, updating the blockchain across all nodes without central oversight. This process tracks bitcoin spending, ensuring each bitcoin is [spent only once](https:\/\/en.wikipedia.org\/wiki\/Double-spending \"Double-spending\"). Unlike a traditional ledger that tracks physical currency, bitcoins exist digitally as [unspent outputs of transactions](https:\/\/en.wikipedia.org\/wiki\/Unspent_outputs_of_transactions \"Unspent outputs of transactions\").[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5\n\nAddresses and transactions\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/c\/ce\/Bitcoin_Transaction_Visual.svg\/250px-Bitcoin_Transaction_Visual.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin_Transaction_Visual.svg)\n\nSimplified chain of ownership. In practice, a transaction can have more than one input and more than one output.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82)\n\nIn the blockchain, bitcoins are linked to specific [strings](https:\/\/en.wikipedia.org\/wiki\/String_\$computer_science\$ \"String (computer science)\") called addresses. Most often, an address encodes a [hash](https:\/\/en.wikipedia.org\/wiki\/Hash_\$cryptography\$ \"Hash (cryptography)\") of a single [public key](https:\/\/en.wikipedia.org\/wiki\/Public_key \"Public key\"). Creating such an address involves generating a random private key and then computing the corresponding address. This process is almost instant, but the reverse (finding the private key for a given address) is nearly impossible.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 4  Publishing such a bitcoin address does not risk its private key, and it is extremely unlikely to accidentally generate a used key with funds. To use bitcoins, owners need their private key to [digitally sign](https:\/\/en.wikipedia.org\/wiki\/Digital_signature \"Digital signature\") transactions, which are verified by the network using the public key, keeping the private key secret.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5  An address may encode the hash of a bitcoin script that specifies more complex requirements to spend the funds. One common example is \"multisig\", in which multiple distinct private keys must mutually sign any transaction that attempts to spend the funds.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 7\n\nBitcoin transactions use a [Forth](https:\/\/en.wikipedia.org\/wiki\/Forth_\$programming_language\$ \"Forth (programming language)\")\\-like [scripting language](https:\/\/en.wikipedia.org\/wiki\/Scripting_language \"Scripting language\"),[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5  involving one or more inputs and outputs. When sending bitcoins, a user specifies the recipients' addresses and the amount for each output. This allows sending bitcoins to several recipients in a single transaction. To prevent double-spending, each input must refer to a previous unspent output in the blockchain.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82) Using multiple inputs is similar to using multiple coins in a cash transaction. As in a cash transaction, the sum of inputs can exceed the intended sum of payments. In such a case, an additional output can return the change back to the payer.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82) Unallocated input satoshis in the transaction become the transaction fee.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82)\n\nLosing a private key means losing access to the bitcoins, with no other proof of ownership accepted by the [protocol](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_protocol \"Bitcoin protocol\").[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31) For instance, in 2013, a user lost ₿7,500, valued at US\\$7.5 million, by accidentally discarding a [hard drive](https:\/\/en.wikipedia.org\/wiki\/Hard_disk_drive \"Hard disk drive\") with the private key.[\\[81\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-83) It is estimated that around 20% of all bitcoins are lost.[\\[82\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-84) The private key must also be kept secret as its exposure, such as through a [data breach](https:\/\/en.wikipedia.org\/wiki\/Data_breach \"Data breach\"), can lead to theft of the associated bitcoins.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 10 [\\[83\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-85) As of December 2017, approximately ₿980,000 had been stolen from [cryptocurrency exchanges](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_exchange \"Cryptocurrency exchange\").[\\[84\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-86)\n\nMining\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/b3\/Argo_Blockchain_Mirabel_Facility.jpg\/250px-Argo_Blockchain_Mirabel_Facility.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:Argo_Blockchain_Mirabel_Facility.jpg)\n\nBitcoin mining [facility](https:\/\/en.wikipedia.org\/wiki\/Data_center \"Data center\") with large amounts of mining hardware\n\nMiners don't directly act as nodes, but do communicate with nodes. The mining process is primarily intended to prevent [double-spending](https:\/\/en.wikipedia.org\/wiki\/Double-spending \"Double-spending\") and get all nodes to agree on the content of the blockchain, but it also has desirable side-effects such as making it infeasible for adversaries to stifle valid transactions or alter the historical record of transactions, since doing so generally requires the adversary to have access to more mining power than the rest of the network combined.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 12\n\nThe mining process in bitcoin involves maintaining the blockchain through computer [processing power](https:\/\/en.wikipedia.org\/wiki\/Processing_power \"Processing power\"). Miners group and broadcast new transactions into blocks, which are then verified by the network.[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) Each block must contain a proof of work (PoW) to be accepted,[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) involving finding a [nonce](https:\/\/en.wikipedia.org\/wiki\/Cryptographic_nonce \"Cryptographic nonce\") number that, combined with the block content, produces a [hash](https:\/\/en.wikipedia.org\/wiki\/Cryptographic_hash \"Cryptographic hash\") numerically smaller than the network's *difficulty target*.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8  This PoW is simple to verify but hard to generate, requiring many attempts.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8  PoW forms the basis of bitcoin's [consensus mechanism](https:\/\/en.wikipedia.org\/wiki\/Consensus_\$computer_science\$ \"Consensus (computer science)\").[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Mingxiao2017-87)\n\nThe difficulty of generating a block is [deterministically adjusted](https:\/\/en.wikipedia.org\/wiki\/Deterministic_algorithm \"Deterministic algorithm\") based on the [mining power on the network](https:\/\/en.wikipedia.org\/wiki\/Hashrate \"Hashrate\") by changing the difficulty target, which is recalibrated every 2,016 blocks (approximately two weeks) to maintain an average time of ten minutes between new blocks. The process requires significant computational power and specialized [hardware](https:\/\/en.wikipedia.org\/wiki\/Computer_hardware \"Computer hardware\").[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 [\\[86\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-88)\n\nMiners who successfully create a new block with a valid nonce can collect transaction fees from the included transactions and a fixed reward in bitcoins.[\\[87\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-bloombergvance111413-89) To claim this reward, a special transaction called a *coinbase* is included in the block, with the miner as the payee. All bitcoins in existence have been created through this type of transaction.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8  This reward is halved every 210,000 blocks until ₿21 million[\\[b\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-supply-5) have been issued in total, which is expected to occur around the year 2140. Afterward, miners will only earn from transaction fees. These fees are determined by the transaction's size and the amount of data stored, measured in satoshis per byte.[\\[88\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-90)[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-EconOfBTC-82)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8\n\nThe proof of work system and the chaining of blocks make blockchain modifications very difficult, as altering one block requires changing all subsequent blocks. As more blocks are added, modifying older blocks becomes increasingly challenging.[\\[89\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-91)[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econbc-79) In case of disagreement, nodes trust the longest chain, which required the greatest amount of effort to produce.[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Mingxiao2017-87) To tamper or censor the ledger, one needs to control the majority of the global [hashrate](https:\/\/en.wikipedia.org\/wiki\/Hashrate \"Hashrate\").[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Mingxiao2017-87) The high cost required to reach this level of computational power [secures](https:\/\/en.wikipedia.org\/wiki\/Computer_security \"Computer security\") the bitcoin blockchain.[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Mingxiao2017-87)\n\nThe [environmental impact of bitcoin mining](https:\/\/en.wikipedia.org\/wiki\/Environmental_impact_of_bitcoin_mining \"Environmental impact of bitcoin mining\") is controversial and has attracted the attention of regulators, [leading to restrictions or incentives in various jurisdictions](https:\/\/en.wikipedia.org\/wiki\/Legality_of_cryptocurrency_by_country_or_territory \"Legality of cryptocurrency by country or territory\").[\\[90\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Stoll2023-92) As of 2025, a [non-peer-reviewed](https:\/\/en.wikipedia.org\/wiki\/Non-peer-reviewed \"Non-peer-reviewed\") study by the [Cambridge Centre for Alternative Finance](https:\/\/en.wikipedia.org\/wiki\/Cambridge_Centre_for_Alternative_Finance \"Cambridge Centre for Alternative Finance\") (CCAF) estimated that bitcoin mining represented 0.5% of [global electricity consumption](https:\/\/en.wikipedia.org\/wiki\/World_energy_supply_and_consumption \"World energy supply and consumption\") and 0.08% of world [greenhouse gas emissions](https:\/\/en.wikipedia.org\/wiki\/Greenhouse_gas_emissions \"Greenhouse gas emissions\"), comparable to Slovakia's emissions.[\\[91\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-93) About half of the electricity used is generated through [fossil fuels](https:\/\/en.wikipedia.org\/wiki\/Fossil_fuel \"Fossil fuel\").[\\[92\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-NYT20220116-94) Moreover, mining hardware's short lifespan results in [electronic waste](https:\/\/en.wikipedia.org\/wiki\/Electronic_waste \"Electronic waste\").[\\[93\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-deVries2021-95) In October 2025, the US was the largest mining country with 38% of the global bitcoin mining market share, followed by Russia (16%) and China (14%, despite all cryptocurrency trading and mining being banned there in 2021).[\\[94\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-96)[\\[95\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-97)\n\nPrivacy and fungibility\n\nBitcoin is [pseudonymous](https:\/\/en.wikipedia.org\/wiki\/Pseudonym \"Pseudonym\"), with funds linked to addresses, not real-world identities. While the owners of these addresses are not directly identified, all transactions are public on the blockchain. Patterns of use, like spending coins from multiple inputs, can hint at a common owner. Public data can sometimes be matched with known address owners.[\\[96\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-98) [Bitcoin exchanges](https:\/\/en.wikipedia.org\/wiki\/List_of_bitcoin_companies \"List of bitcoin companies\") might also need to collect personal data as per legal requirements.[\\[97\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-99) For enhanced [privacy](https:\/\/en.wikipedia.org\/wiki\/Privacy_and_blockchain \"Privacy and blockchain\"), users can generate a new address for each transaction.[\\[98\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-100)\n\nIn the bitcoin network, each bitcoin is treated equally, ensuring basic [fungibility](https:\/\/en.wikipedia.org\/wiki\/Fungibility \"Fungibility\"). However, users and applications can choose to differentiate between bitcoins. While wallets and software treat all bitcoins the same, each bitcoin's transaction history is recorded on the blockchain. This public record allows for [chain analysis](https:\/\/en.wikipedia.org\/wiki\/Blockchain_analysis \"Blockchain analysis\"), where users can identify and potentially reject bitcoins from controversial sources.[\\[99\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-101) For example, in 2012, Mt. Gox froze accounts containing bitcoins identified as stolen.[\\[100\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-102)\n\nWallets\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/7\/7c\/Bitcoin-core-v0.10.0.png\/250px-Bitcoin-core-v0.10.0.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bitcoin-core-v0.10.0.png)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/a\/ab\/Sample_Bitcoin_paper_wallet.png\/250px-Sample_Bitcoin_paper_wallet.png)](https:\/\/en.wikipedia.org\/wiki\/File:Sample_Bitcoin_paper_wallet.png)\n\nA paper wallet with the address as a [QR code](https:\/\/en.wikipedia.org\/wiki\/QR_code \"QR code\") while the private key is hidden\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/9\/93\/10elqpi.jpg\/250px-10elqpi.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:10elqpi.jpg)\n\nA hardware wallet which processes bitcoin transactions without exposing private keys\n\nBitcoin wallets were the first [cryptocurrency wallets](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_wallet \"Cryptocurrency wallet\"), enabling users to store the information necessary to transact bitcoins.[\\[101\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-103)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1, glossary  The first wallet program, simply named *Bitcoin*, and sometimes referred to as the *Satoshi client*, was released in 2009 by Nakamoto as [open-source software](https:\/\/en.wikipedia.org\/wiki\/Open-source_software \"Open-source software\").[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Humayun-2018-21) [Bitcoin Core](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Core \"Bitcoin Core\") is among the best known [clients](https:\/\/en.wikipedia.org\/wiki\/Client_\$computing\$ \"Client (computing)\"). [Forks](https:\/\/en.wikipedia.org\/wiki\/Fork_\$software_development\$ \"Fork (software development)\") of Bitcoin Core exist such as [Bitcoin Unlimited](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Unlimited \"Bitcoin Unlimited\").[\\[102\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-104) Wallets can be full clients, with a full copy of the blockchain to check the validity of mined blocks,[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1  or lightweight clients, just to send and receive transactions without a local copy of the entire blockchain.[\\[103\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-105) Third-party internet services, called online wallets or [hot wallets](https:\/\/en.wikipedia.org\/wiki\/Digital_wallet \"Digital wallet\"), store users' credentials on their servers, making them susceptible of hacks.[\\[104\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-106) [Cold storage](https:\/\/en.wikipedia.org\/wiki\/Cold_wallet \"Cold wallet\") protects bitcoins from such hacks by keeping private keys offline, either through specialized hardware wallets or paper printouts.[\\[105\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-107)[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 4\n\nScalability and decentralization challenges\n\nNakamoto limited the block size to one [megabyte](https:\/\/en.wikipedia.org\/wiki\/Megabyte \"Megabyte\").[\\[106\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-108) The limited block size and frequency can lead to delayed processing of transactions, increased fees and a bitcoin scalability problem.[\\[107\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-109) The [Lightning Network](https:\/\/en.wikipedia.org\/wiki\/Lightning_Network \"Lightning Network\"), [second-layer](https:\/\/en.wikipedia.org\/wiki\/Abstraction_layer \"Abstraction layer\") [routing](https:\/\/en.wikipedia.org\/wiki\/Routing \"Routing\") network, is a potential scaling solution.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8\n\nResearch shows a trend towards centralization in bitcoin as miners join [pools](https:\/\/en.wikipedia.org\/wiki\/Mining_pool \"Mining pool\") for stable income.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31): 215, 219–222 [\\[108\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-110): 3  If a single miner or pool controls more than 50% of the [hashing power](https:\/\/en.wikipedia.org\/wiki\/Hashrate \"Hashrate\"), it would allow them to censor transactions and double-spend coins.[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Gervais2014-78) In 2014, mining pool [Ghash.io](https:\/\/en.wikipedia.org\/wiki\/Ghash.io \"Ghash.io\") reached 51% mining power, causing safety concerns, but later voluntarily capped its power at 39.99% for the benefit of the whole network.[\\[109\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-111) A few entities also dominate other parts of the ecosystem such as the client software, online wallets, and simplified payment verification (SPV) clients.[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Gervais2014-78)\n\nEconomics and usage\n\nBitcoin's theoretical roots and ideology\n\nAccording to the [European Central Bank](https:\/\/en.wikipedia.org\/wiki\/European_Central_Bank \"European Central Bank\"), the decentralization of money offered by bitcoin has its theoretical roots in the [Austrian school of economics](https:\/\/en.wikipedia.org\/wiki\/Austrian_school_of_economics \"Austrian school of economics\"), especially with [Friedrich Hayek](https:\/\/en.wikipedia.org\/wiki\/Friedrich_Hayek \"Friedrich Hayek\")'s *[The Denationalisation of Money](https:\/\/en.wikipedia.org\/wiki\/The_Denationalisation_of_Money \"The Denationalisation of Money\")*, in which he advocates a complete [free market](https:\/\/en.wikipedia.org\/wiki\/Free_market \"Free market\") in the production, distribution and management of money to end the monopoly of [central banks](https:\/\/en.wikipedia.org\/wiki\/Central_banks \"Central banks\").[\\[110\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-112): 22  Sociologist [Nigel Dodd](https:\/\/en.wikipedia.org\/wiki\/Nigel_Dodd \"Nigel Dodd\") argues that the essence of the bitcoin ideology is to remove money from social, as well as governmental, control.[\\[111\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-113) *[The Economist](https:\/\/en.wikipedia.org\/wiki\/The_Economist \"The Economist\")* describes bitcoin as \"a [techno-anarchist](https:\/\/en.wikipedia.org\/wiki\/Techno-anarchist \"Techno-anarchist\") project to create an online version of cash, a way for people to transact without the possibility of interference from malicious governments or banks\".[\\[112\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-30082018Economist-114) These philosophical ideas initially attracted [libertarians](https:\/\/en.wikipedia.org\/wiki\/Libertarian \"Libertarian\") and [anarchists](https:\/\/en.wikipedia.org\/wiki\/Anarchist \"Anarchist\").[\\[113\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-115)\n\nRecognition as a currency and legal status\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/7\/7e\/Legal_status_of_bitcoin.svg\/330px-Legal_status_of_bitcoin.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Legal_status_of_bitcoin.svg)\n\n[Legal status of bitcoin](https:\/\/en.wikipedia.org\/wiki\/Legality_of_cryptocurrency_by_country_or_territory \"Legality of cryptocurrency by country or territory\")\n\nPermissive (legal to use bitcoin, with minimal or no restrictions)\n\nRestricted (some legal restrictions on the usage of bitcoin)\n\nContentious (interpretation of old laws, but bitcoin is not directly prohibited)\n\nProhibited (full or partial prohibition on the use of bitcoin)\n\nNo data (no information available)\n\n- [v](https:\/\/en.wikipedia.org\/wiki\/Template:Legal_status_of_bitcoin \"Template:Legal status of bitcoin\")\n- [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Legal_status_of_bitcoin \"Template talk:Legal status of bitcoin\")\n- [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Legal_status_of_bitcoin \"Special:EditPage\/Template:Legal status of bitcoin\")\n\n[Money](https:\/\/en.wikipedia.org\/wiki\/Money \"Money\") serves three purposes: a [store of value](https:\/\/en.wikipedia.org\/wiki\/Store_of_value \"Store of value\"), a [medium of exchange](https:\/\/en.wikipedia.org\/wiki\/Medium_of_exchange \"Medium of exchange\"), and a [unit of account](https:\/\/en.wikipedia.org\/wiki\/Unit_of_account \"Unit of account\").[\\[114\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econ315-116) According to *The Economist* in 2014, bitcoin functions best as a medium of exchange.[\\[114\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-econ315-116) In 2015, *The Economist* noted that bitcoins had three qualities useful in a currency: they are \"hard to earn, limited in supply and easy to verify\".[\\[115\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-117) However, a 2018 assessment by *The Economist* stated that cryptocurrencies met none of these three criteria.[\\[112\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-30082018Economist-114) Per some researchers, as of 2015, bitcoin functions more as a [payment system](https:\/\/en.wikipedia.org\/wiki\/Payment_system \"Payment system\") than as a currency.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31) In 2014, economist [Robert J. Shiller](https:\/\/en.wikipedia.org\/wiki\/Robert_J._Shiller \"Robert J. Shiller\") wrote that bitcoin has potential as a unit of account for measuring the relative value of goods, as with Chile's [Unidad de Fomento](https:\/\/en.wikipedia.org\/wiki\/Unidad_de_Fomento \"Unidad de Fomento\"), but that \"Bitcoin in its present form... doesn't really solve any sensible economic problem\".[\\[116\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Shiller-118) In 2017, François Velde, senior economist at the [Chicago Fed](https:\/\/en.wikipedia.org\/wiki\/Chicago_Fed \"Chicago Fed\"), described bitcoin as \"unlikely by itself to replace monies in well-functioning monetary systems.\"[\\[117\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-119)\n\nThe [legal status of bitcoin](https:\/\/en.wikipedia.org\/wiki\/Legality_of_cryptocurrency_by_country_or_territory \"Legality of cryptocurrency by country or territory\") varies substantially from one jurisdiction to another. Because of its decentralized nature and its global presence, regulating bitcoin is difficult. However, the use of bitcoin can be criminalized, and shutting down exchanges and the peer-to-peer economy in a given country would constitute a [de facto](https:\/\/en.wikipedia.org\/wiki\/De_facto \"De facto\") ban.[\\[118\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-120) The [use of bitcoin by criminals](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_and_crime \"Cryptocurrency and crime\") has attracted the attention of financial regulators, legislative bodies, and law enforcement.[\\[119\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-121) Nobel-prize winning economist [Joseph Stiglitz](https:\/\/en.wikipedia.org\/wiki\/Joseph_Stiglitz \"Joseph Stiglitz\") says that bitcoin's anonymity encourages [money laundering](https:\/\/en.wikipedia.org\/wiki\/Money_laundering \"Money laundering\") and other crimes.[\\[120\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-122) This is the main justification behind bitcoin bans.[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-SunYin2019-12) As of November 2021, nine countries applied an absolute ban (Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia) while another 42 countries had an implicit ban.[\\[121\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-LOC2021-123)\\[*[needs update](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Manual_of_Style\/Dates_and_numbers#Chronological_items \"Wikipedia:Manual of Style\/Dates and numbers\")*\\]\n\nUse for payments\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/c\/cd\/De_Waag_Bitcoin.jpg\/250px-De_Waag_Bitcoin.jpg)](https:\/\/en.wikipedia.org\/wiki\/File:De_Waag_Bitcoin.jpg)\n\nCafé in [Delft](https:\/\/en.wikipedia.org\/wiki\/Delft \"Delft\") accepting Bitcoin\n\nAccording to Harvard Professor [Kenneth Rogoff](https:\/\/en.wikipedia.org\/wiki\/Kenneth_Rogoff \"Kenneth Rogoff\") as of 2025, bitcoin is rarely used in regular transactions with merchants, but is popular in the [informal economy](https:\/\/en.wikipedia.org\/wiki\/Informal_economy \"Informal economy\") and for criminal activities.[\\[122\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-RogoffEconomist-124)[\\[123\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-RogoffBloomberg-125) Prices are not usually quoted in bitcoin and trades involve conversions into [fiat](https:\/\/en.wikipedia.org\/wiki\/Fiat_money \"Fiat money\") currencies.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31) Commonly cited reasons for not using bitcoin include high costs, the inability to process [chargebacks](https:\/\/en.wikipedia.org\/wiki\/Chargeback \"Chargeback\"), high [price volatility](https:\/\/en.wikipedia.org\/wiki\/Volatility_\$finance\$ \"Volatility (finance)\"), long transaction times, and [transaction fees](https:\/\/en.wikipedia.org\/wiki\/Transaction_cost \"Transaction cost\") (especially for small purchases).[\\[124\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-FT08062018-126)[\\[125\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-127) *[Bloomberg](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\")* reported that bitcoin was being used for large-item purchases on the site [Overstock.com](https:\/\/en.wikipedia.org\/wiki\/Overstock.com \"Overstock.com\") and for cross-border payments to [freelancers](https:\/\/en.wikipedia.org\/wiki\/Freelancer \"Freelancer\").[\\[126\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-128) As of 2015, there was little sign of bitcoin use in international [remittances](https:\/\/en.wikipedia.org\/wiki\/Remittance \"Remittance\") despite high fees charged by banks and [Western Union](https:\/\/en.wikipedia.org\/wiki\/Western_Union \"Western Union\").[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-JEP-31)[\\[127\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-129)\n\nFrom September 2021 until January 2025, the [Bitcoin Law](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_Law \"Bitcoin Law\") made bitcoin a [legal tender](https:\/\/en.wikipedia.org\/wiki\/Legal_tender \"Legal tender\") currency in [El Salvador](https:\/\/en.wikipedia.org\/wiki\/El_Salvador \"El Salvador\"), alongside the US dollar.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-BTCSVSept7FT-9) The adoption had been criticized internationally and within El Salvador.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-BTCSVSept7FT-9)[\\[128\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-130) In 2022, the [International Monetary Fund](https:\/\/en.wikipedia.org\/wiki\/International_Monetary_Fund \"International Monetary Fund\") (IMF) urged El Salvador to reverse its decision.[\\[129\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-131) As of 2022, the use of [Bitcoin in El Salvador](https:\/\/en.wikipedia.org\/wiki\/Bitcoin_in_El_Salvador \"Bitcoin in El Salvador\") remained low: 80% of businesses refused to accept it.[\\[130\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-132) In 2025, El Salvador's government revoked bitcoin's status as legal tender currency in order to comply with conditions set by the IMF for a loan. El Salvador still describes bitcoin as \"legal tender\", but its acceptance is no longer obligitory (as it is with the US dollar) and the El Salvador government no longer accepts bitcoin for payment of taxes or fees.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11)\n\nIn April 2022, the [Central African Republic](https:\/\/en.wikipedia.org\/wiki\/Central_African_Republic \"Central African Republic\") (CAR) adopted bitcoin as legal tender alongside the [CFA franc](https:\/\/en.wikipedia.org\/wiki\/CFA_franc \"CFA franc\"),[\\[131\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-133) but repealed the reform one year later.[\\[132\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-134)\n\nBitcoin is also used by some governments. For instance, the [Iranian government](https:\/\/en.wikipedia.org\/wiki\/Government_of_Iran \"Government of Iran\") initially opposed cryptocurrencies, but later began using them to circumvent [sanctions](https:\/\/en.wikipedia.org\/wiki\/Sanctions_against_Iran \"Sanctions against Iran\").[\\[133\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-135) Since 2020, Iran has required local bitcoin miners to sell bitcoin to the [Central Bank of Iran](https:\/\/en.wikipedia.org\/wiki\/Central_Bank_of_Iran \"Central Bank of Iran\"), allowing the central bank to use it for imports.[\\[134\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-aawsat202011-136) Some [constituent states](https:\/\/en.wikipedia.org\/wiki\/Constituent_state \"Constituent state\") and [local governments](https:\/\/en.wikipedia.org\/wiki\/Local_government \"Local government\") also accept tax payments in bitcoin, including [Colorado](https:\/\/en.wikipedia.org\/wiki\/Colorado \"Colorado\") in the US[\\[135\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-137) and [Zug](https:\/\/en.wikipedia.org\/wiki\/Canton_of_Zug \"Canton of Zug\") and [Lugano](https:\/\/en.wikipedia.org\/wiki\/Lugano \"Lugano\") in Switzerland.[\\[136\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-138)[\\[137\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-139) As of 2023, the US government owned more than \\$5 billion worth of seized bitcoin.[\\[138\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-140)[\\[139\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-141)\n\nUse for investment and status as an economic bubble\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/4\/43\/El_Salvador_Bitcoin_reserves.png\/250px-El_Salvador_Bitcoin_reserves.png)](https:\/\/en.wikipedia.org\/wiki\/File:El_Salvador_Bitcoin_reserves.png)\n\nGovernment website with El Salvador reserves\n\nAs of 2018, the overwhelming majority of bitcoin transactions took place on [cryptocurrency exchanges](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_exchange \"Cryptocurrency exchange\").[\\[124\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-FT08062018-126) Since 2014, regulated bitcoin funds also allow [exposure](https:\/\/en.wikipedia.org\/wiki\/Market_exposure \"Market exposure\") to the asset or to [futures](https:\/\/en.wikipedia.org\/wiki\/Futures_contract \"Futures contract\") as an investment.[\\[140\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-142)[\\[141\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-143) Bitcoin is used as a [store of value](https:\/\/en.wikipedia.org\/wiki\/Store_of_value \"Store of value\"):[\\[142\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-144)[\\[143\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-145) individuals and companies such as the [Winklevoss twins](https:\/\/en.wikipedia.org\/wiki\/Winklevoss_Capital_Management \"Winklevoss Capital Management\")[\\[144\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-146) and [Elon Musk](https:\/\/en.wikipedia.org\/wiki\/Elon_Musk \"Elon Musk\")'s companies [SpaceX](https:\/\/en.wikipedia.org\/wiki\/SpaceX \"SpaceX\") and [Tesla](https:\/\/en.wikipedia.org\/wiki\/Tesla,_Inc. \"Tesla, Inc.\") have each bought and sold hundreds of millions of dollars worth of bitcoin.[\\[145\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-147)[\\[146\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-148)[\\[147\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-149) Bitcoin wealth is highly concentrated, with 0.01% holding 27% of in-circulation currency, as of 2021.[\\[148\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-150)\n\nAs of March 2025, El Salvador had \\$550 million worth of bitcoin in its [international reserves](https:\/\/en.wikipedia.org\/wiki\/Foreign_exchange_reserves \"Foreign exchange reserves\"), about 6,102 coins.[\\[149\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-151)\n\nBitcoin, along with other cryptocurrencies, has been described as an [economic bubble](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") by several economists, including [Nobel Prize in Economics](https:\/\/en.wikipedia.org\/wiki\/Nobel_Memorial_Prize_in_Economic_Sciences \"Nobel Memorial Prize in Economic Sciences\") laureates, such as [Joseph Stiglitz](https:\/\/en.wikipedia.org\/wiki\/Joseph_Stiglitz \"Joseph Stiglitz\"),[\\[150\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Stiglitz-152) [James Heckman](https:\/\/en.wikipedia.org\/wiki\/James_Heckman \"James Heckman\"),[\\[151\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-4Nobels-153) and [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\").[\\[152\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Krugman-154) Another recipient of the prize, [Robert Shiller](https:\/\/en.wikipedia.org\/wiki\/Robert_Shiller \"Robert Shiller\"), argues that bitcoin is rather a [fad](https:\/\/en.wikipedia.org\/wiki\/Fad \"Fad\") that may become an [asset class](https:\/\/en.wikipedia.org\/wiki\/Asset_classes \"Asset classes\"). He describes its price growth as an \"epidemic\", driven by [contagious narratives](https:\/\/en.wikipedia.org\/wiki\/Social_contagion \"Social contagion\").[\\[153\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-155) In 2024, [Jean Tirole](https:\/\/en.wikipedia.org\/wiki\/Jean_Tirole \"Jean Tirole\"), also Nobel laureate, described bitcoin as a \"pure bubble\" as its [intrinsic value](https:\/\/en.wikipedia.org\/wiki\/Intrinsic_value_\$finance\$ \"Intrinsic value (finance)\") is zero. According to him, some bubbles are long-lasting such as gold and fiat currencies, and it is impossible to predict whether bitcoin would implode like other financial bubbles or become an alternative to gold.[\\[154\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-156) The same year, [Federal Reserve Chair](https:\/\/en.wikipedia.org\/wiki\/Chair_of_the_Federal_Reserve \"Chair of the Federal Reserve\") [Jerome Powell](https:\/\/en.wikipedia.org\/wiki\/Jerome_Powell \"Jerome Powell\") described bitcoin as a digital competitor to gold but not to the dollar as he argued it is a highly volatile [speculative](https:\/\/en.wikipedia.org\/wiki\/Speculation \"Speculation\") asset not used as a form of payment.[\\[155\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-157) In 2025, [Kenneth Rogoff](https:\/\/en.wikipedia.org\/wiki\/Kenneth_Rogoff \"Kenneth Rogoff\") claimed that Krugman was wrong and that Bitcoin had value as it is competing with the dollar to become the [means of exchange](https:\/\/en.wikipedia.org\/wiki\/Means_of_exchange \"Means of exchange\") of the [underground economy](https:\/\/en.wikipedia.org\/wiki\/Informal_economy \"Informal economy\") which represents 20% of the world's [GDP](https:\/\/en.wikipedia.org\/wiki\/Gross_domestic_product \"Gross domestic product\").[\\[122\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-RogoffEconomist-124)[\\[123\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-RogoffBloomberg-125) According to Rogoff, bitcoin is \"the ideal currency for a more fragmented and uncertain global landscape\" and it could become appealing to [emerging-market](https:\/\/en.wikipedia.org\/wiki\/Emerging_market \"Emerging market\") central banks as a \"politically neutral\" [reserve](https:\/\/en.wikipedia.org\/wiki\/Reserve_currency \"Reserve currency\") [currency](https:\/\/en.wikipedia.org\/wiki\/Reserve_currency \"Reserve currency\").[\\[156\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-:0-158) In 2025, the nominee for the Chair of the Federal Reserve, [Kevin Warsh](https:\/\/en.wikipedia.org\/wiki\/Kevin_Warsh \"Kevin Warsh\"), described Bitcoin as the \"new gold.\"[\\[156\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-:0-158)\n\nAccording to research published in the *[International Review of Financial Analysis](https:\/\/en.wikipedia.org\/wiki\/International_Review_of_Financial_Analysis \"International Review of Financial Analysis\")* in 2018, bitcoin as an asset is highly volatile and does not behave like any other conventional asset.[\\[157\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-159) According to one 2022 analysis published in *[The Journal of Alternative Investments](https:\/\/en.wikipedia.org\/wiki\/The_Journal_of_Alternative_Investments \"The Journal of Alternative Investments\")*, bitcoin was less volatile than [oil](https:\/\/en.wikipedia.org\/wiki\/Price_of_oil \"Price of oil\"), [silver](https:\/\/en.wikipedia.org\/wiki\/Silver_as_an_investment \"Silver as an investment\"), [US Treasuries](https:\/\/en.wikipedia.org\/wiki\/United_States_Treasury_security \"United States Treasury security\"), and 190 stocks in the [S\\&P 500](https:\/\/en.wikipedia.org\/wiki\/S%26P_500 \"S&P 500\") during and after the [2020 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2020_stock_market_crash \"2020 stock market crash\").[\\[158\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-160) The term *[hodl](https:\/\/en.wiktionary.org\/wiki\/hodl#English \"wikt:hodl\")* was created in December 2013 for [holding](https:\/\/en.wikipedia.org\/wiki\/Buy_and_hold \"Buy and hold\") bitcoin rather than selling it during periods of volatility.[\\[159\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-161)[\\[160\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-162)\n\nIn 2014, economist [Nouriel Roubini](https:\/\/en.wikipedia.org\/wiki\/Nouriel_Roubini \"Nouriel Roubini\") described bitcoin as a [Ponzi scheme](https:\/\/en.wikipedia.org\/wiki\/Ponzi_scheme \"Ponzi scheme\").[\\[161\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-163) Legal scholar [Eric Posner](https:\/\/en.wikipedia.org\/wiki\/Eric_Posner \"Eric Posner\") disagrees, however, as \"a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective [delusion](https:\/\/en.wikipedia.org\/wiki\/Delusion \"Delusion\")\".[\\[162\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-164) A 2014 [World Bank](https:\/\/en.wikipedia.org\/wiki\/World_Bank \"World Bank\") report also concluded that bitcoin was not a deliberate Ponzi scheme.[\\[163\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-165)\n\nMarket characteristics\n\nBitcoin markets operate 24 hours a day, seven days a week, contrasting with traditional financial markets that have fixed trading hours. Bitcoin prices show much higher volatility and respond strongly to both regulatory changes and market events.[\\[164\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-166)\n\nThe volume of bitcoin trading can fluctuate considerably among various exchanges and geographic regions. The daily transaction volume of bitcoin across all exchanges typically reaches \\$50 billion as of 2025.[\\[165\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-167)\n\nSee also\n\n- [Alternative currency](https:\/\/en.wikipedia.org\/wiki\/Alternative_currency \"Alternative currency\") – Medium of exchange complementing national currencies\n- [List of cryptocurrencies](https:\/\/en.wikipedia.org\/wiki\/List_of_cryptocurrencies \"List of cryptocurrencies\")\n\nNotes\n\n1. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-satoshi_2-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-satoshi_2-1) Named after [Satoshi Nakamoto](https:\/\/en.wikipedia.org\/wiki\/Satoshi_Nakamoto \"Satoshi Nakamoto\")\n2. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-supply_5-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-supply_5-1) The exact number is ₿20,999,999.9769.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8\n\nReferences\n\n1. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-unicode-10_1-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-unicode-10_1-1)\n   [\"Unicode 10.0.0\"](https:\/\/www.unicode.org\/versions\/Unicode10.0.0\/). Unicode Consortium. 20 June 2017. [Archived](https:\/\/web.archive.org\/web\/20170620130342\/http:\/\/www.unicode.org\/versions\/Unicode10.0.0\/) from the original on 20 June 2017. Retrieved 20 June 2017.\n2. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-satoshi_unit_3-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-satoshi_unit_3-1)\n   Bradbury, Danny (November 2013). [\"The problem with Bitcoin\"](https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S1361372313701015). *Computer Fraud & Security*. **2013** (11): 5–8\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/S1361-3723(13)70101-5](https:\/\/doi.org\/10.1016%2FS1361-3723%2813%2970101-5). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1361-3723](https:\/\/search.worldcat.org\/issn\/1361-3723). [Archived](https:\/\/web.archive.org\/web\/20230118052355\/https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S1361372313701015) from the original on 18 January 2023. Retrieved 25 November 2023.\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-4)**\n   [\"Bitcoin Core 30.2\"](https:\/\/bitcoincore.org\/bin\/bitcoin-core-30.2\/). 10 January 2026. Retrieved 14 January 2026.\n4. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-whoissn_6-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-whoissn_6-1)\n   S., L. (2 November 2015). [\"Who is Satoshi Nakamoto?\"](https:\/\/www.economist.com\/the-economist-explains\/2015\/11\/02\/who-is-satoshi-nakamoto). *[The Economist](https:\/\/en.wikipedia.org\/wiki\/The_Economist \"The Economist\")*. [Archived](https:\/\/web.archive.org\/web\/20201122172929\/https:\/\/www.economist.com\/the-economist-explains\/2015\/11\/02\/who-is-satoshi-nakamoto) from the original on 22 November 2020. Retrieved 21 November 2023.\n5. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-NY2011_7-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-NY2011_7-1)\n   Davis, Joshua (10 October 2011). [\"The Crypto-Currency: Bitcoin and its mysterious inventor\"](https:\/\/www.newyorker.com\/magazine\/2011\/10\/10\/the-crypto-currency). *[The New Yorker](https:\/\/en.wikipedia.org\/wiki\/The_New_Yorker \"The New Yorker\")*. [Archived](https:\/\/web.archive.org\/web\/20141101014157\/http:\/\/www.newyorker.com\/magazine\/2011\/10\/10\/the-crypto-currency) from the original on 1 November 2014. Retrieved 31 October 2014.\n6. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-4) [***f***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-5) [***g***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-6) [***h***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-7) [***i***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-8) [***j***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-9) [***k***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-10) [***l***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-11) [***m***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-12) [***n***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-13) [***o***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-14) [***p***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-15) [***q***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-16) [***r***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-17) [***s***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-18) [***t***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-19) [***u***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-20) [***v***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-21) [***w***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Antonopoulos2014_8-22)\n   [Antonopoulos, Andreas M.](https:\/\/en.wikipedia.org\/wiki\/Andreas_Antonopoulos \"Andreas Antonopoulos\") (2014). *Mastering Bitcoin: Unlocking Digital Crypto-Currencies*. O'Reilly Media. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n   \n   [978-1-4493-7404-4](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-4493-7404-4 \"Special:BookSources\/978-1-4493-7404-4\")\n   \n   .\n7. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-BTCSVSept7FT_9-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-BTCSVSept7FT_9-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-BTCSVSept7FT_9-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-BTCSVSept7FT_9-3)\n   [\"El Salvador's dangerous gamble on bitcoin\"](https:\/\/www.ft.com\/content\/c257a925-c864-4495-9149-d8956d786310). The editorial board. *[Financial Times](https:\/\/en.wikipedia.org\/wiki\/Financial_Times \"Financial Times\")*. 7 September 2021. [Archived](https:\/\/web.archive.org\/web\/20210907081627\/https:\/\/www.ft.com\/content\/c257a925-c864-4495-9149-d8956d786310) from the original on 7 September 2021. Retrieved 7 September 2021.\n8. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-2)\n   [\"El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment\"](https:\/\/ticotimes.net\/2025\/02\/02\/el-salvador-abandons-bitcoin-as-legal-tender-after-failed-experiment). *The Tico Times*. [AFP](https:\/\/en.wikipedia.org\/wiki\/Agence_France-Presse \"Agence France-Presse\"). 2 February 2025. Retrieved 10 October 2025.\n9. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-2)\n   [\"Bitcoin is no longer legal tender in El Salvador\"](https:\/\/dig.watch\/updates\/bitcoin-is-no-longer-legal-tender-in-el-salvador). *Dig.watch*. [DiploFoundation](https:\/\/en.wikipedia.org\/wiki\/DiploFoundation \"DiploFoundation\"). 7 February 2025. Retrieved 10 October 2025.\n10. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-SunYin2019_12-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-SunYin2019_12-1)\n    Sun Yin, Hao Hua; Langenheldt, Klaus; Harlev, Mikkel; Mukkamala, Raghava Rao; Vatrapu, Ravi (2 January 2019). [\"Regulating Cryptocurrencies: A Supervised Machine Learning Approach to De-Anonymizing the Bitcoin Blockchain\"](https:\/\/www.researchgate.net\/publication\/332118587). *[Journal of Management Information Systems](https:\/\/en.wikipedia.org\/wiki\/Journal_of_Management_Information_Systems \"Journal of Management Information Systems\")*. **36** (1): 65. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1080\/07421222.2018.1550550](https:\/\/doi.org\/10.1080%2F07421222.2018.1550550). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0742-1222](https:\/\/search.worldcat.org\/issn\/0742-1222). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [132398387](https:\/\/api.semanticscholar.org\/CorpusID:132398387). [Archived](https:\/\/web.archive.org\/web\/20240421113631\/https:\/\/www.researchgate.net\/publication\/332118587_Regulating_Cryptocurrencies_A_Supervised_Machine_Learning_Approach_to_De-Anonymizing_the_Bitcoin_Blockchain) from the original on 21 April 2024. Retrieved 29 November 2023.\n11. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-13)**\n    Huang, Jon; O’Neill, Claire; [Tabuchi, Hiroko](https:\/\/en.wikipedia.org\/wiki\/Hiroko_Tabuchi \"Hiroko Tabuchi\") (3 September 2021). [\"Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?\"](https:\/\/www.nytimes.com\/interactive\/2021\/09\/03\/climate\/bitcoin-carbon-footprint-electricity.html). *The New York Times*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0362-4331](https:\/\/search.worldcat.org\/issn\/0362-4331). [Archived](https:\/\/web.archive.org\/web\/20230217105559\/https:\/\/www.nytimes.com\/interactive\/2021\/09\/03\/climate\/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 26 October 2022.\n12. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-4) [***f***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-5) [***g***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-6) [***h***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Narayanan2017_14-7)\n    Narayanan, Arvind; Clark, Jeremy (27 November 2017). [\"Bitcoin's academic pedigree\"](https:\/\/queue.acm.org\/detail.cfm?id=3136559). *[Communications of the ACM](https:\/\/en.wikipedia.org\/wiki\/Communications_of_the_ACM \"Communications of the ACM\")*. **60** (12): 36–45\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1145\/3132259](https:\/\/doi.org\/10.1145%2F3132259). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0001-0782](https:\/\/search.worldcat.org\/issn\/0001-0782). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [6425116](https:\/\/api.semanticscholar.org\/CorpusID:6425116). [Archived](https:\/\/web.archive.org\/web\/20231014120907\/https:\/\/queue.acm.org\/detail.cfm?id=3136559) from the original on 14 October 2023. Retrieved 22 November 2023.\n13. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-15)**\n    Dwork, Cynthia; Naor, Moni (1993), Brickell, Ernest F. (ed.), [\"Pricing via Processing or Combatting Junk Mail\"](http:\/\/link.springer.com\/10.1007\/3-540-48071-4_10), *Advances in Cryptology — CRYPTO’ 92*, vol. 740, Berlin, Heidelberg: Springer Berlin Heidelberg, pp. 139–147, [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1007\/3-540-48071-4\\_10](https:\/\/doi.org\/10.1007%2F3-540-48071-4_10), [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-3-540-57340-1](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-3-540-57340-1 \"Special:BookSources\/978-3-540-57340-1\")\n    \n    , retrieved 2 January 2025\n    \n    `{{citation}}`: CS1 maint: work parameter with ISBN ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_work_parameter_with_ISBN \"Category:CS1 maint: work parameter with ISBN\"))\n14. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-16)**\n    Tschorsch, Florian; Scheuermann, Bjorn (2 March 2016). \"Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies\". *IEEE Communications Surveys & Tutorials*. **18** (3): 2084–2123\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1109\/COMST.2016.2535718](https:\/\/doi.org\/10.1109%2FCOMST.2016.2535718). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1553-877X](https:\/\/search.worldcat.org\/issn\/1553-877X). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [5115101](https:\/\/api.semanticscholar.org\/CorpusID:5115101).\n15. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-17)**\n    Judmayer, Aljosha; Stifter, Nicholas; Krombholz, Katharina; Weippl, Edgar (2017). [\"History of Cryptographic Currencies\"](https:\/\/link.springer.com\/10.1007\/978-3-031-02352-1_3). [*Blocks and Chains*](https:\/\/link.springer.com\/book\/10.1007\/978-3-031-02352-1). Synthesis Lectures on Information Security, Privacy, and Trust. [Springer](https:\/\/en.wikipedia.org\/wiki\/Springer_Nature \"Springer Nature\"). pp. 15–18\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1007\/978-3-031-02352-1\\_3](https:\/\/doi.org\/10.1007%2F978-3-031-02352-1_3). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-3-031-01224-2](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-3-031-01224-2 \"Special:BookSources\/978-3-031-01224-2\")\n    \n    . [Archived](https:\/\/web.archive.org\/web\/20231122135006\/https:\/\/link.springer.com\/book\/10.1007\/978-3-031-02352-1) from the original on 22 November 2023. Retrieved 22 November 2023.\n16. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-18)**\n    Bernard, Zoë (2 December 2017). [\"Everything you need to know about Bitcoin, its mysterious origins, and the many alleged identities of its creator\"](http:\/\/www.businessinsider.com\/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12). *Business Insider*. [Archived](https:\/\/web.archive.org\/web\/20180615010015\/http:\/\/www.businessinsider.com\/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12) from the original on 15 June 2018. Retrieved 15 June 2018.\n17. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-19)**\n    Finley, Klint (31 October 2018). [\"After 10 Years, Bitcoin Has Changed Everything—and Nothing\"](https:\/\/www.wired.com\/story\/after-10-years-bitcoin-changed-everything-nothing\/). *Wired*. [Archived](https:\/\/web.archive.org\/web\/20181105070656\/https:\/\/www.wired.com\/story\/after-10-years-bitcoin-changed-everything-nothing\/) from the original on 5 November 2018. Retrieved 9 November 2018.\n18. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-te20151031_20-0)**\n    Economist Staff (31 October 2015). [\"Blockchains: The great chain of being sure about things\"](https:\/\/www.economist.com\/news\/briefing\/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable). *[The Economist](https:\/\/en.wikipedia.org\/wiki\/The_Economist \"The Economist\")*. [Archived](https:\/\/web.archive.org\/web\/20160703000844\/http:\/\/www.economist.com\/news\/briefing\/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable) from the original on 3 July 2016. Retrieved 18 June 2016.\n19. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Humayun-2018_21-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Humayun-2018_21-1)\n    Humayun, Mariam; Belk, Russell W. (2018). [\"'Satoshi is Dead. Long Live Satoshi': The Curious Case of Bitcoin's Creator\"](https:\/\/books.google.com\/books?id=FxJJDwAAQBAJ&pg=PA19). In N. N. Cross, Samantha; Ruvalcaba, Cecilia; Venkatesh, Alladi; W. Belk, Russell (eds.). *Consumer Culture Theory*. pp. 19–35\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1108\/s0885-211120180000019002](https:\/\/doi.org\/10.1108%2Fs0885-211120180000019002). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1-78743-907-8](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-78743-907-8 \"Special:BookSources\/978-1-78743-907-8\")\n    \n    .\n20. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Wired:RFB_22-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Wired:RFB_22-1)\n    Wallace, Benjamin (23 November 2011). [\"The Rise and Fall of Bitcoin\"](https:\/\/www.wired.com\/2011\/11\/mf-bitcoin\/). *Wired*. [Archived](https:\/\/web.archive.org\/web\/20131031043919\/http:\/\/www.wired.com\/magazine\/2011\/11\/mf_bitcoin) from the original on 31 October 2013. Retrieved 13 October 2012.\n21. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-23)**\n    Popper, Nathaniel (30 August 2014). [\"Hal Finney, Cryptographer and Bitcoin Pioneer, Dies at 58\"](https:\/\/www.nytimes.com\/2014\/08\/31\/business\/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [Archived](https:\/\/web.archive.org\/web\/20140903162835\/http:\/\/www.nytimes.com\/2014\/08\/31\/business\/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html) from the original on 3 September 2014. Retrieved 2 September 2014.\n22. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-24)**\n    Cooper, Anderson (16 May 2019). [\"Meet the man who spent millions worth of bitcoin on pizza\"](https:\/\/www.cbsnews.com\/news\/meet-the-man-who-spent-millions-worth-of-bitcoin-on-pizza-60-minutes-2019-05-16). *[CBS News](https:\/\/en.wikipedia.org\/wiki\/CBS_News \"CBS News\")*. [Archived](https:\/\/web.archive.org\/web\/20211208180706\/https:\/\/www.cbsnews.com\/news\/meet-the-man-who-spent-millions-worth-of-bitcoin-on-pizza-60-minutes-2019-05-16\/) from the original on 8 December 2021. Retrieved 8 December 2021.\n23. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-25)**\n    Khalili, Joel (23 February 2024). [\"Bitcoin Royalty Descends on the Satoshi Nakamoto Trial\"](https:\/\/www.wired.com\/story\/craig-wright-trial-bitcoin-royalty-testimony\/). *Wired*. Retrieved 25 August 2025.\n    \n    `{{cite magazine}}`: CS1 maint: url-status ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_url-status \"Category:CS1 maint: url-status\"))\n24. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-DominicFrisby2014_26-0)**\n    Frisby, Dominic (2014). *Bitcoin: The Future of Money?*. Unbound. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [9781783520763](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/9781783520763 \"Special:BookSources\/9781783520763\")\n    \n    .\n25. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-27)**\n    McMillan, Robert. [\"Who Owns the World's Biggest Bitcoin Wallet? The FBI\"](https:\/\/www.wired.com\/2013\/12\/fbi-wallet\/). *Wired*. [Archived](https:\/\/web.archive.org\/web\/20161021221609\/https:\/\/www.wired.com\/2013\/12\/fbi-wallet\/) from the original on 21 October 2016. Retrieved 7 October 2016.\n26. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-28)**\n    Simonite, Tom (15 August 2014). [\"Meet Gavin Andresen, the most powerful person in the world of Bitcoin\"](https:\/\/www.technologyreview.com\/2014\/08\/15\/12784\/the-man-who-really-built-bitcoin). *[MIT Technology Review](https:\/\/en.wikipedia.org\/wiki\/MIT_Technology_Review \"MIT Technology Review\")*. [Archived](https:\/\/web.archive.org\/web\/20231122163924\/https:\/\/www.technologyreview.com\/2014\/08\/15\/12784\/the-man-who-really-built-bitcoin) from the original on 22 November 2023. Retrieved 22 November 2023.\n27. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-29)**\n    Odell, Matt (21 September 2015). [\"A Solution To Bitcoin's Governance Problem\"](https:\/\/techcrunch.com\/2015\/09\/21\/a-solution-to-bitcoins-governance-problem\/). *TechCrunch*. [Archived](https:\/\/web.archive.org\/web\/20160126051521\/http:\/\/techcrunch.com\/2015\/09\/21\/a-solution-to-bitcoins-governance-problem\/) from the original on 26 January 2016. Retrieved 24 January 2016.\n28. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-30)**\n    Bustillos, Maria (1 April 2013). [\"The Bitcoin Boom\"](https:\/\/www.newyorker.com\/tech\/elements\/the-bitcoin-boom). *The New Yorker*. [Archived](https:\/\/web.archive.org\/web\/20180702064450\/https:\/\/www.newyorker.com\/tech\/elements\/the-bitcoin-boom) from the original on 2 July 2018. Retrieved 30 July 2018.\n29. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-4) [***f***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-5) [***g***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-JEP_31-6)\n    Rainer Böhme; Nicolas Christin; Benjamin Edelman; Tyler Moore (2015). [\"Bitcoin: Economics, Technology, and Governance\"](https:\/\/doi.org\/10.1257%2Fjep.29.2.213). *[Journal of Economic Perspectives](https:\/\/en.wikipedia.org\/wiki\/Journal_of_Economic_Perspectives \"Journal of Economic Perspectives\")*. **29** (2): 213–238\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1257\/jep.29.2.213](https:\/\/doi.org\/10.1257%2Fjep.29.2.213). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0895-3309](https:\/\/search.worldcat.org\/issn\/0895-3309).\n30. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-32)**\n    Lee, Timothy B. (19 March 2013). [\"US regulator Bitcoin Exchanges Must Comply With Money Laundering Laws\"](https:\/\/arstechnica.com\/tech-policy\/2013\/03\/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws\/). *[Ars Technica](https:\/\/en.wikipedia.org\/wiki\/Ars_Technica \"Ars Technica\")*. [Archived](https:\/\/web.archive.org\/web\/20131021203745\/http:\/\/arstechnica.com\/tech-policy\/2013\/03\/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws\/) from the original on 21 October 2013. Retrieved 28 July 2017.\n31. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-33)**\n    Dillet, Romain. [\"Feds Seize Assets From Mt. Gox's Dwolla Account, Accuse It Of Violating Money Transfer Regulations\"](https:\/\/techcrunch.com\/2013\/05\/16\/mt-gox-dwolla-account-money-seizure\/). *[TechCrunch](https:\/\/en.wikipedia.org\/wiki\/TechCrunch \"TechCrunch\")*. [Archived](https:\/\/web.archive.org\/web\/20131009161856\/http:\/\/techcrunch.com\/2013\/05\/16\/mt-gox-dwolla-account-money-seizure\/) from the original on 9 October 2013. Retrieved 15 May 2013.\n32. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-34)**\n    Sampson, Tim (2013). [\"U.S. government makes its first-ever Bitcoin seizure\"](http:\/\/www.dailydot.com\/business\/11-bitcoins-seized-government-dea\/). *The Daily Dot*. [Archived](https:\/\/web.archive.org\/web\/20130712010826\/http:\/\/www.dailydot.com\/business\/11-bitcoins-seized-government-dea\/) from the original on 12 July 2013. Retrieved 15 October 2013.\n33. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-35)**\n    Hill, Kashmir. [\"The FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road\"](https:\/\/www.forbes.com\/sites\/kashmirhill\/2013\/10\/04\/fbi-silk-road-bitcoin-seizure\/). *Forbes*. [Archived](https:\/\/web.archive.org\/web\/20140502154935\/http:\/\/www.forbes.com\/sites\/kashmirhill\/2013\/10\/04\/fbi-silk-road-bitcoin-seizure\/) from the original on 2 May 2014.\n34. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-36)**\n    Kelion, Leo (18 December 2013). [\"Bitcoin sinks after China restricts yuan exchanges\"](https:\/\/www.bbc.co.uk\/news\/technology-25428866). *BBC News*. [Archived](https:\/\/web.archive.org\/web\/20131219214615\/http:\/\/www.bbc.co.uk\/news\/technology-25428866) from the original on 19 December 2013. Retrieved 20 December 2013.\n35. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-37)**\n    [\"China bans banks from bitcoin transactions\"](https:\/\/www.smh.com.au\/business\/markets\/currencies\/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html). *[The Sydney Morning Herald](https:\/\/en.wikipedia.org\/wiki\/The_Sydney_Morning_Herald \"The Sydney Morning Herald\")*. Reuters. 6 December 2013. [Archived](https:\/\/web.archive.org\/web\/20140323102824\/http:\/\/www.smh.com.au\/business\/markets\/currencies\/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html) from the original on 23 March 2014. Retrieved 31 October 2014.\n36. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-38)**\n    [\"Baidu Stops Accepting Bitcoins After China Ban\"](https:\/\/www.bloomberg.com\/news\/2013-12-07\/baidu-stops-accepting-bitcoins-after-china-ban.html). *Bloomberg*. New York. 7 December 2013. [Archived](https:\/\/web.archive.org\/web\/20131210214547\/http:\/\/www.bloomberg.com\/news\/2013-12-07\/baidu-stops-accepting-bitcoins-after-china-ban.html) from the original on 10 December 2013. Retrieved 11 December 2013.\n37. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-39)**\n    [\"China bars use of virtual money for trading in real goods\"](http:\/\/english.mofcom.gov.cn\/aarticle\/newsrelease\/commonnews\/200906\/20090606364208.html). English.mofcom.gov.cn. 29 June 2009. [Archived](https:\/\/web.archive.org\/web\/20131129184312\/http:\/\/english.mofcom.gov.cn\/aarticle\/newsrelease\/commonnews\/200906\/20090606364208.html) from the original on 29 November 2013. Retrieved 10 January 2014.\n38. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-40)**\n    Hileman, Garrick; Rauchs, Michel. [\"Global Cryptocurrency Benchmarking Study\"](https:\/\/www.jbs.cam.ac.uk\/fileadmin\/user_upload\/research\/centres\/alternative-finance\/downloads\/2017-global-cryptocurrency-benchmarking-study.pdf) (PDF). Cambridge University. [Archived](https:\/\/web.archive.org\/web\/20170410130007\/https:\/\/www.jbs.cam.ac.uk\/fileadmin\/user_upload\/research\/centres\/alternative-finance\/downloads\/2017-global-cryptocurrency-benchmarking-study.pdf) (PDF) from the original on 10 April 2017. Retrieved 14 April 2017.\n39. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-41)**\n    Vigna, Paul (21 July 2017). [\"Bitcoin Rallies Sharply After Vote Resolves Bitter Scaling Debate\"](https:\/\/www.wsj.com\/articles\/bitcoin-rallies-sharply-after-vote-resolves-bitter-scaling-debate-1500656084). *The Wall Street Journal*. [Archived](https:\/\/web.archive.org\/web\/20231121164350\/https:\/\/www.wsj.com\/articles\/bitcoin-rallies-sharply-after-vote-resolves-bitter-scaling-debate-1500656084) from the original on 21 November 2023. Retrieved 21 November 2023.\n40. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-42)**\n    Selena Larson (1 August 2017). [\"Bitcoin split in two, here's what that means\"](https:\/\/money.cnn.com\/2017\/08\/01\/technology\/business\/bitcoin-cash-new-currency\/index.html). *CNN Tech*. Cable News Network. [Archived](https:\/\/web.archive.org\/web\/20180227214042\/https:\/\/money.cnn.com\/2017\/08\/01\/technology\/business\/bitcoin-cash-new-currency\/index.html) from the original on 27 February 2018. Retrieved 2 April 2018.\n41. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-43)**\n    Cheng, Evelyn (17 December 2017). [\"Bitcoin debuts on the world's largest futures exchange, and prices fall slightly\"](https:\/\/www.cnbc.com\/2017\/12\/17\/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html). *CNBC*. [Archived](https:\/\/web.archive.org\/web\/20240118182719\/https:\/\/www.cnbc.com\/2017\/12\/17\/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html) from the original on 18 January 2024. Retrieved 19 January 2024.\n42. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-44)**\n    French, Sally (9 February 2017). [\"Here's proof that this bitcoin crash is far from the worst the cryptocurrency has seen\"](https:\/\/www.marketwatch.com\/story\/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09). Market Watch. [Archived](https:\/\/web.archive.org\/web\/20180703220246\/https:\/\/www.marketwatch.com\/story\/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09) from the original on 3 July 2018. Retrieved 3 July 2018.\n43. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-45)**\n    [\"RMB Bitcoin trading falls below 1 pct of world total\"](http:\/\/www.xinhuanet.com\/english\/2018-07\/07\/c_137308879.htm). Xinhuanet. [Xinhua](https:\/\/en.wikipedia.org\/wiki\/Xinhua \"Xinhua\"). 7 July 2018. [Archived](https:\/\/web.archive.org\/web\/20180710225218\/http:\/\/www.xinhuanet.com\/english\/2018-07\/07\/c_137308879.htm) from the original on 10 July 2018. Retrieved 10 July 2018.\n44. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-46)**\n    Chavez-Dreyfuss, Gertrude (3 July 2018). [\"Cryptocurrency exchange theft surges in first half of 2018: report\"](https:\/\/www.reuters.com\/article\/us-crypto-currencies-ciphertrace\/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5). *Reuters*. [Archived](https:\/\/web.archive.org\/web\/20180704120854\/https:\/\/www.reuters.com\/article\/us-crypto-currencies-ciphertrace\/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5) from the original on 4 July 2018. Retrieved 10 July 2018.\n45. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-47)**\n    [\"Coinbase Bitcoin\"](https:\/\/fred.stlouisfed.org\/graph\/?g=1BVJt). *[Coinbase](https:\/\/en.wikipedia.org\/wiki\/Coinbase \"Coinbase\")*. [Federal Reserve Economic Data](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_Economic_Data \"Federal Reserve Economic Data\"). 4 December 2024. Retrieved 4 December 2024.\n46. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-48)**\n    Cuthbertson, Anthony (13 September 2021). [\"MicroStrategy buys another \\$250m worth of bitcoin in hope of 100X price growth\"](https:\/\/www.independent.co.uk\/tech\/microstrategy-bitcoin-crypto-price-prediction-b1919178.html). *[The Independent](https:\/\/en.wikipedia.org\/wiki\/The_Independent \"The Independent\")*. [Archived](https:\/\/web.archive.org\/web\/20231122163924\/https:\/\/www.independent.co.uk\/tech\/microstrategy-bitcoin-crypto-price-prediction-b1919178.html) from the original on 22 November 2023. Retrieved 22 November 2023.\n47. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-49)**\n    Oliver Effron. [\"Square just bought \\$50 million in bitcoin\"](https:\/\/www.cnn.com\/2020\/10\/08\/business\/square-bitcoin-crypto-investment\/index.html). *CNN*. [Archived](https:\/\/web.archive.org\/web\/20201024101610\/https:\/\/www.cnn.com\/2020\/10\/08\/business\/square-bitcoin-crypto-investment\/index.html) from the original on 24 October 2020. Retrieved 22 October 2020.\n48. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-50)**\n    Olga Kharif (11 December 2020). [\"169-Year-Old MassMutual Invests \\$100 Million in Bitcoin\"](https:\/\/www.bloomberg.com\/news\/articles\/2020-12-10\/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin). *Bloomberg*. [Archived](https:\/\/web.archive.org\/web\/20201219220543\/https:\/\/www.bloomberg.com\/news\/articles\/2020-12-10\/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin) from the original on 19 December 2020. Retrieved 26 December 2020.\n49. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-51)**\n    [\"PayPal says all users in US can now buy, hold and sell cryptocurrencies\"](https:\/\/techcrunch.com\/2020\/11\/12\/paypal-says-all-users-in-u-s-can-now-buy-hold-and-sell-cryptocurrencies\/). *Techcrunch*. 13 November 2020. [Archived](https:\/\/web.archive.org\/web\/20201124050031\/https:\/\/techcrunch.com\/2020\/11\/12\/paypal-says-all-users-in-u-s-can-now-buy-hold-and-sell-cryptocurrencies\/) from the original on 24 November 2020. Retrieved 26 November 2020.\n50. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-52)**\n    Chavez-Dreyfuss, Gertrude; Wilson, Tom (19 February 2021). [\"Bitcoin hits \\$1 trillion market cap, surges to fresh all-time peak\"](https:\/\/www.reuters.com.article\/idUSKBN2AJ0GC\/). *Reuters*. Retrieved 24 November 2023.\n    \n    \\[*[dead link](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Link_rot \"Wikipedia:Link rot\")*\\]\n51. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-53)**\n    Sigalos, MacKenzie (14 November 2021). [\"Bitcoin's biggest upgrade in four years just happened – here's what changes\"](https:\/\/www.cnbc.com\/2021\/11\/14\/bitcoin-taproot-upgrade-what-it-means-for-investors.html). *CNBC*. [Archived](https:\/\/web.archive.org\/web\/20211114215032\/https:\/\/www.cnbc.com\/2021\/11\/14\/bitcoin-taproot-upgrade-what-it-means-for-investors.html) from the original on 14 November 2021. Retrieved 15 November 2021.\n52. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-54)**\n    Van Hijfte, Stijn (2020). *Blockchain Platforms: A Look at the Underbelly of Distributed Platforms*. Morgan & Claypool Publishers. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1681738925](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1681738925 \"Special:BookSources\/978-1681738925\")\n    \n    .\n53. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-55)**\n    Wursthorn, Michael (19 October 2021). [\"A Bitcoin ETF Is Here. What Does That Mean for Investors?\"](https:\/\/www.wsj.com\/articles\/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601). *The Wall Street Journal*. [Archived](https:\/\/web.archive.org\/web\/20240110200308\/https:\/\/www.wsj.com\/articles\/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601) from the original on 10 January 2024. Retrieved 11 January 2024.\n54. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-56)**\n    Loh, Matthew. [\"Canada says it will freeze the bank accounts of 'Freedom Convoy' truckers who continue their anti-vaccine mandate blockades\"](https:\/\/www.businessinsider.com\/trudeau-canada-freeze-bank-accounts-freedom-convoy-truckers-2022-2). *Business Insider*. Retrieved 19 January 2025.\n55. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-57)**\n    [\"Crypto enthusiasts keep funding convoy protests as traditional banks take action against it – The Globe and Mail\"](https:\/\/web.archive.org\/web\/20241208224444\/https:\/\/www.theglobeandmail.com\/business\/article-crypto-enthusiasts-keep-funding-convoy-protests-as-traditional-banks\/). *The Globe and Mail*. 8 December 2024. Archived from [the original](https:\/\/www.theglobeandmail.com\/business\/article-crypto-enthusiasts-keep-funding-convoy-protests-as-traditional-banks\/) on 8 December 2024. Retrieved 19 January 2025.\n56. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-58)**\n    [\"Meet Greg Foss: A Former Bitcoin Fundraiser For Canada's 'Freedom Convoy' Protest\"](https:\/\/web.archive.org\/web\/20240620070940\/https:\/\/www.forbes.com\/sites\/jasonbrett\/2022\/02\/17\/meet-greg-foss-a-former-bitcoin-fundraiser-for-canadas-freedom-convoy-protest\/). *Forbes*. 20 June 2024. Archived from [the original](https:\/\/www.forbes.com\/sites\/jasonbrett\/2022\/02\/17\/meet-greg-foss-a-former-bitcoin-fundraiser-for-canadas-freedom-convoy-protest\/) on 20 June 2024. Retrieved 19 January 2025.\n57. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-59)**\n    [\"Elon Musk–backed 'freedom truckers' in Canada get Bitcoin lifeline after GoFundMe freezes millions in donations\"](https:\/\/web.archive.org\/web\/20220313170541\/https:\/\/finance.yahoo.com\/news\/elon-musk-backed-freedom-truckers-200403223.html). *Yahoo! Finance*. 13 March 2022. Archived from [the original](https:\/\/finance.yahoo.com\/news\/elon-musk-backed-freedom-truckers-200403223.html) on 13 March 2022. Retrieved 19 January 2025.\n58. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-60)**\n    Browne, Ryan (10 May 2022). [\"Bitcoin investors are panicking as a controversial crypto experiment unravels\"](https:\/\/www.cnbc.com\/2022\/05\/10\/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html). *CNBC*. [Archived](https:\/\/web.archive.org\/web\/20220511021259\/https:\/\/www.cnbc.com\/2022\/05\/10\/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html) from the original on 11 May 2022. Retrieved 11 May 2022.\n59. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-61)**\n    Milmo, Dan (18 June 2022). [\"Bitcoin value slumps below \\$20,000 in cryptocurrencies turmoil\"](https:\/\/www.theguardian.com\/technology\/2022\/jun\/18\/bitcoin-value-falls-cryptocurrency-markets-turmoil). *The Guardian*. [Archived](https:\/\/web.archive.org\/web\/20220618231120\/https:\/\/www.theguardian.com\/technology\/2022\/jun\/18\/bitcoin-value-falls-cryptocurrency-markets-turmoil) from the original on 18 June 2022. Retrieved 19 June 2022.\n60. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-62)**\n    Yaffe-Bellany, David (13 June 2022). [\"Celsius Network Leads Crypto Markets Into Another Free Fall\"](https:\/\/www.nytimes.com\/2022\/06\/13\/technology\/bitcoin-ether-price.html). *The New York Times*. [Archived](https:\/\/web.archive.org\/web\/20220614030021\/https:\/\/www.nytimes.com\/2022\/06\/13\/technology\/bitcoin-ether-price.html) from the original on 14 June 2022. Retrieved 14 June 2022.\n61. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-63)**\n    Behrendt, Philipp (2023). [\"Taxation of the New Age: New Guidance for the World of Digital Assets\"](https:\/\/heinonline.org\/HOL\/Page?handle=hein.journals\/jtaxpp25&id=105&div=&collection=). *Journal of Tax Practice & Procedure*. **25**: 47. [Archived](https:\/\/web.archive.org\/web\/20231121164911\/https:\/\/heinonline.org\/HOL\/Page?handle=hein.journals\/jtaxpp25&id=105&div=&collection=) from the original on 21 November 2023. Retrieved 21 November 2023.\n62. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-64)**\n    [\"As banks buy up bitcoins, who else are the 'Bitcoin whales'?\"](https:\/\/www.bbc.com\/news\/technology-68434579). *BBC Home*. 1 March 2024. Retrieved 14 March 2024.\n63. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-65)**\n    Schmitt, Will (12 January 2024). [\"Bitcoin trading volumes surge after debut of long-awaited US ETFs\"](https:\/\/www.ft.com\/content\/f30ece62-0f1c-492a-8ccd-63ec9730573c). *Financial Times*. [Archived](https:\/\/web.archive.org\/web\/20240112025105\/https:\/\/www.ft.com\/content\/f30ece62-0f1c-492a-8ccd-63ec9730573c) from the original on 12 January 2024. Retrieved 12 January 2024.\n64. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-66)**\n    Lang, Hannah (11 January 2024). [\"US bitcoin ETFs see \\$4.6B in volume in first day of trading\"](https:\/\/www.reuters.com\/technology\/spot-bitcoin-etfs-start-trading-big-boost-crypto-industry-2024-01-11\/). *Reuters*. Retrieved 12 January 2024.\n65. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-67)**\n    [\"Bitcoin storms above \\$100,000 as Trump 2.0 fuels crypto euphoria\"](https:\/\/www.reuters.com\/technology\/bitcoin-tops-100000-optimism-over-trump-crypto-plans-2024-12-05\/). *Reuters*. 5 December 2024.\n66. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-68)**\n    McGee, Suzanne (12 December 2024). [\"BlackRock recommends bitcoin portfolio weighting of up to 2% for interested investors\"](https:\/\/www.reuters.com\/markets\/us\/blackrock-recommends-bitcoin-portfolio-weighting-up-2-interested-investors-2024-12-12\/). *Reuters*.\n67. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-69)**\n    Bose, Nandita; Ward, Jasper (7 March 2025). [\"Trump signs order to establish strategic bitcoin reserve\"](https:\/\/www.reuters.com\/technology\/trump-signs-order-establish-strategic-bitcoin-reserve-white-house-crypto-czar-2025-03-07\/). *[Reuters](https:\/\/en.wikipedia.org\/wiki\/Reuters \"Reuters\")*. [Washington](https:\/\/en.wikipedia.org\/wiki\/Washington,_D.C. \"Washington, D.C.\"). Retrieved 10 March 2025.\n68. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-70)**\n    [\"Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve\"](https:\/\/web.archive.org\/web\/20250624034336\/https:\/\/news.bgov.com\/bloomberg-government-news\/texas-gov-abbott-signs-bill-to-create-state-bitcoin-reserve). 22 June 2025. Archived from [the original](https:\/\/news.bgov.com\/bloomberg-government-news\/texas-gov-abbott-signs-bill-to-create-state-bitcoin-reserve) on 24 June 2025. Retrieved 6 July 2025.\n69. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-71)**\n    [\"Czech central bank buys \\$1 million in bitcoin, other crypto assets for testing\"](https:\/\/www.reuters.com\/business\/czech-central-bank-buys-1-mln-bitcoin-other-crypto-assets-testing-2025-11-13). *Reuters*.\n70. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-ssrn.3383734_72-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-ssrn.3383734_72-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-ssrn.3383734_72-2)\n    Alexander, Carol; Imeraj, Arben (2019). [\"Introducing the BITIX: The Bitcoin Fear Gauge\"](https:\/\/www.ssrn.com\/abstract=3383734). *[SSRN Electronic Journal](https:\/\/en.wikipedia.org\/wiki\/SSRN_Electronic_Journal \"SSRN Electronic Journal\")*. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2139\/ssrn.3383734](https:\/\/doi.org\/10.2139%2Fssrn.3383734). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1556-5068](https:\/\/search.worldcat.org\/issn\/1556-5068). \"XBT satisfies the norm 'ISO 4217' by the International Organisation for Standardisation (ISO) as BTC goes against the name of Bhutan's currency. In general, transaction instruments that are not national currencies, like gold or silver, begin with an X. However, the symbol XBT is not officially recognised by ISO.\"\n71. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-73)**\n    Romain Dillet (9 August 2013). [\"Bitcoin Ticker Available On Bloomberg Terminal For Employees\"](https:\/\/techcrunch.com\/2013\/08\/09\/bitcoin-ticker-available-on-bloomberg-terminal\/). *[TechCrunch](https:\/\/en.wikipedia.org\/wiki\/TechCrunch \"TechCrunch\")*. [Archived](https:\/\/web.archive.org\/web\/20141101232825\/http:\/\/techcrunch.com\/2013\/08\/09\/bitcoin-ticker-available-on-bloomberg-terminal\/) from the original on 1 November 2014. Retrieved 2 November 2014.\n72. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-74)**\n    Bustillos, Maria (2 April 2013). [\"The Bitcoin Boom\"](https:\/\/www.newyorker.com\/tech\/elements\/the-bitcoin-boom). *[The New Yorker](https:\/\/en.wikipedia.org\/wiki\/The_New_Yorker \"The New Yorker\")*. [Archived](https:\/\/web.archive.org\/web\/20140727185121\/http:\/\/www.newyorker.com\/tech\/elements\/the-bitcoin-boom) from the original on 27 July 2014. Retrieved 22 December 2013.\n73. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-75)** [Bitcoin](https:\/\/www.oxfordlearnersdictionaries.com\/definition\/english\/bitcointm?q=bitcoin), *[Oxford Advanced Learner's Dictionary](https:\/\/en.wikipedia.org\/wiki\/Oxford_Advanced_Learner%27s_Dictionary \"Oxford Advanced Learner's Dictionary\")*\n74. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-76)** [bitcoin](https:\/\/dictionary.cambridge.org\/dictionary\/english\/bitcoin) [Archived](https:\/\/web.archive.org\/web\/20220503092252\/http:\/\/dictionary.cambridge.org\/dictionary\/english\/bitcoin) 3 May 2022 at the [Wayback Machine](https:\/\/en.wikipedia.org\/wiki\/Wayback_Machine \"Wayback Machine\"), *[Cambridge Advanced Learner's Dictionary](https:\/\/en.wikipedia.org\/wiki\/Cambridge_Advanced_Learner%27s_Dictionary \"Cambridge Advanced Learner's Dictionary\")*\n75. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-77)**\n    Katie Pisa; Natasha Maguder (9 July 2014). [\"Bitcoin your way to a double espresso\"](https:\/\/edition.cnn.com\/2014\/06\/18\/business\/bitcoin-your-way-to-a-double-espresso\/). *CNN*. [Archived](https:\/\/web.archive.org\/web\/20150618072429\/http:\/\/edition.cnn.com\/2014\/06\/18\/business\/bitcoin-your-way-to-a-double-espresso\/) from the original on 18 June 2015. Retrieved 23 April 2015.\n76. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Gervais2014_78-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Gervais2014_78-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Gervais2014_78-2)\n    Gervais, Arthur; Karame, Ghassan O.; Capkun, Vedran; Capkun, Srdjan (May 2014). \"Is Bitcoin a Decentralized Currency?\". *[IEEE Security & Privacy](https:\/\/en.wikipedia.org\/wiki\/IEEE_Security_%26_Privacy \"IEEE Security & Privacy\")*. **12** (3): 54–60\\. [Bibcode](https:\/\/en.wikipedia.org\/wiki\/Bibcode_\$identifier\$ \"Bibcode (identifier)\"):[2014ISPri..12c..54G](https:\/\/ui.adsabs.harvard.edu\/abs\/2014ISPri..12c..54G). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1109\/MSP.2014.49](https:\/\/doi.org\/10.1109%2FMSP.2014.49). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1540-7993](https:\/\/search.worldcat.org\/issn\/1540-7993). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [13948781](https:\/\/api.semanticscholar.org\/CorpusID:13948781).\n77. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-4) [***f***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econbc_79-5)\n    [\"The great chain of being sure about things\"](https:\/\/www.economist.com\/briefing\/2015\/10\/31\/the-great-chain-of-being-sure-about-things). *The Economist*. 31 October 2015. [Archived](https:\/\/web.archive.org\/web\/20231204154941\/https:\/\/www.economist.com\/briefing\/2015\/10\/31\/the-great-chain-of-being-sure-about-things) from the original on 4 December 2023. Retrieved 22 November 2023.\n78. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-80)**\n    [\"Blockchain Networks: Token Design and Management Overview\"](https:\/\/nvlpubs.nist.gov\/nistpubs\/ir\/2021\/NIST.IR.8301.pdf) (PDF). National Institute of Standards Technology (NIST). p. 32. [Archived](https:\/\/web.archive.org\/web\/20221224003108\/https:\/\/nvlpubs.nist.gov\/nistpubs\/ir\/2021\/NIST.IR.8301.pdf) (PDF) from the original on 24 December 2022. Retrieved 29 December 2022.\n79. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-81)**\n    Sparkes, Matthew (9 June 2014). [\"The coming digital anarchy\"](https:\/\/www.telegraph.co.uk\/technology\/news\/10881213\/The-coming-digital-anarchy.html). *The Daily Telegraph*. [Archived](https:\/\/web.archive.org\/web\/20150123190900\/http:\/\/www.telegraph.co.uk\/technology\/news\/10881213\/The-coming-digital-anarchy.html) from the original on 23 January 2015. Retrieved 7 January 2015.\n80. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-3) [***e***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-EconOfBTC_82-4)\n    Kroll, Joshua A.; Davey, Ian C.; Felten, E. (11–12 June 2013). *The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries*. The Twelfth Workshop on the Economics of Information Security (WEIS 2013). Washington, DC. [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [2794725](https:\/\/api.semanticscholar.org\/CorpusID:2794725).\n81. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-83)**\n    [\"Man Throws Away 7,500 Bitcoins, Now Worth \\$7.5 Million\"](http:\/\/washington.cbslocal.com\/2013\/11\/29\/man-throws-away-7500-bitcoins-now-worth-7-5-million\/). *CBS DC*. 29 November 2013. [Archived](https:\/\/web.archive.org\/web\/20140115062630\/http:\/\/washington.cbslocal.com\/2013\/11\/29\/man-throws-away-7500-bitcoins-now-worth-7-5-million\/) from the original on 15 January 2014. Retrieved 23 January 2014.\n82. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-84)**\n    Krause, Elliott (5 July 2018). [\"A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help\"](https:\/\/www.wsj.com\/articles\/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731). *The Wall Street Journal*. [Archived](https:\/\/web.archive.org\/web\/20180709010939\/https:\/\/www.wsj.com\/articles\/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731) from the original on 9 July 2018. Retrieved 8 July 2018.\n83. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-85)**\n    Jeffries, Adrianne (19 December 2013). [\"How to steal Bitcoin in three easy steps\"](https:\/\/www.theverge.com\/2013\/12\/19\/5183356\/how-to-steal-bitcoin-in-three-easy-steps). *The Verge*. [Archived](https:\/\/web.archive.org\/web\/20190727141228\/https:\/\/www.theverge.com\/2013\/12\/19\/5183356\/how-to-steal-bitcoin-in-three-easy-steps) from the original on 27 July 2019. Retrieved 17 January 2014.\n84. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-86)**\n    Harney, Alexandra; Stecklow, Steve (16 November 2017). [\"Twice burned – How Mt. Gox's bitcoin customers could lose again\"](https:\/\/www.reuters.com\/investigates\/special-report\/bitcoin-gox\/). *Reuters*. [Archived](https:\/\/web.archive.org\/web\/20190829052101\/https:\/\/www.reuters.com\/investigates\/special-report\/bitcoin-gox\/) from the original on 29 August 2019. Retrieved 6 September 2018.\n85. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Mingxiao2017_87-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Mingxiao2017_87-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Mingxiao2017_87-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Mingxiao2017_87-3)\n    Mingxiao, Du; Xiaofeng, Ma; Zhe, Zhang; Xiangwei, Wang; Qijun, Chen (5–8 October 2017). *A review on consensus algorithm of blockchain*. 2017 IEEE International Conference on Systems, Man, and Cybernetics (SMC). Banff, AB, Canada: IEEE. pp. 2567–2572\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1109\/SMC.2017.8123011](https:\/\/doi.org\/10.1109%2FSMC.2017.8123011). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-1-5386-1645-1](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-5386-1645-1 \"Special:BookSources\/978-1-5386-1645-1\")\n    \n    .\n86. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-88)**\n    [\"Bitcoin boom benefiting TSMC: report\"](http:\/\/www.taipeitimes.com\/News\/biz\/archives\/2014\/01\/04\/2003580449). *[Taipei Times](https:\/\/en.wikipedia.org\/wiki\/Taipei_Times \"Taipei Times\")*. 4 January 2014. [Archived](https:\/\/web.archive.org\/web\/20230129102127\/https:\/\/www.taipeitimes.com\/News\/biz\/archives\/2014\/01\/04\/2003580449) from the original on 29 January 2023. Retrieved 22 October 2021.\n87. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-bloombergvance111413_89-0)**\n    [Ashlee, Vance](https:\/\/en.wikipedia.org\/wiki\/Ashlee_Vance \"Ashlee Vance\") (14 November 2013). [\"2014 Outlook: Bitcoin Mining Chips, a High-Tech Arms Race\"](https:\/\/web.archive.org\/web\/20131121225123\/http:\/\/www.businessweek.com\/articles\/2013-11-14\/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race). *[BusinessWeek](https:\/\/en.wikipedia.org\/wiki\/BusinessWeek \"BusinessWeek\")*. Archived from [the original](http:\/\/www.businessweek.com\/articles\/2013-11-14\/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race) on 21 November 2013. Retrieved 24 November 2013.\n88. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-90)**\n    King, Ritchie S.; Williams, Sam; Yanofsky, David (17 December 2013). [\"By reading this article, you're mining bitcoins\"](http:\/\/qz.com\/154877\/by-reading-this-page-you-are-mining-bitcoins). *[Quartz](https:\/\/en.wikipedia.org\/wiki\/Quartz_\$publication\$ \"Quartz (publication)\")*. [Archived](https:\/\/web.archive.org\/web\/20131217221429\/http:\/\/qz.com\/154877\/by-reading-this-page-you-are-mining-bitcoins\/) from the original on 17 December 2013. Retrieved 17 December 2013.\n89. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-91)**\n    Hampton, Nikolai (5 September 2016). [\"Understanding the blockchain hype: Why much of it is nothing more than snake oil and spin\"](http:\/\/www.computerworld.com.au\/article\/606253\/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin\/). *[Computerworld](https:\/\/en.wikipedia.org\/wiki\/Computerworld \"Computerworld\")*. [Archived](https:\/\/web.archive.org\/web\/20160906171838\/http:\/\/www.computerworld.com.au\/article\/606253\/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin\/) from the original on 6 September 2016. Retrieved 5 September 2016.\n90. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Stoll2023_92-0)**\n    Stoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich; Neumüller, Alexander (June 2023). Climate Impacts of Bitcoin Mining in the U.S. (Report). Working Paper Series. MIT Center for Energy and Environmental Policy Research. [JSTOR](https:\/\/en.wikipedia.org\/wiki\/JSTOR_\$identifier\$ \"JSTOR (identifier)\") [resrep51839](https:\/\/www.jstor.org\/stable\/resrep51839).\n91. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-93)**\n    [\"Cambridge Digital Mining Industry Report: Global Operations, Sentiment, and Energy Use – CCAF publications\"](https:\/\/www.jbs.cam.ac.uk\/faculty-research\/centres\/alternative-finance\/publications\/cambridge-digital-mining-industry-report\/). *Cambridge Judge Business School*. Retrieved 29 April 2025.\n92. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-NYT20220116_94-0)**\n    Huang, Jon; O'Neill, Claire; Tabuchi, Hiroko (3 September 2021). [\"Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?\"](https:\/\/www.nytimes.com\/interactive\/2021\/09\/03\/climate\/bitcoin-carbon-footprint-electricity.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0362-4331](https:\/\/search.worldcat.org\/issn\/0362-4331). [Archived](https:\/\/web.archive.org\/web\/20230217105559\/https:\/\/www.nytimes.com\/interactive\/2021\/09\/03\/climate\/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 16 January 2022.\n93. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-deVries2021_95-0)**\n    de Vries, Alex; Stoll, Christian (December 2021). \"Bitcoin's growing e-waste problem\". *Resources, Conservation and Recycling*. **175** 105901. [Bibcode](https:\/\/en.wikipedia.org\/wiki\/Bibcode_\$identifier\$ \"Bibcode (identifier)\"):[2021RCR...17505901D](https:\/\/ui.adsabs.harvard.edu\/abs\/2021RCR...17505901D). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.resconrec.2021.105901](https:\/\/doi.org\/10.1016%2Fj.resconrec.2021.105901).\n94. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-96)**\n    [\"Bitcoin mining in China rebounds, defying 2021 ban\"](https:\/\/www.reuters.com\/world\/asia-pacific\/bitcoin-mining-china-rebounds-defying-2021-ban-2025-11-24\/). *Reuters*. 26 November 2025.\n95. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-97)**\n    [\"Global Hashrate Heatmap Update: Q4 2025\"](https:\/\/hashrateindex.com\/blog\/global-hashrate-heatmap-update-q4-2025\/). *Hashrate Index*. 6 October 2025. Retrieved 26 November 2025.\n96. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-98)**\n    Simonite, Tom (5 September 2013). [\"Mapping the Bitcoin Economy Could Reveal Users' Identities\"](https:\/\/www.technologyreview.com\/2013\/09\/05\/176558\/mapping-the-bitcoin-economy-could-reveal-users-identities\/). *[MIT Technology Review](https:\/\/en.wikipedia.org\/wiki\/MIT_Technology_Review \"MIT Technology Review\")*. [Archived](https:\/\/web.archive.org\/web\/20200927062235\/https:\/\/www.technologyreview.com\/2013\/09\/05\/176558\/mapping-the-bitcoin-economy-could-reveal-users-identities\/) from the original on 27 September 2020. Retrieved 2 April 2014.\n97. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-99)**\n    Lee, Timothy (21 August 2013). [\"Five surprising facts about Bitcoin\"](https:\/\/www.washingtonpost.com\/news\/the-switch\/wp\/2013\/08\/21\/five-surprising-facts-about-bitcoin-2). *The Washington Post*. [Archived](https:\/\/web.archive.org\/web\/20220709135222\/https:\/\/www.washingtonpost.com\/news\/the-switch\/wp\/2013\/08\/21\/five-surprising-facts-about-bitcoin-2\/) from the original on 9 July 2022. Retrieved 21 November 2023.\n98. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-100)**\n    McMillan, Robert (6 June 2013). [\"How Bitcoin lets you spy on careless companies\"](https:\/\/www.wired.com\/2013\/06\/bitcoin-retai\/). *[Wired UK](https:\/\/en.wikipedia.org\/wiki\/Wired_UK \"Wired UK\")*. [Archived](https:\/\/web.archive.org\/web\/20140209202222\/http:\/\/www.wired.co.uk\/news\/archive\/2013-06\/06\/bitcoin-retail) from the original on 9 February 2014. Retrieved 3 April 2020.\n99. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-101)**\n    Anderson, Ross; Shumailov, Ilia; Ahmed, Mansoor (24 November 2018). [\"Making Bitcoin Legal\"](https:\/\/www.research.ed.ac.uk\/en\/publications\/making-bitcoin-legal). In Matyáš, Vashek; Švenda, Petr; Stajano, Frank; Christianson, Bruce (eds.). *Security Protocols XXVI*. Lecture Notes in Computer Science. Vol. 11286. Springer. pp. 243–253\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1007\/978-3-030-03251-7\\_29](https:\/\/doi.org\/10.1007%2F978-3-030-03251-7_29). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n    \n    [978-3-030-03250-0](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-3-030-03250-0 \"Special:BookSources\/978-3-030-03250-0\")\n    \n    . [Archived](https:\/\/web.archive.org\/web\/20231124165246\/https:\/\/www.research.ed.ac.uk\/en\/publications\/making-bitcoin-legal) from the original on 24 November 2023. Retrieved 24 November 2023.\n100. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-102)**\n     Möser, Malte; Böhme, Rainer; Breuker, Dominic (2013). [*An Inquiry into Money Laundering Tools in the Bitcoin Ecosystem*](https:\/\/maltemoeser.de\/paper\/money-laundering.pdf) (PDF). 2013 APWG eCrime Researchers Summit. [IEEE](https:\/\/en.wikipedia.org\/wiki\/Institute_of_Electrical_and_Electronics_Engineers \"Institute of Electrical and Electronics Engineers\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n     \n     [978-1-4799-1158-5](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-4799-1158-5 \"Special:BookSources\/978-1-4799-1158-5\")\n     \n     . [Archived](https:\/\/web.archive.org\/web\/20180626110754\/https:\/\/maltemoeser.de\/paper\/money-laundering.pdf) (PDF) from the original on 26 June 2018. Retrieved 19 June 2019.\n101. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-103)**\n     Serwer, Adam; Liebelson, Dana (10 April 2013). [\"Bitcoin, Explained\"](https:\/\/www.motherjones.com\/politics\/2013\/04\/what-is-bitcoin-explained). *[Mother Jones](https:\/\/en.wikipedia.org\/wiki\/Mother_Jones_\$magazine\$ \"Mother Jones (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20140427022315\/https:\/\/www.motherjones.com\/politics\/2013\/04\/what-is-bitcoin-explained) from the original on 27 April 2014. Retrieved 26 April 2014.\n102. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-104)**\n     Vigna, Paul (17 January 2016). [\"Is Bitcoin Breaking Up?\"](https:\/\/www.wsj.com\/articles\/is-bitcoin-breaking-up-1453044493). *The Wall Street Journal*. [Archived](https:\/\/web.archive.org\/web\/20160820144312\/http:\/\/www.wsj.com\/articles\/is-bitcoin-breaking-up-1453044493) from the original on 20 August 2016. Retrieved 8 November 2016.\n103. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-105)**\n     Gervais, Arthur; Capkun, Srdjan; Karame, Ghassan O.; Gruber, Damian (8 December 2014). [\"On the privacy provisions of Bloom filters in lightweight bitcoin clients\"](https:\/\/doi.org\/10.1145\/2664243.2664267). *Proceedings of the 30th Annual Computer Security Applications Conference*. ACSAC '14. New York, NY, USA: Association for Computing Machinery. pp. 326–335\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1145\/2664243.2664267](https:\/\/doi.org\/10.1145%2F2664243.2664267). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n     \n     [978-1-4503-3005-3](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-4503-3005-3 \"Special:BookSources\/978-1-4503-3005-3\")\n     \n     . [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [9161497](https:\/\/api.semanticscholar.org\/CorpusID:9161497). [Archived](https:\/\/web.archive.org\/web\/20240421113526\/https:\/\/consent.cookiebot.com\/uc.js) from the original on 21 April 2024. Retrieved 22 November 2023.\n104. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-106)**\n     Barhydt, Bill (4 June 2014). [\"3 reasons Wall Street can't stay away from bitcoin\"](https:\/\/www.cnbc.com\/2014\/06\/04\/3-reasons-wall-street-cant-stay-away-from-bitcoin.html). CNBC. [Archived](https:\/\/web.archive.org\/web\/20231204140256\/https:\/\/www.cnbc.com\/2014\/06\/04\/3-reasons-wall-street-cant-stay-away-from-bitcoin.html) from the original on 4 December 2023. Retrieved 22 November 2023.\n105. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-107)**\n     Roberts, Daniel (15 December 2017). [\"How to send bitcoin to a hardware wallet\"](https:\/\/finance.yahoo.com\/news\/send-bitcoin-hardware-wallet-140141385.html). *Yahoo Finance*. [Archived](https:\/\/web.archive.org\/web\/20180217142235\/https:\/\/finance.yahoo.com\/news\/send-bitcoin-hardware-wallet-140141385.html) from the original on 17 February 2018. Retrieved 17 February 2018.\n106. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-108)**\n     Mike Orcutt (19 May 2015). [\"Leaderless Bitcoin Struggles to Make Its Most Crucial Decision\"](https:\/\/www.technologyreview.com\/s\/537486\/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision\/). *MIT Technology Review*. [Archived](https:\/\/wayback.archive-it.org\/all\/20171018075515\/https:\/\/www.technologyreview.com\/s\/537486\/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision\/) from the original on 18 October 2017. Retrieved 15 November 2016.\n107. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-109)**\n     Orcutt, Mike (19 May 2015). [\"Leaderless Bitcoin Struggles to Make Its Most Crucial Decision\"](https:\/\/www.technologyreview.com\/s\/537486\/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision\/). *MIT Technology Review*. [Archived](https:\/\/wayback.archive-it.org\/all\/20171018075515\/https:\/\/www.technologyreview.com\/s\/537486\/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision\/) from the original on 18 October 2017. Retrieved 22 June 2017.\n108. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-110)**\n     Tschorsch, Florian; Scheuermann, Björn (2016). \"Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies\". *[IEEE Communications Surveys and Tutorials](https:\/\/en.wikipedia.org\/wiki\/IEEE_Communications_Surveys_and_Tutorials \"IEEE Communications Surveys and Tutorials\")*. **18** (3): 2084–2123\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1109\/comst.2016.2535718](https:\/\/doi.org\/10.1109%2Fcomst.2016.2535718). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [5115101](https:\/\/api.semanticscholar.org\/CorpusID:5115101).\n109. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-111)**\n     Wilhelm, Alex. [\"Popular Bitcoin Mining Pool Promises To Restrict Its Compute Power To Prevent Feared '51%' Fiasco\"](https:\/\/techcrunch.com\/2014\/07\/16\/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco\/). *TechCrunch*. [Archived](https:\/\/web.archive.org\/web\/20171205042008\/https:\/\/techcrunch.com\/2014\/07\/16\/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco\/) from the original on 5 December 2017. Retrieved 25 January 2018.\n110. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-112)**\n     European Central Bank (2012). [*Virtual Currency Schemes*](http:\/\/www.ecb.europa.eu\/pub\/pdf\/other\/virtualcurrencyschemes201210en.pdf) (PDF). [European Central Bank](https:\/\/en.wikipedia.org\/wiki\/European_Central_Bank \"European Central Bank\"). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2866\/47380](https:\/\/doi.org\/10.2866%2F47380). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n     \n     [978-92-899-0862-7](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-92-899-0862-7 \"Special:BookSources\/978-92-899-0862-7\")\n     \n     . [OCLC](https:\/\/en.wikipedia.org\/wiki\/OCLC_\$identifier\$ \"OCLC (identifier)\") [1044382974](https:\/\/search.worldcat.org\/oclc\/1044382974). [Archived](https:\/\/web.archive.org\/web\/20121106053452\/http:\/\/www.ecb.europa.eu\/pub\/pdf\/other\/virtualcurrencyschemes201210en.pdf) (PDF) from the original on 6 November 2012.\n111. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-113)**\n     [Dodd, Nigel](https:\/\/en.wikipedia.org\/wiki\/Nigel_Dodd \"Nigel Dodd\") (May 2018). [\"The Social Life of Bitcoin\"](https:\/\/researchonline.lse.ac.uk\/id\/eprint\/69229\/). *Theory, Culture & Society*. **35** (3): 35–56\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1177\/0263276417746464](https:\/\/doi.org\/10.1177%2F0263276417746464). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0263-2764](https:\/\/search.worldcat.org\/issn\/0263-2764). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [51914607](https:\/\/api.semanticscholar.org\/CorpusID:51914607). [Archived](https:\/\/web.archive.org\/web\/20231122163925\/https:\/\/researchonline.lse.ac.uk\/id\/eprint\/69229\/) from the original on 22 November 2023. Retrieved 22 November 2023.\n112. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-30082018Economist_114-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-30082018Economist_114-1)\n     [\"Bitcoin and other cryptocurrencies are useless\"](https:\/\/www.economist.com\/leaders\/2018\/08\/30\/bitcoin-and-other-cryptocurrencies-are-useless). *The Economist*. 30 August 2018. [Archived](https:\/\/web.archive.org\/web\/20180904040905\/https:\/\/www.economist.com\/leaders\/2018\/08\/30\/bitcoin-and-other-cryptocurrencies-are-useless) from the original on 4 September 2018. Retrieved 4 September 2018.\n113. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-115)**\n     Feuer, Alan (14 December 2013). [\"The Bitcoin Ideology\"](https:\/\/www.nytimes.com\/2013\/12\/15\/sunday-review\/the-bitcoin-ideology.html). *The New York Times*. [Archived](https:\/\/web.archive.org\/web\/20180701222302\/https:\/\/www.nytimes.com\/2013\/12\/15\/sunday-review\/the-bitcoin-ideology.html) from the original on 1 July 2018. Retrieved 1 July 2018.\n114. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econ315_116-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-econ315_116-1)\n     [\"Free Exchange. Money from nothing. Chronic deflation may keep Bitcoin from displacing its rivals\"](https:\/\/www.economist.com\/news\/finance-and-economics\/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money). *The Economist*. 15 March 2014. [Archived](https:\/\/web.archive.org\/web\/20140325085119\/http:\/\/www.economist.com\/news\/finance-and-economics\/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money) from the original on 25 March 2014. Retrieved 25 March 2014.\n115. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-117)**\n     [\"The magic of mining\"](https:\/\/www.economist.com\/news\/business\/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic). *[The Economist](https:\/\/en.wikipedia.org\/wiki\/The_Economist \"The Economist\")*. 13 January 2015. [Archived](https:\/\/web.archive.org\/web\/20150112165531\/http:\/\/www.economist.com\/news\/business\/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic) from the original on 12 January 2015. Retrieved 13 January 2015.\n116. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Shiller_118-0)**\n     Shiller, Robert (1 March 2014). [\"In Search of a Stable Electronic Currency\"](https:\/\/www.nytimes.com\/2014\/03\/02\/business\/in-search-of-a-stable-electronic-currency.html). *The New York Times*. [Archived](https:\/\/web.archive.org\/web\/20141024120222\/http:\/\/www.nytimes.com\/2014\/03\/02\/business\/in-search-of-a-stable-electronic-currency.html) from the original on 24 October 2014.\n117. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-119)**\n     Velde, François R. (August 2017). [Technological Change and the Future of Cash](https:\/\/www.suerf.org\/publications\/suerf-policy-notes-and-briefs\/technological-change-and-the-future-of-cash\/) (Report). SUERF Policy Note. SUERF – The European Money and Finance Forum. Retrieved 21 October 2025.\n118. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-120)**\n     Weindling, Jacob (18 September 2017). [\"China May Be Gearing Up to Ban Bitcoin\"](https:\/\/www.pastemagazine.com\/politics\/bitcoin\/china-may-be-gearing-up-to-ban-bitcoin). *[Paste](https:\/\/en.wikipedia.org\/wiki\/Paste_\$magazine\$ \"Paste (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20231122163924\/https:\/\/www.pastemagazine.com\/politics\/bitcoin\/china-may-be-gearing-up-to-ban-bitcoin) from the original on 22 November 2023. Retrieved 22 November 2023.\n119. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-121)**\n     Lavin, Tim (8 August 2013). [\"The SEC Shows Why Bitcoin Is Doomed\"](http:\/\/www.bloombergview.com\/articles\/2013-08-08\/did-the-sec-just-validate-bitcoin-no-). *[Bloomberg News](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\")*. [Archived](https:\/\/web.archive.org\/web\/20140325214514\/http:\/\/www.bloombergview.com\/articles\/2013-08-08\/did-the-sec-just-validate-bitcoin-no-) from the original on 25 March 2014. Retrieved 20 October 2013.\n120. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-122)**\n     Montag, Ali (9 July 2018). [\"Nobel-winning economist: Authorities will bring down 'hammer' on bitcoin\"](https:\/\/www.cnbc.com\/2018\/07\/09\/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html). CNBC. [Archived](https:\/\/web.archive.org\/web\/20180711200915\/https:\/\/www.cnbc.com\/2018\/07\/09\/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html) from the original on 11 July 2018. Retrieved 11 July 2018.\n121. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-LOC2021_123-0)**\n     [\"Regulation of Cryptocurrency Around the World: November 2021 Update\"](https:\/\/tile.loc.gov\/storage-services\/service\/ll\/llglrd\/2021687419\/2021687419.pdf) (PDF). United States Library of Congress. [Archived](https:\/\/web.archive.org\/web\/20211224043203\/https:\/\/tile.loc.gov\/storage-services\/service\/ll\/llglrd\/2021687419\/2021687419.pdf) (PDF) from the original on 24 December 2021. Retrieved 28 December 2022.\n122. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-RogoffEconomist_124-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-RogoffEconomist_124-1)\n     [\"This time really is different for the dollar, writes Kenneth Rogoff\"](https:\/\/www.economist.com\/by-invitation\/2025\/05\/05\/this-time-really-is-different-for-the-dollar-writes-kenneth-rogoff). *The Economist*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0013-0613](https:\/\/search.worldcat.org\/issn\/0013-0613). Retrieved 25 May 2025.\n123. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-RogoffBloomberg_125-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-RogoffBloomberg_125-1) [Ken Rogoff on How Crypto Is Cutting Into the Dollar’s Hegemony](https:\/\/www.bloomberg.com\/news\/articles\/2025-05-24\/crypto-is-infiltrating-the-dollar-s-hegemony-says-ken-rogoff), Vildana Hajric, Bloomberg, May 24, 2025\n124. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-FT08062018_126-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-FT08062018_126-1)\n     Murphy, Hannah (8 June 2018). [\"Who really owns bitcoin now?\"](https:\/\/www.ft.com\/content\/29259448-69b3-11e8-b6eb-4acfcfb08c11). *Financial Times*. [Archived](https:\/\/web.archive.org\/web\/20180610051316\/https:\/\/www.ft.com\/content\/29259448-69b3-11e8-b6eb-4acfcfb08c11) from the original on 10 June 2018. Retrieved 10 June 2018.\n125. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-127)**\n     Katz, Lily (12 July 2017). [\"Bitcoin Acceptance Among Retailers Is Low and Getting Lower\"](https:\/\/www.bloomberg.com\/news\/articles\/2017-07-12\/bitcoin-acceptance-among-retailers-is-low-and-getting-lower). *Bloomberg News*. [Archived](https:\/\/web.archive.org\/web\/20180125204553\/https:\/\/www.bloomberg.com\/news\/articles\/2017-07-12\/bitcoin-acceptance-among-retailers-is-low-and-getting-lower) from the original on 25 January 2018. Retrieved 25 January 2018.\n126. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-128)**\n     Kharif, Olga (1 August 2018). [\"Bitcoin's Use in Commerce Keeps Falling Even as Volatility Eases\"](https:\/\/www.bloomberg.com\/news\/articles\/2018-08-01\/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases). *Bloomberg News*. [Archived](https:\/\/web.archive.org\/web\/20180802073219\/https:\/\/www.bloomberg.com\/news\/articles\/2018-08-01\/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases) from the original on 2 August 2018. Retrieved 2 August 2018.\n127. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-129)**\n     Chan, Bernice (16 January 2015). [\"Bitcoin transactions cut the cost of international money transfers\"](https:\/\/www.scmp.com\/lifestyle\/technology\/article\/1679904\/bitcoin-transactions-cut-cost-international-money-transfers). *[South China Morning Post](https:\/\/en.wikipedia.org\/wiki\/South_China_Morning_Post \"South China Morning Post\")*. [Archived](https:\/\/web.archive.org\/web\/20190531060301\/https:\/\/www.scmp.com\/lifestyle\/technology\/article\/1679904\/bitcoin-transactions-cut-cost-international-money-transfers) from the original on 31 May 2019. Retrieved 31 May 2019.\n128. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-130)**\n     [\"Majority of Salvadorans do not want bitcoin, poll shows\"](https:\/\/www.reuters.com\/technology\/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02\/). *Reuters*. 2 September 2021. [Archived](https:\/\/web.archive.org\/web\/20211130154620\/https:\/\/www.reuters.com\/technology\/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02\/) from the original on 30 November 2021. Retrieved 30 November 2021.\n129. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-131)**\n     [\"IMF urges El Salvador to remove Bitcoin as legal tender\"](https:\/\/www.bbc.co.uk\/news\/world-latin-america-60135552). *BBC News*. 26 January 2022. [Archived](https:\/\/web.archive.org\/web\/20220126154241\/https:\/\/www.bbc.co.uk\/news\/world-latin-america-60135552) from the original on 26 January 2022. Retrieved 26 January 2022.\n130. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-132)**\n     Alvarez, Fernando; Argente, David; Van Patten, Diana (2022). Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador (Report). Cambridge, MA: National Bureau of Economic Research. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.3386\/w29968](https:\/\/doi.org\/10.3386%2Fw29968).\n131. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-133)**\n     [\"Bitcoin Declared Legal Currency in Central African Republic\"](https:\/\/www.bloomberg.com\/news\/articles\/2022-04-28\/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppnb). *Bloomberg*. 28 April 2022. [Archived](https:\/\/web.archive.org\/web\/20220428141222\/https:\/\/www.bloomberg.com\/news\/articles\/2022-04-28\/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppnb) from the original on 28 April 2022. Retrieved 28 April 2022.\n132. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-134)**\n     [\"Frequently Asked Questions on Central African Republic\"](https:\/\/www.imf.org\/en\/Countries\/CAF\/central-african-republic-qandas). *International Monetary Fund*. [Archived](https:\/\/web.archive.org\/web\/20230811002905\/https:\/\/www.imf.org\/en\/Countries\/CAF\/central-african-republic-qandas) from the original on 11 August 2023. Retrieved 11 August 2023.\n133. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-135)**\n     Rasool, Mohammed (3 November 2020). [\"Iran Is Pivoting to Bitcoin\"](https:\/\/www.vice.com\/en\/article\/iran-bitcoin-us-sanctions\/). *[Vice](https:\/\/en.wikipedia.org\/wiki\/Vice_\$magazine\$ \"Vice (magazine)\")*. [Archived](https:\/\/web.archive.org\/web\/20201103235640\/https:\/\/www.vice.com\/en\/article\/qjppx3\/iran-bitcoin-us-sanctions) from the original on 3 November 2020. Retrieved 10 November 2020.\n134. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-aawsat202011_136-0)**\n     [\"Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports\"](https:\/\/english.aawsat.com\/home\/article\/2596686\/iran-new-crypto-law-requires-selling-bitcoin-directly-central-bank-fund-imports). *[Asharq Al-Awsat](https:\/\/en.wikipedia.org\/wiki\/Asharq_Al-Awsat \"Asharq Al-Awsat\")*. 31 October 2020. [Archived](https:\/\/web.archive.org\/web\/20201031235032\/https:\/\/english.aawsat.com\/home\/article\/2596686\/iran-new-crypto-law-requires-selling-bitcoin-directly-central-bank-fund-imports) from the original on 31 October 2020. Retrieved 31 October 2020.\n135. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-137)**\n     Kohler, Judith (21 September 2022). [\"Colorado accepts cryptocurrency to pay taxes, moving the state \"tech forward\"\"](https:\/\/www.denverpost.com\/2022\/09\/21\/colorado-accepts-cryptocurrency-taxes\/). *[The Denver Post](https:\/\/en.wikipedia.org\/wiki\/The_Denver_Post \"The Denver Post\")*. [Archived](https:\/\/web.archive.org\/web\/20221229090417\/https:\/\/www.denverpost.com\/2022\/09\/21\/colorado-accepts-cryptocurrency-taxes\/) from the original on 29 December 2022. Retrieved 29 December 2022.\n136. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-138)**\n     [\"'Crypto Valley' canton to accept Bitcoin for tax payments\"](https:\/\/www.swissinfo.ch\/eng\/business\/-crypto-valley--canton-to-accept-bitcoin-for-tax-payments\/46010364). *[SWI swissinfo](https:\/\/en.wikipedia.org\/wiki\/SWI_swissinfo \"SWI swissinfo\")*. 3 September 2020. [Archived](https:\/\/web.archive.org\/web\/20231122163924\/https:\/\/www.swissinfo.ch\/eng\/business\/-crypto-valley--canton-to-accept-bitcoin-for-tax-payments\/46010364) from the original on 22 November 2023. Retrieved 22 November 2023.\n137. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-139)**\n     swissinfo.ch, S. W. I. (5 December 2023). [\"Lugano accepts bitcoin and tether payments for all city invoices\"](https:\/\/www.swissinfo.ch\/eng\/business\/lugano-accepts-bitcoin-and-tether-payments-for-all-city-invoices\/49032696). *SWI swissinfo.ch*. Retrieved 21 October 2025.\n138. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-140)**\n     Huang, Vicky Ge (15 October 2023). [\"Why the U.S. Government Has \\$5 Billion in Bitcoin\"](https:\/\/www.wsj.com\/finance\/currencies\/federal-government-bitcoin-5-billion-78ce0938). *[The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\")*. [Archived](https:\/\/web.archive.org\/web\/20240220023509\/https:\/\/www.wsj.com\/finance\/currencies\/federal-government-bitcoin-5-billion-78ce0938) from the original on 20 February 2024. Retrieved 20 February 2024.\n139. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-141)**\n     Castillo, Michael del (16 June 2023). [\"U.S. Government Owns Way More Bitcoin Than Any Other Country–So Why Aren't They Selling It?\"](https:\/\/www.forbes.com\/sites\/michaeldelcastillo\/2023\/06\/16\/us-government-owns-way-more-bitcoin-than-any-other-countryso-why-arent-they-selling-it). *[Forbes](https:\/\/en.wikipedia.org\/wiki\/Forbes \"Forbes\")*. [Archived](https:\/\/web.archive.org\/web\/20240221155659\/https:\/\/www.forbes.com\/sites\/michaeldelcastillo\/2023\/06\/16\/us-government-owns-way-more-bitcoin-than-any-other-countryso-why-arent-they-selling-it\/) from the original on 21 February 2024. Retrieved 21 February 2024.\n140. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-142)**\n     [\"Jersey approve Bitcoin fund launch on island\"](https:\/\/www.bbc.com\/news\/world-europe-jersey-28247796). *BBC News*. 10 July 2014. [Archived](https:\/\/web.archive.org\/web\/20140710211917\/http:\/\/www.bbc.com\/news\/world-europe-jersey-28247796) from the original on 10 July 2014. Retrieved 10 July 2014.\n141. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-143)**\n     [\"Chicago Mercantile Exchange jumps into bitcoin futures\"](https:\/\/www.cbsnews.com\/news\/chicago-mercantile-exchange-jumps-into-bitcoin-futures\/). *CBS News*. 18 December 2017. [Archived](https:\/\/web.archive.org\/web\/20190531054602\/https:\/\/www.cbsnews.com\/news\/chicago-mercantile-exchange-jumps-into-bitcoin-futures\/) from the original on 31 May 2019. Retrieved 31 May 2019.\n142. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-144)**\n     [\"Gold or Bitcoin? Store-of-value debate rages as Bitcoin grows\"](https:\/\/www.bloomberg.com\/professional\/insights\/trading\/gold-or-bitcoin-store-of-value-debate-rages-as-bitcoin-grows\/). *Bloomberg Professional Services*. 25 October 2021. Retrieved 2 October 2024.\n143. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-145)**\n     [\"Goldman Sachs says bitcoin will compete with gold as \"store of value\"\"](https:\/\/www.reuters.com\/business\/finance\/goldman-sachs-says-bitcoin-will-compete-with-gold-store-value-2022-01-05\/). *Reuters*. 5 January 2022.\n144. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-146)**\n     Lee, Timothy B. [\"The \\$11 million in bitcoins the Winklevoss brothers bought is now worth \\$32 million\"](https:\/\/www.washingtonpost.com\/news\/the-switch\/wp\/2013\/11\/09\/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million\/). *The Washington Post*. [Archived](https:\/\/web.archive.org\/web\/20170706111658\/https:\/\/www.washingtonpost.com\/news\/the-switch\/wp\/2013\/11\/09\/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million\/) from the original on 6 July 2017. Retrieved 11 August 2017.\n145. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-147)**\n     [\"Tesla Sells 75% of Its Bitcoin Purchases\"](https:\/\/www.wsj.com\/livecoverage\/tesla-earnings-q2-2022-elon-musk-live\/card\/tesla-sells-75-of-its-bitcoin-purchases-tgkMdMf1EHDvdniqHu8S). *The Wall Street Journal*. Retrieved 23 November 2025.\n     \n     `{{cite news}}`: CS1 maint: deprecated archival service ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_deprecated_archival_service \"Category:CS1 maint: deprecated archival service\"))\n146. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-148)**\n     Maidenberg, Micah; Driebusch, Corrie; Jin, Berber (17 August 2023). [\"A Rare Look Into the Finances of Elon Musk's Secretive SpaceX\"](https:\/\/www.wsj.com\/tech\/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b). *The Wall Street Journal*. Retrieved 19 November 2023.\n     \n     `{{cite news}}`: CS1 maint: deprecated archival service ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_deprecated_archival_service \"Category:CS1 maint: deprecated archival service\"))\n147. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-149)**\n     Ostroff, Caitlin; Elliott, Rebecca (8 February 2021). [\"Tesla Buys \\$1.5 Billion in Bitcoin\"](https:\/\/www.wsj.com\/articles\/tesla-buys-1-5-billion-in-bitcoin-11612791688). *[The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\")*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0099-9660](https:\/\/search.worldcat.org\/issn\/0099-9660). [Archived](https:\/\/web.archive.org\/web\/20240106160013\/https:\/\/www.wsj.com\/articles\/tesla-buys-1-5-billion-in-bitcoin-11612791688) from the original on 6 January 2024. Retrieved 22 November 2023.\n148. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-150)**\n     Vigna, Paul (20 December 2021). [\"Bitcoin's 'One Percent' Controls Lion's Share of the Cryptocurrency's Wealth\"](https:\/\/www.wsj.com\/articles\/bitcoins-one-percent-controls-lions-share-of-the-cryptocurrencys-wealth-11639996204). *[Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_Journal \"Wall Street Journal\")*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0099-9660](https:\/\/search.worldcat.org\/issn\/0099-9660). [Archived](https:\/\/web.archive.org\/web\/20211222180909\/https:\/\/www.wsj.com\/articles\/bitcoins-one-percent-controls-lions-share-of-the-cryptocurrencys-wealth-11639996204) from the original on 22 December 2021. Retrieved 22 December 2021.\n149. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-151)**\n     Renteria, Nelson (5 March 2025). [\"El Salvador announces more bitcoin purchases, gives IMF assurances\"](https:\/\/www.reuters.com\/technology\/el-salvador-announces-more-bitcoin-purchases-gives-imf-assurances-2025-03-05\/).\n150. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Stiglitz_152-0)**\n     Costelloe, Kevin (29 November 2017). [\"Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says\"](https:\/\/www.bloomberg.com\/news\/articles\/2017-11-29\/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd). *Bloomberg News*. [Archived](https:\/\/web.archive.org\/web\/20180612224313\/https:\/\/www.bloomberg.com\/news\/articles\/2017-11-29\/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd) from the original on 12 June 2018. Retrieved 5 June 2018. \"It doesn't serve any socially useful function.\"\n151. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-4Nobels_153-0)**\n     Wolff-Mann, Ethan (27 April 2018). [\"'Only good for drug dealers': More Nobel prize winners snub bitcoin\"](https:\/\/finance.yahoo.com\/news\/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html). *Yahoo Finance*. [Archived](https:\/\/web.archive.org\/web\/20180612141128\/https:\/\/finance.yahoo.com\/news\/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html) from the original on 12 June 2018. Retrieved 7 June 2018.\n152. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-Krugman_154-0)**\n     Mohamed, Theron (30 May 2023). [\"Nobel economist Paul Krugman slams crypto as mostly useless, after saying it's hugely overpriced and helps criminals\"](https:\/\/markets.businessinsider.com\/news\/currencies\/paul-krugman-crypto-bitcoin-price-bubble-crime-cbdc-desantis-banks-2023-5). *[Business Insider](https:\/\/en.wikipedia.org\/wiki\/Business_Insider \"Business Insider\")*. [Archived](https:\/\/web.archive.org\/web\/20231123131322\/https:\/\/markets.businessinsider.com\/news\/currencies\/paul-krugman-crypto-bitcoin-price-bubble-crime-cbdc-desantis-banks-2023-5) from the original on 23 November 2023. Retrieved 23 November 2023.\n153. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-155)**\n     [Authers, John](https:\/\/en.wikipedia.org\/wiki\/John_Authers \"John Authers\") (9 June 2021). [\"Don't Call Bitcoin a Bubble. It's an Epidemic\"](https:\/\/www.bloomberg.com\/opinion\/articles\/2021-06-09\/don-t-call-bitcoin-a-bubble-it-s-an-epidemic). *Bloomberg.com*. [Archived](https:\/\/web.archive.org\/web\/20210610021335\/https:\/\/www.bloomberg.com\/opinion\/articles\/2021-06-09\/don-t-call-bitcoin-a-bubble-it-s-an-epidemic) from the original on 10 June 2021.\n154. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-156)**\n     [Tirole, Jean](https:\/\/en.wikipedia.org\/wiki\/Jean_Tirole \"Jean Tirole\") (1 February 2024). [\"Cryptocurrencies: an economist's view\"](https:\/\/www.tse-fr.eu\/cryptocurrencies-economists-view). *La Jaune et la Rouge*. Vol. February 2024, no. 792. Retrieved 15 November 2024.\n155. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-157)**\n     [\"Bitcoin breaks \\$100,000 barrier amid post-election cryptocurrency surge\"](https:\/\/www.washingtonpost.com\/business\/2024\/12\/04\/bitcoin-price-100k-crypto-trump\/). *Washington Post*. Retrieved 5 December 2024. \"\"People use bitcoin as a speculative asset. It's like gold, it's just like gold, only it's virtual, it's digital. People are not using it as a form of payment or a store of value,\" he said. \"It's highly volatile. It's not a competitor for the dollar; it's really a competitor for gold.\"\"\n156. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-:0_158-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-:0_158-1)\n     Rogoff, Kenneth (26 February 2026). [\"Should Central Banks Hold Bitcoin Reserves?\"](https:\/\/www.project-syndicate.org\/commentary\/the-case-for-bitcoin-as-a-central-bank-reserve-asset-by-kenneth-rogoff-2026-02). *Project Syndicate*. Retrieved 30 March 2026.\n157. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-159)**\n     Klein, Tony; Pham Thu, Hien; Walther, Thomas (October 2018). [\"Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance\"](https:\/\/pureadmin.qub.ac.uk\/ws\/files\/155247201\/crypto_V2.pdf) (PDF). *International Review of Financial Analysis*. **59**: 105–116\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.irfa.2018.07.010](https:\/\/doi.org\/10.1016%2Fj.irfa.2018.07.010). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [158400153](https:\/\/api.semanticscholar.org\/CorpusID:158400153). [Archived](https:\/\/web.archive.org\/web\/20231125164037\/https:\/\/pureadmin.qub.ac.uk\/ws\/files\/155247201\/crypto_V2.pdf) (PDF) from the original on 25 November 2023. Retrieved 24 November 2023.\n158. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-160)**\n     Mazur, Mieszko (31 March 2022). \"Misperceptions of Bitcoin Volatility\". *The Journal of Alternative Investments*. **24** (4): 33–44\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.3905\/jai.2022.1.153](https:\/\/doi.org\/10.3905%2Fjai.2022.1.153). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1520-3255](https:\/\/search.worldcat.org\/issn\/1520-3255). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [247843794](https:\/\/api.semanticscholar.org\/CorpusID:247843794).\n159. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-161)**\n     Montag, Ali (26 August 2018). [\"'HODL,' 'whale' and 5 other cryptocurrency slang terms explained\"](https:\/\/www.cnbc.com\/2018\/01\/23\/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html). *CNBC*. [Archived](https:\/\/web.archive.org\/web\/20220112091630\/https:\/\/www.cnbc.com\/2018\/01\/23\/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html) from the original on 12 January 2022. Retrieved 16 March 2021.\n160. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-162)**\n     Hajric, Vildana (19 November 2020). [\"All the Bitcoin Lingo You Need to Know as Crypto Heats Up\"](https:\/\/www.bloomberg.com\/news\/articles\/2020-11-19\/what-the-heck-is-hodl-bitcoin-lingo-for-crypto-noobs-quicktake). *Bloomberg*. [Archived](https:\/\/web.archive.org\/web\/20201129234847\/https:\/\/www.bloomberg.com\/news\/articles\/2020-11-19\/what-the-heck-is-hodl-bitcoin-lingo-for-crypto-noobs-quicktake) from the original on 29 November 2020. Retrieved 1 December 2020.\n161. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-163)**\n     Clinch, Matt (10 March 2014). [\"Roubini launches stinging attack on bitcoin\"](https:\/\/www.cnbc.com\/2014\/03\/10\/nches-stinging-attack-on-bitcoin.html). [CNBC](https:\/\/en.wikipedia.org\/wiki\/CNBC \"CNBC\"). [Archived](https:\/\/web.archive.org\/web\/20220709232801\/https:\/\/www.cnbc.com\/2014\/03\/10\/nches-stinging-attack-on-bitcoin.html) from the original on 9 July 2022. Retrieved 22 November 2023.\n162. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-164)**\n     [Posner, Eric](https:\/\/en.wikipedia.org\/wiki\/Eric_Posner \"Eric Posner\") (11 April 2013). [\"Fool's Gold\"](https:\/\/slate.com\/news-and-politics\/2013\/04\/bitcoin-is-a-ponzi-scheme-the-internet-currency-will-collapse.html). *Slate*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1091-2339](https:\/\/search.worldcat.org\/issn\/1091-2339). [Archived](https:\/\/web.archive.org\/web\/20220708202651\/https:\/\/slate.com\/news-and-politics\/2013\/04\/bitcoin-is-a-ponzi-scheme-the-internet-currency-will-collapse.html) from the original on 8 July 2022. Retrieved 22 November 2023.\n163. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-165)**\n     Davradakis, Emmanouil; Santos, Ricardo (2019). [*Blockchain, FinTechs and their relevance for international financial institutions*](https:\/\/data.europa.eu\/doi\/10.2867\/11329). [European Investment Bank](https:\/\/en.wikipedia.org\/wiki\/European_Investment_Bank \"European Investment Bank\"). [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.2867\/11329](https:\/\/doi.org\/10.2867%2F11329). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n     \n     [978-92-861-4184-3](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-92-861-4184-3 \"Special:BookSources\/978-92-861-4184-3\")\n     \n     . [Archived](https:\/\/web.archive.org\/web\/20240421113801\/https:\/\/op.europa.eu\/en\/publication-detail\/-\/publication\/ae472145-237a-11e9-8d04-01aa75ed71a1\/language-en) from the original on 21 April 2024. Retrieved 24 November 2023.\n164. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-166)**\n     Feng, Wenjun; Wang, Yiming; Zhang, Zhengjun (1 September 2018). [\"Informed trading in the Bitcoin market\"](https:\/\/doi.org\/10.1016%2Fj.frl.2017.11.009). *Finance Research Letters*. **26**: 63–70\\. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1016\/j.frl.2017.11.009](https:\/\/doi.org\/10.1016%2Fj.frl.2017.11.009). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [1544-6123](https:\/\/search.worldcat.org\/issn\/1544-6123).\n165. **[^](https:\/\/en.wikipedia.org\/wiki\/Bitcoin#cite_ref-167)**\n     [\"Bitcoin set to break records and shatter the \\$100K barrier\"](https:\/\/economictimes.indiatimes.com\/news\/international\/us\/bitcoin-set-to-break-records-and-shatter-the-100k-barrier\/articleshow\/120988931.cms). *The Economic Times*. 8 May 2025. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0013-0389](https:\/\/search.worldcat.org\/issn\/0013-0389). Retrieved 20 May 2025.\n\nFurther reading\n\n- Nakamoto, Satoshi (31 October 2008). [\"Bitcoin: A Peer-to-Peer Electronic Cash System\"](https:\/\/web.archive.org\/web\/20140320135003\/https:\/\/bitcoin.org\/bitcoin.pdf) (PDF). bitcoin.org. Archived from [the original](https:\/\/bitcoin.org\/bitcoin.pdf) (PDF) on 20 March 2014. Retrieved 28 April 2014.\n\nExternal links\n\n[![Wiktionary logo](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/9\/99\/Wiktionary-logo-en-v2.svg\/40px-Wiktionary-logo-en-v2.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Wiktionary-logo-en-v2.svg)\n\nLook up ***[bitcoin](https:\/\/en.wiktionary.org\/wiki\/Special:Search\/bitcoin \"wiktionary:Special:Search\/bitcoin\")*** in Wiktionary, the free dictionary.\n\n![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/f\/fa\/Wikiquote-logo.svg\/40px-Wikiquote-logo.svg.png)\n\nWikiquote has quotations related to ***[Bitcoin](https:\/\/en.wikiquote.org\/wiki\/Special:Search\/Bitcoin \"q:Special:Search\/Bitcoin\")***.\n\n- [Code repository on Github](https:\/\/github.com\/bitcoin\/bitcoin)","meta_canonical":null}

3. Robots.txt Check

Query:

Response:

4. Spam/Ban Check

Query:

Response:

5. Seen Status Check

ℹ️ Skipped - page is already crawled

📄

INDEXABLE

✅

CRAWLED

1 day ago

🤖

ROBOTS ALLOWED

Page Info Filters

Filter	Status	Condition	Details
HTTP status	PASS	`download_http_code = 200`	HTTP 200
Age cutoff	PASS	`download_stamp > now() - 6 MONTH`	0.1 months ago (distributed domain, exempt)
History drop	PASS	`isNull(history_drop_reason)`	No drop reason
Spam/ban	PASS	`fh_dont_index != 1 AND ml_spam_score = 0`	ml_spam_score=0
Canonical	PASS	`meta_canonical IS NULL OR = '' OR = src_unparsed`	Not set

Page Details

Property	Value
URL	https://en.wikipedia.org/wiki/Bitcoin
Last Crawled	2026-04-05 12:14:43 (1 day ago)
First Indexed	2013-08-08 16:22:57 (12 years ago)
HTTP Status Code	200
Meta Title	Bitcoin - Wikipedia
Meta Description	null
Meta Canonical	null
Boilerpipe Text	For the colloquial expression for coinage, see Bit (money) . "₿" redirects here. Not to be confused with "฿" for Thai baht . Bitcoin Commonly used logo of bitcoin Denominations Plural bitcoins Symbol ₿ (Unicode: U+20BF ₿ BITCOIN SIGN ) [ 1 ] Code BTC Precision 10 −8 Subunits 1 ⁄ 1000 millibitcoin 1 ⁄ 1 000 000 microbitcoin 1 ⁄ 100 000 000 satoshi [ a ] [ 2 ] Development Original author Satoshi Nakamoto White paper "Bitcoin: A Peer-to-Peer Electronic Cash System" Implementation Bitcoin Core Initial release 0.1.0 / 9 January 2009 (17 years ago) Latest release 30.2.0 / 10 January 2026 (2 months ago) [ 3 ] Code repository github .com /bitcoin /bitcoin Development status Active Written in C++ Source model Free and open-source software License MIT License Ledger Ledger start 3 January 2009 (17 years ago) Timestamping scheme Proof of work (partial hash inversion) Hash function SHA-256 (two rounds) Issuance schedule Decentralized (block reward) Initially ₿50 per block, halved every 210,000 blocks Block reward ₿3.125 (as of 2025 ) Block time 10 minutes Circulating supply ₿19,934,271 (as of 14 October 2025 ) Supply limit ₿21,000,000 [ b ] Valuation Exchange rate Floating Website Website bitcoin .org Bitcoin (abbreviation: BTC ; sign : ₿ ) is the first decentralized cryptocurrency . Based on a free-market ideology, bitcoin was invented in 2008 when an unknown person published a white paper under the pseudonym of Satoshi Nakamoto . [ 4 ] Use of bitcoin as a currency began in 2009, [ 5 ] with the release of its open-source implementation . [ 6 ] : ch. 1 From 2021 to 2025, El Salvador adopted it as legal tender currency before revoking it . [ 7 ] [ 8 ] [ 9 ] As bitcoin is pseudonymous , its use by criminals has attracted the attention of regulators, leading to its ban by several countries . [ 10 ] Bitcoin works through the collaboration of computers, each of which acts as a node in the peer-to-peer bitcoin network . Each node maintains an independent copy of a public distributed ledger of transactions, called a blockchain , without central oversight. Transactions are validated through the use of cryptography , preventing one person from spending another person's bitcoin, as long as the owner of the bitcoin keeps certain sensitive data secret. [ 6 ] : ch. 5 Consensus between nodes about the content of the blockchain is achieved using a computationally intensive process based on proof of work , called mining , which is performed by purpose-built computers. [ 6 ] : ch. 12 Mining consumes large quantities of electricity and has been criticized for its environmental impact . [ 11 ] History Background Before bitcoin, several digital cash technologies were released, starting with David Chaum 's ecash in the 1980s. [ 12 ] The idea that solutions to computational puzzles could have some value was first proposed by cryptographers Cynthia Dwork and Moni Naor in 1992. [ 13 ] [ 12 ] The concept was independently rediscovered by Adam Back who developed Hashcash , a proof-of-work scheme for spam control in 1997. [ 12 ] The first proposals for distributed digital scarcity-based cryptocurrencies came from cypherpunks Wei Dai (b-money) and Nick Szabo ( bit gold ) in 1998. [ 14 ] In 2004, Hal Finney developed the first currency based on reusable proof of work. [ 15 ] These various attempts were not successful: [ 12 ] Chaum's concept required centralized control and no banks wanted to sign on, Hashcash had no protection against double-spending , while b-money and bit gold were not resistant to Sybil attacks . [ 12 ] 2008–2009: Creation External image Cover page of The Times 3 January 2009 showing the headline used in the genesis block The domain name bitcoin.org was registered on 18 August 2008. [ 16 ] On 31 October 2008, a link to a white paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. [ 17 ] Nakamoto's identity remains unknown. [ 4 ] According to computer scientist Arvind Narayanan , all individual components of bitcoin originated in earlier academic literature. [ 12 ] Nakamoto's innovation was their complex interplay resulting in the first decentralized, Sybil resistant , Byzantine fault tolerant digital cash system, that would eventually be referred to as the first blockchain. [ 12 ] [ 18 ] Nakamoto's paper was not peer reviewed and was initially ignored by academics, who argued that it could not work. [ 12 ] Nakamoto released bitcoin as open-source software . [ 19 ] On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the genesis block . [ 20 ] Embedded in this block was the text "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks ", which is the date and headline of an issue of The Times newspaper. [ 5 ] Nine days later, Hal Finney received the first bitcoin transaction: ten bitcoins from Nakamoto. [ 21 ] Wei Dai and Nick Szabo were also early supporters. [ 20 ] On May 22, 2010, the first known commercial transaction using bitcoin occurred when programmer Laszlo Hanyecz bought two Papa John's pizzas for ₿10,000, in what would later be celebrated as "Bitcoin Pizza Day". [ 22 ] Satoshi tasked Finnish developer and early Bitcoin contributor Martti Malmi [ fi ] with creating content for the bitcoin.org website. [ 23 ] [ 24 ] 2010–2012: Early growth Blockchain analysts estimate that Nakamoto had mined about one million bitcoins [ 25 ] before disappearing in 2010 when he handed the network alert key and control of the code repository over to Gavin Andresen . Andresen later became lead developer at the Bitcoin Foundation , [ 26 ] [ 27 ] an organization founded in September 2012 to promote bitcoin. [ 28 ] After early " proof-of-concept " transactions, the first major users of bitcoin were black markets , such as the dark web Silk Road . During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting ₿9.9 million, worth about $214 million. [ 29 ] : 222 2013–2014: First regulatory actions In March 2013, the US Financial Crimes Enforcement Network (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as money services businesses , subject to registration and other legal obligations. [ 30 ] In May 2013, US authorities seized the unregistered exchange Mt. Gox . [ 31 ] In June 2013, the US Drug Enforcement Administration seized ₿11.02 from an individual attempting to use them to purchase illicit drugs. This marked the first time a government agency had seized bitcoins. [ 32 ] The FBI seized about ₿30,000 in October 2013 from Silk Road, following the arrest of its founder Ross Ulbricht . [ 33 ] In December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoin. [ 34 ] After the announcement, the value of bitcoin dropped, [ 35 ] and Baidu no longer accepted bitcoins for certain services. [ 36 ] Buying real-world goods with any virtual currency had been illegal in China since at least 2009. [ 37 ] 2015–2019 Research produced by the University of Cambridge estimated that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet , most of them using bitcoin. [ 38 ] In August 2017, the SegWit software upgrade was activated. Segwit was intended to support the Lightning Network as well as improve scalability . [ 39 ] SegWit opponents, who supported larger blocks as a scalability solution, forked to create Bitcoin Cash , one of many forks of bitcoin . [ 40 ] In December 2017, the first futures on bitcoin was introduced by the Chicago Mercantile Exchange (CME). [ 41 ] In February 2018, the price crashed after China imposed a complete ban on bitcoin trading. [ 42 ] The percentage of bitcoin trading in the Chinese renminbi fell from over 90% in September 2017 to less than 1% in June 2018. [ 43 ] During the same year, bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges. [ 44 ] 2020–present Bitcoin price [ 45 ] December 1, 2014 – December 4, 2024 In 2020, some major companies and institutions started to acquire bitcoin: MicroStrategy invested $250 million in bitcoin as a treasury reserve asset , [ 46 ] Square, Inc. , $50 million, [ 47 ] and MassMutual , $100 million. [ 48 ] In November 2020, PayPal added support for bitcoin in the US. [ 49 ] In February 2021, bitcoin's market capitalization reached $1 trillion for the first time. [ 50 ] In November 2021, the Taproot soft-fork upgrade was activated, adding support for Schnorr signatures , improved functionality of smart contracts and Lightning Network . [ 51 ] Before, bitcoin only used a custom elliptic curve with the ECDSA algorithm to produce signatures . [ 52 ] : 101 In September 2021, bitcoin became legal tender currency in El Salvador , alongside the US dollar. [ 7 ] In October 2021, the first bitcoin futures exchange-traded fund (ETF), called BITO, from ProShares was approved by the SEC and listed on the CME . [ 53 ] In early 2022, during the Canadian trucker protests opposing COVID-19 vaccine mandates , organizers turned to bitcoin to receive donations after traditional financial platforms restricted access to funding. [ 54 ] [ 55 ] Proponents highlighted bitcoin's use as a tool for fundraising in situations where access to conventional financial systems may be restricted. [ 56 ] [ 57 ] In May and June 2022, the bitcoin price fell following the collapses of TerraUSD , a stablecoin , [ 58 ] and the Celsius Network , a cryptocurrency loan company. [ 59 ] [ 60 ] In 2023, ordinals— non-fungible tokens (NFTs)—on bitcoin, went live. [ 61 ] As of June 2023, River Financial estimated that bitcoin had 81.7 million users, about 1% of the global population. [ 62 ] In January 2024, the first 11 US spot bitcoin ETFs began trading, offering direct exposure to bitcoin for the first time on American stock exchanges. [ 63 ] [ 64 ] In December 2024, bitcoin price reached $100,000 for the first time, as US president-elect Donald Trump promised to make the US the "crypto capital of the planet" and to stockpile bitcoin. [ 65 ] The same month, BlackRock , the world's largest asset manager , recommended investors to allocate up to 2% of their portfolio to bitcoin. [ 66 ] As of 2025, the Salvadoran government continues to describe Bitcoin as legal tender under the 2021 Bitcoin Law; however, a January 2025 reform removed obligations for businesses and the government to accept it, so many analysts regard its legal-tender status as effectively ended in practice. [ 8 ] [ 9 ] In March 2025, President Trump signed an executive order to establish a strategic bitcoin reserve . [ 67 ] Later that year, some U.S. states, such as Texas and New Hampshire also instituted strategic bitcoin reserves, [ 68 ] and the Czech National Bank bought less than €1 million in a "test portfolio". [ 69 ] Design Units and divisibility Bitcoin logos made by Satoshi Nakamoto in 2009 (left) and 2010 (right). The unit of account of the bitcoin system is the bitcoin . It is most commonly represented with the symbol ₿ designed in 2010 [ 1 ] and the currency code BTC. However, the BTC code does not conform to ISO 4217 as BT is the country code of Bhutan, [ 70 ] and ISO 4217 requires the first letter used in global commodities to be 'X'. [ 70 ] XBT, a code that conforms to ISO 4217 though not officially part of it, [ 70 ] is used by Bloomberg L.P. [ 71 ] No uniform capitalization convention exists; some sources use Bitcoin , capitalized, to refer to the technology and network , and bitcoin , lowercase, for the unit of account. [ 72 ] The Cambridge Advanced Learner's Dictionary and the Oxford Advanced Learner's Dictionary use the capitalized and lowercase variants without distinction. [ 73 ] [ 74 ] One bitcoin is divisible to eight decimal places. [ 6 ] : ch. 5 Units for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to 1 ⁄ 1000 bitcoin, and the satoshi [ a ] (sat), representing 1 ⁄ 100 000 000 (one hundred millionth) bitcoin, the smallest amount possible. [ 2 ] 100,000 satoshis are one mBTC. [ 75 ] Blockchain As a decentralized system, bitcoin operates without a central authority or single administrator, [ 76 ] so that anyone can create a new bitcoin address and transact without needing any approval. [ 6 ] : ch. 1 This is accomplished through a specialized distributed ledger called a blockchain that records bitcoin transactions. [ 77 ] The blockchain is implemented as an ordered list of blocks . Each block contains a SHA-256 hash of the previous block, [ 77 ] chaining them in chronological order. [ 6 ] : ch. 7 [ 77 ] The blockchain is maintained by a peer-to-peer network. [ 29 ] : 215–219 Individual blocks, public addresses, and transactions within blocks are public information, and can be examined using a blockchain explorer. [ 78 ] Nodes validate and broadcast transactions, each maintaining a copy of the blockchain for ownership verification. [ 79 ] A new block is created every 10 minutes on average, updating the blockchain across all nodes without central oversight. This process tracks bitcoin spending, ensuring each bitcoin is spent only once . Unlike a traditional ledger that tracks physical currency, bitcoins exist digitally as unspent outputs of transactions . [ 6 ] : ch. 5 Addresses and transactions Simplified chain of ownership. In practice, a transaction can have more than one input and more than one output. [ 80 ] In the blockchain, bitcoins are linked to specific strings called addresses. Most often, an address encodes a hash of a single public key . Creating such an address involves generating a random private key and then computing the corresponding address. This process is almost instant, but the reverse (finding the private key for a given address) is nearly impossible. [ 6 ] : ch. 4 Publishing such a bitcoin address does not risk its private key, and it is extremely unlikely to accidentally generate a used key with funds. To use bitcoins, owners need their private key to digitally sign transactions, which are verified by the network using the public key, keeping the private key secret. [ 6 ] : ch. 5 An address may encode the hash of a bitcoin script that specifies more complex requirements to spend the funds. One common example is "multisig", in which multiple distinct private keys must mutually sign any transaction that attempts to spend the funds. [ 6 ] : ch. 7 Bitcoin transactions use a Forth -like scripting language , [ 6 ] : ch. 5 involving one or more inputs and outputs. When sending bitcoins, a user specifies the recipients' addresses and the amount for each output. This allows sending bitcoins to several recipients in a single transaction. To prevent double-spending, each input must refer to a previous unspent output in the blockchain. [ 80 ] Using multiple inputs is similar to using multiple coins in a cash transaction. As in a cash transaction, the sum of inputs can exceed the intended sum of payments. In such a case, an additional output can return the change back to the payer. [ 80 ] Unallocated input satoshis in the transaction become the transaction fee. [ 80 ] Losing a private key means losing access to the bitcoins, with no other proof of ownership accepted by the protocol . [ 29 ] For instance, in 2013, a user lost ₿7,500, valued at US$7.5 million, by accidentally discarding a hard drive with the private key. [ 81 ] It is estimated that around 20% of all bitcoins are lost. [ 82 ] The private key must also be kept secret as its exposure, such as through a data breach , can lead to theft of the associated bitcoins. [ 6 ] : ch. 10 [ 83 ] As of December 2017 , approximately ₿980,000 had been stolen from cryptocurrency exchanges . [ 84 ] Mining Bitcoin mining facility with large amounts of mining hardware Miners don't directly act as nodes, but do communicate with nodes. The mining process is primarily intended to prevent double-spending and get all nodes to agree on the content of the blockchain, but it also has desirable side-effects such as making it infeasible for adversaries to stifle valid transactions or alter the historical record of transactions, since doing so generally requires the adversary to have access to more mining power than the rest of the network combined. [ 6 ] : ch. 12 The mining process in bitcoin involves maintaining the blockchain through computer processing power . Miners group and broadcast new transactions into blocks, which are then verified by the network. [ 77 ] Each block must contain a proof of work (PoW) to be accepted, [ 77 ] involving finding a nonce number that, combined with the block content, produces a hash numerically smaller than the network's difficulty target . [ 6 ] : ch. 8 This PoW is simple to verify but hard to generate, requiring many attempts. [ 6 ] : ch. 8 PoW forms the basis of bitcoin's consensus mechanism . [ 85 ] The difficulty of generating a block is deterministically adjusted based on the mining power on the network by changing the difficulty target, which is recalibrated every 2,016 blocks (approximately two weeks) to maintain an average time of ten minutes between new blocks. The process requires significant computational power and specialized hardware . [ 6 ] : ch. 8 [ 86 ] Miners who successfully create a new block with a valid nonce can collect transaction fees from the included transactions and a fixed reward in bitcoins. [ 87 ] To claim this reward, a special transaction called a coinbase is included in the block, with the miner as the payee. All bitcoins in existence have been created through this type of transaction. [ 6 ] : ch. 8 This reward is halved every 210,000 blocks until ₿21 million [ b ] have been issued in total, which is expected to occur around the year 2140. Afterward, miners will only earn from transaction fees. These fees are determined by the transaction's size and the amount of data stored, measured in satoshis per byte. [ 88 ] [ 80 ] [ 6 ] : ch. 8 The proof of work system and the chaining of blocks make blockchain modifications very difficult, as altering one block requires changing all subsequent blocks. As more blocks are added, modifying older blocks becomes increasingly challenging. [ 89 ] [ 77 ] In case of disagreement, nodes trust the longest chain, which required the greatest amount of effort to produce. [ 85 ] To tamper or censor the ledger, one needs to control the majority of the global hashrate . [ 85 ] The high cost required to reach this level of computational power secures the bitcoin blockchain. [ 85 ] The environmental impact of bitcoin mining is controversial and has attracted the attention of regulators, leading to restrictions or incentives in various jurisdictions . [ 90 ] As of 2025 , a non-peer-reviewed study by the Cambridge Centre for Alternative Finance (CCAF) estimated that bitcoin mining represented 0.5% of global electricity consumption and 0.08% of world greenhouse gas emissions , comparable to Slovakia's emissions. [ 91 ] About half of the electricity used is generated through fossil fuels . [ 92 ] Moreover, mining hardware's short lifespan results in electronic waste . [ 93 ] In October 2025, the US was the largest mining country with 38% of the global bitcoin mining market share, followed by Russia (16%) and China (14%, despite all cryptocurrency trading and mining being banned there in 2021). [ 94 ] [ 95 ] Privacy and fungibility Bitcoin is pseudonymous , with funds linked to addresses, not real-world identities. While the owners of these addresses are not directly identified, all transactions are public on the blockchain. Patterns of use, like spending coins from multiple inputs, can hint at a common owner. Public data can sometimes be matched with known address owners. [ 96 ] Bitcoin exchanges might also need to collect personal data as per legal requirements. [ 97 ] For enhanced privacy , users can generate a new address for each transaction. [ 98 ] In the bitcoin network, each bitcoin is treated equally, ensuring basic fungibility . However, users and applications can choose to differentiate between bitcoins. While wallets and software treat all bitcoins the same, each bitcoin's transaction history is recorded on the blockchain. This public record allows for chain analysis , where users can identify and potentially reject bitcoins from controversial sources. [ 99 ] For example, in 2012, Mt. Gox froze accounts containing bitcoins identified as stolen. [ 100 ] Wallets A paper wallet with the address as a QR code while the private key is hidden A hardware wallet which processes bitcoin transactions without exposing private keys Bitcoin wallets were the first cryptocurrency wallets , enabling users to store the information necessary to transact bitcoins. [ 101 ] [ 6 ] : ch. 1, glossary The first wallet program, simply named Bitcoin , and sometimes referred to as the Satoshi client , was released in 2009 by Nakamoto as open-source software . [ 19 ] Bitcoin Core is among the best known clients . Forks of Bitcoin Core exist such as Bitcoin Unlimited . [ 102 ] Wallets can be full clients, with a full copy of the blockchain to check the validity of mined blocks, [ 6 ] : ch. 1 or lightweight clients, just to send and receive transactions without a local copy of the entire blockchain. [ 103 ] Third-party internet services, called online wallets or hot wallets , store users' credentials on their servers, making them susceptible of hacks. [ 104 ] Cold storage protects bitcoins from such hacks by keeping private keys offline, either through specialized hardware wallets or paper printouts. [ 105 ] [ 6 ] : ch. 4 Scalability and decentralization challenges Nakamoto limited the block size to one megabyte . [ 106 ] The limited block size and frequency can lead to delayed processing of transactions, increased fees and a bitcoin scalability problem. [ 107 ] The Lightning Network , second-layer routing network, is a potential scaling solution. [ 6 ] : ch. 8 Research shows a trend towards centralization in bitcoin as miners join pools for stable income. [ 29 ] : 215, 219–222 [ 108 ] : 3 If a single miner or pool controls more than 50% of the hashing power , it would allow them to censor transactions and double-spend coins. [ 76 ] In 2014, mining pool Ghash.io reached 51% mining power, causing safety concerns, but later voluntarily capped its power at 39.99% for the benefit of the whole network. [ 109 ] A few entities also dominate other parts of the ecosystem such as the client software, online wallets, and simplified payment verification (SPV) clients. [ 76 ] Economics and usage Bitcoin's theoretical roots and ideology According to the European Central Bank , the decentralization of money offered by bitcoin has its theoretical roots in the Austrian school of economics , especially with Friedrich Hayek 's The Denationalisation of Money , in which he advocates a complete free market in the production, distribution and management of money to end the monopoly of central banks . [ 110 ] : 22 Sociologist Nigel Dodd argues that the essence of the bitcoin ideology is to remove money from social, as well as governmental, control. [ 111 ] The Economist describes bitcoin as "a techno-anarchist project to create an online version of cash, a way for people to transact without the possibility of interference from malicious governments or banks". [ 112 ] These philosophical ideas initially attracted libertarians and anarchists . [ 113 ] Recognition as a currency and legal status Legal status of bitcoin Permissive (legal to use bitcoin, with minimal or no restrictions) Restricted (some legal restrictions on the usage of bitcoin) Contentious (interpretation of old laws, but bitcoin is not directly prohibited) Prohibited (full or partial prohibition on the use of bitcoin) No data (no information available) v t e Money serves three purposes: a store of value , a medium of exchange , and a unit of account . [ 114 ] According to The Economist in 2014, bitcoin functions best as a medium of exchange. [ 114 ] In 2015, The Economist noted that bitcoins had three qualities useful in a currency: they are "hard to earn, limited in supply and easy to verify". [ 115 ] However, a 2018 assessment by The Economist stated that cryptocurrencies met none of these three criteria. [ 112 ] Per some researchers, as of 2015 , bitcoin functions more as a payment system than as a currency. [ 29 ] In 2014, economist Robert J. Shiller wrote that bitcoin has potential as a unit of account for measuring the relative value of goods, as with Chile's Unidad de Fomento , but that "Bitcoin in its present form... doesn't really solve any sensible economic problem". [ 116 ] In 2017, François Velde, senior economist at the Chicago Fed , described bitcoin as "unlikely by itself to replace monies in well-functioning monetary systems." [ 117 ] The legal status of bitcoin varies substantially from one jurisdiction to another. Because of its decentralized nature and its global presence, regulating bitcoin is difficult. However, the use of bitcoin can be criminalized, and shutting down exchanges and the peer-to-peer economy in a given country would constitute a de facto ban. [ 118 ] The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, and law enforcement. [ 119 ] Nobel-prize winning economist Joseph Stiglitz says that bitcoin's anonymity encourages money laundering and other crimes. [ 120 ] This is the main justification behind bitcoin bans. [ 10 ] As of November 2021 , nine countries applied an absolute ban (Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia) while another 42 countries had an implicit ban. [ 121 ] [ needs update ] Use for payments Café in Delft accepting Bitcoin According to Harvard Professor Kenneth Rogoff as of 2025 , bitcoin is rarely used in regular transactions with merchants, but is popular in the informal economy and for criminal activities. [ 122 ] [ 123 ] Prices are not usually quoted in bitcoin and trades involve conversions into fiat currencies. [ 29 ] Commonly cited reasons for not using bitcoin include high costs, the inability to process chargebacks , high price volatility , long transaction times, and transaction fees (especially for small purchases). [ 124 ] [ 125 ] Bloomberg reported that bitcoin was being used for large-item purchases on the site Overstock.com and for cross-border payments to freelancers . [ 126 ] As of 2015 , there was little sign of bitcoin use in international remittances despite high fees charged by banks and Western Union . [ 29 ] [ 127 ] From September 2021 until January 2025, the Bitcoin Law made bitcoin a legal tender currency in El Salvador , alongside the US dollar. [ 7 ] The adoption had been criticized internationally and within El Salvador. [ 7 ] [ 128 ] In 2022, the International Monetary Fund (IMF) urged El Salvador to reverse its decision. [ 129 ] As of 2022 , the use of Bitcoin in El Salvador remained low: 80% of businesses refused to accept it. [ 130 ] In 2025, El Salvador's government revoked bitcoin's status as legal tender currency in order to comply with conditions set by the IMF for a loan. El Salvador still describes bitcoin as "legal tender", but its acceptance is no longer obligitory (as it is with the US dollar) and the El Salvador government no longer accepts bitcoin for payment of taxes or fees. [ 8 ] [ 9 ] In April 2022, the Central African Republic (CAR) adopted bitcoin as legal tender alongside the CFA franc , [ 131 ] but repealed the reform one year later. [ 132 ] Bitcoin is also used by some governments. For instance, the Iranian government initially opposed cryptocurrencies, but later began using them to circumvent sanctions . [ 133 ] Since 2020, Iran has required local bitcoin miners to sell bitcoin to the Central Bank of Iran , allowing the central bank to use it for imports. [ 134 ] Some constituent states and local governments also accept tax payments in bitcoin, including Colorado in the US [ 135 ] and Zug and Lugano in Switzerland. [ 136 ] [ 137 ] As of 2023, the US government owned more than $5 billion worth of seized bitcoin. [ 138 ] [ 139 ] Use for investment and status as an economic bubble Government website with El Salvador reserves As of 2018 , the overwhelming majority of bitcoin transactions took place on cryptocurrency exchanges . [ 124 ] Since 2014, regulated bitcoin funds also allow exposure to the asset or to futures as an investment. [ 140 ] [ 141 ] Bitcoin is used as a store of value : [ 142 ] [ 143 ] individuals and companies such as the Winklevoss twins [ 144 ] and Elon Musk 's companies SpaceX and Tesla have each bought and sold hundreds of millions of dollars worth of bitcoin. [ 145 ] [ 146 ] [ 147 ] Bitcoin wealth is highly concentrated, with 0.01% holding 27% of in-circulation currency, as of 2021. [ 148 ] As of March 2025, El Salvador had $550 million worth of bitcoin in its international reserves , about 6,102 coins. [ 149 ] Bitcoin, along with other cryptocurrencies, has been described as an economic bubble by several economists, including Nobel Prize in Economics laureates, such as Joseph Stiglitz , [ 150 ] James Heckman , [ 151 ] and Paul Krugman . [ 152 ] Another recipient of the prize, Robert Shiller , argues that bitcoin is rather a fad that may become an asset class . He describes its price growth as an "epidemic", driven by contagious narratives . [ 153 ] In 2024, Jean Tirole , also Nobel laureate, described bitcoin as a "pure bubble" as its intrinsic value is zero. According to him, some bubbles are long-lasting such as gold and fiat currencies, and it is impossible to predict whether bitcoin would implode like other financial bubbles or become an alternative to gold. [ 154 ] The same year, Federal Reserve Chair Jerome Powell described bitcoin as a digital competitor to gold but not to the dollar as he argued it is a highly volatile speculative asset not used as a form of payment. [ 155 ] In 2025, Kenneth Rogoff claimed that Krugman was wrong and that Bitcoin had value as it is competing with the dollar to become the means of exchange of the underground economy which represents 20% of the world's GDP . [ 122 ] [ 123 ] According to Rogoff, bitcoin is "the ideal currency for a more fragmented and uncertain global landscape" and it could become appealing to emerging-market central banks as a "politically neutral" reserve currency . [ 156 ] In 2025, the nominee for the Chair of the Federal Reserve, Kevin Warsh , described Bitcoin as the "new gold." [ 156 ] According to research published in the International Review of Financial Analysis in 2018, bitcoin as an asset is highly volatile and does not behave like any other conventional asset. [ 157 ] According to one 2022 analysis published in The Journal of Alternative Investments , bitcoin was less volatile than oil , silver , US Treasuries , and 190 stocks in the S&P 500 during and after the 2020 stock market crash . [ 158 ] The term hodl was created in December 2013 for holding bitcoin rather than selling it during periods of volatility. [ 159 ] [ 160 ] In 2014, economist Nouriel Roubini described bitcoin as a Ponzi scheme . [ 161 ] Legal scholar Eric Posner disagrees, however, as "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion ". [ 162 ] A 2014 World Bank report also concluded that bitcoin was not a deliberate Ponzi scheme. [ 163 ] Market characteristics Bitcoin markets operate 24 hours a day, seven days a week, contrasting with traditional financial markets that have fixed trading hours. Bitcoin prices show much higher volatility and respond strongly to both regulatory changes and market events. [ 164 ] The volume of bitcoin trading can fluctuate considerably among various exchanges and geographic regions. The daily transaction volume of bitcoin across all exchanges typically reaches $50 billion as of 2025. [ 165 ] See also Alternative currency – Medium of exchange complementing national currencies List of cryptocurrencies Notes ^ a b Named after Satoshi Nakamoto ^ a b The exact number is ₿20,999,999.9769. [ 6 ] : ch. 8 References ^ a b "Unicode 10.0.0" . Unicode Consortium. 20 June 2017. Archived from the original on 20 June 2017 . Retrieved 20 June 2017 . ^ a b Bradbury, Danny (November 2013). "The problem with Bitcoin" . Computer Fraud & Security . 2013 (11): 5– 8. doi : 10.1016/S1361-3723(13)70101-5 . ISSN 1361-3723 . Archived from the original on 18 January 2023 . Retrieved 25 November 2023 . ^ "Bitcoin Core 30.2" . 10 January 2026 . Retrieved 14 January 2026 . ^ a b S., L. (2 November 2015). "Who is Satoshi Nakamoto?" . The Economist . Archived from the original on 22 November 2020 . Retrieved 21 November 2023 . ^ a b Davis, Joshua (10 October 2011). "The Crypto-Currency: Bitcoin and its mysterious inventor" . The New Yorker . Archived from the original on 1 November 2014 . Retrieved 31 October 2014 . ^ a b c d e f g h i j k l m n o p q r s t u v w Antonopoulos, Andreas M. (2014). Mastering Bitcoin: Unlocking Digital Crypto-Currencies . O'Reilly Media. ISBN 978-1-4493-7404-4 . ^ a b c d "El Salvador's dangerous gamble on bitcoin" . The editorial board. Financial Times . 7 September 2021. Archived from the original on 7 September 2021 . Retrieved 7 September 2021 . ^ a b c "El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment" . The Tico Times . AFP . 2 February 2025 . Retrieved 10 October 2025 . ^ a b c "Bitcoin is no longer legal tender in El Salvador" . Dig.watch . DiploFoundation . 7 February 2025 . Retrieved 10 October 2025 . ^ a b Sun Yin, Hao Hua; Langenheldt, Klaus; Harlev, Mikkel; Mukkamala, Raghava Rao; Vatrapu, Ravi (2 January 2019). "Regulating Cryptocurrencies: A Supervised Machine Learning Approach to De-Anonymizing the Bitcoin Blockchain" . Journal of Management Information Systems . 36 (1): 65. doi : 10.1080/07421222.2018.1550550 . ISSN 0742-1222 . S2CID 132398387 . Archived from the original on 21 April 2024 . Retrieved 29 November 2023 . ^ Huang, Jon; O’Neill, Claire; Tabuchi, Hiroko (3 September 2021). "Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?" . The New York Times . ISSN 0362-4331 . Archived from the original on 17 February 2023 . Retrieved 26 October 2022 . ^ a b c d e f g h Narayanan, Arvind; Clark, Jeremy (27 November 2017). "Bitcoin's academic pedigree" . Communications of the ACM . 60 (12): 36– 45. doi : 10.1145/3132259 . ISSN 0001-0782 . S2CID 6425116 . Archived from the original on 14 October 2023 . Retrieved 22 November 2023 . ^ Dwork, Cynthia; Naor, Moni (1993), Brickell, Ernest F. (ed.), "Pricing via Processing or Combatting Junk Mail" , Advances in Cryptology — CRYPTO’ 92 , vol. 740, Berlin, Heidelberg: Springer Berlin Heidelberg, pp. 139– 147, doi : 10.1007/3-540-48071-4_10 , ISBN 978-3-540-57340-1 , retrieved 2 January 2025 {{ citation }} : CS1 maint: work parameter with ISBN ( link ) ^ Tschorsch, Florian; Scheuermann, Bjorn (2 March 2016). "Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies". IEEE Communications Surveys & Tutorials . 18 (3): 2084– 2123. doi : 10.1109/COMST.2016.2535718 . ISSN 1553-877X . S2CID 5115101 . ^ Judmayer, Aljosha; Stifter, Nicholas; Krombholz, Katharina; Weippl, Edgar (2017). "History of Cryptographic Currencies" . Blocks and Chains . Synthesis Lectures on Information Security, Privacy, and Trust. Springer . pp. 15– 18. doi : 10.1007/978-3-031-02352-1_3 . ISBN 978-3-031-01224-2 . Archived from the original on 22 November 2023 . Retrieved 22 November 2023 . ^ Bernard, Zoë (2 December 2017). "Everything you need to know about Bitcoin, its mysterious origins, and the many alleged identities of its creator" . Business Insider . Archived from the original on 15 June 2018 . Retrieved 15 June 2018 . ^ Finley, Klint (31 October 2018). "After 10 Years, Bitcoin Has Changed Everything—and Nothing" . Wired . Archived from the original on 5 November 2018 . Retrieved 9 November 2018 . ^ Economist Staff (31 October 2015). "Blockchains: The great chain of being sure about things" . The Economist . Archived from the original on 3 July 2016 . Retrieved 18 June 2016 . ^ a b Humayun, Mariam; Belk, Russell W. (2018). " 'Satoshi is Dead. Long Live Satoshi': The Curious Case of Bitcoin's Creator" . In N. N. Cross, Samantha; Ruvalcaba, Cecilia; Venkatesh, Alladi; W. Belk, Russell (eds.). Consumer Culture Theory . pp. 19– 35. doi : 10.1108/s0885-211120180000019002 . ISBN 978-1-78743-907-8 . ^ a b Wallace, Benjamin (23 November 2011). "The Rise and Fall of Bitcoin" . Wired . Archived from the original on 31 October 2013 . Retrieved 13 October 2012 . ^ Popper, Nathaniel (30 August 2014). "Hal Finney, Cryptographer and Bitcoin Pioneer, Dies at 58" . The New York Times . Archived from the original on 3 September 2014 . Retrieved 2 September 2014 . ^ Cooper, Anderson (16 May 2019). "Meet the man who spent millions worth of bitcoin on pizza" . CBS News . Archived from the original on 8 December 2021 . Retrieved 8 December 2021 . ^ Khalili, Joel (23 February 2024). "Bitcoin Royalty Descends on the Satoshi Nakamoto Trial" . Wired . Retrieved 25 August 2025 . {{ cite magazine }} : CS1 maint: url-status ( link ) ^ Frisby, Dominic (2014). Bitcoin: The Future of Money? . Unbound. ISBN 9781783520763 . ^ McMillan, Robert. "Who Owns the World's Biggest Bitcoin Wallet? The FBI" . Wired . Archived from the original on 21 October 2016 . Retrieved 7 October 2016 . ^ Simonite, Tom (15 August 2014). "Meet Gavin Andresen, the most powerful person in the world of Bitcoin" . MIT Technology Review . Archived from the original on 22 November 2023 . Retrieved 22 November 2023 . ^ Odell, Matt (21 September 2015). "A Solution To Bitcoin's Governance Problem" . TechCrunch . Archived from the original on 26 January 2016 . Retrieved 24 January 2016 . ^ Bustillos, Maria (1 April 2013). "The Bitcoin Boom" . The New Yorker . Archived from the original on 2 July 2018 . Retrieved 30 July 2018 . ^ a b c d e f g Rainer Böhme; Nicolas Christin; Benjamin Edelman; Tyler Moore (2015). "Bitcoin: Economics, Technology, and Governance" . Journal of Economic Perspectives . 29 (2): 213– 238. doi : 10.1257/jep.29.2.213 . ISSN 0895-3309 . ^ Lee, Timothy B. (19 March 2013). "US regulator Bitcoin Exchanges Must Comply With Money Laundering Laws" . Ars Technica . Archived from the original on 21 October 2013 . Retrieved 28 July 2017 . ^ Dillet, Romain. "Feds Seize Assets From Mt. Gox's Dwolla Account, Accuse It Of Violating Money Transfer Regulations" . TechCrunch . Archived from the original on 9 October 2013 . Retrieved 15 May 2013 . ^ Sampson, Tim (2013). "U.S. government makes its first-ever Bitcoin seizure" . The Daily Dot . Archived from the original on 12 July 2013 . Retrieved 15 October 2013 . ^ Hill, Kashmir. "The FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road" . Forbes . Archived from the original on 2 May 2014. ^ Kelion, Leo (18 December 2013). "Bitcoin sinks after China restricts yuan exchanges" . BBC News . Archived from the original on 19 December 2013 . Retrieved 20 December 2013 . ^ "China bans banks from bitcoin transactions" . The Sydney Morning Herald . Reuters. 6 December 2013. Archived from the original on 23 March 2014 . Retrieved 31 October 2014 . ^ "Baidu Stops Accepting Bitcoins After China Ban" . Bloomberg . New York. 7 December 2013. Archived from the original on 10 December 2013 . Retrieved 11 December 2013 . ^ "China bars use of virtual money for trading in real goods" . English.mofcom.gov.cn. 29 June 2009. Archived from the original on 29 November 2013 . Retrieved 10 January 2014 . ^ Hileman, Garrick; Rauchs, Michel. "Global Cryptocurrency Benchmarking Study" (PDF) . Cambridge University. Archived (PDF) from the original on 10 April 2017 . Retrieved 14 April 2017 . ^ Vigna, Paul (21 July 2017). "Bitcoin Rallies Sharply After Vote Resolves Bitter Scaling Debate" . The Wall Street Journal . Archived from the original on 21 November 2023 . Retrieved 21 November 2023 . ^ Selena Larson (1 August 2017). "Bitcoin split in two, here's what that means" . CNN Tech . Cable News Network. Archived from the original on 27 February 2018 . Retrieved 2 April 2018 . ^ Cheng, Evelyn (17 December 2017). "Bitcoin debuts on the world's largest futures exchange, and prices fall slightly" . CNBC . Archived from the original on 18 January 2024 . Retrieved 19 January 2024 . ^ French, Sally (9 February 2017). "Here's proof that this bitcoin crash is far from the worst the cryptocurrency has seen" . Market Watch. Archived from the original on 3 July 2018 . Retrieved 3 July 2018 . ^ "RMB Bitcoin trading falls below 1 pct of world total" . Xinhuanet. Xinhua . 7 July 2018. Archived from the original on 10 July 2018 . Retrieved 10 July 2018 . ^ Chavez-Dreyfuss, Gertrude (3 July 2018). "Cryptocurrency exchange theft surges in first half of 2018: report" . Reuters . Archived from the original on 4 July 2018 . Retrieved 10 July 2018 . ^ "Coinbase Bitcoin" . Coinbase . Federal Reserve Economic Data . 4 December 2024 . Retrieved 4 December 2024 . ^ Cuthbertson, Anthony (13 September 2021). "MicroStrategy buys another $250m worth of bitcoin in hope of 100X price growth" . The Independent . Archived from the original on 22 November 2023 . Retrieved 22 November 2023 . ^ Oliver Effron. "Square just bought $50 million in bitcoin" . CNN . Archived from the original on 24 October 2020 . Retrieved 22 October 2020 . ^ Olga Kharif (11 December 2020). "169-Year-Old MassMutual Invests $100 Million in Bitcoin" . Bloomberg . Archived from the original on 19 December 2020 . Retrieved 26 December 2020 . ^ "PayPal says all users in US can now buy, hold and sell cryptocurrencies" . Techcrunch . 13 November 2020. Archived from the original on 24 November 2020 . Retrieved 26 November 2020 . ^ Chavez-Dreyfuss, Gertrude; Wilson, Tom (19 February 2021). "Bitcoin hits $1 trillion market cap, surges to fresh all-time peak" . Reuters . Retrieved 24 November 2023 . [ dead link ] ^ Sigalos, MacKenzie (14 November 2021). "Bitcoin's biggest upgrade in four years just happened – here's what changes" . CNBC . Archived from the original on 14 November 2021 . Retrieved 15 November 2021 . ^ Van Hijfte, Stijn (2020). Blockchain Platforms: A Look at the Underbelly of Distributed Platforms . Morgan & Claypool Publishers. ISBN 978-1681738925 . ^ Wursthorn, Michael (19 October 2021). "A Bitcoin ETF Is Here. What Does That Mean for Investors?" . The Wall Street Journal . Archived from the original on 10 January 2024 . Retrieved 11 January 2024 . ^ Loh, Matthew. "Canada says it will freeze the bank accounts of 'Freedom Convoy' truckers who continue their anti-vaccine mandate blockades" . Business Insider . Retrieved 19 January 2025 . ^ "Crypto enthusiasts keep funding convoy protests as traditional banks take action against it – The Globe and Mail" . The Globe and Mail . 8 December 2024. Archived from the original on 8 December 2024 . Retrieved 19 January 2025 . ^ "Meet Greg Foss: A Former Bitcoin Fundraiser For Canada's 'Freedom Convoy' Protest" . Forbes . 20 June 2024. Archived from the original on 20 June 2024 . Retrieved 19 January 2025 . ^ "Elon Musk–backed 'freedom truckers' in Canada get Bitcoin lifeline after GoFundMe freezes millions in donations" . Yahoo! Finance . 13 March 2022. Archived from the original on 13 March 2022 . Retrieved 19 January 2025 . ^ Browne, Ryan (10 May 2022). "Bitcoin investors are panicking as a controversial crypto experiment unravels" . CNBC . Archived from the original on 11 May 2022 . Retrieved 11 May 2022 . ^ Milmo, Dan (18 June 2022). "Bitcoin value slumps below $20,000 in cryptocurrencies turmoil" . The Guardian . Archived from the original on 18 June 2022 . Retrieved 19 June 2022 . ^ Yaffe-Bellany, David (13 June 2022). "Celsius Network Leads Crypto Markets Into Another Free Fall" . The New York Times . Archived from the original on 14 June 2022 . Retrieved 14 June 2022 . ^ Behrendt, Philipp (2023). "Taxation of the New Age: New Guidance for the World of Digital Assets" . Journal of Tax Practice & Procedure . 25 : 47. Archived from the original on 21 November 2023 . Retrieved 21 November 2023 . ^ "As banks buy up bitcoins, who else are the 'Bitcoin whales'?" . BBC Home . 1 March 2024 . Retrieved 14 March 2024 . ^ Schmitt, Will (12 January 2024). "Bitcoin trading volumes surge after debut of long-awaited US ETFs" . Financial Times . Archived from the original on 12 January 2024 . Retrieved 12 January 2024 . ^ Lang, Hannah (11 January 2024). "US bitcoin ETFs see $4.6B in volume in first day of trading" . Reuters . Retrieved 12 January 2024 . ^ "Bitcoin storms above $100,000 as Trump 2.0 fuels crypto euphoria" . Reuters . 5 December 2024. ^ McGee, Suzanne (12 December 2024). "BlackRock recommends bitcoin portfolio weighting of up to 2% for interested investors" . Reuters . ^ Bose, Nandita; Ward, Jasper (7 March 2025). "Trump signs order to establish strategic bitcoin reserve" . Reuters . Washington . Retrieved 10 March 2025 . ^ "Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve" . 22 June 2025. Archived from the original on 24 June 2025 . Retrieved 6 July 2025 . ^ "Czech central bank buys $1 million in bitcoin, other crypto assets for testing" . Reuters . ^ a b c Alexander, Carol; Imeraj, Arben (2019). "Introducing the BITIX: The Bitcoin Fear Gauge" . SSRN Electronic Journal . doi : 10.2139/ssrn.3383734 . ISSN 1556-5068 . XBT satisfies the norm 'ISO 4217' by the International Organisation for Standardisation (ISO) as BTC goes against the name of Bhutan's currency. In general, transaction instruments that are not national currencies, like gold or silver, begin with an X. However, the symbol XBT is not officially recognised by ISO. ^ Romain Dillet (9 August 2013). "Bitcoin Ticker Available On Bloomberg Terminal For Employees" . TechCrunch . Archived from the original on 1 November 2014 . Retrieved 2 November 2014 . ^ Bustillos, Maria (2 April 2013). "The Bitcoin Boom" . The New Yorker . Archived from the original on 27 July 2014 . Retrieved 22 December 2013 . ^ Bitcoin , Oxford Advanced Learner's Dictionary ^ bitcoin Archived 3 May 2022 at the Wayback Machine , Cambridge Advanced Learner's Dictionary ^ Katie Pisa; Natasha Maguder (9 July 2014). "Bitcoin your way to a double espresso" . CNN . Archived from the original on 18 June 2015 . Retrieved 23 April 2015 . ^ a b c Gervais, Arthur; Karame, Ghassan O.; Capkun, Vedran; Capkun, Srdjan (May 2014). "Is Bitcoin a Decentralized Currency?". IEEE Security & Privacy . 12 (3): 54– 60. Bibcode : 2014ISPri..12c..54G . doi : 10.1109/MSP.2014.49 . ISSN 1540-7993 . S2CID 13948781 . ^ a b c d e f "The great chain of being sure about things" . The Economist . 31 October 2015. Archived from the original on 4 December 2023 . Retrieved 22 November 2023 . ^ "Blockchain Networks: Token Design and Management Overview" (PDF) . National Institute of Standards Technology (NIST). p. 32. Archived (PDF) from the original on 24 December 2022 . Retrieved 29 December 2022 . ^ Sparkes, Matthew (9 June 2014). "The coming digital anarchy" . The Daily Telegraph . Archived from the original on 23 January 2015 . Retrieved 7 January 2015 . ^ a b c d e Kroll, Joshua A.; Davey, Ian C.; Felten, E. (11–12 June 2013). The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries . The Twelfth Workshop on the Economics of Information Security (WEIS 2013). Washington, DC. S2CID 2794725 . ^ "Man Throws Away 7,500 Bitcoins, Now Worth $7.5 Million" . CBS DC . 29 November 2013. Archived from the original on 15 January 2014 . Retrieved 23 January 2014 . ^ Krause, Elliott (5 July 2018). "A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help" . The Wall Street Journal . Archived from the original on 9 July 2018 . Retrieved 8 July 2018 . ^ Jeffries, Adrianne (19 December 2013). "How to steal Bitcoin in three easy steps" . The Verge . Archived from the original on 27 July 2019 . Retrieved 17 January 2014 . ^ Harney, Alexandra; Stecklow, Steve (16 November 2017). "Twice burned – How Mt. Gox's bitcoin customers could lose again" . Reuters . Archived from the original on 29 August 2019 . Retrieved 6 September 2018 . ^ a b c d Mingxiao, Du; Xiaofeng, Ma; Zhe, Zhang; Xiangwei, Wang; Qijun, Chen (5–8 October 2017). A review on consensus algorithm of blockchain . 2017 IEEE International Conference on Systems, Man, and Cybernetics (SMC). Banff, AB, Canada: IEEE. pp. 2567– 2572. doi : 10.1109/SMC.2017.8123011 . ISBN 978-1-5386-1645-1 . ^ "Bitcoin boom benefiting TSMC: report" . Taipei Times . 4 January 2014. Archived from the original on 29 January 2023 . Retrieved 22 October 2021 . ^ Ashlee, Vance (14 November 2013). "2014 Outlook: Bitcoin Mining Chips, a High-Tech Arms Race" . BusinessWeek . Archived from the original on 21 November 2013 . Retrieved 24 November 2013 . ^ King, Ritchie S.; Williams, Sam; Yanofsky, David (17 December 2013). "By reading this article, you're mining bitcoins" . Quartz . Archived from the original on 17 December 2013 . Retrieved 17 December 2013 . ^ Hampton, Nikolai (5 September 2016). "Understanding the blockchain hype: Why much of it is nothing more than snake oil and spin" . Computerworld . Archived from the original on 6 September 2016 . Retrieved 5 September 2016 . ^ Stoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich; Neumüller, Alexander (June 2023). Climate Impacts of Bitcoin Mining in the U.S. (Report). Working Paper Series. MIT Center for Energy and Environmental Policy Research. JSTOR resrep51839 . ^ "Cambridge Digital Mining Industry Report: Global Operations, Sentiment, and Energy Use – CCAF publications" . Cambridge Judge Business School . Retrieved 29 April 2025 . ^ Huang, Jon; O'Neill, Claire; Tabuchi, Hiroko (3 September 2021). "Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?" . The New York Times . ISSN 0362-4331 . Archived from the original on 17 February 2023 . Retrieved 16 January 2022 . ^ de Vries, Alex; Stoll, Christian (December 2021). "Bitcoin's growing e-waste problem". Resources, Conservation and Recycling . 175 105901. Bibcode : 2021RCR...17505901D . doi : 10.1016/j.resconrec.2021.105901 . ^ "Bitcoin mining in China rebounds, defying 2021 ban" . Reuters . 26 November 2025. ^ "Global Hashrate Heatmap Update: Q4 2025" . Hashrate Index . 6 October 2025 . Retrieved 26 November 2025 . ^ Simonite, Tom (5 September 2013). "Mapping the Bitcoin Economy Could Reveal Users' Identities" . MIT Technology Review . Archived from the original on 27 September 2020 . Retrieved 2 April 2014 . ^ Lee, Timothy (21 August 2013). "Five surprising facts about Bitcoin" . The Washington Post . Archived from the original on 9 July 2022 . Retrieved 21 November 2023 . ^ McMillan, Robert (6 June 2013). "How Bitcoin lets you spy on careless companies" . Wired UK . Archived from the original on 9 February 2014 . Retrieved 3 April 2020 . ^ Anderson, Ross; Shumailov, Ilia; Ahmed, Mansoor (24 November 2018). "Making Bitcoin Legal" . In Matyáš, Vashek; Švenda, Petr; Stajano, Frank; Christianson, Bruce (eds.). Security Protocols XXVI . Lecture Notes in Computer Science. Vol. 11286. Springer. pp. 243– 253. doi : 10.1007/978-3-030-03251-7_29 . ISBN 978-3-030-03250-0 . Archived from the original on 24 November 2023 . Retrieved 24 November 2023 . ^ Möser, Malte; Böhme, Rainer; Breuker, Dominic (2013). An Inquiry into Money Laundering Tools in the Bitcoin Ecosystem (PDF) . 2013 APWG eCrime Researchers Summit. IEEE . ISBN 978-1-4799-1158-5 . Archived (PDF) from the original on 26 June 2018 . Retrieved 19 June 2019 . ^ Serwer, Adam; Liebelson, Dana (10 April 2013). "Bitcoin, Explained" . Mother Jones . Archived from the original on 27 April 2014 . Retrieved 26 April 2014 . ^ Vigna, Paul (17 January 2016). "Is Bitcoin Breaking Up?" . The Wall Street Journal . Archived from the original on 20 August 2016 . Retrieved 8 November 2016 . ^ Gervais, Arthur; Capkun, Srdjan; Karame, Ghassan O.; Gruber, Damian (8 December 2014). "On the privacy provisions of Bloom filters in lightweight bitcoin clients" . Proceedings of the 30th Annual Computer Security Applications Conference . ACSAC '14. New York, NY, USA: Association for Computing Machinery. pp. 326– 335. doi : 10.1145/2664243.2664267 . ISBN 978-1-4503-3005-3 . S2CID 9161497 . Archived from the original on 21 April 2024 . Retrieved 22 November 2023 . ^ Barhydt, Bill (4 June 2014). "3 reasons Wall Street can't stay away from bitcoin" . CNBC. Archived from the original on 4 December 2023 . Retrieved 22 November 2023 . ^ Roberts, Daniel (15 December 2017). "How to send bitcoin to a hardware wallet" . Yahoo Finance . Archived from the original on 17 February 2018 . Retrieved 17 February 2018 . ^ Mike Orcutt (19 May 2015). "Leaderless Bitcoin Struggles to Make Its Most Crucial Decision" . MIT Technology Review . Archived from the original on 18 October 2017 . Retrieved 15 November 2016 . ^ Orcutt, Mike (19 May 2015). "Leaderless Bitcoin Struggles to Make Its Most Crucial Decision" . MIT Technology Review . Archived from the original on 18 October 2017 . Retrieved 22 June 2017 . ^ Tschorsch, Florian; Scheuermann, Björn (2016). "Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies". IEEE Communications Surveys and Tutorials . 18 (3): 2084– 2123. doi : 10.1109/comst.2016.2535718 . S2CID 5115101 . ^ Wilhelm, Alex. "Popular Bitcoin Mining Pool Promises To Restrict Its Compute Power To Prevent Feared '51%' Fiasco" . TechCrunch . Archived from the original on 5 December 2017 . Retrieved 25 January 2018 . ^ European Central Bank (2012). Virtual Currency Schemes (PDF) . European Central Bank . doi : 10.2866/47380 . ISBN 978-92-899-0862-7 . OCLC 1044382974 . Archived (PDF) from the original on 6 November 2012. ^ Dodd, Nigel (May 2018). "The Social Life of Bitcoin" . Theory, Culture & Society . 35 (3): 35– 56. doi : 10.1177/0263276417746464 . ISSN 0263-2764 . S2CID 51914607 . Archived from the original on 22 November 2023 . Retrieved 22 November 2023 . ^ a b "Bitcoin and other cryptocurrencies are useless" . The Economist . 30 August 2018. Archived from the original on 4 September 2018 . Retrieved 4 September 2018 . ^ Feuer, Alan (14 December 2013). "The Bitcoin Ideology" . The New York Times . Archived from the original on 1 July 2018 . Retrieved 1 July 2018 . ^ a b "Free Exchange. Money from nothing. Chronic deflation may keep Bitcoin from displacing its rivals" . The Economist . 15 March 2014. Archived from the original on 25 March 2014 . Retrieved 25 March 2014 . ^ "The magic of mining" . The Economist . 13 January 2015. Archived from the original on 12 January 2015 . Retrieved 13 January 2015 . ^ Shiller, Robert (1 March 2014). "In Search of a Stable Electronic Currency" . The New York Times . Archived from the original on 24 October 2014. ^ Velde, François R. (August 2017). Technological Change and the Future of Cash (Report). SUERF Policy Note. SUERF – The European Money and Finance Forum . Retrieved 21 October 2025 . ^ Weindling, Jacob (18 September 2017). "China May Be Gearing Up to Ban Bitcoin" . Paste . Archived from the original on 22 November 2023 . Retrieved 22 November 2023 . ^ Lavin, Tim (8 August 2013). "The SEC Shows Why Bitcoin Is Doomed" . Bloomberg News . Archived from the original on 25 March 2014 . Retrieved 20 October 2013 . ^ Montag, Ali (9 July 2018). "Nobel-winning economist: Authorities will bring down 'hammer' on bitcoin" . CNBC. Archived from the original on 11 July 2018 . Retrieved 11 July 2018 . ^ "Regulation of Cryptocurrency Around the World: November 2021 Update" (PDF) . United States Library of Congress. Archived (PDF) from the original on 24 December 2021 . Retrieved 28 December 2022 . ^ a b "This time really is different for the dollar, writes Kenneth Rogoff" . The Economist . ISSN 0013-0613 . Retrieved 25 May 2025 . ^ a b Ken Rogoff on How Crypto Is Cutting Into the Dollar’s Hegemony , Vildana Hajric, Bloomberg, May 24, 2025 ^ a b Murphy, Hannah (8 June 2018). "Who really owns bitcoin now?" . Financial Times . Archived from the original on 10 June 2018 . Retrieved 10 June 2018 . ^ Katz, Lily (12 July 2017). "Bitcoin Acceptance Among Retailers Is Low and Getting Lower" . Bloomberg News . Archived from the original on 25 January 2018 . Retrieved 25 January 2018 . ^ Kharif, Olga (1 August 2018). "Bitcoin's Use in Commerce Keeps Falling Even as Volatility Eases" . Bloomberg News . Archived from the original on 2 August 2018 . Retrieved 2 August 2018 . ^ Chan, Bernice (16 January 2015). "Bitcoin transactions cut the cost of international money transfers" . South China Morning Post . Archived from the original on 31 May 2019 . Retrieved 31 May 2019 . ^ "Majority of Salvadorans do not want bitcoin, poll shows" . Reuters . 2 September 2021. Archived from the original on 30 November 2021 . Retrieved 30 November 2021 . ^ "IMF urges El Salvador to remove Bitcoin as legal tender" . BBC News . 26 January 2022. Archived from the original on 26 January 2022 . Retrieved 26 January 2022 . ^ Alvarez, Fernando; Argente, David; Van Patten, Diana (2022). Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador (Report). Cambridge, MA: National Bureau of Economic Research. doi : 10.3386/w29968 . ^ "Bitcoin Declared Legal Currency in Central African Republic" . Bloomberg . 28 April 2022. Archived from the original on 28 April 2022 . Retrieved 28 April 2022 . ^ "Frequently Asked Questions on Central African Republic" . International Monetary Fund . Archived from the original on 11 August 2023 . Retrieved 11 August 2023 . ^ Rasool, Mohammed (3 November 2020). "Iran Is Pivoting to Bitcoin" . Vice . Archived from the original on 3 November 2020 . Retrieved 10 November 2020 . ^ "Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports" . Asharq Al-Awsat . 31 October 2020. Archived from the original on 31 October 2020 . Retrieved 31 October 2020 . ^ Kohler, Judith (21 September 2022). "Colorado accepts cryptocurrency to pay taxes, moving the state "tech forward" " . The Denver Post . Archived from the original on 29 December 2022 . Retrieved 29 December 2022 . ^ " 'Crypto Valley' canton to accept Bitcoin for tax payments" . SWI swissinfo . 3 September 2020. Archived from the original on 22 November 2023 . Retrieved 22 November 2023 . ^ swissinfo.ch, S. W. I. (5 December 2023). "Lugano accepts bitcoin and tether payments for all city invoices" . SWI swissinfo.ch . Retrieved 21 October 2025 . ^ Huang, Vicky Ge (15 October 2023). "Why the U.S. Government Has $5 Billion in Bitcoin" . The Wall Street Journal . Archived from the original on 20 February 2024 . Retrieved 20 February 2024 . ^ Castillo, Michael del (16 June 2023). "U.S. Government Owns Way More Bitcoin Than Any Other Country–So Why Aren't They Selling It?" . Forbes . Archived from the original on 21 February 2024 . Retrieved 21 February 2024 . ^ "Jersey approve Bitcoin fund launch on island" . BBC News . 10 July 2014. Archived from the original on 10 July 2014 . Retrieved 10 July 2014 . ^ "Chicago Mercantile Exchange jumps into bitcoin futures" . CBS News . 18 December 2017. Archived from the original on 31 May 2019 . Retrieved 31 May 2019 . ^ "Gold or Bitcoin? Store-of-value debate rages as Bitcoin grows" . Bloomberg Professional Services . 25 October 2021 . Retrieved 2 October 2024 . ^ "Goldman Sachs says bitcoin will compete with gold as "store of value" " . Reuters . 5 January 2022. ^ Lee, Timothy B. "The $11 million in bitcoins the Winklevoss brothers bought is now worth $32 million" . The Washington Post . Archived from the original on 6 July 2017 . Retrieved 11 August 2017 . ^ "Tesla Sells 75% of Its Bitcoin Purchases" . The Wall Street Journal . Retrieved 23 November 2025 . {{ cite news }} : CS1 maint: deprecated archival service ( link ) ^ Maidenberg, Micah; Driebusch, Corrie; Jin, Berber (17 August 2023). "A Rare Look Into the Finances of Elon Musk's Secretive SpaceX" . The Wall Street Journal . Retrieved 19 November 2023 . {{ cite news }} : CS1 maint: deprecated archival service ( link ) ^ Ostroff, Caitlin; Elliott, Rebecca (8 February 2021). "Tesla Buys $1.5 Billion in Bitcoin" . The Wall Street Journal . ISSN 0099-9660 . Archived from the original on 6 January 2024 . Retrieved 22 November 2023 . ^ Vigna, Paul (20 December 2021). "Bitcoin's 'One Percent' Controls Lion's Share of the Cryptocurrency's Wealth" . Wall Street Journal . ISSN 0099-9660 . Archived from the original on 22 December 2021 . Retrieved 22 December 2021 . ^ Renteria, Nelson (5 March 2025). "El Salvador announces more bitcoin purchases, gives IMF assurances" . ^ Costelloe, Kevin (29 November 2017). "Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says" . Bloomberg News . Archived from the original on 12 June 2018 . Retrieved 5 June 2018 . It doesn't serve any socially useful function. ^ Wolff-Mann, Ethan (27 April 2018). " 'Only good for drug dealers': More Nobel prize winners snub bitcoin" . Yahoo Finance . Archived from the original on 12 June 2018 . Retrieved 7 June 2018 . ^ Mohamed, Theron (30 May 2023). "Nobel economist Paul Krugman slams crypto as mostly useless, after saying it's hugely overpriced and helps criminals" . Business Insider . Archived from the original on 23 November 2023 . Retrieved 23 November 2023 . ^ Authers, John (9 June 2021). "Don't Call Bitcoin a Bubble. It's an Epidemic" . Bloomberg.com . Archived from the original on 10 June 2021. ^ Tirole, Jean (1 February 2024). "Cryptocurrencies: an economist's view" . La Jaune et la Rouge . Vol. February 2024, no. 792 . Retrieved 15 November 2024 . ^ "Bitcoin breaks $100,000 barrier amid post-election cryptocurrency surge" . Washington Post . Retrieved 5 December 2024 . "People use bitcoin as a speculative asset. It's like gold, it's just like gold, only it's virtual, it's digital. People are not using it as a form of payment or a store of value," he said. "It's highly volatile. It's not a competitor for the dollar; it's really a competitor for gold." ^ a b Rogoff, Kenneth (26 February 2026). "Should Central Banks Hold Bitcoin Reserves?" . Project Syndicate . Retrieved 30 March 2026 . ^ Klein, Tony; Pham Thu, Hien; Walther, Thomas (October 2018). "Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance" (PDF) . International Review of Financial Analysis . 59 : 105– 116. doi : 10.1016/j.irfa.2018.07.010 . S2CID 158400153 . Archived (PDF) from the original on 25 November 2023 . Retrieved 24 November 2023 . ^ Mazur, Mieszko (31 March 2022). "Misperceptions of Bitcoin Volatility". The Journal of Alternative Investments . 24 (4): 33– 44. doi : 10.3905/jai.2022.1.153 . ISSN 1520-3255 . S2CID 247843794 . ^ Montag, Ali (26 August 2018). " 'HODL,' 'whale' and 5 other cryptocurrency slang terms explained" . CNBC . Archived from the original on 12 January 2022 . Retrieved 16 March 2021 . ^ Hajric, Vildana (19 November 2020). "All the Bitcoin Lingo You Need to Know as Crypto Heats Up" . Bloomberg . Archived from the original on 29 November 2020 . Retrieved 1 December 2020 . ^ Clinch, Matt (10 March 2014). "Roubini launches stinging attack on bitcoin" . CNBC . Archived from the original on 9 July 2022 . Retrieved 22 November 2023 . ^ Posner, Eric (11 April 2013). "Fool's Gold" . Slate . ISSN 1091-2339 . Archived from the original on 8 July 2022 . Retrieved 22 November 2023 . ^ Davradakis, Emmanouil; Santos, Ricardo (2019). Blockchain, FinTechs and their relevance for international financial institutions . European Investment Bank . doi : 10.2867/11329 . ISBN 978-92-861-4184-3 . Archived from the original on 21 April 2024 . Retrieved 24 November 2023 . ^ Feng, Wenjun; Wang, Yiming; Zhang, Zhengjun (1 September 2018). "Informed trading in the Bitcoin market" . Finance Research Letters . 26 : 63– 70. doi : 10.1016/j.frl.2017.11.009 . ISSN 1544-6123 . ^ "Bitcoin set to break records and shatter the $100K barrier" . The Economic Times . 8 May 2025. ISSN 0013-0389 . Retrieved 20 May 2025 . Further reading Nakamoto, Satoshi (31 October 2008). "Bitcoin: A Peer-to-Peer Electronic Cash System" (PDF) . bitcoin.org. Archived from the original (PDF) on 20 March 2014 . Retrieved 28 April 2014 . External links Look up bitcoin in Wiktionary, the free dictionary. Wikiquote has quotations related to Bitcoin . Code repository on Github
Markdown	[Jump to content](https://en.wikipedia.org/wiki/Bitcoin#bodyContent) Main menu Main menu move to sidebar hide Navigation - [Main page](https://en.wikipedia.org/wiki/Main_Page "Visit the main page [z]") - [Contents](https://en.wikipedia.org/wiki/Wikipedia:Contents "Guides to browsing Wikipedia") - [Current events](https://en.wikipedia.org/wiki/Portal:Current_events "Articles related to current events") - [Random article](https://en.wikipedia.org/wiki/Special:Random "Visit a randomly selected article [x]") - [About Wikipedia](https://en.wikipedia.org/wiki/Wikipedia:About "Learn about Wikipedia and how it works") - [Contact us](https://en.wikipedia.org/wiki/Wikipedia:Contact_us "How to contact Wikipedia") Contribute - [Help](https://en.wikipedia.org/wiki/Help:Contents "Guidance on how to use and edit Wikipedia") - [Learn to edit](https://en.wikipedia.org/wiki/Help:Introduction "Learn how to edit Wikipedia") - [Community portal](https://en.wikipedia.org/wiki/Wikipedia:Community_portal "The hub for editors") - [Recent changes](https://en.wikipedia.org/wiki/Special:RecentChanges "A list of recent changes to Wikipedia [r]") - [Upload file](https://en.wikipedia.org/wiki/Wikipedia:File_upload_wizard "Add images or other media for use on Wikipedia") - [Special pages](https://en.wikipedia.org/wiki/Special:SpecialPages "A list of all special pages [q]") [![](https://en.wikipedia.org/static/images/icons/enwiki-25.svg) ![Wikipedia](https://en.wikipedia.org/static/images/mobile/copyright/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https://en.wikipedia.org/static/images/mobile/copyright/wikipedia-tagline-en-25.svg)](https://en.wikipedia.org/wiki/Main_Page) [Search](https://en.wikipedia.org/wiki/Special:Search "Search Wikipedia [f]") Appearance - [Donate](https://donate.wikimedia.org/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en) - [Create account](https://en.wikipedia.org/w/index.php?title=Special:CreateAccount&returnto=Bitcoin "You are encouraged to create an account and log in; however, it is not mandatory") - [Log in](https://en.wikipedia.org/w/index.php?title=Special:UserLogin&returnto=Bitcoin "You're encouraged to log in; however, it's not mandatory. [o]") Personal tools - [Donate](https://donate.wikimedia.org/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en) - [Create account](https://en.wikipedia.org/w/index.php?title=Special:CreateAccount&returnto=Bitcoin "You are encouraged to create an account and log in; however, it is not mandatory") - [Log in](https://en.wikipedia.org/w/index.php?title=Special:UserLogin&returnto=Bitcoin "You're encouraged to log in; however, it's not mandatory. [o]") ## Contents move to sidebar hide - [(Top)](https://en.wikipedia.org/wiki/Bitcoin) - [1 History](https://en.wikipedia.org/wiki/Bitcoin#History) Toggle History subsection - [1\.1 Background](https://en.wikipedia.org/wiki/Bitcoin#Background) - [1\.2 2008–2009: Creation](https://en.wikipedia.org/wiki/Bitcoin#2008%E2%80%932009:_Creation) - [1\.3 2010–2012: Early growth](https://en.wikipedia.org/wiki/Bitcoin#2010%E2%80%932012:_Early_growth) - [1\.4 2013–2014: First regulatory actions](https://en.wikipedia.org/wiki/Bitcoin#2013%E2%80%932014:_First_regulatory_actions) - [1\.5 2015–2019](https://en.wikipedia.org/wiki/Bitcoin#2015%E2%80%932019) - [1\.6 2020–present](https://en.wikipedia.org/wiki/Bitcoin#2020%E2%80%93present) - [2 Design](https://en.wikipedia.org/wiki/Bitcoin#Design) Toggle Design subsection - [2\.1 Units and divisibility](https://en.wikipedia.org/wiki/Bitcoin#Units_and_divisibility) - [2\.2 Blockchain](https://en.wikipedia.org/wiki/Bitcoin#Blockchain) - [2\.3 Addresses and transactions](https://en.wikipedia.org/wiki/Bitcoin#Addresses_and_transactions) - [2\.4 Mining](https://en.wikipedia.org/wiki/Bitcoin#Mining) - [2\.5 Privacy and fungibility](https://en.wikipedia.org/wiki/Bitcoin#Privacy_and_fungibility) - [2\.6 Wallets](https://en.wikipedia.org/wiki/Bitcoin#Wallets) - [2\.7 Scalability and decentralization challenges](https://en.wikipedia.org/wiki/Bitcoin#Scalability_and_decentralization_challenges) - [3 Economics and usage](https://en.wikipedia.org/wiki/Bitcoin#Economics_and_usage) Toggle Economics and usage subsection - [3\.1 Bitcoin's theoretical roots and ideology](https://en.wikipedia.org/wiki/Bitcoin#Bitcoin's_theoretical_roots_and_ideology) - [3\.2 Recognition as a currency and legal status](https://en.wikipedia.org/wiki/Bitcoin#Recognition_as_a_currency_and_legal_status) - [3\.3 Use for payments](https://en.wikipedia.org/wiki/Bitcoin#Use_for_payments) - [3\.4 Use for investment and status as an economic bubble](https://en.wikipedia.org/wiki/Bitcoin#Use_for_investment_and_status_as_an_economic_bubble) - [3\.5 Market characteristics](https://en.wikipedia.org/wiki/Bitcoin#Market_characteristics) - [4 See also](https://en.wikipedia.org/wiki/Bitcoin#See_also) - [5 Notes](https://en.wikipedia.org/wiki/Bitcoin#Notes) - [6 References](https://en.wikipedia.org/wiki/Bitcoin#References) - [7 Further reading](https://en.wikipedia.org/wiki/Bitcoin#Further_reading) - [8 External links](https://en.wikipedia.org/wiki/Bitcoin#External_links) Toggle the table of contents # Bitcoin 137 languages - [Afrikaans](https://af.wikipedia.org/wiki/Bitcoin "Bitcoin – Afrikaans") - [Alemannisch](https://als.wikipedia.org/wiki/Bitcoin "Bitcoin – Alemannic") - [አማርኛ](https://am.wikipedia.org/wiki/%E1%89%A2%E1%89%B5%E1%8A%AE%E1%8B%AD%E1%8A%95 "ቢትኮይን – Amharic") - [Aragonés](https://an.wikipedia.org/wiki/Bitcoin "Bitcoin – Aragonese") - [العربية](https://ar.wikipedia.org/wiki/%D8%A8%D9%8A%D8%AA%D9%83%D9%88%D9%8A%D9%86 "بيتكوين – Arabic") - [الدارجة](https://ary.wikipedia.org/wiki/%D8%A8%D9%8A%D8%AA%D9%83%D9%88%D9%8A%D9%86 "بيتكوين – Moroccan Arabic") - [مصرى](https://arz.wikipedia.org/wiki/%D8%A8%D9%8A%D8%AA%D9%83%D9%88%D9%8A%D9%86 "بيتكوين – Egyptian Arabic") - [অসমীয়া](https://as.wikipedia.org/wiki/%E0%A6%AC%E0%A6%BF%E0%A6%9F%E0%A6%95%E0%A6%87%E0%A6%A8 "বিটকইন – Assamese") - [Asturianu](https://ast.wikipedia.org/wiki/Bitcoin "Bitcoin – Asturian") - [Azərbaycanca](https://az.wikipedia.org/wiki/Bitcoin "Bitcoin – Azerbaijani") - [تۆرکجه](https://azb.wikipedia.org/wiki/%D8%A8%DB%8C%D8%AA%DA%A9%D9%88%DB%8C%D9%86 "بیتکوین – South Azerbaijani") - [Башҡортса](https://ba.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD "Биткойн – Bashkir") - [Basa Bali](https://ban.wikipedia.org/wiki/Bitcoin "Bitcoin – Balinese") - [Boarisch](https://bar.wikipedia.org/wiki/Bitcoin "Bitcoin – Bavarian") - [Беларуская (тарашкевіца)](https://be-tarask.wikipedia.org/wiki/%D0%91%D1%96%D1%82%D0%BA%D0%BE%D0%B9%D0%BD "Біткойн – Belarusian (Taraškievica orthography)") - [Беларуская](https://be.wikipedia.org/wiki/%D0%91%D1%96%D1%82%D0%BA%D0%BE%D0%B9%D0%BD "Біткойн – Belarusian") - [Български](https://bg.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD "Биткойн – Bulgarian") - [भोजपुरी](https://bh.wikipedia.org/wiki/%E0%A4%AC%E0%A4%BF%E0%A4%9F%E0%A4%95%E0%A5%89%E0%A4%87%E0%A4%A8 "बिटकॉइन – Bhojpuri") - [ပအိုဝ်ႏဘာႏသာႏ](https://blk.wikipedia.org/wiki/%E1%80%98%E1%80%85%E1%80%BA%E1%80%80%E1%80%BD%E1%80%AF%E1%80%B2%E1%80%94%E1%80%BA "ဘစ်ကွုဲန် – Pa'O") - [বাংলা](https://bn.wikipedia.org/wiki/%E0%A6%AC%E0%A6%BF%E0%A6%9F%E0%A6%95%E0%A6%AF%E0%A6%BC%E0%A7%87%E0%A6%A8 "বিটকয়েন – Bangla") - [Brezhoneg](https://br.wikipedia.org/wiki/Bitcoin "Bitcoin – Breton") - [Català](https://ca.wikipedia.org/wiki/Bitcoin "Bitcoin – Catalan") - [کوردی](https://ckb.wikipedia.org/wiki/%D8%A8%DB%8C%D8%AA%DA%A9%DB%86%DB%8C%D9%86 "بیتکۆین – Central Kurdish") - [Čeština](https://cs.wikipedia.org/wiki/Bitcoin "Bitcoin – Czech") - [Cymraeg](https://cy.wikipedia.org/wiki/Bitcoin "Bitcoin – Welsh") - [Dansk](https://da.wikipedia.org/wiki/Bitcoin "Bitcoin – Danish") - [Deutsch](https://de.wikipedia.org/wiki/Bitcoin "Bitcoin – German") - [Zazaki](https://diq.wikipedia.org/wiki/Bitcoin "Bitcoin – Dimli") - [Ελληνικά](https://el.wikipedia.org/wiki/Bitcoin "Bitcoin – Greek") - [Esperanto](https://eo.wikipedia.org/wiki/Bitmono "Bitmono – Esperanto") - [Español](https://es.wikipedia.org/wiki/Bitcoin "Bitcoin – Spanish") - [Eesti](https://et.wikipedia.org/wiki/Bitcoin "Bitcoin – Estonian") - [Euskara](https://eu.wikipedia.org/wiki/Bitcoin "Bitcoin – Basque") - [فارسی](https://fa.wikipedia.org/wiki/%D8%A8%DB%8C%D8%AA%E2%80%8C%DA%A9%D9%88%DB%8C%D9%86 "بیت‌کوین – Persian") - [Fulfulde](https://ff.wikipedia.org/wiki/Bitcoin "Bitcoin – Fula") - [Suomi](https://fi.wikipedia.org/wiki/Bitcoin "Bitcoin – Finnish") - [Føroyskt](https://fo.wikipedia.org/wiki/Bitcoin "Bitcoin – Faroese") - [Français](https://fr.wikipedia.org/wiki/Bitcoin "Bitcoin – French") - [Frysk](https://fy.wikipedia.org/wiki/Bitcoin "Bitcoin – Western Frisian") - [Gaeilge](https://ga.wikipedia.org/wiki/Bitcoin "Bitcoin – Irish") - [Galego](https://gl.wikipedia.org/wiki/Bitcoin "Bitcoin – Galician") - [Hausa](https://ha.wikipedia.org/wiki/Bitcoin "Bitcoin – Hausa") - [עברית](https://he.wikipedia.org/wiki/%D7%91%D7%99%D7%98%D7%A7%D7%95%D7%99%D7%9F "ביטקוין – Hebrew") - [हिन्दी](https://hi.wikipedia.org/wiki/%E0%A4%AC%E0%A4%BF%E0%A4%9F%E0%A4%95%E0%A5%89%E0%A4%87%E0%A4%A8 "बिटकॉइन – Hindi") - [Hrvatski](https://hr.wikipedia.org/wiki/Bitcoin "Bitcoin – Croatian") - [Magyar](https://hu.wikipedia.org/wiki/Bitcoin "Bitcoin – Hungarian") - [Հայերեն](https://hy.wikipedia.org/wiki/%D4%B2%D5%AB%D5%A9%D6%84%D5%B8%D5%B5%D5%B6 "Բիթքոյն – Armenian") - [Արեւմտահայերէն](https://hyw.wikipedia.org/wiki/%D5%8A%D5%AB%D5%A9%D6%84%D5%B8%D5%B5%D5%B6 "Պիթքոյն – Western Armenian") - [Interlingua](https://ia.wikipedia.org/wiki/Bitcoin "Bitcoin – Interlingua") - [Jaku Iban](https://iba.wikipedia.org/wiki/Bitcoin "Bitcoin – Iban") - [Bahasa Indonesia](https://id.wikipedia.org/wiki/Bitcoin "Bitcoin – Indonesian") - [Interlingue](https://ie.wikipedia.org/wiki/Bitcoin "Bitcoin – Interlingue") - [Ido](https://io.wikipedia.org/wiki/Bitcoin "Bitcoin – Ido") - [Íslenska](https://is.wikipedia.org/wiki/Bitcoin "Bitcoin – Icelandic") - [Italiano](https://it.wikipedia.org/wiki/Bitcoin "Bitcoin – Italian") - [日本語](https://ja.wikipedia.org/wiki/%E3%83%93%E3%83%83%E3%83%88%E3%82%B3%E3%82%A4%E3%83%B3 "ビットコイン – Japanese") - [ქართული](https://ka.wikipedia.org/wiki/%E1%83%91%E1%83%98%E1%83%A2%E1%83%99%E1%83%9D%E1%83%98%E1%83%9C%E1%83%98 "ბიტკოინი – Georgian") - [Қазақша](https://kk.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD "Биткоин – Kazakh") - [ಕನ್ನಡ](https://kn.wikipedia.org/wiki/%E0%B2%AC%E0%B2%BF%E0%B2%9F%E0%B3%8D%E0%B2%95%E0%B2%BE%E0%B2%AF%E0%B2%BF%E0%B2%A8%E0%B3%8D "ಬಿಟ್ಕಾಯಿನ್ – Kannada") - [한국어](https://ko.wikipedia.org/wiki/%EB%B9%84%ED%8A%B8%EC%BD%94%EC%9D%B8 "비트코인 – Korean") - [Kurdî](https://ku.wikipedia.org/wiki/Bitcoin "Bitcoin – Kurdish") - [Кыргызча](https://ky.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD "Биткойн – Kyrgyz") - [Lëtzebuergesch](https://lb.wikipedia.org/wiki/Bitcoin "Bitcoin – Luxembourgish") - [Lingua Franca Nova](https://lfn.wikipedia.org/wiki/Bitcoin "Bitcoin – Lingua Franca Nova") - [Lombard](https://lmo.wikipedia.org/wiki/Bitcoin "Bitcoin – Lombard") - [Lietuvių](https://lt.wikipedia.org/wiki/Bitcoin "Bitcoin – Lithuanian") - [Latviešu](https://lv.wikipedia.org/wiki/Bitcoin "Bitcoin – Latvian") - [Македонски](https://mk.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD "Биткоин – Macedonian") - [മലയാളം](https://ml.wikipedia.org/wiki/%E0%B4%AC%E0%B4%BF%E0%B4%B1%E0%B5%8D%E0%B4%B1%E0%B5%8D%E0%B4%95%E0%B5%8B%E0%B4%AF%E0%B4%BF%E0%B5%BB "ബിറ്റ്കോയിൻ – Malayalam") - [Монгол](https://mn.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD "Биткойн – Mongolian") - [ꯃꯤꯇꯩ ꯂꯣꯟ](https://mni.wikipedia.org/wiki/%EA%AF%95%EA%AF%A4%EA%AF%A0%EA%AF%80%EA%AF%A3%EA%AF%8F%EA%AF%9F "ꯕꯤꯠꯀꯣꯏꯟ – Manipuri") - [मराठी](https://mr.wikipedia.org/wiki/%E0%A4%AC%E0%A4%BF%E0%A4%9F%E0%A4%95%E0%A5%89%E0%A4%88%E0%A4%A8 "बिटकॉईन – Marathi") - [Bahasa Melayu](https://ms.wikipedia.org/wiki/Bitcoin "Bitcoin – Malay") - [Malti](https://mt.wikipedia.org/wiki/Bitcoin "Bitcoin – Maltese") - [မြန်မာဘာသာ](https://my.wikipedia.org/wiki/%E1%80%98%E1%80%85%E1%80%BA%E1%80%80%E1%80%BD%E1%80%AD%E1%80%AF%E1%80%84%E1%80%BA "ဘစ်ကွိုင် – Burmese") - [مازِرونی](https://mzn.wikipedia.org/wiki/%D8%A8%DB%8C%D8%AA%E2%80%8C%DA%A9%D9%88%DB%8C%D9%86 "بیت‌کوین – Mazanderani") - [Nedersaksies](https://nds-nl.wikipedia.org/wiki/Bitcoin "Bitcoin – Low Saxon") - [नेपाली](https://ne.wikipedia.org/wiki/%E0%A4%AC%E0%A4%BF%E0%A4%9F%E0%A4%95%E0%A5%8B%E0%A4%87%E0%A4%A8 "बिटकोइन – Nepali") - [Nederlands](https://nl.wikipedia.org/wiki/Bitcoin "Bitcoin – Dutch") - [Norsk nynorsk](https://nn.wikipedia.org/wiki/Bitcoin "Bitcoin – Norwegian Nynorsk") - [Norsk bokmål](https://no.wikipedia.org/wiki/Bitcoin "Bitcoin – Norwegian Bokmål") - [Sesotho sa Leboa](https://nso.wikipedia.org/wiki/Bitcoin "Bitcoin – Northern Sotho") - [Chi-Chewa](https://ny.wikipedia.org/wiki/Bitcoin "Bitcoin – Nyanja") - [Occitan](https://oc.wikipedia.org/wiki/Bitcoin "Bitcoin – Occitan") - [ଓଡ଼ିଆ](https://or.wikipedia.org/wiki/%E0%AC%AC%E0%AC%BF%E0%AC%9F%E0%AC%95%E0%AC%8F%E0%AC%A8 "ବିଟକଏନ – Odia") - [ਪੰਜਾਬੀ](https://pa.wikipedia.org/wiki/%E0%A8%AC%E0%A8%BF%E0%A8%9F%E0%A8%95%E0%A9%8C%E0%A8%87%E0%A8%A8 "ਬਿਟਕੌਇਨ – Punjabi") - [Papiamentu](https://pap.wikipedia.org/wiki/Bitcoin "Bitcoin – Papiamento") - [Polski](https://pl.wikipedia.org/wiki/Bitcoin "Bitcoin – Polish") - [Piemontèis](https://pms.wikipedia.org/wiki/Bitcoin "Bitcoin – Piedmontese") - [پنجابی](https://pnb.wikipedia.org/wiki/%D8%A8%D9%90%D9%B9_%DA%A9%D9%88%D8%A6%D9%86 "بِٹ کوئن – Western Punjabi") - [Nawat](https://ppl.wikipedia.org/wiki/Bitcoin "Bitcoin – Nawat") - [پښتو](https://ps.wikipedia.org/wiki/%D8%A8%DB%8C%D9%BC_%DA%A9%D9%88%DB%8C%D9%86 "بیټ کوین – Pashto") - [Português](https://pt.wikipedia.org/wiki/Bitcoin "Bitcoin – Portuguese") - [Română](https://ro.wikipedia.org/wiki/Bitcoin "Bitcoin – Romanian") - [Русский](https://ru.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD "Биткоин – Russian") - [Саха тыла](https://sah.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD "Биткоин – Yakut") - [Scots](https://sco.wikipedia.org/wiki/Bitcoin "Bitcoin – Scots") - [Davvisámegiella](https://se.wikipedia.org/wiki/Bitcoin "Bitcoin – Northern Sami") - [Srpskohrvatski / српскохрватски](https://sh.wikipedia.org/wiki/Bitcoin "Bitcoin – Serbo-Croatian") - [සිංහල](https://si.wikipedia.org/wiki/%E0%B6%B6%E0%B7%92%E0%B6%A7%E0%B7%8A%E0%B6%9A%E0%B7%9C%E0%B6%BA%E0%B7%92%E0%B6%B1%E0%B7%8A "බිට්කොයින් – Sinhala") - [Simple English](https://simple.wikipedia.org/wiki/Bitcoin "Bitcoin – Simple English") - [Slovenčina](https://sk.wikipedia.org/wiki/Bitcoin "Bitcoin – Slovak") - [Slovenščina](https://sl.wikipedia.org/wiki/Bitcoin "Bitcoin – Slovenian") - [Anarâškielâ](https://smn.wikipedia.org/wiki/Bitcoin "Bitcoin – Inari Sami") - [Shqip](https://sq.wikipedia.org/wiki/Bitcoin "Bitcoin – Albanian") - [Српски / srpski](https://sr.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD "Биткоин – Serbian") - [Sesotho](https://st.wikipedia.org/wiki/Bitcoin "Bitcoin – Southern Sotho") - [Svenska](https://sv.wikipedia.org/wiki/Bitcoin "Bitcoin – Swedish") - [Kiswahili](https://sw.wikipedia.org/wiki/Sarafu_ya_Bit "Sarafu ya Bit – Swahili") - [ꠍꠤꠟꠐꠤ](https://syl.wikipedia.org/wiki/%EA%A0%9B%EA%A0%A4%EA%A0%90%EA%A0%87%EA%A0%84%EA%A0%98 "ꠛꠤꠐꠇꠄꠘ – Sylheti") - [Sakizaya](https://szy.wikipedia.org/wiki/Pitepi "Pitepi – Sakizaya") - [தமிழ்](https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AE%BF%E0%AE%9F%E0%AF%8D%E0%AE%95%E0%AE%BE%E0%AE%AF%E0%AE%BF%E0%AE%A9%E0%AF%8D "பிட்காயின் – Tamil") - [Tayal](https://tay.wikipedia.org/wiki/pila_Pitat "pila Pitat – Atayal") - [తెలుగు](https://te.wikipedia.org/wiki/%E0%B0%AC%E0%B0%BF%E0%B0%9F%E0%B1%8D_%E0%B0%95%E0%B0%BE%E0%B0%AF%E0%B0%BF%E0%B0%A8%E0%B1%8D "బిట్ కాయిన్ – Telugu") - [Тоҷикӣ](https://tg.wikipedia.org/wiki/%D0%91%D0%B8%D1%82%D0%BA%D1%83%D0%B8%D0%BD "Биткуин – Tajik") - [ไทย](https://th.wikipedia.org/wiki/%E0%B8%9A%E0%B8%B4%E0%B8%95%E0%B8%84%E0%B8%AD%E0%B8%A2%E0%B8%99%E0%B9%8C "บิตคอยน์ – Thai") - [Türkmençe](https://tk.wikipedia.org/wiki/Bitcoin "Bitcoin – Turkmen") - [Tagalog](https://tl.wikipedia.org/wiki/Bitcoin "Bitcoin – Tagalog") - [Türkçe](https://tr.wikipedia.org/wiki/Bitcoin "Bitcoin – Turkish") - [Seediq](https://trv.wikipedia.org/wiki/Pitopi "Pitopi – Taroko") - [Татарча / tatarça](https://tt.wikipedia.org/wiki/Bitkoin "Bitkoin – Tatar") - [ئۇيغۇرچە / Uyghurche](https://ug.wikipedia.org/wiki/%D8%A8%D9%89%D8%AA_%D8%AA%DB%95%DA%AD%DA%AF%D9%89%D8%B3%D9%89 "بىت تەڭگىسى – Uyghur") - [Українська](https://uk.wikipedia.org/wiki/%D0%91%D1%96%D1%82%D0%BA%D0%BE%D0%B9%D0%BD "Біткойн – Ukrainian") - [اردو](https://ur.wikipedia.org/wiki/%D8%A8%D9%B9_%DA%A9%D9%88%D8%A6%D9%86 "بٹ کوئن – Urdu") - [Oʻzbekcha / ўзбекча](https://uz.wikipedia.org/wiki/Bitcoin "Bitcoin – Uzbek") - [Vèneto](https://vec.wikipedia.org/wiki/Bitcoin "Bitcoin – Venetian") - [Tiếng Việt](https://vi.wikipedia.org/wiki/Bitcoin "Bitcoin – Vietnamese") - [West-Vlams](https://vls.wikipedia.org/wiki/Bitcoin "Bitcoin – West Flemish") - [Volapük](https://vo.wikipedia.org/wiki/Bitcoin "Bitcoin – Volapük") - [Winaray](https://war.wikipedia.org/wiki/Bitcoin "Bitcoin – Waray") - [吴语](https://wuu.wikipedia.org/wiki/%E6%AF%94%E7%89%B9%E5%B8%81 "比特币 – Wu") - [ייִדיש](https://yi.wikipedia.org/wiki/%D7%91%D7%99%D7%98%D7%A7%D7%95%D7%99%D7%9F "ביטקוין – Yiddish") - [Zeêuws](https://zea.wikipedia.org/wiki/Bitcoin "Bitcoin – Zeelandic") - [文言](https://zh-classical.wikipedia.org/wiki/%E6%AF%94%E7%89%B9%E5%B9%A3 "比特幣 – Literary Chinese") - [閩南語 / Bân-lâm-gí](https://zh-min-nan.wikipedia.org/wiki/Bitcoin "Bitcoin – Minnan") - [粵語](https://zh-yue.wikipedia.org/wiki/%E4%BD%8D%E5%85%83%E5%B9%A3 "位元幣 – Cantonese") - [中文](https://zh.wikipedia.org/wiki/%E6%AF%94%E7%89%B9%E5%B8%81 "比特币 – Chinese") [Edit links](https://www.wikidata.org/wiki/Special:EntityPage/Q131723#sitelinks-wikipedia "Edit interlanguage links") - [Article](https://en.wikipedia.org/wiki/Bitcoin "View the content page [c]") - [Talk](https://en.wikipedia.org/wiki/Talk:Bitcoin "Discuss improvements to the content page [t]") English - [Read](https://en.wikipedia.org/wiki/Bitcoin) - [View source](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit "This page is protected. You can view its source [e]") - [View history](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=history "Past revisions of this page [h]") Tools Tools move to sidebar hide Actions - [Read](https://en.wikipedia.org/wiki/Bitcoin) - [View source](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit) - [View history](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=history) General - [What links here](https://en.wikipedia.org/wiki/Special:WhatLinksHere/Bitcoin "List of all English Wikipedia pages containing links to this page [j]") - [Related changes](https://en.wikipedia.org/wiki/Special:RecentChangesLinked/Bitcoin "Recent changes in pages linked from this page [k]") - [Upload file](https://en.wikipedia.org/wiki/Wikipedia:File_Upload_Wizard "Upload files [u]") - [Permanent link](https://en.wikipedia.org/w/index.php?title=Bitcoin&oldid=1346671137 "Permanent link to this revision of this page") - [Page information](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=info "More information about this page") - [Cite this page](https://en.wikipedia.org/w/index.php?title=Special:CiteThisPage&page=Bitcoin&id=1346671137&wpFormIdentifier=titleform "Information on how to cite this page") - [Get shortened URL](https://en.wikipedia.org/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FBitcoin) Print/export - [Download as PDF](https://en.wikipedia.org/w/index.php?title=Special:DownloadAsPdf&page=Bitcoin&action=show-download-screen "Download this page as a PDF file") - [Printable version](https://en.wikipedia.org/w/index.php?title=Bitcoin&printable=yes "Printable version of this page [p]") In other projects - [Wikimedia Commons](https://commons.wikimedia.org/wiki/Category:Bitcoin) - [Wikiquote](https://en.wikiquote.org/wiki/Bitcoin) - [Wikidata item](https://www.wikidata.org/wiki/Special:EntityPage/Q131723 "Structured data on this page hosted by Wikidata [g]") Appearance move to sidebar hide [![Extended-protected article](https://upload.wikimedia.org/wikipedia/en/thumb/8/8c/Extended-protection-shackle.svg/20px-Extended-protection-shackle.svg.png)](https://en.wikipedia.org/wiki/Wikipedia:Protection_policy#extended "This article is extended-confirmed-protected") From Wikipedia, the free encyclopedia Decentralized digital cryptocurrency For the colloquial expression for coinage, see [Bit (money)](https://en.wikipedia.org/wiki/Bit_$money$ "Bit (money)"). "₿" redirects here. Not to be confused with "฿" for [Thai baht](https://en.wikipedia.org/wiki/Thai_baht "Thai baht"). \| \| \| \|---\|---\| \| [![Prevailing bitcoin logo](https://upload.wikimedia.org/wikipedia/commons/thumb/4/46/Bitcoin.svg/250px-Bitcoin.svg.png)](https://en.wikipedia.org/wiki/File:Bitcoin.svg)Commonly used logo of bitcoin \| \| \| Denominations \| \| \| Plural \| bitcoins \| \| Symbol \| ₿ (Unicode: `U+20BF` ₿ BITCOIN SIGN)[\[1\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-unicode-10-1) \| \| Code \| BTC \| \| Precision \| 10−8 \| \| Subunits \| \| \| 1⁄1000 \| millibitcoin \| \| 1⁄1000000 \| microbitcoin \| \| 1⁄100000000 \| satoshi[\[a\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-satoshi-2)[\[2\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-satoshi_unit-3) \| \| Development \| \| \| Original author \| [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") \| \| [White paper](https://en.wikipedia.org/wiki/White_paper "White paper") \| ["Bitcoin: A Peer-to-Peer Electronic Cash System"](https://bitcoin.org/bitcoin.pdf) \| \| Implementation \| [Bitcoin Core](https://en.wikipedia.org/wiki/Bitcoin_Core "Bitcoin Core") \| \| Initial release \| 0\.1.0 / 9 January 2009 (17 years ago) (2009-01-09) \| \| [Latest release](https://en.wikipedia.org/wiki/Software_release_life_cycle "Software release life cycle") \| 30\.2.0 / 10 January 2026 (2 months ago) (2026-01-10)[\[3\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-4) \| \| [Code repository](https://en.wikipedia.org/wiki/Repository_$version_control$ "Repository (version control)") \| [github.com/bitcoin/bitcoin](https://github.com/bitcoin/bitcoin) \| \| Development status \| Active \| \| [Written in](https://en.wikipedia.org/wiki/Programming_language "Programming language") \| C++ \| \| Source model \| [Free and open-source software](https://en.wikipedia.org/wiki/Free_and_open-source_software "Free and open-source software") \| \| [License](https://en.wikipedia.org/wiki/Software_license "Software license") \| [MIT License](https://en.wikipedia.org/wiki/MIT_License "MIT License") \| \| Ledger \| \| \| Ledger start \| 3 January 2009 (17 years ago) (2009-01-03) \| \| [Timestamping scheme](https://en.wikipedia.org/wiki/Trusted_timestamping "Trusted timestamping") \| [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") (partial hash inversion) \| \| [Hash function](https://en.wikipedia.org/wiki/Hash_function "Hash function") \| [SHA-256](https://en.wikipedia.org/wiki/SHA-256 "SHA-256") (two rounds) \| \| Issuance schedule \| Decentralized (block reward) Initially ₿50 per block, halved every 210,000 blocks \| \| Block reward \| ₿3.125 (as of 2025[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit)) \| \| Block time \| 10 minutes \| \| Circulating supply \| ₿19,934,271 (as of 14 October 2025[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit)) \| \| Supply limit \| ₿21,000,000[\[b\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-supply-5) \| \| Valuation \| \| \| [Exchange rate](https://en.wikipedia.org/wiki/Exchange_rate "Exchange rate") \| Floating \| \| Website \| \| \| Website \| [bitcoin.org](https://bitcoin.org/) \| This article contains [special characters](https://en.wikipedia.org/wiki/Help:Special_characters "Help:Special characters"). Without proper [rendering support](https://en.wikipedia.org/wiki/Help:Special_characters "Help:Special characters"), you may see [question marks, boxes, or other symbols](https://en.wikipedia.org/wiki/Specials_$Unicode_block$#Replacement_character "Specials (Unicode block)"). Bitcoin (abbreviation: BTC; [sign](https://en.wikipedia.org/wiki/Currency_symbol "Currency symbol"): ₿) is the first [decentralized](https://en.wikipedia.org/wiki/Decentralized_application "Decentralized application") [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency"). Based on a [free-market](https://en.wikipedia.org/wiki/Free-market "Free-market") ideology, bitcoin was invented in 2008 when an unknown person published a [white paper](https://en.wikipedia.org/wiki/White_paper "White paper") under the pseudonym of [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto").[\[4\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-whoissn-6) Use of bitcoin as a [currency](https://en.wikipedia.org/wiki/Currency "Currency") began in 2009,[\[5\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-NY2011-7) with the release of its [open-source implementation](https://en.wikipedia.org/wiki/Open-source_software "Open-source software").[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1 From 2021 to 2025, [El Salvador adopted it as legal tender currency before revoking it](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador").[\[7\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-BTCSVSept7FT-9)[\[8\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\[9\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) As bitcoin is [pseudonymous](https://en.wikipedia.org/wiki/Pseudonym "Pseudonym"), [its use by criminals](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") has attracted the attention of regulators, leading to [its ban by several countries](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory").[\[10\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-SunYin2019-12) Bitcoin works through the collaboration of computers, each of which acts as a [node](https://en.wikipedia.org/wiki/Node_$networking$ "Node (networking)") in the [peer-to-peer](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") [bitcoin network](https://en.wikipedia.org/wiki/Bitcoin_network "Bitcoin network"). Each node maintains an independent copy of a public [distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") of transactions, called a [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain"), without central oversight. Transactions are validated through the use of [cryptography](https://en.wikipedia.org/wiki/Cryptography "Cryptography"), preventing one person from spending another person's bitcoin, as long as the owner of the bitcoin keeps certain sensitive data secret.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 [Consensus](https://en.wikipedia.org/wiki/Consensus_$computer_science$ "Consensus (computer science)") between nodes about the content of the blockchain is achieved using a [computationally intensive](https://en.wikipedia.org/wiki/Computational_complexity "Computational complexity") process based on [proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work"), called [mining](https://en.wikipedia.org/wiki/Bitcoin_mining "Bitcoin mining"), which is performed by purpose-built computers.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 12 Mining consumes large quantities of electricity and has been criticized for [its environmental impact](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin "Environmental impact of bitcoin").[\[11\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-13) ## History Main article: [History of bitcoin](https://en.wikipedia.org/wiki/History_of_bitcoin "History of bitcoin") ### Background Before bitcoin, several [digital cash technologies](https://en.wikipedia.org/wiki/Digital_cash "Digital cash") were released, starting with [David Chaum](https://en.wikipedia.org/wiki/David_Chaum "David Chaum")'s [ecash](https://en.wikipedia.org/wiki/Ecash "Ecash") in the 1980s.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) The idea that solutions to computational puzzles could have some value was first proposed by cryptographers [Cynthia Dwork](https://en.wikipedia.org/wiki/Cynthia_Dwork "Cynthia Dwork") and [Moni Naor](https://en.wikipedia.org/wiki/Moni_Naor "Moni Naor") in 1992.[\[13\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-15)[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) The concept was [independently rediscovered](https://en.wikipedia.org/wiki/Multiple_discovery "Multiple discovery") by [Adam Back](https://en.wikipedia.org/wiki/Adam_Back "Adam Back") who developed [Hashcash](https://en.wikipedia.org/wiki/Hashcash "Hashcash"), a [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") scheme for [spam control](https://en.wikipedia.org/wiki/Anti-spam_techniques "Anti-spam techniques") in 1997.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) The first proposals for distributed digital scarcity-based [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies") came from [cypherpunks](https://en.wikipedia.org/wiki/Cypherpunk "Cypherpunk") [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai") (b-money) and [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo") ([bit gold](https://en.wikipedia.org/wiki/Bit_gold "Bit gold")) in 1998.[\[14\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-16) In 2004, [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_$cypherpunk$ "Hal Finney (cypherpunk)") developed the first currency based on reusable proof of work.[\[15\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-17) These various attempts were not successful:[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) Chaum's concept required centralized control and no banks wanted to sign on, Hashcash had no protection against [double-spending](https://en.wikipedia.org/wiki/Double-spending "Double-spending"), while b-money and bit gold were not resistant to [Sybil attacks](https://en.wikipedia.org/wiki/Sybil_attack "Sybil attack").[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) ### 2008–2009: Creation \| External image \| \|---\| \| [![image icon](https://upload.wikimedia.org/wikipedia/en/thumb/6/61/Searchtool.svg/20px-Searchtool.svg.png)](https://en.wikipedia.org/wiki/File:Searchtool.svg) [Cover page of The Times 3 January 2009 showing the headline used in the genesis block](https://www.thetimes03jan2009.com/wp-content/uploads/2015/03/genesis-block-newspaper-bitcoin.jpg) \| The domain name bitcoin.org was registered on 18 August 2008.[\[16\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-18) On 31 October 2008, a link to a [white paper](https://en.wikipedia.org/wiki/White_paper "White paper") authored by [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list.[\[17\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-19) Nakamoto's identity remains unknown.[\[4\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-whoissn-6) According to computer scientist [Arvind Narayanan](https://en.wikipedia.org/wiki/Arvind_Narayanan "Arvind Narayanan"), all individual components of bitcoin originated in earlier academic literature.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) Nakamoto's innovation was their complex interplay resulting in the first decentralized, [Sybil resistant](https://en.wikipedia.org/wiki/Sybil_attack "Sybil attack"), [Byzantine fault](https://en.wikipedia.org/wiki/Byzantine_fault "Byzantine fault") tolerant digital cash system, that would eventually be referred to as the first blockchain.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14)[\[18\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-te20151031-20) Nakamoto's paper was not [peer reviewed](https://en.wikipedia.org/wiki/Peer_review "Peer review") and was initially ignored by academics, who argued that it could not work.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) Nakamoto released bitcoin as [open-source software](https://en.wikipedia.org/wiki/Open-source_software "Open-source software").[\[19\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Humayun-2018-21) On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the [genesis block](https://en.wikipedia.org/wiki/Genesis_$blockchain$ "Genesis (blockchain)").[\[20\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Wired:RFB-22) Embedded in this block was the text "The Times 03/Jan/2009 Chancellor on brink of [second bailout for banks](https://en.wikipedia.org/wiki/2009_United_Kingdom_bank_rescue_package "2009 United Kingdom bank rescue package")", which is the date and headline of an issue of [The Times](https://en.wikipedia.org/wiki/The_Times "The Times") newspaper.[\[5\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-NY2011-7) Nine days later, Hal Finney received the first bitcoin transaction: ten bitcoins from Nakamoto.[\[21\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-23) Wei Dai and Nick Szabo were also early supporters.[\[20\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Wired:RFB-22) On May 22, 2010, the first known [commercial transaction](https://en.wikipedia.org/wiki/Financial_transaction "Financial transaction") using bitcoin occurred when programmer Laszlo Hanyecz bought two [Papa John's](https://en.wikipedia.org/wiki/Papa_John%27s "Papa John's") pizzas for ₿10,000, in what would later be celebrated as "Bitcoin Pizza Day".[\[22\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-24) Satoshi tasked Finnish developer and early Bitcoin contributor [Martti Malmi](https://en.wikipedia.org/w/index.php?title=Martti_Malmi&action=edit&redlink=1 "Martti Malmi (page does not exist)") \[[fi](https://fi.wikipedia.org/wiki/Martti_Malmi "fi:Martti Malmi")\] with creating content for the bitcoin.org website.[\[23\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-25)[\[24\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-DominicFrisby2014-26) ### 2010–2012: Early growth [Blockchain analysts](https://en.wikipedia.org/wiki/Blockchain#Blockchain_analysis "Blockchain") estimate that Nakamoto had mined about one million bitcoins[\[25\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-27) before disappearing in 2010 when he handed the network alert key and control of the [code repository](https://en.wikipedia.org/wiki/Software_repository "Software repository") over to [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen"). Andresen later became lead developer at the [Bitcoin Foundation](https://en.wikipedia.org/wiki/Bitcoin_Foundation "Bitcoin Foundation"),[\[26\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-28)[\[27\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-29) an [organization](https://en.wikipedia.org/wiki/List_of_bitcoin_organizations "List of bitcoin organizations") founded in September 2012 to promote bitcoin.[\[28\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-30) After early "[proof-of-concept](https://en.wikipedia.org/wiki/Proof-of-concept "Proof-of-concept")" transactions, the first major users of bitcoin were [black markets](https://en.wikipedia.org/wiki/Black_market "Black market"), such as the [dark web](https://en.wikipedia.org/wiki/Dark_web "Dark web") [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_$marketplace$ "Silk Road (marketplace)"). During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting ₿9.9 million, worth about \$214 million.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31): 222 ### 2013–2014: First regulatory actions In March 2013, the US [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as [money services businesses](https://en.wikipedia.org/wiki/Money_services_business "Money services business"), subject to registration and other legal obligations.[\[30\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-32) In May 2013, US authorities seized the unregistered [exchange](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange") [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox").[\[31\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-33) In June 2013, the US [Drug Enforcement Administration](https://en.wikipedia.org/wiki/Drug_Enforcement_Administration "Drug Enforcement Administration") seized ₿11.02 from an individual attempting to use them to purchase illicit drugs. This marked the first time a government agency had seized bitcoins.[\[32\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-34) The FBI seized about ₿30,000 in October 2013 from Silk Road, following the arrest of its founder [Ross Ulbricht](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht").[\[33\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-35) In December 2013, the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China") prohibited Chinese financial institutions from using bitcoin.[\[34\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-36) After the announcement, the value of bitcoin dropped,[\[35\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-37) and [Baidu](https://en.wikipedia.org/wiki/Baidu "Baidu") no longer accepted bitcoins for certain services.[\[36\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-38) Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[\[37\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-39) ### 2015–2019 Research produced by the [University of Cambridge](https://en.wikipedia.org/wiki/University_of_Cambridge "University of Cambridge") estimated that in 2017, there were 2.9 to 5.8 million unique users using a [cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet"), most of them using bitcoin.[\[38\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-40) In August 2017, the [SegWit](https://en.wikipedia.org/wiki/SegWit "SegWit") software upgrade was activated. Segwit was intended to support the [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") as well as improve [scalability](https://en.wikipedia.org/wiki/Scalability "Scalability").[\[39\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-41) SegWit opponents, who supported larger blocks as a scalability solution, [forked](https://en.wikipedia.org/wiki/Fork_$blockchain$ "Fork (blockchain)") to create [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash"), one of many [forks of bitcoin](https://en.wikipedia.org/wiki/List_of_bitcoin_forks "List of bitcoin forks").[\[40\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-42) In December 2017, the first [futures](https://en.wikipedia.org/wiki/Futures_contract "Futures contract") on bitcoin was introduced by the [Chicago Mercantile Exchange](https://en.wikipedia.org/wiki/Chicago_Mercantile_Exchange "Chicago Mercantile Exchange") (CME).[\[41\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-43) In February 2018, the price crashed after China imposed a complete ban on bitcoin trading.[\[42\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-44) The percentage of bitcoin trading in the Chinese [renminbi](https://en.wikipedia.org/wiki/Renminbi "Renminbi") fell from over 90% in September 2017 to less than 1% in June 2018.[\[43\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-45) During the same year, bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges.[\[44\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-46) ### 2020–present [![](https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Bitcoin_Price.webp/250px-Bitcoin_Price.webp.png)](https://en.wikipedia.org/wiki/File:Bitcoin_Price.webp) Bitcoin price[\[45\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-47) December 1, 2014 – December 4, 2024 In 2020, some major companies and institutions started to acquire bitcoin: [MicroStrategy](https://en.wikipedia.org/wiki/MicroStrategy "MicroStrategy") invested \$250 million in bitcoin as a [treasury reserve asset](https://en.wikipedia.org/wiki/Treasury_management "Treasury management"),[\[46\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-48) [Square, Inc.](https://en.wikipedia.org/wiki/Square,_Inc. "Square, Inc."), \$50 million,[\[47\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-49) and [MassMutual](https://en.wikipedia.org/wiki/MassMutual "MassMutual"), \$100 million.[\[48\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-50) In November 2020, [PayPal](https://en.wikipedia.org/wiki/PayPal "PayPal") added support for bitcoin in the US.[\[49\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-51) In February 2021, bitcoin's [market capitalization](https://en.wikipedia.org/wiki/Market_capitalization "Market capitalization") reached \$1 trillion for the first time.[\[50\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-52) In November 2021, the [Taproot](https://en.wikipedia.org/wiki/Taproot_$fork$ "Taproot (fork)") [soft-fork](https://en.wikipedia.org/wiki/Soft-fork "Soft-fork") upgrade was activated, adding support for [Schnorr signatures](https://en.wikipedia.org/wiki/Schnorr_signature "Schnorr signature"), improved functionality of [smart contracts](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") and [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network").[\[51\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-53) Before, bitcoin only used a custom [elliptic curve](https://en.wikipedia.org/wiki/Elliptic_curve_cryptography "Elliptic curve cryptography") with the [ECDSA](https://en.wikipedia.org/wiki/ECDSA "ECDSA") algorithm to produce [signatures](https://en.wikipedia.org/wiki/Digital_signature "Digital signature").[\[52\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-54): 101 In September 2021, bitcoin became [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender") currency [in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador"), alongside the US dollar.[\[7\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-BTCSVSept7FT-9) In October 2021, the first bitcoin futures [exchange-traded fund](https://en.wikipedia.org/wiki/Exchange-traded_fund "Exchange-traded fund") (ETF), called BITO, from [ProShares](https://en.wikipedia.org/wiki/ProShares "ProShares") was approved by the [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") and listed on the [CME](https://en.wikipedia.org/wiki/Chicago_Mercantile_Exchange "Chicago Mercantile Exchange").[\[53\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-55) In early 2022, during the [Canadian trucker protests](https://en.wikipedia.org/wiki/Canada_convoy_protest "Canada convoy protest") opposing [COVID-19 vaccine mandates](https://en.wikipedia.org/wiki/COVID-19_vaccine_misinformation_and_hesitancy "COVID-19 vaccine misinformation and hesitancy"), organizers turned to bitcoin to receive donations after traditional financial platforms restricted access to funding.[\[54\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-56)[\[55\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-57) Proponents highlighted bitcoin's use as a tool for fundraising in situations where access to conventional financial systems may be restricted.[\[56\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-58)[\[57\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-59) In May and June 2022, the bitcoin price fell following the collapses of [TerraUSD](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)"), a [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin"),[\[58\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-60) and the [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network"), a cryptocurrency loan company.[\[59\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-61)[\[60\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-62) In 2023, ordinals—[non-fungible tokens](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") (NFTs)—on bitcoin, went live.[\[61\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-63) As of June 2023, River Financial estimated that bitcoin had 81.7 million users, about 1% of the global population.[\[62\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-64) In January 2024, the first 11 US [spot](https://en.wikipedia.org/wiki/Spot_market "Spot market") bitcoin [ETFs](https://en.wikipedia.org/wiki/Exchange-traded_fund "Exchange-traded fund") began trading, offering direct exposure to bitcoin for the first time on American stock exchanges.[\[63\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-65)[\[64\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-66) In December 2024, bitcoin price reached \$100,000 for the first time, as US president-elect [Donald Trump](https://en.wikipedia.org/wiki/Donald_Trump "Donald Trump") promised to make the US the "crypto capital of the planet" and to stockpile bitcoin.[\[65\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-67) The same month, [BlackRock](https://en.wikipedia.org/wiki/BlackRock "BlackRock"), the world's largest [asset manager](https://en.wikipedia.org/wiki/Asset_manager "Asset manager"), recommended investors to allocate up to 2% of their [portfolio](https://en.wikipedia.org/wiki/Portfolio_$finance$ "Portfolio (finance)") to bitcoin.[\[66\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-68) As of 2025, the Salvadoran government continues to describe Bitcoin as legal tender under the 2021 Bitcoin Law; however, a January 2025 reform removed obligations for businesses and the government to accept it, so many analysts regard its legal-tender status as effectively ended in practice.[\[8\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\[9\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) In March 2025, [President Trump](https://en.wikipedia.org/wiki/President_Trump "President Trump") signed an [executive order](https://en.wikipedia.org/wiki/Executive_order_$United_States$ "Executive order (United States)") to establish a [strategic bitcoin reserve](https://en.wikipedia.org/wiki/Strategic_bitcoin_reserve "Strategic bitcoin reserve").[\[67\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-69) Later that year, some U.S. states, such as [Texas](https://en.wikipedia.org/wiki/Texas "Texas") and [New Hampshire](https://en.wikipedia.org/wiki/New_Hampshire "New Hampshire") also instituted strategic bitcoin reserves,[\[68\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-70) and the [Czech National Bank](https://en.wikipedia.org/wiki/Czech_National_Bank "Czech National Bank") bought less than €1 million in a "test portfolio".[\[69\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-71) ## Design Main article: [Bitcoin protocol](https://en.wikipedia.org/wiki/Bitcoin_protocol "Bitcoin protocol") ### Units and divisibility [![](https://upload.wikimedia.org/wikipedia/commons/8/8f/Bitcoin_old.png)](https://en.wikipedia.org/wiki/File:Bitcoin_old.png) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/5/50/Bitcoin.png/120px-Bitcoin.png)](https://en.wikipedia.org/wiki/File:Bitcoin.png) Bitcoin logos made by Satoshi Nakamoto in 2009 (left) and 2010 (right). The [unit of account](https://en.wikipedia.org/wiki/Unit_of_account "Unit of account") of the bitcoin system is the bitcoin. It is most commonly represented with the [symbol](https://en.wikipedia.org/wiki/Currency_symbol "Currency symbol") ₿ designed in 2010[\[1\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-unicode-10-1) and the [currency code](https://en.wikipedia.org/wiki/Currency_code "Currency code") BTC. However, the BTC code does not conform to [ISO 4217](https://en.wikipedia.org/wiki/ISO_4217 "ISO 4217") as BT is the country code of Bhutan,[\[70\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-ssrn.3383734-72) and ISO 4217 requires the first letter used in global commodities to be 'X'.[\[70\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-ssrn.3383734-72) XBT, a code that conforms to [ISO 4217](https://en.wikipedia.org/wiki/ISO_4217 "ISO 4217") though not officially part of it,[\[70\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-ssrn.3383734-72) is used by [Bloomberg L.P.](https://en.wikipedia.org/wiki/Bloomberg_L.P. "Bloomberg L.P.")[\[71\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-73) No uniform [capitalization](https://en.wikipedia.org/wiki/Capitalization "Capitalization") convention exists; some sources use Bitcoin, capitalized, to refer to the technology and [network](https://en.wikipedia.org/wiki/Computer_network "Computer network"), and bitcoin, lowercase, for the unit of account.[\[72\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-74) The [Cambridge Advanced Learner's Dictionary](https://en.wikipedia.org/wiki/Cambridge_Advanced_Learner%27s_Dictionary "Cambridge Advanced Learner's Dictionary") and the [Oxford Advanced Learner's Dictionary](https://en.wikipedia.org/wiki/Oxford_Advanced_Learner%27s_Dictionary "Oxford Advanced Learner's Dictionary") use the capitalized and lowercase variants without distinction.[\[73\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-75)[\[74\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-76) One bitcoin is divisible to eight decimal places.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 Units for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to 1⁄1000 bitcoin, and the satoshi[\[a\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-satoshi-2) (sat), representing 1⁄100000000 (one hundred millionth) bitcoin, the smallest amount possible.[\[2\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-satoshi_unit-3) 100,000 satoshis are one mBTC.[\[75\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-77) ### Blockchain Further information: [Blockchain § Structure and design](https://en.wikipedia.org/wiki/Blockchain#Structure_and_design "Blockchain") As a [decentralized](https://en.wikipedia.org/wiki/Decentralization "Decentralization") system, bitcoin operates without a central authority or single administrator,[\[76\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Gervais2014-78) so that anyone can create a new bitcoin address and transact without needing any approval.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1 This is accomplished through a specialized [distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") called a [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") that records bitcoin transactions.[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) The blockchain is implemented as an ordered list of blocks. Each block contains a [SHA-256](https://en.wikipedia.org/wiki/SHA-256 "SHA-256") [hash](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") of the previous block,[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) chaining them in chronological order.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 7 [\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) The blockchain is maintained by a [peer-to-peer](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") network.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31): 215–219 Individual blocks, public addresses, and transactions within blocks are public information, and can be examined using a blockchain explorer.[\[78\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-80) Nodes validate and broadcast transactions, each maintaining a copy of the blockchain for ownership verification.[\[79\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-81) A new block is created every 10 minutes on average, updating the blockchain across all nodes without central oversight. This process tracks bitcoin spending, ensuring each bitcoin is [spent only once](https://en.wikipedia.org/wiki/Double-spending "Double-spending"). Unlike a traditional ledger that tracks physical currency, bitcoins exist digitally as [unspent outputs of transactions](https://en.wikipedia.org/wiki/Unspent_outputs_of_transactions "Unspent outputs of transactions").[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 ### Addresses and transactions [![](https://upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Bitcoin_Transaction_Visual.svg/250px-Bitcoin_Transaction_Visual.svg.png)](https://en.wikipedia.org/wiki/File:Bitcoin_Transaction_Visual.svg) Simplified chain of ownership. In practice, a transaction can have more than one input and more than one output.[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82) In the blockchain, bitcoins are linked to specific [strings](https://en.wikipedia.org/wiki/String_$computer_science$ "String (computer science)") called addresses. Most often, an address encodes a [hash](https://en.wikipedia.org/wiki/Hash_$cryptography$ "Hash (cryptography)") of a single [public key](https://en.wikipedia.org/wiki/Public_key "Public key"). Creating such an address involves generating a random private key and then computing the corresponding address. This process is almost instant, but the reverse (finding the private key for a given address) is nearly impossible.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 4 Publishing such a bitcoin address does not risk its private key, and it is extremely unlikely to accidentally generate a used key with funds. To use bitcoins, owners need their private key to [digitally sign](https://en.wikipedia.org/wiki/Digital_signature "Digital signature") transactions, which are verified by the network using the public key, keeping the private key secret.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 An address may encode the hash of a bitcoin script that specifies more complex requirements to spend the funds. One common example is "multisig", in which multiple distinct private keys must mutually sign any transaction that attempts to spend the funds.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 7 Bitcoin transactions use a [Forth](https://en.wikipedia.org/wiki/Forth_$programming_language$ "Forth (programming language)")\-like [scripting language](https://en.wikipedia.org/wiki/Scripting_language "Scripting language"),[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 involving one or more inputs and outputs. When sending bitcoins, a user specifies the recipients' addresses and the amount for each output. This allows sending bitcoins to several recipients in a single transaction. To prevent double-spending, each input must refer to a previous unspent output in the blockchain.[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82) Using multiple inputs is similar to using multiple coins in a cash transaction. As in a cash transaction, the sum of inputs can exceed the intended sum of payments. In such a case, an additional output can return the change back to the payer.[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82) Unallocated input satoshis in the transaction become the transaction fee.[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82) Losing a private key means losing access to the bitcoins, with no other proof of ownership accepted by the [protocol](https://en.wikipedia.org/wiki/Bitcoin_protocol "Bitcoin protocol").[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31) For instance, in 2013, a user lost ₿7,500, valued at US\$7.5 million, by accidentally discarding a [hard drive](https://en.wikipedia.org/wiki/Hard_disk_drive "Hard disk drive") with the private key.[\[81\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-83) It is estimated that around 20% of all bitcoins are lost.[\[82\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-84) The private key must also be kept secret as its exposure, such as through a [data breach](https://en.wikipedia.org/wiki/Data_breach "Data breach"), can lead to theft of the associated bitcoins.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 10 [\[83\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-85) As of December 2017[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit), approximately ₿980,000 had been stolen from [cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange").[\[84\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-86) ### Mining See also: [Bitcoin protocol § Mining](https://en.wikipedia.org/wiki/Bitcoin_protocol#Mining "Bitcoin protocol") [![](https://upload.wikimedia.org/wikipedia/commons/thumb/b/b3/Argo_Blockchain_Mirabel_Facility.jpg/250px-Argo_Blockchain_Mirabel_Facility.jpg)](https://en.wikipedia.org/wiki/File:Argo_Blockchain_Mirabel_Facility.jpg) Bitcoin mining [facility](https://en.wikipedia.org/wiki/Data_center "Data center") with large amounts of mining hardware Miners don't directly act as nodes, but do communicate with nodes. The mining process is primarily intended to prevent [double-spending](https://en.wikipedia.org/wiki/Double-spending "Double-spending") and get all nodes to agree on the content of the blockchain, but it also has desirable side-effects such as making it infeasible for adversaries to stifle valid transactions or alter the historical record of transactions, since doing so generally requires the adversary to have access to more mining power than the rest of the network combined.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 12 The mining process in bitcoin involves maintaining the blockchain through computer [processing power](https://en.wikipedia.org/wiki/Processing_power "Processing power"). Miners group and broadcast new transactions into blocks, which are then verified by the network.[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) Each block must contain a proof of work (PoW) to be accepted,[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) involving finding a [nonce](https://en.wikipedia.org/wiki/Cryptographic_nonce "Cryptographic nonce") number that, combined with the block content, produces a [hash](https://en.wikipedia.org/wiki/Cryptographic_hash "Cryptographic hash") numerically smaller than the network's difficulty target.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 This PoW is simple to verify but hard to generate, requiring many attempts.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 PoW forms the basis of bitcoin's [consensus mechanism](https://en.wikipedia.org/wiki/Consensus_$computer_science$ "Consensus (computer science)").[\[85\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Mingxiao2017-87) The difficulty of generating a block is [deterministically adjusted](https://en.wikipedia.org/wiki/Deterministic_algorithm "Deterministic algorithm") based on the [mining power on the network](https://en.wikipedia.org/wiki/Hashrate "Hashrate") by changing the difficulty target, which is recalibrated every 2,016 blocks (approximately two weeks) to maintain an average time of ten minutes between new blocks. The process requires significant computational power and specialized [hardware](https://en.wikipedia.org/wiki/Computer_hardware "Computer hardware").[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 [\[86\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-88) Miners who successfully create a new block with a valid nonce can collect transaction fees from the included transactions and a fixed reward in bitcoins.[\[87\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-bloombergvance111413-89) To claim this reward, a special transaction called a coinbase is included in the block, with the miner as the payee. All bitcoins in existence have been created through this type of transaction.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 This reward is halved every 210,000 blocks until ₿21 million[\[b\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-supply-5) have been issued in total, which is expected to occur around the year 2140. Afterward, miners will only earn from transaction fees. These fees are determined by the transaction's size and the amount of data stored, measured in satoshis per byte.[\[88\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-90)[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82)[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 The proof of work system and the chaining of blocks make blockchain modifications very difficult, as altering one block requires changing all subsequent blocks. As more blocks are added, modifying older blocks becomes increasingly challenging.[\[89\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-91)[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) In case of disagreement, nodes trust the longest chain, which required the greatest amount of effort to produce.[\[85\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Mingxiao2017-87) To tamper or censor the ledger, one needs to control the majority of the global [hashrate](https://en.wikipedia.org/wiki/Hashrate "Hashrate").[\[85\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Mingxiao2017-87) The high cost required to reach this level of computational power [secures](https://en.wikipedia.org/wiki/Computer_security "Computer security") the bitcoin blockchain.[\[85\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Mingxiao2017-87) The [environmental impact of bitcoin mining](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin_mining "Environmental impact of bitcoin mining") is controversial and has attracted the attention of regulators, [leading to restrictions or incentives in various jurisdictions](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory").[\[90\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Stoll2023-92) As of 2025[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit), a [non-peer-reviewed](https://en.wikipedia.org/wiki/Non-peer-reviewed "Non-peer-reviewed") study by the [Cambridge Centre for Alternative Finance](https://en.wikipedia.org/wiki/Cambridge_Centre_for_Alternative_Finance "Cambridge Centre for Alternative Finance") (CCAF) estimated that bitcoin mining represented 0.5% of [global electricity consumption](https://en.wikipedia.org/wiki/World_energy_supply_and_consumption "World energy supply and consumption") and 0.08% of world [greenhouse gas emissions](https://en.wikipedia.org/wiki/Greenhouse_gas_emissions "Greenhouse gas emissions"), comparable to Slovakia's emissions.[\[91\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-93) About half of the electricity used is generated through [fossil fuels](https://en.wikipedia.org/wiki/Fossil_fuel "Fossil fuel").[\[92\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-NYT20220116-94) Moreover, mining hardware's short lifespan results in [electronic waste](https://en.wikipedia.org/wiki/Electronic_waste "Electronic waste").[\[93\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-deVries2021-95) In October 2025, the US was the largest mining country with 38% of the global bitcoin mining market share, followed by Russia (16%) and China (14%, despite all cryptocurrency trading and mining being banned there in 2021).[\[94\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-96)[\[95\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-97) ### Privacy and fungibility Bitcoin is [pseudonymous](https://en.wikipedia.org/wiki/Pseudonym "Pseudonym"), with funds linked to addresses, not real-world identities. While the owners of these addresses are not directly identified, all transactions are public on the blockchain. Patterns of use, like spending coins from multiple inputs, can hint at a common owner. Public data can sometimes be matched with known address owners.[\[96\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-98) [Bitcoin exchanges](https://en.wikipedia.org/wiki/List_of_bitcoin_companies "List of bitcoin companies") might also need to collect personal data as per legal requirements.[\[97\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-99) For enhanced [privacy](https://en.wikipedia.org/wiki/Privacy_and_blockchain "Privacy and blockchain"), users can generate a new address for each transaction.[\[98\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-100) In the bitcoin network, each bitcoin is treated equally, ensuring basic [fungibility](https://en.wikipedia.org/wiki/Fungibility "Fungibility"). However, users and applications can choose to differentiate between bitcoins. While wallets and software treat all bitcoins the same, each bitcoin's transaction history is recorded on the blockchain. This public record allows for [chain analysis](https://en.wikipedia.org/wiki/Blockchain_analysis "Blockchain analysis"), where users can identify and potentially reject bitcoins from controversial sources.[\[99\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-101) For example, in 2012, Mt. Gox froze accounts containing bitcoins identified as stolen.[\[100\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-102) ### Wallets For broader coverage of this topic, see [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet"). [![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/7c/Bitcoin-core-v0.10.0.png/250px-Bitcoin-core-v0.10.0.png)](https://en.wikipedia.org/wiki/File:Bitcoin-core-v0.10.0.png) Screenshot of [Bitcoin Core](https://en.wikipedia.org/wiki/Bitcoin_Core "Bitcoin Core") [![](https://upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Sample_Bitcoin_paper_wallet.png/250px-Sample_Bitcoin_paper_wallet.png)](https://en.wikipedia.org/wiki/File:Sample_Bitcoin_paper_wallet.png) A paper wallet with the address as a [QR code](https://en.wikipedia.org/wiki/QR_code "QR code") while the private key is hidden [![](https://upload.wikimedia.org/wikipedia/commons/thumb/9/93/10elqpi.jpg/250px-10elqpi.jpg)](https://en.wikipedia.org/wiki/File:10elqpi.jpg) A hardware wallet which processes bitcoin transactions without exposing private keys Bitcoin wallets were the first [cryptocurrency wallets](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet"), enabling users to store the information necessary to transact bitcoins.[\[101\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-103)[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1, glossary The first wallet program, simply named Bitcoin, and sometimes referred to as the Satoshi client, was released in 2009 by Nakamoto as [open-source software](https://en.wikipedia.org/wiki/Open-source_software "Open-source software").[\[19\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Humayun-2018-21) [Bitcoin Core](https://en.wikipedia.org/wiki/Bitcoin_Core "Bitcoin Core") is among the best known [clients](https://en.wikipedia.org/wiki/Client_$computing$ "Client (computing)"). [Forks](https://en.wikipedia.org/wiki/Fork_$software_development$ "Fork (software development)") of Bitcoin Core exist such as [Bitcoin Unlimited](https://en.wikipedia.org/wiki/Bitcoin_Unlimited "Bitcoin Unlimited").[\[102\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-104) Wallets can be full clients, with a full copy of the blockchain to check the validity of mined blocks,[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1 or lightweight clients, just to send and receive transactions without a local copy of the entire blockchain.[\[103\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-105) Third-party internet services, called online wallets or [hot wallets](https://en.wikipedia.org/wiki/Digital_wallet "Digital wallet"), store users' credentials on their servers, making them susceptible of hacks.[\[104\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-106) [Cold storage](https://en.wikipedia.org/wiki/Cold_wallet "Cold wallet") protects bitcoins from such hacks by keeping private keys offline, either through specialized hardware wallets or paper printouts.[\[105\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-107)[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 4 ### Scalability and decentralization challenges Main article: [Bitcoin scalability problem](https://en.wikipedia.org/wiki/Bitcoin_scalability_problem "Bitcoin scalability problem") Nakamoto limited the block size to one [megabyte](https://en.wikipedia.org/wiki/Megabyte "Megabyte").[\[106\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-108) The limited block size and frequency can lead to delayed processing of transactions, increased fees and a bitcoin scalability problem.[\[107\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-109) The [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network"), [second-layer](https://en.wikipedia.org/wiki/Abstraction_layer "Abstraction layer") [routing](https://en.wikipedia.org/wiki/Routing "Routing") network, is a potential scaling solution.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 Research shows a trend towards centralization in bitcoin as miners join [pools](https://en.wikipedia.org/wiki/Mining_pool "Mining pool") for stable income.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31): 215, 219–222 [\[108\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-110): 3 If a single miner or pool controls more than 50% of the [hashing power](https://en.wikipedia.org/wiki/Hashrate "Hashrate"), it would allow them to censor transactions and double-spend coins.[\[76\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Gervais2014-78) In 2014, mining pool [Ghash.io](https://en.wikipedia.org/wiki/Ghash.io "Ghash.io") reached 51% mining power, causing safety concerns, but later voluntarily capped its power at 39.99% for the benefit of the whole network.[\[109\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-111) A few entities also dominate other parts of the ecosystem such as the client software, online wallets, and simplified payment verification (SPV) clients.[\[76\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Gervais2014-78) ## Economics and usage Main article: [Economics of bitcoin](https://en.wikipedia.org/wiki/Economics_of_bitcoin "Economics of bitcoin") ### Bitcoin's theoretical roots and ideology According to the [European Central Bank](https://en.wikipedia.org/wiki/European_Central_Bank "European Central Bank"), the decentralization of money offered by bitcoin has its theoretical roots in the [Austrian school of economics](https://en.wikipedia.org/wiki/Austrian_school_of_economics "Austrian school of economics"), especially with [Friedrich Hayek](https://en.wikipedia.org/wiki/Friedrich_Hayek "Friedrich Hayek")'s [The Denationalisation of Money](https://en.wikipedia.org/wiki/The_Denationalisation_of_Money "The Denationalisation of Money"), in which he advocates a complete [free market](https://en.wikipedia.org/wiki/Free_market "Free market") in the production, distribution and management of money to end the monopoly of [central banks](https://en.wikipedia.org/wiki/Central_banks "Central banks").[\[110\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-112): 22 Sociologist [Nigel Dodd](https://en.wikipedia.org/wiki/Nigel_Dodd "Nigel Dodd") argues that the essence of the bitcoin ideology is to remove money from social, as well as governmental, control.[\[111\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-113) [The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist") describes bitcoin as "a [techno-anarchist](https://en.wikipedia.org/wiki/Techno-anarchist "Techno-anarchist") project to create an online version of cash, a way for people to transact without the possibility of interference from malicious governments or banks".[\[112\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-30082018Economist-114) These philosophical ideas initially attracted [libertarians](https://en.wikipedia.org/wiki/Libertarian "Libertarian") and [anarchists](https://en.wikipedia.org/wiki/Anarchist "Anarchist").[\[113\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-115) ### Recognition as a currency and legal status [![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Legal_status_of_bitcoin.svg/330px-Legal_status_of_bitcoin.svg.png)](https://en.wikipedia.org/wiki/File:Legal_status_of_bitcoin.svg) [Legal status of bitcoin](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory") Permissive (legal to use bitcoin, with minimal or no restrictions) Restricted (some legal restrictions on the usage of bitcoin) Contentious (interpretation of old laws, but bitcoin is not directly prohibited) Prohibited (full or partial prohibition on the use of bitcoin) No data (no information available) - [v](https://en.wikipedia.org/wiki/Template:Legal_status_of_bitcoin "Template:Legal status of bitcoin") - [t](https://en.wikipedia.org/wiki/Template_talk:Legal_status_of_bitcoin "Template talk:Legal status of bitcoin") - [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Legal_status_of_bitcoin "Special:EditPage/Template:Legal status of bitcoin") [Money](https://en.wikipedia.org/wiki/Money "Money") serves three purposes: a [store of value](https://en.wikipedia.org/wiki/Store_of_value "Store of value"), a [medium of exchange](https://en.wikipedia.org/wiki/Medium_of_exchange "Medium of exchange"), and a [unit of account](https://en.wikipedia.org/wiki/Unit_of_account "Unit of account").[\[114\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econ315-116) According to The Economist in 2014, bitcoin functions best as a medium of exchange.[\[114\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econ315-116) In 2015, The Economist noted that bitcoins had three qualities useful in a currency: they are "hard to earn, limited in supply and easy to verify".[\[115\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-117) However, a 2018 assessment by The Economist stated that cryptocurrencies met none of these three criteria.[\[112\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-30082018Economist-114) Per some researchers, as of 2015[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit), bitcoin functions more as a [payment system](https://en.wikipedia.org/wiki/Payment_system "Payment system") than as a currency.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31) In 2014, economist [Robert J. Shiller](https://en.wikipedia.org/wiki/Robert_J._Shiller "Robert J. Shiller") wrote that bitcoin has potential as a unit of account for measuring the relative value of goods, as with Chile's [Unidad de Fomento](https://en.wikipedia.org/wiki/Unidad_de_Fomento "Unidad de Fomento"), but that "Bitcoin in its present form... doesn't really solve any sensible economic problem".[\[116\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Shiller-118) In 2017, François Velde, senior economist at the [Chicago Fed](https://en.wikipedia.org/wiki/Chicago_Fed "Chicago Fed"), described bitcoin as "unlikely by itself to replace monies in well-functioning monetary systems."[\[117\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-119) The [legal status of bitcoin](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory") varies substantially from one jurisdiction to another. Because of its decentralized nature and its global presence, regulating bitcoin is difficult. However, the use of bitcoin can be criminalized, and shutting down exchanges and the peer-to-peer economy in a given country would constitute a [de facto](https://en.wikipedia.org/wiki/De_facto "De facto") ban.[\[118\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-120) The [use of bitcoin by criminals](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") has attracted the attention of financial regulators, legislative bodies, and law enforcement.[\[119\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-121) Nobel-prize winning economist [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz") says that bitcoin's anonymity encourages [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and other crimes.[\[120\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-122) This is the main justification behind bitcoin bans.[\[10\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-SunYin2019-12) As of November 2021[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit), nine countries applied an absolute ban (Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia) while another 42 countries had an implicit ban.[\[121\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-LOC2021-123)\[[needs update](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items "Wikipedia:Manual of Style/Dates and numbers")\] ### Use for payments [![](https://upload.wikimedia.org/wikipedia/commons/thumb/c/cd/De_Waag_Bitcoin.jpg/250px-De_Waag_Bitcoin.jpg)](https://en.wikipedia.org/wiki/File:De_Waag_Bitcoin.jpg) Café in [Delft](https://en.wikipedia.org/wiki/Delft "Delft") accepting Bitcoin According to Harvard Professor [Kenneth Rogoff](https://en.wikipedia.org/wiki/Kenneth_Rogoff "Kenneth Rogoff") as of 2025[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit), bitcoin is rarely used in regular transactions with merchants, but is popular in the [informal economy](https://en.wikipedia.org/wiki/Informal_economy "Informal economy") and for criminal activities.[\[122\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-RogoffEconomist-124)[\[123\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-RogoffBloomberg-125) Prices are not usually quoted in bitcoin and trades involve conversions into [fiat](https://en.wikipedia.org/wiki/Fiat_money "Fiat money") currencies.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31) Commonly cited reasons for not using bitcoin include high costs, the inability to process [chargebacks](https://en.wikipedia.org/wiki/Chargeback "Chargeback"), high [price volatility](https://en.wikipedia.org/wiki/Volatility_$finance$ "Volatility (finance)"), long transaction times, and [transaction fees](https://en.wikipedia.org/wiki/Transaction_cost "Transaction cost") (especially for small purchases).[\[124\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-FT08062018-126)[\[125\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-127) [Bloomberg](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News") reported that bitcoin was being used for large-item purchases on the site [Overstock.com](https://en.wikipedia.org/wiki/Overstock.com "Overstock.com") and for cross-border payments to [freelancers](https://en.wikipedia.org/wiki/Freelancer "Freelancer").[\[126\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-128) As of 2015[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit), there was little sign of bitcoin use in international [remittances](https://en.wikipedia.org/wiki/Remittance "Remittance") despite high fees charged by banks and [Western Union](https://en.wikipedia.org/wiki/Western_Union "Western Union").[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31)[\[127\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-129) From September 2021 until January 2025, the [Bitcoin Law](https://en.wikipedia.org/wiki/Bitcoin_Law "Bitcoin Law") made bitcoin a [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender") currency in [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador"), alongside the US dollar.[\[7\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-BTCSVSept7FT-9) The adoption had been criticized internationally and within El Salvador.[\[7\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-BTCSVSept7FT-9)[\[128\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-130) In 2022, the [International Monetary Fund](https://en.wikipedia.org/wiki/International_Monetary_Fund "International Monetary Fund") (IMF) urged El Salvador to reverse its decision.[\[129\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-131) As of 2022[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit), the use of [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") remained low: 80% of businesses refused to accept it.[\[130\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-132) In 2025, El Salvador's government revoked bitcoin's status as legal tender currency in order to comply with conditions set by the IMF for a loan. El Salvador still describes bitcoin as "legal tender", but its acceptance is no longer obligitory (as it is with the US dollar) and the El Salvador government no longer accepts bitcoin for payment of taxes or fees.[\[8\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\[9\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) In April 2022, the [Central African Republic](https://en.wikipedia.org/wiki/Central_African_Republic "Central African Republic") (CAR) adopted bitcoin as legal tender alongside the [CFA franc](https://en.wikipedia.org/wiki/CFA_franc "CFA franc"),[\[131\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-133) but repealed the reform one year later.[\[132\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-134) Bitcoin is also used by some governments. For instance, the [Iranian government](https://en.wikipedia.org/wiki/Government_of_Iran "Government of Iran") initially opposed cryptocurrencies, but later began using them to circumvent [sanctions](https://en.wikipedia.org/wiki/Sanctions_against_Iran "Sanctions against Iran").[\[133\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-135) Since 2020, Iran has required local bitcoin miners to sell bitcoin to the [Central Bank of Iran](https://en.wikipedia.org/wiki/Central_Bank_of_Iran "Central Bank of Iran"), allowing the central bank to use it for imports.[\[134\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-aawsat202011-136) Some [constituent states](https://en.wikipedia.org/wiki/Constituent_state "Constituent state") and [local governments](https://en.wikipedia.org/wiki/Local_government "Local government") also accept tax payments in bitcoin, including [Colorado](https://en.wikipedia.org/wiki/Colorado "Colorado") in the US[\[135\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-137) and [Zug](https://en.wikipedia.org/wiki/Canton_of_Zug "Canton of Zug") and [Lugano](https://en.wikipedia.org/wiki/Lugano "Lugano") in Switzerland.[\[136\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-138)[\[137\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-139) As of 2023, the US government owned more than \$5 billion worth of seized bitcoin.[\[138\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-140)[\[139\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-141) ### Use for investment and status as an economic bubble Further information: [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") [![](https://upload.wikimedia.org/wikipedia/commons/thumb/4/43/El_Salvador_Bitcoin_reserves.png/250px-El_Salvador_Bitcoin_reserves.png)](https://en.wikipedia.org/wiki/File:El_Salvador_Bitcoin_reserves.png) Government website with El Salvador reserves As of 2018[\[update\]](https://en.wikipedia.org/w/index.php?title=Bitcoin&action=edit), the overwhelming majority of bitcoin transactions took place on [cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange").[\[124\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-FT08062018-126) Since 2014, regulated bitcoin funds also allow [exposure](https://en.wikipedia.org/wiki/Market_exposure "Market exposure") to the asset or to [futures](https://en.wikipedia.org/wiki/Futures_contract "Futures contract") as an investment.[\[140\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-142)[\[141\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-143) Bitcoin is used as a [store of value](https://en.wikipedia.org/wiki/Store_of_value "Store of value"):[\[142\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-144)[\[143\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-145) individuals and companies such as the [Winklevoss twins](https://en.wikipedia.org/wiki/Winklevoss_Capital_Management "Winklevoss Capital Management")[\[144\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-146) and [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk")'s companies [SpaceX](https://en.wikipedia.org/wiki/SpaceX "SpaceX") and [Tesla](https://en.wikipedia.org/wiki/Tesla,_Inc. "Tesla, Inc.") have each bought and sold hundreds of millions of dollars worth of bitcoin.[\[145\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-147)[\[146\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-148)[\[147\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-149) Bitcoin wealth is highly concentrated, with 0.01% holding 27% of in-circulation currency, as of 2021.[\[148\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-150) As of March 2025, El Salvador had \$550 million worth of bitcoin in its [international reserves](https://en.wikipedia.org/wiki/Foreign_exchange_reserves "Foreign exchange reserves"), about 6,102 coins.[\[149\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-151) Bitcoin, along with other cryptocurrencies, has been described as an [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") by several economists, including [Nobel Prize in Economics](https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences "Nobel Memorial Prize in Economic Sciences") laureates, such as [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz"),[\[150\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Stiglitz-152) [James Heckman](https://en.wikipedia.org/wiki/James_Heckman "James Heckman"),[\[151\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-4Nobels-153) and [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman").[\[152\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Krugman-154) Another recipient of the prize, [Robert Shiller](https://en.wikipedia.org/wiki/Robert_Shiller "Robert Shiller"), argues that bitcoin is rather a [fad](https://en.wikipedia.org/wiki/Fad "Fad") that may become an [asset class](https://en.wikipedia.org/wiki/Asset_classes "Asset classes"). He describes its price growth as an "epidemic", driven by [contagious narratives](https://en.wikipedia.org/wiki/Social_contagion "Social contagion").[\[153\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-155) In 2024, [Jean Tirole](https://en.wikipedia.org/wiki/Jean_Tirole "Jean Tirole"), also Nobel laureate, described bitcoin as a "pure bubble" as its [intrinsic value](https://en.wikipedia.org/wiki/Intrinsic_value_$finance$ "Intrinsic value (finance)") is zero. According to him, some bubbles are long-lasting such as gold and fiat currencies, and it is impossible to predict whether bitcoin would implode like other financial bubbles or become an alternative to gold.[\[154\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-156) The same year, [Federal Reserve Chair](https://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve "Chair of the Federal Reserve") [Jerome Powell](https://en.wikipedia.org/wiki/Jerome_Powell "Jerome Powell") described bitcoin as a digital competitor to gold but not to the dollar as he argued it is a highly volatile [speculative](https://en.wikipedia.org/wiki/Speculation "Speculation") asset not used as a form of payment.[\[155\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-157) In 2025, [Kenneth Rogoff](https://en.wikipedia.org/wiki/Kenneth_Rogoff "Kenneth Rogoff") claimed that Krugman was wrong and that Bitcoin had value as it is competing with the dollar to become the [means of exchange](https://en.wikipedia.org/wiki/Means_of_exchange "Means of exchange") of the [underground economy](https://en.wikipedia.org/wiki/Informal_economy "Informal economy") which represents 20% of the world's [GDP](https://en.wikipedia.org/wiki/Gross_domestic_product "Gross domestic product").[\[122\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-RogoffEconomist-124)[\[123\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-RogoffBloomberg-125) According to Rogoff, bitcoin is "the ideal currency for a more fragmented and uncertain global landscape" and it could become appealing to [emerging-market](https://en.wikipedia.org/wiki/Emerging_market "Emerging market") central banks as a "politically neutral" [reserve](https://en.wikipedia.org/wiki/Reserve_currency "Reserve currency") [currency](https://en.wikipedia.org/wiki/Reserve_currency "Reserve currency").[\[156\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-:0-158) In 2025, the nominee for the Chair of the Federal Reserve, [Kevin Warsh](https://en.wikipedia.org/wiki/Kevin_Warsh "Kevin Warsh"), described Bitcoin as the "new gold."[\[156\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-:0-158) According to research published in the [International Review of Financial Analysis](https://en.wikipedia.org/wiki/International_Review_of_Financial_Analysis "International Review of Financial Analysis") in 2018, bitcoin as an asset is highly volatile and does not behave like any other conventional asset.[\[157\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-159) According to one 2022 analysis published in [The Journal of Alternative Investments](https://en.wikipedia.org/wiki/The_Journal_of_Alternative_Investments "The Journal of Alternative Investments"), bitcoin was less volatile than [oil](https://en.wikipedia.org/wiki/Price_of_oil "Price of oil"), [silver](https://en.wikipedia.org/wiki/Silver_as_an_investment "Silver as an investment"), [US Treasuries](https://en.wikipedia.org/wiki/United_States_Treasury_security "United States Treasury security"), and 190 stocks in the [S\&P 500](https://en.wikipedia.org/wiki/S%26P_500 "S&P 500") during and after the [2020 stock market crash](https://en.wikipedia.org/wiki/2020_stock_market_crash "2020 stock market crash").[\[158\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-160) The term [hodl](https://en.wiktionary.org/wiki/hodl#English "wikt:hodl") was created in December 2013 for [holding](https://en.wikipedia.org/wiki/Buy_and_hold "Buy and hold") bitcoin rather than selling it during periods of volatility.[\[159\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-161)[\[160\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-162) In 2014, economist [Nouriel Roubini](https://en.wikipedia.org/wiki/Nouriel_Roubini "Nouriel Roubini") described bitcoin as a [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme").[\[161\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-163) Legal scholar [Eric Posner](https://en.wikipedia.org/wiki/Eric_Posner "Eric Posner") disagrees, however, as "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective [delusion](https://en.wikipedia.org/wiki/Delusion "Delusion")".[\[162\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-164) A 2014 [World Bank](https://en.wikipedia.org/wiki/World_Bank "World Bank") report also concluded that bitcoin was not a deliberate Ponzi scheme.[\[163\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-165) ### Market characteristics Bitcoin markets operate 24 hours a day, seven days a week, contrasting with traditional financial markets that have fixed trading hours. Bitcoin prices show much higher volatility and respond strongly to both regulatory changes and market events.[\[164\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-166) The volume of bitcoin trading can fluctuate considerably among various exchanges and geographic regions. The daily transaction volume of bitcoin across all exchanges typically reaches \$50 billion as of 2025.[\[165\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-167) ## See also - [Alternative currency](https://en.wikipedia.org/wiki/Alternative_currency "Alternative currency") – Medium of exchange complementing national currenciesPages displaying short descriptions of redirect targets - [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") ## Notes 1. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-satoshi_2-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-satoshi_2-1) Named after [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") 2. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-supply_5-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-supply_5-1) The exact number is ₿20,999,999.9769.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 ## References 1. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-unicode-10_1-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-unicode-10_1-1) ["Unicode 10.0.0"](https://www.unicode.org/versions/Unicode10.0.0/). Unicode Consortium. 20 June 2017. [Archived](https://web.archive.org/web/20170620130342/http://www.unicode.org/versions/Unicode10.0.0/) from the original on 20 June 2017. Retrieved 20 June 2017. 2. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-satoshi_unit_3-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-satoshi_unit_3-1) Bradbury, Danny (November 2013). ["The problem with Bitcoin"](https://linkinghub.elsevier.com/retrieve/pii/S1361372313701015). Computer Fraud & Security. 2013* (11): 5–8\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/S1361-3723(13)70101-5](https://doi.org/10.1016%2FS1361-3723%2813%2970101-5). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1361-3723](https://search.worldcat.org/issn/1361-3723). [Archived](https://web.archive.org/web/20230118052355/https://linkinghub.elsevier.com/retrieve/pii/S1361372313701015) from the original on 18 January 2023. Retrieved 25 November 2023. 3. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-4) ["Bitcoin Core 30.2"](https://bitcoincore.org/bin/bitcoin-core-30.2/). 10 January 2026. Retrieved 14 January 2026. 4. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-whoissn_6-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-whoissn_6-1) S., L. (2 November 2015). ["Who is Satoshi Nakamoto?"](https://www.economist.com/the-economist-explains/2015/11/02/who-is-satoshi-nakamoto). [The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist"). [Archived](https://web.archive.org/web/20201122172929/https://www.economist.com/the-economist-explains/2015/11/02/who-is-satoshi-nakamoto) from the original on 22 November 2020. Retrieved 21 November 2023. 5. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-NY2011_7-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-NY2011_7-1) Davis, Joshua (10 October 2011). ["The Crypto-Currency: Bitcoin and its mysterious inventor"](https://www.newyorker.com/magazine/2011/10/10/the-crypto-currency). [The New Yorker](https://en.wikipedia.org/wiki/The_New_Yorker "The New Yorker"). [Archived](https://web.archive.org/web/20141101014157/http://www.newyorker.com/magazine/2011/10/10/the-crypto-currency) from the original on 1 November 2014. Retrieved 31 October 2014. 6. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-4) [f](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-5) [g](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-6) [h](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-7) [i](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-8) [j](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-9) [k](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-10) [l](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-11) [m](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-12) [n](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-13) [o](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-14) [p](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-15) [q](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-16) [r](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-17) [s](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-18) [t](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-19) [u](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-20) [v](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-21) [w](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-22) [Antonopoulos, Andreas M.](https://en.wikipedia.org/wiki/Andreas_Antonopoulos "Andreas Antonopoulos") (2014). Mastering Bitcoin: Unlocking Digital Crypto-Currencies. O'Reilly Media. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-4493-7404-4](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4493-7404-4 "Special:BookSources/978-1-4493-7404-4") . 7. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-BTCSVSept7FT_9-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-BTCSVSept7FT_9-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-BTCSVSept7FT_9-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-BTCSVSept7FT_9-3) ["El Salvador's dangerous gamble on bitcoin"](https://www.ft.com/content/c257a925-c864-4495-9149-d8956d786310). The editorial board. [Financial Times](https://en.wikipedia.org/wiki/Financial_Times "Financial Times"). 7 September 2021. [Archived](https://web.archive.org/web/20210907081627/https://www.ft.com/content/c257a925-c864-4495-9149-d8956d786310) from the original on 7 September 2021. Retrieved 7 September 2021. 8. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-2) ["El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment"](https://ticotimes.net/2025/02/02/el-salvador-abandons-bitcoin-as-legal-tender-after-failed-experiment). The Tico Times. [AFP](https://en.wikipedia.org/wiki/Agence_France-Presse "Agence France-Presse"). 2 February 2025. Retrieved 10 October 2025. 9. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-2) ["Bitcoin is no longer legal tender in El Salvador"](https://dig.watch/updates/bitcoin-is-no-longer-legal-tender-in-el-salvador). Dig.watch. [DiploFoundation](https://en.wikipedia.org/wiki/DiploFoundation "DiploFoundation"). 7 February 2025. Retrieved 10 October 2025. 10. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-SunYin2019_12-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-SunYin2019_12-1) Sun Yin, Hao Hua; Langenheldt, Klaus; Harlev, Mikkel; Mukkamala, Raghava Rao; Vatrapu, Ravi (2 January 2019). ["Regulating Cryptocurrencies: A Supervised Machine Learning Approach to De-Anonymizing the Bitcoin Blockchain"](https://www.researchgate.net/publication/332118587). [Journal of Management Information Systems](https://en.wikipedia.org/wiki/Journal_of_Management_Information_Systems "Journal of Management Information Systems"). 36* (1): 65. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1080/07421222.2018.1550550](https://doi.org/10.1080%2F07421222.2018.1550550). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0742-1222](https://search.worldcat.org/issn/0742-1222). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [132398387](https://api.semanticscholar.org/CorpusID:132398387). [Archived](https://web.archive.org/web/20240421113631/https://www.researchgate.net/publication/332118587_Regulating_Cryptocurrencies_A_Supervised_Machine_Learning_Approach_to_De-Anonymizing_the_Bitcoin_Blockchain) from the original on 21 April 2024. Retrieved 29 November 2023. 11. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-13) Huang, Jon; O’Neill, Claire; [Tabuchi, Hiroko](https://en.wikipedia.org/wiki/Hiroko_Tabuchi "Hiroko Tabuchi") (3 September 2021). ["Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?"](https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html). The New York Times. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20230217105559/https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 26 October 2022. 12. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-4) [f](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-5) [g](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-6) [h](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-7) Narayanan, Arvind; Clark, Jeremy (27 November 2017). ["Bitcoin's academic pedigree"](https://queue.acm.org/detail.cfm?id=3136559). [Communications of the ACM](https://en.wikipedia.org/wiki/Communications_of_the_ACM "Communications of the ACM"). 60* (12): 36–45\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1145/3132259](https://doi.org/10.1145%2F3132259). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0001-0782](https://search.worldcat.org/issn/0001-0782). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [6425116](https://api.semanticscholar.org/CorpusID:6425116). [Archived](https://web.archive.org/web/20231014120907/https://queue.acm.org/detail.cfm?id=3136559) from the original on 14 October 2023. Retrieved 22 November 2023. 13. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-15) Dwork, Cynthia; Naor, Moni (1993), Brickell, Ernest F. (ed.), ["Pricing via Processing or Combatting Junk Mail"](http://link.springer.com/10.1007/3-540-48071-4_10), Advances in Cryptology — CRYPTO’ 92, vol. 740, Berlin, Heidelberg: Springer Berlin Heidelberg, pp. 139–147, [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1007/3-540-48071-4\_10](https://doi.org/10.1007%2F3-540-48071-4_10), [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-3-540-57340-1](https://en.wikipedia.org/wiki/Special:BookSources/978-3-540-57340-1 "Special:BookSources/978-3-540-57340-1") , retrieved 2 January 2025 `{{citation}}`: CS1 maint: work parameter with ISBN ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_work_parameter_with_ISBN "Category:CS1 maint: work parameter with ISBN")) 14. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-16) Tschorsch, Florian; Scheuermann, Bjorn (2 March 2016). "Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies". IEEE Communications Surveys & Tutorials. 18 (3): 2084–2123\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1109/COMST.2016.2535718](https://doi.org/10.1109%2FCOMST.2016.2535718). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1553-877X](https://search.worldcat.org/issn/1553-877X). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [5115101](https://api.semanticscholar.org/CorpusID:5115101). 15. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-17) Judmayer, Aljosha; Stifter, Nicholas; Krombholz, Katharina; Weippl, Edgar (2017). ["History of Cryptographic Currencies"](https://link.springer.com/10.1007/978-3-031-02352-1_3). [Blocks and Chains](https://link.springer.com/book/10.1007/978-3-031-02352-1). Synthesis Lectures on Information Security, Privacy, and Trust. [Springer](https://en.wikipedia.org/wiki/Springer_Nature "Springer Nature"). pp. 15–18\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1007/978-3-031-02352-1\_3](https://doi.org/10.1007%2F978-3-031-02352-1_3). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-3-031-01224-2](https://en.wikipedia.org/wiki/Special:BookSources/978-3-031-01224-2 "Special:BookSources/978-3-031-01224-2") . [Archived](https://web.archive.org/web/20231122135006/https://link.springer.com/book/10.1007/978-3-031-02352-1) from the original on 22 November 2023. Retrieved 22 November 2023. 16. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-18) Bernard, Zoë (2 December 2017). ["Everything you need to know about Bitcoin, its mysterious origins, and the many alleged identities of its creator"](http://www.businessinsider.com/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12). Business Insider. [Archived](https://web.archive.org/web/20180615010015/http://www.businessinsider.com/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12) from the original on 15 June 2018. Retrieved 15 June 2018. 17. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-19) Finley, Klint (31 October 2018). ["After 10 Years, Bitcoin Has Changed Everything—and Nothing"](https://www.wired.com/story/after-10-years-bitcoin-changed-everything-nothing/). Wired. [Archived](https://web.archive.org/web/20181105070656/https://www.wired.com/story/after-10-years-bitcoin-changed-everything-nothing/) from the original on 5 November 2018. Retrieved 9 November 2018. 18. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-te20151031_20-0) Economist Staff (31 October 2015). ["Blockchains: The great chain of being sure about things"](https://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable). [The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist"). [Archived](https://web.archive.org/web/20160703000844/http://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable) from the original on 3 July 2016. Retrieved 18 June 2016. 19. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Humayun-2018_21-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Humayun-2018_21-1) Humayun, Mariam; Belk, Russell W. (2018). ["'Satoshi is Dead. Long Live Satoshi': The Curious Case of Bitcoin's Creator"](https://books.google.com/books?id=FxJJDwAAQBAJ&pg=PA19). In N. N. Cross, Samantha; Ruvalcaba, Cecilia; Venkatesh, Alladi; W. Belk, Russell (eds.). Consumer Culture Theory. pp. 19–35\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1108/s0885-211120180000019002](https://doi.org/10.1108%2Fs0885-211120180000019002). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-78743-907-8](https://en.wikipedia.org/wiki/Special:BookSources/978-1-78743-907-8 "Special:BookSources/978-1-78743-907-8") . 20. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Wired:RFB_22-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Wired:RFB_22-1) Wallace, Benjamin (23 November 2011). ["The Rise and Fall of Bitcoin"](https://www.wired.com/2011/11/mf-bitcoin/). Wired. [Archived](https://web.archive.org/web/20131031043919/http://www.wired.com/magazine/2011/11/mf_bitcoin) from the original on 31 October 2013. Retrieved 13 October 2012. 21. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-23)* Popper, Nathaniel (30 August 2014). ["Hal Finney, Cryptographer and Bitcoin Pioneer, Dies at 58"](https://www.nytimes.com/2014/08/31/business/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html). [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times"). [Archived](https://web.archive.org/web/20140903162835/http://www.nytimes.com/2014/08/31/business/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html) from the original on 3 September 2014. Retrieved 2 September 2014. 22. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-24) Cooper, Anderson (16 May 2019). ["Meet the man who spent millions worth of bitcoin on pizza"](https://www.cbsnews.com/news/meet-the-man-who-spent-millions-worth-of-bitcoin-on-pizza-60-minutes-2019-05-16). [CBS News](https://en.wikipedia.org/wiki/CBS_News "CBS News"). [Archived](https://web.archive.org/web/20211208180706/https://www.cbsnews.com/news/meet-the-man-who-spent-millions-worth-of-bitcoin-on-pizza-60-minutes-2019-05-16/) from the original on 8 December 2021. Retrieved 8 December 2021. 23. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-25) Khalili, Joel (23 February 2024). ["Bitcoin Royalty Descends on the Satoshi Nakamoto Trial"](https://www.wired.com/story/craig-wright-trial-bitcoin-royalty-testimony/). Wired. Retrieved 25 August 2025. `{{cite magazine}}`: CS1 maint: url-status ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_url-status "Category:CS1 maint: url-status")) 24. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-DominicFrisby2014_26-0) Frisby, Dominic (2014). Bitcoin: The Future of Money?. Unbound. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [9781783520763](https://en.wikipedia.org/wiki/Special:BookSources/9781783520763 "Special:BookSources/9781783520763") . 25. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-27) McMillan, Robert. ["Who Owns the World's Biggest Bitcoin Wallet? The FBI"](https://www.wired.com/2013/12/fbi-wallet/). Wired. [Archived](https://web.archive.org/web/20161021221609/https://www.wired.com/2013/12/fbi-wallet/) from the original on 21 October 2016. Retrieved 7 October 2016. 26. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-28) Simonite, Tom (15 August 2014). ["Meet Gavin Andresen, the most powerful person in the world of Bitcoin"](https://www.technologyreview.com/2014/08/15/12784/the-man-who-really-built-bitcoin). [MIT Technology Review](https://en.wikipedia.org/wiki/MIT_Technology_Review "MIT Technology Review"). [Archived](https://web.archive.org/web/20231122163924/https://www.technologyreview.com/2014/08/15/12784/the-man-who-really-built-bitcoin) from the original on 22 November 2023. Retrieved 22 November 2023. 27. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-29) Odell, Matt (21 September 2015). ["A Solution To Bitcoin's Governance Problem"](https://techcrunch.com/2015/09/21/a-solution-to-bitcoins-governance-problem/). TechCrunch. [Archived](https://web.archive.org/web/20160126051521/http://techcrunch.com/2015/09/21/a-solution-to-bitcoins-governance-problem/) from the original on 26 January 2016. Retrieved 24 January 2016. 28. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-30) Bustillos, Maria (1 April 2013). ["The Bitcoin Boom"](https://www.newyorker.com/tech/elements/the-bitcoin-boom). The New Yorker. [Archived](https://web.archive.org/web/20180702064450/https://www.newyorker.com/tech/elements/the-bitcoin-boom) from the original on 2 July 2018. Retrieved 30 July 2018. 29. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-4) [f](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-5) [g](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-6) Rainer Böhme; Nicolas Christin; Benjamin Edelman; Tyler Moore (2015). ["Bitcoin: Economics, Technology, and Governance"](https://doi.org/10.1257%2Fjep.29.2.213). [Journal of Economic Perspectives](https://en.wikipedia.org/wiki/Journal_of_Economic_Perspectives "Journal of Economic Perspectives"). 29* (2): 213–238\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1257/jep.29.2.213](https://doi.org/10.1257%2Fjep.29.2.213). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0895-3309](https://search.worldcat.org/issn/0895-3309). 30. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-32) Lee, Timothy B. (19 March 2013). ["US regulator Bitcoin Exchanges Must Comply With Money Laundering Laws"](https://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws/). [Ars Technica](https://en.wikipedia.org/wiki/Ars_Technica "Ars Technica"). [Archived](https://web.archive.org/web/20131021203745/http://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws/) from the original on 21 October 2013. Retrieved 28 July 2017. 31. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-33) Dillet, Romain. ["Feds Seize Assets From Mt. Gox's Dwolla Account, Accuse It Of Violating Money Transfer Regulations"](https://techcrunch.com/2013/05/16/mt-gox-dwolla-account-money-seizure/). [TechCrunch](https://en.wikipedia.org/wiki/TechCrunch "TechCrunch"). [Archived](https://web.archive.org/web/20131009161856/http://techcrunch.com/2013/05/16/mt-gox-dwolla-account-money-seizure/) from the original on 9 October 2013. Retrieved 15 May 2013. 32. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-34) Sampson, Tim (2013). ["U.S. government makes its first-ever Bitcoin seizure"](http://www.dailydot.com/business/11-bitcoins-seized-government-dea/). The Daily Dot. [Archived](https://web.archive.org/web/20130712010826/http://www.dailydot.com/business/11-bitcoins-seized-government-dea/) from the original on 12 July 2013. Retrieved 15 October 2013. 33. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-35) Hill, Kashmir. ["The FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road"](https://www.forbes.com/sites/kashmirhill/2013/10/04/fbi-silk-road-bitcoin-seizure/). Forbes. [Archived](https://web.archive.org/web/20140502154935/http://www.forbes.com/sites/kashmirhill/2013/10/04/fbi-silk-road-bitcoin-seizure/) from the original on 2 May 2014. 34. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-36) Kelion, Leo (18 December 2013). ["Bitcoin sinks after China restricts yuan exchanges"](https://www.bbc.co.uk/news/technology-25428866). BBC News. [Archived](https://web.archive.org/web/20131219214615/http://www.bbc.co.uk/news/technology-25428866) from the original on 19 December 2013. Retrieved 20 December 2013. 35. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-37) ["China bans banks from bitcoin transactions"](https://www.smh.com.au/business/markets/currencies/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html). [The Sydney Morning Herald](https://en.wikipedia.org/wiki/The_Sydney_Morning_Herald "The Sydney Morning Herald"). Reuters. 6 December 2013. [Archived](https://web.archive.org/web/20140323102824/http://www.smh.com.au/business/markets/currencies/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html) from the original on 23 March 2014. Retrieved 31 October 2014. 36. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-38) ["Baidu Stops Accepting Bitcoins After China Ban"](https://www.bloomberg.com/news/2013-12-07/baidu-stops-accepting-bitcoins-after-china-ban.html). Bloomberg. New York. 7 December 2013. [Archived](https://web.archive.org/web/20131210214547/http://www.bloomberg.com/news/2013-12-07/baidu-stops-accepting-bitcoins-after-china-ban.html) from the original on 10 December 2013. Retrieved 11 December 2013. 37. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-39) ["China bars use of virtual money for trading in real goods"](http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200906/20090606364208.html). English.mofcom.gov.cn. 29 June 2009. [Archived](https://web.archive.org/web/20131129184312/http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200906/20090606364208.html) from the original on 29 November 2013. Retrieved 10 January 2014. 38. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-40) Hileman, Garrick; Rauchs, Michel. ["Global Cryptocurrency Benchmarking Study"](https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf) (PDF). Cambridge University. [Archived](https://web.archive.org/web/20170410130007/https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf) (PDF) from the original on 10 April 2017. Retrieved 14 April 2017. 39. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-41) Vigna, Paul (21 July 2017). ["Bitcoin Rallies Sharply After Vote Resolves Bitter Scaling Debate"](https://www.wsj.com/articles/bitcoin-rallies-sharply-after-vote-resolves-bitter-scaling-debate-1500656084). The Wall Street Journal. [Archived](https://web.archive.org/web/20231121164350/https://www.wsj.com/articles/bitcoin-rallies-sharply-after-vote-resolves-bitter-scaling-debate-1500656084) from the original on 21 November 2023. Retrieved 21 November 2023. 40. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-42) Selena Larson (1 August 2017). ["Bitcoin split in two, here's what that means"](https://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html). CNN Tech. Cable News Network. [Archived](https://web.archive.org/web/20180227214042/https://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html) from the original on 27 February 2018. Retrieved 2 April 2018. 41. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-43) Cheng, Evelyn (17 December 2017). ["Bitcoin debuts on the world's largest futures exchange, and prices fall slightly"](https://www.cnbc.com/2017/12/17/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html). CNBC. [Archived](https://web.archive.org/web/20240118182719/https://www.cnbc.com/2017/12/17/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html) from the original on 18 January 2024. Retrieved 19 January 2024. 42. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-44) French, Sally (9 February 2017). ["Here's proof that this bitcoin crash is far from the worst the cryptocurrency has seen"](https://www.marketwatch.com/story/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09). Market Watch. [Archived](https://web.archive.org/web/20180703220246/https://www.marketwatch.com/story/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09) from the original on 3 July 2018. Retrieved 3 July 2018. 43. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-45) ["RMB Bitcoin trading falls below 1 pct of world total"](http://www.xinhuanet.com/english/2018-07/07/c_137308879.htm). Xinhuanet. [Xinhua](https://en.wikipedia.org/wiki/Xinhua "Xinhua"). 7 July 2018. [Archived](https://web.archive.org/web/20180710225218/http://www.xinhuanet.com/english/2018-07/07/c_137308879.htm) from the original on 10 July 2018. Retrieved 10 July 2018. 44. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-46) Chavez-Dreyfuss, Gertrude (3 July 2018). ["Cryptocurrency exchange theft surges in first half of 2018: report"](https://www.reuters.com/article/us-crypto-currencies-ciphertrace/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5). Reuters. [Archived](https://web.archive.org/web/20180704120854/https://www.reuters.com/article/us-crypto-currencies-ciphertrace/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5) from the original on 4 July 2018. Retrieved 10 July 2018. 45. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-47) ["Coinbase Bitcoin"](https://fred.stlouisfed.org/graph/?g=1BVJt). [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase"). [Federal Reserve Economic Data](https://en.wikipedia.org/wiki/Federal_Reserve_Economic_Data "Federal Reserve Economic Data"). 4 December 2024. Retrieved 4 December 2024. 46. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-48) Cuthbertson, Anthony (13 September 2021). ["MicroStrategy buys another \$250m worth of bitcoin in hope of 100X price growth"](https://www.independent.co.uk/tech/microstrategy-bitcoin-crypto-price-prediction-b1919178.html). [The Independent](https://en.wikipedia.org/wiki/The_Independent "The Independent"). [Archived](https://web.archive.org/web/20231122163924/https://www.independent.co.uk/tech/microstrategy-bitcoin-crypto-price-prediction-b1919178.html) from the original on 22 November 2023. Retrieved 22 November 2023. 47. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-49) Oliver Effron. ["Square just bought \$50 million in bitcoin"](https://www.cnn.com/2020/10/08/business/square-bitcoin-crypto-investment/index.html). CNN. [Archived](https://web.archive.org/web/20201024101610/https://www.cnn.com/2020/10/08/business/square-bitcoin-crypto-investment/index.html) from the original on 24 October 2020. Retrieved 22 October 2020. 48. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-50) Olga Kharif (11 December 2020). ["169-Year-Old MassMutual Invests \$100 Million in Bitcoin"](https://www.bloomberg.com/news/articles/2020-12-10/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin). Bloomberg. [Archived](https://web.archive.org/web/20201219220543/https://www.bloomberg.com/news/articles/2020-12-10/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin) from the original on 19 December 2020. Retrieved 26 December 2020. 49. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-51) ["PayPal says all users in US can now buy, hold and sell cryptocurrencies"](https://techcrunch.com/2020/11/12/paypal-says-all-users-in-u-s-can-now-buy-hold-and-sell-cryptocurrencies/). Techcrunch. 13 November 2020. [Archived](https://web.archive.org/web/20201124050031/https://techcrunch.com/2020/11/12/paypal-says-all-users-in-u-s-can-now-buy-hold-and-sell-cryptocurrencies/) from the original on 24 November 2020. Retrieved 26 November 2020. 50. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-52) Chavez-Dreyfuss, Gertrude; Wilson, Tom (19 February 2021). ["Bitcoin hits \$1 trillion market cap, surges to fresh all-time peak"](https://www.reuters.com.article/idUSKBN2AJ0GC/). Reuters. Retrieved 24 November 2023. \[[dead link](https://en.wikipedia.org/wiki/Wikipedia:Link_rot "Wikipedia:Link rot")\] 51. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-53) Sigalos, MacKenzie (14 November 2021). ["Bitcoin's biggest upgrade in four years just happened – here's what changes"](https://www.cnbc.com/2021/11/14/bitcoin-taproot-upgrade-what-it-means-for-investors.html). CNBC. [Archived](https://web.archive.org/web/20211114215032/https://www.cnbc.com/2021/11/14/bitcoin-taproot-upgrade-what-it-means-for-investors.html) from the original on 14 November 2021. Retrieved 15 November 2021. 52. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-54) Van Hijfte, Stijn (2020). Blockchain Platforms: A Look at the Underbelly of Distributed Platforms. Morgan & Claypool Publishers. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1681738925](https://en.wikipedia.org/wiki/Special:BookSources/978-1681738925 "Special:BookSources/978-1681738925") . 53. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-55) Wursthorn, Michael (19 October 2021). ["A Bitcoin ETF Is Here. What Does That Mean for Investors?"](https://www.wsj.com/articles/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601). The Wall Street Journal. [Archived](https://web.archive.org/web/20240110200308/https://www.wsj.com/articles/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601) from the original on 10 January 2024. Retrieved 11 January 2024. 54. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-56) Loh, Matthew. ["Canada says it will freeze the bank accounts of 'Freedom Convoy' truckers who continue their anti-vaccine mandate blockades"](https://www.businessinsider.com/trudeau-canada-freeze-bank-accounts-freedom-convoy-truckers-2022-2). Business Insider. Retrieved 19 January 2025. 55. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-57) ["Crypto enthusiasts keep funding convoy protests as traditional banks take action against it – The Globe and Mail"](https://web.archive.org/web/20241208224444/https://www.theglobeandmail.com/business/article-crypto-enthusiasts-keep-funding-convoy-protests-as-traditional-banks/). The Globe and Mail. 8 December 2024. Archived from [the original](https://www.theglobeandmail.com/business/article-crypto-enthusiasts-keep-funding-convoy-protests-as-traditional-banks/) on 8 December 2024. Retrieved 19 January 2025. 56. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-58) ["Meet Greg Foss: A Former Bitcoin Fundraiser For Canada's 'Freedom Convoy' Protest"](https://web.archive.org/web/20240620070940/https://www.forbes.com/sites/jasonbrett/2022/02/17/meet-greg-foss-a-former-bitcoin-fundraiser-for-canadas-freedom-convoy-protest/). Forbes. 20 June 2024. Archived from [the original](https://www.forbes.com/sites/jasonbrett/2022/02/17/meet-greg-foss-a-former-bitcoin-fundraiser-for-canadas-freedom-convoy-protest/) on 20 June 2024. Retrieved 19 January 2025. 57. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-59) ["Elon Musk–backed 'freedom truckers' in Canada get Bitcoin lifeline after GoFundMe freezes millions in donations"](https://web.archive.org/web/20220313170541/https://finance.yahoo.com/news/elon-musk-backed-freedom-truckers-200403223.html). Yahoo! Finance. 13 March 2022. Archived from [the original](https://finance.yahoo.com/news/elon-musk-backed-freedom-truckers-200403223.html) on 13 March 2022. Retrieved 19 January 2025. 58. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-60) Browne, Ryan (10 May 2022). ["Bitcoin investors are panicking as a controversial crypto experiment unravels"](https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html). CNBC. [Archived](https://web.archive.org/web/20220511021259/https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html) from the original on 11 May 2022. Retrieved 11 May 2022. 59. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-61) Milmo, Dan (18 June 2022). ["Bitcoin value slumps below \$20,000 in cryptocurrencies turmoil"](https://www.theguardian.com/technology/2022/jun/18/bitcoin-value-falls-cryptocurrency-markets-turmoil). The Guardian. [Archived](https://web.archive.org/web/20220618231120/https://www.theguardian.com/technology/2022/jun/18/bitcoin-value-falls-cryptocurrency-markets-turmoil) from the original on 18 June 2022. Retrieved 19 June 2022. 60. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-62) Yaffe-Bellany, David (13 June 2022). ["Celsius Network Leads Crypto Markets Into Another Free Fall"](https://www.nytimes.com/2022/06/13/technology/bitcoin-ether-price.html). The New York Times. [Archived](https://web.archive.org/web/20220614030021/https://www.nytimes.com/2022/06/13/technology/bitcoin-ether-price.html) from the original on 14 June 2022. Retrieved 14 June 2022. 61. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-63) Behrendt, Philipp (2023). ["Taxation of the New Age: New Guidance for the World of Digital Assets"](https://heinonline.org/HOL/Page?handle=hein.journals/jtaxpp25&id=105&div=&collection=). Journal of Tax Practice & Procedure. 25: 47. [Archived](https://web.archive.org/web/20231121164911/https://heinonline.org/HOL/Page?handle=hein.journals/jtaxpp25&id=105&div=&collection=) from the original on 21 November 2023. Retrieved 21 November 2023. 62. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-64) ["As banks buy up bitcoins, who else are the 'Bitcoin whales'?"](https://www.bbc.com/news/technology-68434579). BBC Home. 1 March 2024. Retrieved 14 March 2024. 63. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-65) Schmitt, Will (12 January 2024). ["Bitcoin trading volumes surge after debut of long-awaited US ETFs"](https://www.ft.com/content/f30ece62-0f1c-492a-8ccd-63ec9730573c). Financial Times. [Archived](https://web.archive.org/web/20240112025105/https://www.ft.com/content/f30ece62-0f1c-492a-8ccd-63ec9730573c) from the original on 12 January 2024. Retrieved 12 January 2024. 64. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-66) Lang, Hannah (11 January 2024). ["US bitcoin ETFs see \$4.6B in volume in first day of trading"](https://www.reuters.com/technology/spot-bitcoin-etfs-start-trading-big-boost-crypto-industry-2024-01-11/). Reuters. Retrieved 12 January 2024. 65. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-67) ["Bitcoin storms above \$100,000 as Trump 2.0 fuels crypto euphoria"](https://www.reuters.com/technology/bitcoin-tops-100000-optimism-over-trump-crypto-plans-2024-12-05/). Reuters. 5 December 2024. 66. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-68) McGee, Suzanne (12 December 2024). ["BlackRock recommends bitcoin portfolio weighting of up to 2% for interested investors"](https://www.reuters.com/markets/us/blackrock-recommends-bitcoin-portfolio-weighting-up-2-interested-investors-2024-12-12/). Reuters. 67. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-69) Bose, Nandita; Ward, Jasper (7 March 2025). ["Trump signs order to establish strategic bitcoin reserve"](https://www.reuters.com/technology/trump-signs-order-establish-strategic-bitcoin-reserve-white-house-crypto-czar-2025-03-07/). [Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters"). [Washington](https://en.wikipedia.org/wiki/Washington,_D.C. "Washington, D.C."). Retrieved 10 March 2025. 68. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-70) ["Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve"](https://web.archive.org/web/20250624034336/https://news.bgov.com/bloomberg-government-news/texas-gov-abbott-signs-bill-to-create-state-bitcoin-reserve). 22 June 2025. Archived from [the original](https://news.bgov.com/bloomberg-government-news/texas-gov-abbott-signs-bill-to-create-state-bitcoin-reserve) on 24 June 2025. Retrieved 6 July 2025. 69. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-71) ["Czech central bank buys \$1 million in bitcoin, other crypto assets for testing"](https://www.reuters.com/business/czech-central-bank-buys-1-mln-bitcoin-other-crypto-assets-testing-2025-11-13). Reuters. 70. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-ssrn.3383734_72-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-ssrn.3383734_72-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-ssrn.3383734_72-2) Alexander, Carol; Imeraj, Arben (2019). ["Introducing the BITIX: The Bitcoin Fear Gauge"](https://www.ssrn.com/abstract=3383734). [SSRN Electronic Journal](https://en.wikipedia.org/wiki/SSRN_Electronic_Journal "SSRN Electronic Journal"). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2139/ssrn.3383734](https://doi.org/10.2139%2Fssrn.3383734). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1556-5068](https://search.worldcat.org/issn/1556-5068). "XBT satisfies the norm 'ISO 4217' by the International Organisation for Standardisation (ISO) as BTC goes against the name of Bhutan's currency. In general, transaction instruments that are not national currencies, like gold or silver, begin with an X. However, the symbol XBT is not officially recognised by ISO." 71. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-73)* Romain Dillet (9 August 2013). ["Bitcoin Ticker Available On Bloomberg Terminal For Employees"](https://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/). [TechCrunch](https://en.wikipedia.org/wiki/TechCrunch "TechCrunch"). [Archived](https://web.archive.org/web/20141101232825/http://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/) from the original on 1 November 2014. Retrieved 2 November 2014. 72. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-74) Bustillos, Maria (2 April 2013). ["The Bitcoin Boom"](https://www.newyorker.com/tech/elements/the-bitcoin-boom). [The New Yorker](https://en.wikipedia.org/wiki/The_New_Yorker "The New Yorker"). [Archived](https://web.archive.org/web/20140727185121/http://www.newyorker.com/tech/elements/the-bitcoin-boom) from the original on 27 July 2014. Retrieved 22 December 2013. 73. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-75) [Bitcoin](https://www.oxfordlearnersdictionaries.com/definition/english/bitcointm?q=bitcoin), [Oxford Advanced Learner's Dictionary](https://en.wikipedia.org/wiki/Oxford_Advanced_Learner%27s_Dictionary "Oxford Advanced Learner's Dictionary") 74. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-76) [bitcoin](https://dictionary.cambridge.org/dictionary/english/bitcoin) [Archived](https://web.archive.org/web/20220503092252/http://dictionary.cambridge.org/dictionary/english/bitcoin) 3 May 2022 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), [Cambridge Advanced Learner's Dictionary](https://en.wikipedia.org/wiki/Cambridge_Advanced_Learner%27s_Dictionary "Cambridge Advanced Learner's Dictionary") 75. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-77) Katie Pisa; Natasha Maguder (9 July 2014). ["Bitcoin your way to a double espresso"](https://edition.cnn.com/2014/06/18/business/bitcoin-your-way-to-a-double-espresso/). CNN. [Archived](https://web.archive.org/web/20150618072429/http://edition.cnn.com/2014/06/18/business/bitcoin-your-way-to-a-double-espresso/) from the original on 18 June 2015. Retrieved 23 April 2015. 76. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Gervais2014_78-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Gervais2014_78-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Gervais2014_78-2) Gervais, Arthur; Karame, Ghassan O.; Capkun, Vedran; Capkun, Srdjan (May 2014). "Is Bitcoin a Decentralized Currency?". [IEEE Security & Privacy](https://en.wikipedia.org/wiki/IEEE_Security_%26_Privacy "IEEE Security & Privacy"). 12* (3): 54–60\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_$identifier$ "Bibcode (identifier)"):[2014ISPri..12c..54G](https://ui.adsabs.harvard.edu/abs/2014ISPri..12c..54G). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1109/MSP.2014.49](https://doi.org/10.1109%2FMSP.2014.49). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1540-7993](https://search.worldcat.org/issn/1540-7993). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [13948781](https://api.semanticscholar.org/CorpusID:13948781). 77. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-4) [f](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-5) ["The great chain of being sure about things"](https://www.economist.com/briefing/2015/10/31/the-great-chain-of-being-sure-about-things). The Economist. 31 October 2015. [Archived](https://web.archive.org/web/20231204154941/https://www.economist.com/briefing/2015/10/31/the-great-chain-of-being-sure-about-things) from the original on 4 December 2023. Retrieved 22 November 2023. 78. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-80)* ["Blockchain Networks: Token Design and Management Overview"](https://nvlpubs.nist.gov/nistpubs/ir/2021/NIST.IR.8301.pdf) (PDF). National Institute of Standards Technology (NIST). p. 32. [Archived](https://web.archive.org/web/20221224003108/https://nvlpubs.nist.gov/nistpubs/ir/2021/NIST.IR.8301.pdf) (PDF) from the original on 24 December 2022. Retrieved 29 December 2022. 79. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-81) Sparkes, Matthew (9 June 2014). ["The coming digital anarchy"](https://www.telegraph.co.uk/technology/news/10881213/The-coming-digital-anarchy.html). The Daily Telegraph. [Archived](https://web.archive.org/web/20150123190900/http://www.telegraph.co.uk/technology/news/10881213/The-coming-digital-anarchy.html) from the original on 23 January 2015. Retrieved 7 January 2015. 80. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-4) Kroll, Joshua A.; Davey, Ian C.; Felten, E. (11–12 June 2013). The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries. The Twelfth Workshop on the Economics of Information Security (WEIS 2013). Washington, DC. [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [2794725](https://api.semanticscholar.org/CorpusID:2794725). 81. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-83)* ["Man Throws Away 7,500 Bitcoins, Now Worth \$7.5 Million"](http://washington.cbslocal.com/2013/11/29/man-throws-away-7500-bitcoins-now-worth-7-5-million/). CBS DC. 29 November 2013. [Archived](https://web.archive.org/web/20140115062630/http://washington.cbslocal.com/2013/11/29/man-throws-away-7500-bitcoins-now-worth-7-5-million/) from the original on 15 January 2014. Retrieved 23 January 2014. 82. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-84) Krause, Elliott (5 July 2018). ["A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help"](https://www.wsj.com/articles/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731). The Wall Street Journal. [Archived](https://web.archive.org/web/20180709010939/https://www.wsj.com/articles/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731) from the original on 9 July 2018. Retrieved 8 July 2018. 83. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-85) Jeffries, Adrianne (19 December 2013). ["How to steal Bitcoin in three easy steps"](https://www.theverge.com/2013/12/19/5183356/how-to-steal-bitcoin-in-three-easy-steps). The Verge. [Archived](https://web.archive.org/web/20190727141228/https://www.theverge.com/2013/12/19/5183356/how-to-steal-bitcoin-in-three-easy-steps) from the original on 27 July 2019. Retrieved 17 January 2014. 84. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-86) Harney, Alexandra; Stecklow, Steve (16 November 2017). ["Twice burned – How Mt. Gox's bitcoin customers could lose again"](https://www.reuters.com/investigates/special-report/bitcoin-gox/). Reuters. [Archived](https://web.archive.org/web/20190829052101/https://www.reuters.com/investigates/special-report/bitcoin-gox/) from the original on 29 August 2019. Retrieved 6 September 2018. 85. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Mingxiao2017_87-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Mingxiao2017_87-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Mingxiao2017_87-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Mingxiao2017_87-3) Mingxiao, Du; Xiaofeng, Ma; Zhe, Zhang; Xiangwei, Wang; Qijun, Chen (5–8 October 2017). A review on consensus algorithm of blockchain. 2017 IEEE International Conference on Systems, Man, and Cybernetics (SMC). Banff, AB, Canada: IEEE. pp. 2567–2572\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1109/SMC.2017.8123011](https://doi.org/10.1109%2FSMC.2017.8123011). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-5386-1645-1](https://en.wikipedia.org/wiki/Special:BookSources/978-1-5386-1645-1 "Special:BookSources/978-1-5386-1645-1") . 86. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-88)* ["Bitcoin boom benefiting TSMC: report"](http://www.taipeitimes.com/News/biz/archives/2014/01/04/2003580449). [Taipei Times](https://en.wikipedia.org/wiki/Taipei_Times "Taipei Times"). 4 January 2014. [Archived](https://web.archive.org/web/20230129102127/https://www.taipeitimes.com/News/biz/archives/2014/01/04/2003580449) from the original on 29 January 2023. Retrieved 22 October 2021. 87. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-bloombergvance111413_89-0) [Ashlee, Vance](https://en.wikipedia.org/wiki/Ashlee_Vance "Ashlee Vance") (14 November 2013). ["2014 Outlook: Bitcoin Mining Chips, a High-Tech Arms Race"](https://web.archive.org/web/20131121225123/http://www.businessweek.com/articles/2013-11-14/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race). [BusinessWeek](https://en.wikipedia.org/wiki/BusinessWeek "BusinessWeek"). Archived from [the original](http://www.businessweek.com/articles/2013-11-14/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race) on 21 November 2013. Retrieved 24 November 2013. 88. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-90) King, Ritchie S.; Williams, Sam; Yanofsky, David (17 December 2013). ["By reading this article, you're mining bitcoins"](http://qz.com/154877/by-reading-this-page-you-are-mining-bitcoins). [Quartz](https://en.wikipedia.org/wiki/Quartz_$publication$ "Quartz (publication)"). [Archived](https://web.archive.org/web/20131217221429/http://qz.com/154877/by-reading-this-page-you-are-mining-bitcoins/) from the original on 17 December 2013. Retrieved 17 December 2013. 89. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-91) Hampton, Nikolai (5 September 2016). ["Understanding the blockchain hype: Why much of it is nothing more than snake oil and spin"](http://www.computerworld.com.au/article/606253/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin/). [Computerworld](https://en.wikipedia.org/wiki/Computerworld "Computerworld"). [Archived](https://web.archive.org/web/20160906171838/http://www.computerworld.com.au/article/606253/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin/) from the original on 6 September 2016. Retrieved 5 September 2016. 90. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Stoll2023_92-0) Stoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich; Neumüller, Alexander (June 2023). Climate Impacts of Bitcoin Mining in the U.S. (Report). Working Paper Series. MIT Center for Energy and Environmental Policy Research. [JSTOR](https://en.wikipedia.org/wiki/JSTOR_$identifier$ "JSTOR (identifier)") [resrep51839](https://www.jstor.org/stable/resrep51839). 91. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-93) ["Cambridge Digital Mining Industry Report: Global Operations, Sentiment, and Energy Use – CCAF publications"](https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/cambridge-digital-mining-industry-report/). Cambridge Judge Business School. Retrieved 29 April 2025. 92. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-NYT20220116_94-0) Huang, Jon; O'Neill, Claire; Tabuchi, Hiroko (3 September 2021). ["Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?"](https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html). [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times"). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20230217105559/https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 16 January 2022. 93. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-deVries2021_95-0) de Vries, Alex; Stoll, Christian (December 2021). "Bitcoin's growing e-waste problem". Resources, Conservation and Recycling. 175 105901. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_$identifier$ "Bibcode (identifier)"):[2021RCR...17505901D](https://ui.adsabs.harvard.edu/abs/2021RCR...17505901D). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.resconrec.2021.105901](https://doi.org/10.1016%2Fj.resconrec.2021.105901). 94. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-96) ["Bitcoin mining in China rebounds, defying 2021 ban"](https://www.reuters.com/world/asia-pacific/bitcoin-mining-china-rebounds-defying-2021-ban-2025-11-24/). Reuters. 26 November 2025. 95. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-97) ["Global Hashrate Heatmap Update: Q4 2025"](https://hashrateindex.com/blog/global-hashrate-heatmap-update-q4-2025/). Hashrate Index. 6 October 2025. Retrieved 26 November 2025. 96. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-98) Simonite, Tom (5 September 2013). ["Mapping the Bitcoin Economy Could Reveal Users' Identities"](https://www.technologyreview.com/2013/09/05/176558/mapping-the-bitcoin-economy-could-reveal-users-identities/). [MIT Technology Review](https://en.wikipedia.org/wiki/MIT_Technology_Review "MIT Technology Review"). [Archived](https://web.archive.org/web/20200927062235/https://www.technologyreview.com/2013/09/05/176558/mapping-the-bitcoin-economy-could-reveal-users-identities/) from the original on 27 September 2020. Retrieved 2 April 2014. 97. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-99) Lee, Timothy (21 August 2013). ["Five surprising facts about Bitcoin"](https://www.washingtonpost.com/news/the-switch/wp/2013/08/21/five-surprising-facts-about-bitcoin-2). The Washington Post. [Archived](https://web.archive.org/web/20220709135222/https://www.washingtonpost.com/news/the-switch/wp/2013/08/21/five-surprising-facts-about-bitcoin-2/) from the original on 9 July 2022. Retrieved 21 November 2023. 98. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-100) McMillan, Robert (6 June 2013). ["How Bitcoin lets you spy on careless companies"](https://www.wired.com/2013/06/bitcoin-retai/). [Wired UK](https://en.wikipedia.org/wiki/Wired_UK "Wired UK"). [Archived](https://web.archive.org/web/20140209202222/http://www.wired.co.uk/news/archive/2013-06/06/bitcoin-retail) from the original on 9 February 2014. Retrieved 3 April 2020. 99. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-101) Anderson, Ross; Shumailov, Ilia; Ahmed, Mansoor (24 November 2018). ["Making Bitcoin Legal"](https://www.research.ed.ac.uk/en/publications/making-bitcoin-legal). In Matyáš, Vashek; Švenda, Petr; Stajano, Frank; Christianson, Bruce (eds.). Security Protocols XXVI. Lecture Notes in Computer Science. Vol. 11286. Springer. pp. 243–253\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1007/978-3-030-03251-7\_29](https://doi.org/10.1007%2F978-3-030-03251-7_29). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-3-030-03250-0](https://en.wikipedia.org/wiki/Special:BookSources/978-3-030-03250-0 "Special:BookSources/978-3-030-03250-0") . [Archived](https://web.archive.org/web/20231124165246/https://www.research.ed.ac.uk/en/publications/making-bitcoin-legal) from the original on 24 November 2023. Retrieved 24 November 2023. 100. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-102) Möser, Malte; Böhme, Rainer; Breuker, Dominic (2013). [An Inquiry into Money Laundering Tools in the Bitcoin Ecosystem](https://maltemoeser.de/paper/money-laundering.pdf) (PDF). 2013 APWG eCrime Researchers Summit. [IEEE](https://en.wikipedia.org/wiki/Institute_of_Electrical_and_Electronics_Engineers "Institute of Electrical and Electronics Engineers"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-4799-1158-5](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4799-1158-5 "Special:BookSources/978-1-4799-1158-5") . [Archived](https://web.archive.org/web/20180626110754/https://maltemoeser.de/paper/money-laundering.pdf) (PDF) from the original on 26 June 2018. Retrieved 19 June 2019. 101. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-103) Serwer, Adam; Liebelson, Dana (10 April 2013). ["Bitcoin, Explained"](https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained). [Mother Jones](https://en.wikipedia.org/wiki/Mother_Jones_$magazine$ "Mother Jones (magazine)"). [Archived](https://web.archive.org/web/20140427022315/https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained) from the original on 27 April 2014. Retrieved 26 April 2014. 102. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-104) Vigna, Paul (17 January 2016). ["Is Bitcoin Breaking Up?"](https://www.wsj.com/articles/is-bitcoin-breaking-up-1453044493). The Wall Street Journal. [Archived](https://web.archive.org/web/20160820144312/http://www.wsj.com/articles/is-bitcoin-breaking-up-1453044493) from the original on 20 August 2016. Retrieved 8 November 2016. 103. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-105) Gervais, Arthur; Capkun, Srdjan; Karame, Ghassan O.; Gruber, Damian (8 December 2014). ["On the privacy provisions of Bloom filters in lightweight bitcoin clients"](https://doi.org/10.1145/2664243.2664267). Proceedings of the 30th Annual Computer Security Applications Conference. ACSAC '14. New York, NY, USA: Association for Computing Machinery. pp. 326–335\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1145/2664243.2664267](https://doi.org/10.1145%2F2664243.2664267). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-4503-3005-3](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4503-3005-3 "Special:BookSources/978-1-4503-3005-3") . [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [9161497](https://api.semanticscholar.org/CorpusID:9161497). [Archived](https://web.archive.org/web/20240421113526/https://consent.cookiebot.com/uc.js) from the original on 21 April 2024. Retrieved 22 November 2023. 104. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-106) Barhydt, Bill (4 June 2014). ["3 reasons Wall Street can't stay away from bitcoin"](https://www.cnbc.com/2014/06/04/3-reasons-wall-street-cant-stay-away-from-bitcoin.html). CNBC. [Archived](https://web.archive.org/web/20231204140256/https://www.cnbc.com/2014/06/04/3-reasons-wall-street-cant-stay-away-from-bitcoin.html) from the original on 4 December 2023. Retrieved 22 November 2023. 105. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-107) Roberts, Daniel (15 December 2017). ["How to send bitcoin to a hardware wallet"](https://finance.yahoo.com/news/send-bitcoin-hardware-wallet-140141385.html). Yahoo Finance. [Archived](https://web.archive.org/web/20180217142235/https://finance.yahoo.com/news/send-bitcoin-hardware-wallet-140141385.html) from the original on 17 February 2018. Retrieved 17 February 2018. 106. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-108) Mike Orcutt (19 May 2015). ["Leaderless Bitcoin Struggles to Make Its Most Crucial Decision"](https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/). MIT Technology Review. [Archived](https://wayback.archive-it.org/all/20171018075515/https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/) from the original on 18 October 2017. Retrieved 15 November 2016. 107. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-109) Orcutt, Mike (19 May 2015). ["Leaderless Bitcoin Struggles to Make Its Most Crucial Decision"](https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/). MIT Technology Review. [Archived](https://wayback.archive-it.org/all/20171018075515/https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/) from the original on 18 October 2017. Retrieved 22 June 2017. 108. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-110) Tschorsch, Florian; Scheuermann, Björn (2016). "Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies". [IEEE Communications Surveys and Tutorials](https://en.wikipedia.org/wiki/IEEE_Communications_Surveys_and_Tutorials "IEEE Communications Surveys and Tutorials"). 18 (3): 2084–2123\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1109/comst.2016.2535718](https://doi.org/10.1109%2Fcomst.2016.2535718). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [5115101](https://api.semanticscholar.org/CorpusID:5115101). 109. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-111) Wilhelm, Alex. ["Popular Bitcoin Mining Pool Promises To Restrict Its Compute Power To Prevent Feared '51%' Fiasco"](https://techcrunch.com/2014/07/16/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco/). TechCrunch. [Archived](https://web.archive.org/web/20171205042008/https://techcrunch.com/2014/07/16/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco/) from the original on 5 December 2017. Retrieved 25 January 2018. 110. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-112) European Central Bank (2012). [Virtual Currency Schemes](http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) (PDF). [European Central Bank](https://en.wikipedia.org/wiki/European_Central_Bank "European Central Bank"). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2866/47380](https://doi.org/10.2866%2F47380). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-92-899-0862-7](https://en.wikipedia.org/wiki/Special:BookSources/978-92-899-0862-7 "Special:BookSources/978-92-899-0862-7") . [OCLC](https://en.wikipedia.org/wiki/OCLC_$identifier$ "OCLC (identifier)") [1044382974](https://search.worldcat.org/oclc/1044382974). [Archived](https://web.archive.org/web/20121106053452/http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) (PDF) from the original on 6 November 2012. 111. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-113) [Dodd, Nigel](https://en.wikipedia.org/wiki/Nigel_Dodd "Nigel Dodd") (May 2018). ["The Social Life of Bitcoin"](https://researchonline.lse.ac.uk/id/eprint/69229/). Theory, Culture & Society. 35 (3): 35–56\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1177/0263276417746464](https://doi.org/10.1177%2F0263276417746464). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0263-2764](https://search.worldcat.org/issn/0263-2764). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [51914607](https://api.semanticscholar.org/CorpusID:51914607). [Archived](https://web.archive.org/web/20231122163925/https://researchonline.lse.ac.uk/id/eprint/69229/) from the original on 22 November 2023. Retrieved 22 November 2023. 112. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-30082018Economist_114-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-30082018Economist_114-1) ["Bitcoin and other cryptocurrencies are useless"](https://www.economist.com/leaders/2018/08/30/bitcoin-and-other-cryptocurrencies-are-useless). The Economist. 30 August 2018. [Archived](https://web.archive.org/web/20180904040905/https://www.economist.com/leaders/2018/08/30/bitcoin-and-other-cryptocurrencies-are-useless) from the original on 4 September 2018. Retrieved 4 September 2018. 113. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-115)* Feuer, Alan (14 December 2013). ["The Bitcoin Ideology"](https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html). The New York Times. [Archived](https://web.archive.org/web/20180701222302/https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html) from the original on 1 July 2018. Retrieved 1 July 2018. 114. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econ315_116-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econ315_116-1) ["Free Exchange. Money from nothing. Chronic deflation may keep Bitcoin from displacing its rivals"](https://www.economist.com/news/finance-and-economics/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money). The Economist. 15 March 2014. [Archived](https://web.archive.org/web/20140325085119/http://www.economist.com/news/finance-and-economics/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money) from the original on 25 March 2014. Retrieved 25 March 2014. 115. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-117)* ["The magic of mining"](https://www.economist.com/news/business/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic). [The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist"). 13 January 2015. [Archived](https://web.archive.org/web/20150112165531/http://www.economist.com/news/business/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic) from the original on 12 January 2015. Retrieved 13 January 2015. 116. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Shiller_118-0) Shiller, Robert (1 March 2014). ["In Search of a Stable Electronic Currency"](https://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html). The New York Times. [Archived](https://web.archive.org/web/20141024120222/http://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html) from the original on 24 October 2014. 117. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-119) Velde, François R. (August 2017). [Technological Change and the Future of Cash](https://www.suerf.org/publications/suerf-policy-notes-and-briefs/technological-change-and-the-future-of-cash/) (Report). SUERF Policy Note. SUERF – The European Money and Finance Forum. Retrieved 21 October 2025. 118. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-120) Weindling, Jacob (18 September 2017). ["China May Be Gearing Up to Ban Bitcoin"](https://www.pastemagazine.com/politics/bitcoin/china-may-be-gearing-up-to-ban-bitcoin). [Paste](https://en.wikipedia.org/wiki/Paste_$magazine$ "Paste (magazine)"). [Archived](https://web.archive.org/web/20231122163924/https://www.pastemagazine.com/politics/bitcoin/china-may-be-gearing-up-to-ban-bitcoin) from the original on 22 November 2023. Retrieved 22 November 2023. 119. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-121) Lavin, Tim (8 August 2013). ["The SEC Shows Why Bitcoin Is Doomed"](http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-). [Bloomberg News](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News"). [Archived](https://web.archive.org/web/20140325214514/http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-) from the original on 25 March 2014. Retrieved 20 October 2013. 120. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-122) Montag, Ali (9 July 2018). ["Nobel-winning economist: Authorities will bring down 'hammer' on bitcoin"](https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html). CNBC. [Archived](https://web.archive.org/web/20180711200915/https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html) from the original on 11 July 2018. Retrieved 11 July 2018. 121. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-LOC2021_123-0) ["Regulation of Cryptocurrency Around the World: November 2021 Update"](https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf) (PDF). United States Library of Congress. [Archived](https://web.archive.org/web/20211224043203/https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf) (PDF) from the original on 24 December 2021. Retrieved 28 December 2022. 122. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-RogoffEconomist_124-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-RogoffEconomist_124-1) ["This time really is different for the dollar, writes Kenneth Rogoff"](https://www.economist.com/by-invitation/2025/05/05/this-time-really-is-different-for-the-dollar-writes-kenneth-rogoff). The Economist. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0013-0613](https://search.worldcat.org/issn/0013-0613). Retrieved 25 May 2025. 123. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-RogoffBloomberg_125-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-RogoffBloomberg_125-1) [Ken Rogoff on How Crypto Is Cutting Into the Dollar’s Hegemony](https://www.bloomberg.com/news/articles/2025-05-24/crypto-is-infiltrating-the-dollar-s-hegemony-says-ken-rogoff), Vildana Hajric, Bloomberg, May 24, 2025 124. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-FT08062018_126-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-FT08062018_126-1) Murphy, Hannah (8 June 2018). ["Who really owns bitcoin now?"](https://www.ft.com/content/29259448-69b3-11e8-b6eb-4acfcfb08c11). Financial Times. [Archived](https://web.archive.org/web/20180610051316/https://www.ft.com/content/29259448-69b3-11e8-b6eb-4acfcfb08c11) from the original on 10 June 2018. Retrieved 10 June 2018. 125. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-127)* Katz, Lily (12 July 2017). ["Bitcoin Acceptance Among Retailers Is Low and Getting Lower"](https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-and-getting-lower). Bloomberg News. [Archived](https://web.archive.org/web/20180125204553/https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-and-getting-lower) from the original on 25 January 2018. Retrieved 25 January 2018. 126. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-128) Kharif, Olga (1 August 2018). ["Bitcoin's Use in Commerce Keeps Falling Even as Volatility Eases"](https://www.bloomberg.com/news/articles/2018-08-01/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases). Bloomberg News. [Archived](https://web.archive.org/web/20180802073219/https://www.bloomberg.com/news/articles/2018-08-01/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases) from the original on 2 August 2018. Retrieved 2 August 2018. 127. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-129) Chan, Bernice (16 January 2015). ["Bitcoin transactions cut the cost of international money transfers"](https://www.scmp.com/lifestyle/technology/article/1679904/bitcoin-transactions-cut-cost-international-money-transfers). [South China Morning Post](https://en.wikipedia.org/wiki/South_China_Morning_Post "South China Morning Post"). [Archived](https://web.archive.org/web/20190531060301/https://www.scmp.com/lifestyle/technology/article/1679904/bitcoin-transactions-cut-cost-international-money-transfers) from the original on 31 May 2019. Retrieved 31 May 2019. 128. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-130) ["Majority of Salvadorans do not want bitcoin, poll shows"](https://www.reuters.com/technology/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02/). Reuters. 2 September 2021. [Archived](https://web.archive.org/web/20211130154620/https://www.reuters.com/technology/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02/) from the original on 30 November 2021. Retrieved 30 November 2021. 129. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-131) ["IMF urges El Salvador to remove Bitcoin as legal tender"](https://www.bbc.co.uk/news/world-latin-america-60135552). BBC News. 26 January 2022. [Archived](https://web.archive.org/web/20220126154241/https://www.bbc.co.uk/news/world-latin-america-60135552) from the original on 26 January 2022. Retrieved 26 January 2022. 130. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-132) Alvarez, Fernando; Argente, David; Van Patten, Diana (2022). Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador (Report). Cambridge, MA: National Bureau of Economic Research. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.3386/w29968](https://doi.org/10.3386%2Fw29968). 131. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-133) ["Bitcoin Declared Legal Currency in Central African Republic"](https://www.bloomberg.com/news/articles/2022-04-28/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppnb). Bloomberg. 28 April 2022. [Archived](https://web.archive.org/web/20220428141222/https://www.bloomberg.com/news/articles/2022-04-28/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppnb) from the original on 28 April 2022. Retrieved 28 April 2022. 132. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-134) ["Frequently Asked Questions on Central African Republic"](https://www.imf.org/en/Countries/CAF/central-african-republic-qandas). International Monetary Fund. [Archived](https://web.archive.org/web/20230811002905/https://www.imf.org/en/Countries/CAF/central-african-republic-qandas) from the original on 11 August 2023. Retrieved 11 August 2023. 133. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-135) Rasool, Mohammed (3 November 2020). ["Iran Is Pivoting to Bitcoin"](https://www.vice.com/en/article/iran-bitcoin-us-sanctions/). [Vice](https://en.wikipedia.org/wiki/Vice_$magazine$ "Vice (magazine)"). [Archived](https://web.archive.org/web/20201103235640/https://www.vice.com/en/article/qjppx3/iran-bitcoin-us-sanctions) from the original on 3 November 2020. Retrieved 10 November 2020. 134. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-aawsat202011_136-0) ["Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports"](https://english.aawsat.com/home/article/2596686/iran-new-crypto-law-requires-selling-bitcoin-directly-central-bank-fund-imports). [Asharq Al-Awsat](https://en.wikipedia.org/wiki/Asharq_Al-Awsat "Asharq Al-Awsat"). 31 October 2020. [Archived](https://web.archive.org/web/20201031235032/https://english.aawsat.com/home/article/2596686/iran-new-crypto-law-requires-selling-bitcoin-directly-central-bank-fund-imports) from the original on 31 October 2020. Retrieved 31 October 2020. 135. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-137) Kohler, Judith (21 September 2022). ["Colorado accepts cryptocurrency to pay taxes, moving the state "tech forward""](https://www.denverpost.com/2022/09/21/colorado-accepts-cryptocurrency-taxes/). [The Denver Post](https://en.wikipedia.org/wiki/The_Denver_Post "The Denver Post"). [Archived](https://web.archive.org/web/20221229090417/https://www.denverpost.com/2022/09/21/colorado-accepts-cryptocurrency-taxes/) from the original on 29 December 2022. Retrieved 29 December 2022. 136. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-138) ["'Crypto Valley' canton to accept Bitcoin for tax payments"](https://www.swissinfo.ch/eng/business/-crypto-valley--canton-to-accept-bitcoin-for-tax-payments/46010364). [SWI swissinfo](https://en.wikipedia.org/wiki/SWI_swissinfo "SWI swissinfo"). 3 September 2020. [Archived](https://web.archive.org/web/20231122163924/https://www.swissinfo.ch/eng/business/-crypto-valley--canton-to-accept-bitcoin-for-tax-payments/46010364) from the original on 22 November 2023. Retrieved 22 November 2023. 137. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-139) swissinfo.ch, S. W. I. (5 December 2023). ["Lugano accepts bitcoin and tether payments for all city invoices"](https://www.swissinfo.ch/eng/business/lugano-accepts-bitcoin-and-tether-payments-for-all-city-invoices/49032696). SWI swissinfo.ch. Retrieved 21 October 2025. 138. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-140) Huang, Vicky Ge (15 October 2023). ["Why the U.S. Government Has \$5 Billion in Bitcoin"](https://www.wsj.com/finance/currencies/federal-government-bitcoin-5-billion-78ce0938). [The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal"). [Archived](https://web.archive.org/web/20240220023509/https://www.wsj.com/finance/currencies/federal-government-bitcoin-5-billion-78ce0938) from the original on 20 February 2024. Retrieved 20 February 2024. 139. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-141) Castillo, Michael del (16 June 2023). ["U.S. Government Owns Way More Bitcoin Than Any Other Country–So Why Aren't They Selling It?"](https://www.forbes.com/sites/michaeldelcastillo/2023/06/16/us-government-owns-way-more-bitcoin-than-any-other-countryso-why-arent-they-selling-it). [Forbes](https://en.wikipedia.org/wiki/Forbes "Forbes"). [Archived](https://web.archive.org/web/20240221155659/https://www.forbes.com/sites/michaeldelcastillo/2023/06/16/us-government-owns-way-more-bitcoin-than-any-other-countryso-why-arent-they-selling-it/) from the original on 21 February 2024. Retrieved 21 February 2024. 140. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-142) ["Jersey approve Bitcoin fund launch on island"](https://www.bbc.com/news/world-europe-jersey-28247796). BBC News. 10 July 2014. [Archived](https://web.archive.org/web/20140710211917/http://www.bbc.com/news/world-europe-jersey-28247796) from the original on 10 July 2014. Retrieved 10 July 2014. 141. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-143) ["Chicago Mercantile Exchange jumps into bitcoin futures"](https://www.cbsnews.com/news/chicago-mercantile-exchange-jumps-into-bitcoin-futures/). CBS News. 18 December 2017. [Archived](https://web.archive.org/web/20190531054602/https://www.cbsnews.com/news/chicago-mercantile-exchange-jumps-into-bitcoin-futures/) from the original on 31 May 2019. Retrieved 31 May 2019. 142. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-144) ["Gold or Bitcoin? Store-of-value debate rages as Bitcoin grows"](https://www.bloomberg.com/professional/insights/trading/gold-or-bitcoin-store-of-value-debate-rages-as-bitcoin-grows/). Bloomberg Professional Services. 25 October 2021. Retrieved 2 October 2024. 143. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-145) ["Goldman Sachs says bitcoin will compete with gold as "store of value""](https://www.reuters.com/business/finance/goldman-sachs-says-bitcoin-will-compete-with-gold-store-value-2022-01-05/). Reuters. 5 January 2022. 144. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-146) Lee, Timothy B. ["The \$11 million in bitcoins the Winklevoss brothers bought is now worth \$32 million"](https://www.washingtonpost.com/news/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million/). The Washington Post. [Archived](https://web.archive.org/web/20170706111658/https://www.washingtonpost.com/news/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million/) from the original on 6 July 2017. Retrieved 11 August 2017. 145. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-147) ["Tesla Sells 75% of Its Bitcoin Purchases"](https://www.wsj.com/livecoverage/tesla-earnings-q2-2022-elon-musk-live/card/tesla-sells-75-of-its-bitcoin-purchases-tgkMdMf1EHDvdniqHu8S). The Wall Street Journal. Retrieved 23 November 2025. `{{cite news}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service")) 146. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-148) Maidenberg, Micah; Driebusch, Corrie; Jin, Berber (17 August 2023). ["A Rare Look Into the Finances of Elon Musk's Secretive SpaceX"](https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b). The Wall Street Journal. Retrieved 19 November 2023. `{{cite news}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service")) 147. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-149) Ostroff, Caitlin; Elliott, Rebecca (8 February 2021). ["Tesla Buys \$1.5 Billion in Bitcoin"](https://www.wsj.com/articles/tesla-buys-1-5-billion-in-bitcoin-11612791688). [The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal"). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). [Archived](https://web.archive.org/web/20240106160013/https://www.wsj.com/articles/tesla-buys-1-5-billion-in-bitcoin-11612791688) from the original on 6 January 2024. Retrieved 22 November 2023. 148. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-150) Vigna, Paul (20 December 2021). ["Bitcoin's 'One Percent' Controls Lion's Share of the Cryptocurrency's Wealth"](https://www.wsj.com/articles/bitcoins-one-percent-controls-lions-share-of-the-cryptocurrencys-wealth-11639996204). [Wall Street Journal](https://en.wikipedia.org/wiki/Wall_Street_Journal "Wall Street Journal"). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). [Archived](https://web.archive.org/web/20211222180909/https://www.wsj.com/articles/bitcoins-one-percent-controls-lions-share-of-the-cryptocurrencys-wealth-11639996204) from the original on 22 December 2021. Retrieved 22 December 2021. 149. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-151) Renteria, Nelson (5 March 2025). ["El Salvador announces more bitcoin purchases, gives IMF assurances"](https://www.reuters.com/technology/el-salvador-announces-more-bitcoin-purchases-gives-imf-assurances-2025-03-05/). 150. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Stiglitz_152-0) Costelloe, Kevin (29 November 2017). ["Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says"](https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd). Bloomberg News. [Archived](https://web.archive.org/web/20180612224313/https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd) from the original on 12 June 2018. Retrieved 5 June 2018. "It doesn't serve any socially useful function." 151. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-4Nobels_153-0) Wolff-Mann, Ethan (27 April 2018). ["'Only good for drug dealers': More Nobel prize winners snub bitcoin"](https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html). Yahoo Finance. [Archived](https://web.archive.org/web/20180612141128/https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html) from the original on 12 June 2018. Retrieved 7 June 2018. 152. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Krugman_154-0) Mohamed, Theron (30 May 2023). ["Nobel economist Paul Krugman slams crypto as mostly useless, after saying it's hugely overpriced and helps criminals"](https://markets.businessinsider.com/news/currencies/paul-krugman-crypto-bitcoin-price-bubble-crime-cbdc-desantis-banks-2023-5). [Business Insider](https://en.wikipedia.org/wiki/Business_Insider "Business Insider"). [Archived](https://web.archive.org/web/20231123131322/https://markets.businessinsider.com/news/currencies/paul-krugman-crypto-bitcoin-price-bubble-crime-cbdc-desantis-banks-2023-5) from the original on 23 November 2023. Retrieved 23 November 2023. 153. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-155) [Authers, John](https://en.wikipedia.org/wiki/John_Authers "John Authers") (9 June 2021). ["Don't Call Bitcoin a Bubble. It's an Epidemic"](https://www.bloomberg.com/opinion/articles/2021-06-09/don-t-call-bitcoin-a-bubble-it-s-an-epidemic). Bloomberg.com. [Archived](https://web.archive.org/web/20210610021335/https://www.bloomberg.com/opinion/articles/2021-06-09/don-t-call-bitcoin-a-bubble-it-s-an-epidemic) from the original on 10 June 2021. 154. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-156) [Tirole, Jean](https://en.wikipedia.org/wiki/Jean_Tirole "Jean Tirole") (1 February 2024). ["Cryptocurrencies: an economist's view"](https://www.tse-fr.eu/cryptocurrencies-economists-view). La Jaune et la Rouge. Vol. February 2024, no. 792. Retrieved 15 November 2024. 155. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-157) ["Bitcoin breaks \$100,000 barrier amid post-election cryptocurrency surge"](https://www.washingtonpost.com/business/2024/12/04/bitcoin-price-100k-crypto-trump/). Washington Post. Retrieved 5 December 2024. ""People use bitcoin as a speculative asset. It's like gold, it's just like gold, only it's virtual, it's digital. People are not using it as a form of payment or a store of value," he said. "It's highly volatile. It's not a competitor for the dollar; it's really a competitor for gold."" 156. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-:0_158-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-:0_158-1) Rogoff, Kenneth (26 February 2026). ["Should Central Banks Hold Bitcoin Reserves?"](https://www.project-syndicate.org/commentary/the-case-for-bitcoin-as-a-central-bank-reserve-asset-by-kenneth-rogoff-2026-02). Project Syndicate. Retrieved 30 March 2026. 157. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-159)* Klein, Tony; Pham Thu, Hien; Walther, Thomas (October 2018). ["Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance"](https://pureadmin.qub.ac.uk/ws/files/155247201/crypto_V2.pdf) (PDF). International Review of Financial Analysis. 59: 105–116\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.irfa.2018.07.010](https://doi.org/10.1016%2Fj.irfa.2018.07.010). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [158400153](https://api.semanticscholar.org/CorpusID:158400153). [Archived](https://web.archive.org/web/20231125164037/https://pureadmin.qub.ac.uk/ws/files/155247201/crypto_V2.pdf) (PDF) from the original on 25 November 2023. Retrieved 24 November 2023. 158. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-160) Mazur, Mieszko (31 March 2022). "Misperceptions of Bitcoin Volatility". The Journal of Alternative Investments. 24 (4): 33–44\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.3905/jai.2022.1.153](https://doi.org/10.3905%2Fjai.2022.1.153). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1520-3255](https://search.worldcat.org/issn/1520-3255). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [247843794](https://api.semanticscholar.org/CorpusID:247843794). 159. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-161) Montag, Ali (26 August 2018). ["'HODL,' 'whale' and 5 other cryptocurrency slang terms explained"](https://www.cnbc.com/2018/01/23/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html). CNBC. [Archived](https://web.archive.org/web/20220112091630/https://www.cnbc.com/2018/01/23/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html) from the original on 12 January 2022. Retrieved 16 March 2021. 160. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-162) Hajric, Vildana (19 November 2020). ["All the Bitcoin Lingo You Need to Know as Crypto Heats Up"](https://www.bloomberg.com/news/articles/2020-11-19/what-the-heck-is-hodl-bitcoin-lingo-for-crypto-noobs-quicktake). Bloomberg. [Archived](https://web.archive.org/web/20201129234847/https://www.bloomberg.com/news/articles/2020-11-19/what-the-heck-is-hodl-bitcoin-lingo-for-crypto-noobs-quicktake) from the original on 29 November 2020. Retrieved 1 December 2020. 161. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-163) Clinch, Matt (10 March 2014). ["Roubini launches stinging attack on bitcoin"](https://www.cnbc.com/2014/03/10/nches-stinging-attack-on-bitcoin.html). [CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC"). [Archived](https://web.archive.org/web/20220709232801/https://www.cnbc.com/2014/03/10/nches-stinging-attack-on-bitcoin.html) from the original on 9 July 2022. Retrieved 22 November 2023. 162. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-164) [Posner, Eric](https://en.wikipedia.org/wiki/Eric_Posner "Eric Posner") (11 April 2013). ["Fool's Gold"](https://slate.com/news-and-politics/2013/04/bitcoin-is-a-ponzi-scheme-the-internet-currency-will-collapse.html). Slate. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1091-2339](https://search.worldcat.org/issn/1091-2339). [Archived](https://web.archive.org/web/20220708202651/https://slate.com/news-and-politics/2013/04/bitcoin-is-a-ponzi-scheme-the-internet-currency-will-collapse.html) from the original on 8 July 2022. Retrieved 22 November 2023. 163. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-165) Davradakis, Emmanouil; Santos, Ricardo (2019). [Blockchain, FinTechs and their relevance for international financial institutions](https://data.europa.eu/doi/10.2867/11329). [European Investment Bank](https://en.wikipedia.org/wiki/European_Investment_Bank "European Investment Bank"). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2867/11329](https://doi.org/10.2867%2F11329). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-92-861-4184-3](https://en.wikipedia.org/wiki/Special:BookSources/978-92-861-4184-3 "Special:BookSources/978-92-861-4184-3") . [Archived](https://web.archive.org/web/20240421113801/https://op.europa.eu/en/publication-detail/-/publication/ae472145-237a-11e9-8d04-01aa75ed71a1/language-en) from the original on 21 April 2024. Retrieved 24 November 2023. 164. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-166) Feng, Wenjun; Wang, Yiming; Zhang, Zhengjun (1 September 2018). ["Informed trading in the Bitcoin market"](https://doi.org/10.1016%2Fj.frl.2017.11.009). Finance Research Letters. 26: 63–70\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.frl.2017.11.009](https://doi.org/10.1016%2Fj.frl.2017.11.009). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1544-6123](https://search.worldcat.org/issn/1544-6123). 165. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-167) ["Bitcoin set to break records and shatter the \$100K barrier"](https://economictimes.indiatimes.com/news/international/us/bitcoin-set-to-break-records-and-shatter-the-100k-barrier/articleshow/120988931.cms). The Economic Times. 8 May 2025. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0013-0389](https://search.worldcat.org/issn/0013-0389). Retrieved 20 May 2025. ## Further reading - Nakamoto, Satoshi (31 October 2008). ["Bitcoin: A Peer-to-Peer Electronic Cash System"](https://web.archive.org/web/20140320135003/https://bitcoin.org/bitcoin.pdf) (PDF). bitcoin.org. Archived from [the original](https://bitcoin.org/bitcoin.pdf) (PDF) on 20 March 2014. Retrieved 28 April 2014. ## External links [![Wiktionary logo](https://upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/40px-Wiktionary-logo-en-v2.svg.png)](https://en.wikipedia.org/wiki/File:Wiktionary-logo-en-v2.svg) Look up *[bitcoin](https://en.wiktionary.org/wiki/Special:Search/bitcoin "wiktionary:Special:Search/bitcoin")* in Wiktionary, the free dictionary. ![](https://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/40px-Wikiquote-logo.svg.png) Wikiquote has quotations related to *[Bitcoin](https://en.wikiquote.org/wiki/Special:Search/Bitcoin "q:Special:Search/Bitcoin"). - [Code repository on Github](https://github.com/bitcoin/bitcoin) \| [v](https://en.wikipedia.org/wiki/Template:Bitcoin "Template:Bitcoin") [t](https://en.wikipedia.org/wiki/Template_talk:Bitcoin "Template talk:Bitcoin") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Bitcoin "Special:EditPage/Template:Bitcoin")[Bitcoin]() \| \| \| \|---\|---\|---\| \| [History](https://en.wikipedia.org/wiki/History_of_bitcoin "History of bitcoin") [Economics](https://en.wikipedia.org/wiki/Economics_of_bitcoin "Economics of bitcoin") [Politics](https://en.wikipedia.org/wiki/Bitcoin_and_politics "Bitcoin and politics") [Legal status](https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory "Legality of bitcoin by country or territory") [Environmental effects](https://en.wikipedia.org/wiki/Environmental_effects_of_bitcoin "Environmental effects of bitcoin") \| \| \| \| People \| [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen") [Andreas Antonopoulos](https://en.wikipedia.org/wiki/Andreas_Antonopoulos "Andreas Antonopoulos") [Brian Armstrong](https://en.wikipedia.org/wiki/Brian_Armstrong_$CEO$ "Brian Armstrong (CEO)") [Adam Back](https://en.wikipedia.org/wiki/Adam_Back "Adam Back") [Vitalik Buterin](https://en.wikipedia.org/wiki/Vitalik_Buterin "Vitalik Buterin") [Wences Casares](https://en.wikipedia.org/wiki/Wences_Casares "Wences Casares") [Luke Dashjr](https://en.wikipedia.org/wiki/Luke_Dashjr "Luke Dashjr") [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai") [Tim Draper](https://en.wikipedia.org/wiki/Tim_Draper "Tim Draper") [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_$computer_scientist$ "Hal Finney (computer scientist)") [Mark Karpelès](https://en.wikipedia.org/wiki/Mark_Karpel%C3%A8s "Mark Karpelès") [Dave Kleiman](https://en.wikipedia.org/wiki/Dave_Kleiman "Dave Kleiman") [Dadvan Yousuf](https://en.wikipedia.org/wiki/Dadvan_Yousuf "Dadvan Yousuf") [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") [Charlie Shrem](https://en.wikipedia.org/wiki/Charlie_Shrem "Charlie Shrem") [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo") [Zhimin Qian](https://en.wikipedia.org/wiki/Qian_Zhimin_$criminal$ "Qian Zhimin (criminal)") [Ross Ulbricht](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht") [Roger Ver](https://en.wikipedia.org/wiki/Roger_Ver "Roger Ver") [Erik Voorhees](https://en.wikipedia.org/wiki/Erik_Voorhees "Erik Voorhees") [Paolo Ardoino](https://en.wikipedia.org/wiki/Paolo_Ardoino "Paolo Ardoino") [Cody Wilson](https://en.wikipedia.org/wiki/Cody_Wilson "Cody Wilson") [Cameron Winklevoss](https://en.wikipedia.org/wiki/Cameron_Winklevoss "Cameron Winklevoss") [Tyler Winklevoss](https://en.wikipedia.org/wiki/Tyler_Winklevoss "Tyler Winklevoss") [Craig Wright](https://en.wikipedia.org/wiki/Craig_Steven_Wright "Craig Steven Wright") [Jihan Wu](https://en.wikipedia.org/wiki/Jihan_Wu "Jihan Wu") \| [![](https://upload.wikimedia.org/wikipedia/commons/thumb/4/46/Bitcoin.svg/120px-Bitcoin.svg.png)](https://en.wikipedia.org/wiki/File:Bitcoin.svg) \| \| Lists \| [List of bitcoin companies](https://en.wikipedia.org/wiki/List_of_bitcoin_companies "List of bitcoin companies") [List of bitcoin forks](https://en.wikipedia.org/wiki/List_of_bitcoin_forks "List of bitcoin forks") [List of bitcoin organizations](https://en.wikipedia.org/wiki/List_of_bitcoin_organizations "List of bitcoin organizations") [List of people in blockchain technology](https://en.wikipedia.org/wiki/List_of_people_in_blockchain_technology "List of people in blockchain technology") \| \| \| Technologies \| [Bitcoin network](https://en.wikipedia.org/wiki/Bitcoin_network "Bitcoin network") [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") [Cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") [Bitcoin ATM](https://en.wikipedia.org/wiki/Bitcoin_ATM "Bitcoin ATM") [ECDSA](https://en.wikipedia.org/wiki/Elliptic_Curve_Digital_Signature_Algorithm "Elliptic Curve Digital Signature Algorithm") [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") [P2P](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") [SegWit](https://en.wikipedia.org/wiki/SegWit "SegWit") [SHA-2](https://en.wikipedia.org/wiki/SHA-2 "SHA-2") \| \| \| [Forks](https://en.wikipedia.org/wiki/List_of_bitcoin_forks "List of bitcoin forks") \| \| \| \| \| \| \| \| Client \| [Bitcoin Unlimited](https://en.wikipedia.org/wiki/Bitcoin_Unlimited "Bitcoin Unlimited") \| \| \| Currency \| [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") [Bitcoin Satoshi Vision](https://en.wikipedia.org/wiki/Bitcoin_Satoshi_Vision "Bitcoin Satoshi Vision") \| \| \| History \| [Bitcoin scalability problem](https://en.wikipedia.org/wiki/Bitcoin_scalability_problem "Bitcoin scalability problem") [History of bitcoin](https://en.wikipedia.org/wiki/History_of_bitcoin "History of bitcoin") [2013 Bitcoin buried in Newport landfill](https://en.wikipedia.org/wiki/Bitcoin_buried_in_Newport_landfill "Bitcoin buried in Newport landfill") [2018 cryptocurrency crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") [2018 Bitcoin bomb threats](https://en.wikipedia.org/wiki/2018_Bitcoin_bomb_threats "2018 Bitcoin bomb threats") [2020 Twitter account hijacking](https://en.wikipedia.org/wiki/2020_Twitter_account_hijacking "2020 Twitter account hijacking") \| \| \| Movies \| [The Rise and Rise of Bitcoin](https://en.wikipedia.org/wiki/The_Rise_and_Rise_of_Bitcoin "The Rise and Rise of Bitcoin")* (2014 film) [Deep Web](https://en.wikipedia.org/wiki/Deep_Web_$film$ "Deep Web (film)") (2015 film) \| \| \| Legal entities (not exchanges) \| [Bitcoin Foundation](https://en.wikipedia.org/wiki/Bitcoin_Foundation "Bitcoin Foundation") [Bitcoin Magazine](https://en.wikipedia.org/wiki/Bitcoin_Magazine "Bitcoin Magazine") [BitGo](https://en.wikipedia.org/wiki/BitGo "BitGo") [Bitmain](https://en.wikipedia.org/wiki/Bitmain "Bitmain") [Canaan Creative](https://en.wikipedia.org/wiki/Canaan_Creative "Canaan Creative") [CoinDesk](https://en.wikipedia.org/wiki/CoinDesk "CoinDesk") [GHash.io](https://en.wikipedia.org/wiki/GHash.io "GHash.io") [Nuri](https://en.wikipedia.org/wiki/Nuri_$company$ "Nuri (company)") [Strategy](https://en.wikipedia.org/wiki/MicroStrategy "MicroStrategy") \| \| \| [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") \| [Bitcoin Law](https://en.wikipedia.org/wiki/Bitcoin_Law "Bitcoin Law") [Bitcoin Beach](https://en.wikipedia.org/wiki/El_Zonte "El Zonte") [Bitcoin City](https://en.wikipedia.org/wiki/Bitcoin_City "Bitcoin City") \| \| \| ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:Bitcoin "Category:Bitcoin") [![](https://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/20px-Commons-logo.svg.png)](https://en.wikipedia.org/wiki/File:Commons-logo.svg "Commons page") [Commons](https://commons.wikimedia.org/wiki/Category:Bitcoin "commons:Category:Bitcoin") \| \| \| \| [v](https://en.wikipedia.org/wiki/Template:Cryptocurrencies "Template:Cryptocurrencies") [t](https://en.wikipedia.org/wiki/Template_talk:Cryptocurrencies "Template talk:Cryptocurrencies") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Cryptocurrencies "Special:EditPage/Template:Cryptocurrencies")[Cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") \| \| \|---\|---\| \| Technology \| [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") [Cryptocurrency tumbler](https://en.wikipedia.org/wiki/Cryptocurrency_tumbler "Cryptocurrency tumbler") [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") [Cryptographic hash function](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") [Decentralized exchange](https://en.wikipedia.org/wiki/Decentralized_finance#Decentralized_exchanges "Decentralized finance") [Decentralized finance](https://en.wikipedia.org/wiki/Decentralized_finance "Decentralized finance") [Distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") [Fork](https://en.wikipedia.org/wiki/Fork_$blockchain$ "Fork (blockchain)") [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") [MetaMask](https://en.wikipedia.org/wiki/MetaMask "MetaMask") [Smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") [Web3](https://en.wikipedia.org/wiki/Web3 "Web3") \| \| [Consensus](https://en.wikipedia.org/wiki/Consensus_$computer_science$ "Consensus (computer science)") mechanisms \| [Proof of authority](https://en.wikipedia.org/wiki/Proof_of_authority "Proof of authority") [Proof of space](https://en.wikipedia.org/wiki/Proof_of_space "Proof of space") [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") \| \| [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") currencies \| \| \| \| \| \| [SHA-256](https://en.wikipedia.org/wiki/SHA-2 "SHA-2")\-based \| [Bitcoin]() [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") [Counterparty](https://en.wikipedia.org/wiki/Counterparty_$platform$ "Counterparty (platform)") [LBRY](https://en.wikipedia.org/wiki/LBRY "LBRY") [MazaCoin](https://en.wikipedia.org/wiki/MazaCoin "MazaCoin") [Namecoin](https://en.wikipedia.org/wiki/Namecoin "Namecoin") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Titcoin](https://en.wikipedia.org/wiki/Titcoin "Titcoin") \| \| [Ethash](https://en.wikipedia.org/wiki/Ethereum "Ethereum")\-based \| [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (1.0) [Ethereum Classic](https://en.wikipedia.org/wiki/Ethereum_Classic "Ethereum Classic") \| \| [Scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt")\-based \| [Auroracoin](https://en.wikipedia.org/wiki/Auroracoin "Auroracoin") [Bitconnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin") \| \| [Equihash](https://en.wikipedia.org/wiki/Equihash "Equihash")\-based \| [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") [Zcash](https://en.wikipedia.org/wiki/Zcash "Zcash") \| \| RandomX-based \| [Monero](https://en.wikipedia.org/wiki/Monero "Monero") \| \| [X11](https://en.wikipedia.org/wiki/Dash_$cryptocurrency$#X11 "Dash (cryptocurrency)")\-based \| [Dash](https://en.wikipedia.org/wiki/Dash_$cryptocurrency$ "Dash (cryptocurrency)") [Petro](https://en.wikipedia.org/wiki/Petro_$token$ "Petro (token)") \| \| Other \| [AmbaCoin](https://en.wikipedia.org/wiki/AmbaCoin "AmbaCoin") [Firo](https://en.wikipedia.org/wiki/Firo_$cryptocurrency$ "Firo (cryptocurrency)") [IOTA](https://en.wikipedia.org/wiki/IOTA_$technology$ "IOTA (technology)") [Nervos Network](https://en.wikipedia.org/wiki/Nervos_Network "Nervos Network") [Primecoin](https://en.wikipedia.org/wiki/Primecoin "Primecoin") [Verge](https://en.wikipedia.org/wiki/Verge_$cryptocurrency$ "Verge (cryptocurrency)") [Vertcoin](https://en.wikipedia.org/wiki/Vertcoin "Vertcoin") \| \| [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") currencies \| [Algorand](https://en.wikipedia.org/wiki/Algorand "Algorand") [Avalanche](https://en.wikipedia.org/wiki/Avalanche_$blockchain_platform$ "Avalanche (blockchain platform)") [Cardano](https://en.wikipedia.org/wiki/Cardano_$blockchain_platform$ "Cardano (blockchain platform)") [EOS.IO](https://en.wikipedia.org/wiki/EOS.IO "EOS.IO") [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (2.0) [Gridcoin](https://en.wikipedia.org/wiki/Gridcoin "Gridcoin") [ICON](https://en.wikipedia.org/wiki/ICON_$blockchain_platform$ "ICON (blockchain platform)") [Injective](https://en.wikipedia.org/wiki/Injective_$blockchain$ "Injective (blockchain)") [Kin](https://en.wikipedia.org/wiki/Kin_$cryptocurrency$ "Kin (cryptocurrency)") [Nxt](https://en.wikipedia.org/wiki/Nxt "Nxt") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Polkadot](https://en.wikipedia.org/wiki/Polkadot_$blockchain_platform$ "Polkadot (blockchain platform)") [Solana](https://en.wikipedia.org/wiki/Solana_$blockchain_platform$ "Solana (blockchain platform)") [Steem](https://en.wikipedia.org/wiki/Steemit "Steemit") [Tezos](https://en.wikipedia.org/wiki/Tezos "Tezos") [TON](https://en.wikipedia.org/wiki/The_Open_Network "The Open Network") \| \| [ERC-20](https://en.wikipedia.org/wiki/ERC-20 "ERC-20") tokens \| [Augur](https://en.wikipedia.org/wiki/Augur_$software$ "Augur (software)") [Aventus](https://en.wikipedia.org/wiki/Aventus_$protocol$ "Aventus (protocol)") [Basic Attention Token](https://en.wikipedia.org/wiki/Brave_$web_browser$#Basic_Attention_Token "Brave (web browser)") [Chainlink](https://en.wikipedia.org/wiki/Chainlink_$blockchain_oracle$ "Chainlink (blockchain oracle)") [Kin](https://en.wikipedia.org/wiki/Kin_$cryptocurrency$ "Kin (cryptocurrency)") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [Minds](https://en.wikipedia.org/wiki/Minds_$social_network$ "Minds (social network)") [Polygon](https://en.wikipedia.org/wiki/Polygon_$blockchain$ "Polygon (blockchain)") [Shiba Inu](https://en.wikipedia.org/wiki/Shiba_Inu_$cryptocurrency$ "Shiba Inu (cryptocurrency)") [The DAO](https://en.wikipedia.org/wiki/The_DAO "The DAO") [TRON](https://en.wikipedia.org/wiki/Tron_$blockchain$ "Tron (blockchain)") \| \| [Stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") \| [Dai](https://en.wikipedia.org/wiki/Dai_$cryptocurrency$ "Dai (cryptocurrency)") [Diem](https://en.wikipedia.org/wiki/Diem_$digital_currency$ "Diem (digital currency)") [Pax](https://en.wikipedia.org/wiki/Paxos_Trust_Company#Paxos_Standard "Paxos Trust Company") [Terra](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)") [Tether](https://en.wikipedia.org/wiki/Tether_$cryptocurrency$ "Tether (cryptocurrency)") [USD Coin](https://en.wikipedia.org/wiki/USDC_$cryptocurrency$ "USDC (cryptocurrency)") \| \| [Meme coins](https://en.wikipedia.org/wiki/Meme_coins "Meme coins") \| [CAR](https://en.wikipedia.org/wiki/$CAR "$CAR") [Chill Guy](https://en.wikipedia.org/wiki/$CHILLGUY "$CHILLGUY") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [LGBcoin](https://en.wikipedia.org/wiki/LGBcoin "LGBcoin") [Libra](https://en.wikipedia.org/wiki/$Libra "$Libra") [Melania](https://en.wikipedia.org/wiki/$Melania "$Melania") [Pawthereum](https://en.wikipedia.org/wiki/Pawthereum "Pawthereum") [Trump](https://en.wikipedia.org/wiki/$Trump "$Trump") \| \| Other currencies \| [Chia](https://en.wikipedia.org/wiki/Chia_$cryptocurrency$ "Chia (cryptocurrency)") [Filecoin](https://en.wikipedia.org/wiki/Filecoin "Filecoin") [HBAR (Hashgraph)](https://en.wikipedia.org/wiki/Hashgraph "Hashgraph") [Helium](https://en.wikipedia.org/wiki/Helium_Network "Helium Network") [Luna](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)") [MobileCoin](https://en.wikipedia.org/wiki/MobileCoin "MobileCoin") [Nano](https://en.wikipedia.org/wiki/Nano_$cryptocurrency$ "Nano (cryptocurrency)") [NEO](https://en.wikipedia.org/wiki/NEO_$cryptocurrency$ "NEO (cryptocurrency)") [SafeMoon](https://en.wikipedia.org/wiki/SafeMoon "SafeMoon") [Stellar](https://en.wikipedia.org/wiki/Stellar_$payment_network$ "Stellar (payment network)") [WhopperCoin](https://en.wikipedia.org/wiki/WhopperCoin "WhopperCoin") [XRP Ledger](https://en.wikipedia.org/wiki/XRP_Ledger "XRP Ledger") \| \| [Inactive currencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies#Inactive_currencies "List of cryptocurrencies") \| [BitConnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [OneCoin](https://en.wikipedia.org/wiki/OneCoin "OneCoin") [Petro](https://en.wikipedia.org/wiki/Petro_$token$ "Petro (token)") \| \| Crypto service companies \| [Hyperledger](https://en.wikipedia.org/wiki/Hyperledger "Hyperledger") [IQ.Wiki](https://en.wikipedia.org/wiki/IQ.Wiki "IQ.Wiki") [Initiative Q](https://en.wikipedia.org/wiki/Quahl "Quahl") \| \| Related topics \| [\$Libra cryptocurrency scandal](https://en.wikipedia.org/wiki/$Libra_cryptocurrency_scandal "$Libra cryptocurrency scandal") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [Airdrop](https://en.wikipedia.org/wiki/Airdrop_$cryptocurrency$ "Airdrop (cryptocurrency)") [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") [BitLicense](https://en.wikipedia.org/wiki/BitLicense "BitLicense") [Blockchain game](https://en.wikipedia.org/wiki/Blockchain_game "Blockchain game") [Complementary currency](https://en.wikipedia.org/wiki/Complementary_currency "Complementary currency") [Crypto-anarchy](https://en.wikipedia.org/wiki/Crypto-anarchy "Crypto-anarchy") [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") [Bankruptcy of FTX](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX") [Trial of Sam Bankman-Fried](https://en.wikipedia.org/wiki/Trial_of_Sam_Bankman-Fried "Trial of Sam Bankman-Fried") [Scam center](https://en.wikipedia.org/wiki/Scam_center "Scam center") [Pig butchering scam](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam") [Cryptocurrencies in Europe](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Europe "Cryptocurrencies in Europe") [Cryptocurrencies in Puerto Rico](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Puerto_Rico "Cryptocurrencies in Puerto Rico") [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") [Cryptocurrency in Australia](https://en.wikipedia.org/wiki/Cryptocurrency_in_Australia "Cryptocurrency in Australia") [Cryptocurrency in Nigeria](https://en.wikipedia.org/wiki/Cryptocurrency_in_Nigeria "Cryptocurrency in Nigeria") [Cryptocurrency scams](https://en.wikipedia.org/wiki/Category:Cryptocurrency_scams "Category:Cryptocurrency scams") [Digital currency](https://en.wikipedia.org/wiki/Digital_currency "Digital currency") [Decentralized autonomous organization](https://en.wikipedia.org/wiki/Decentralized_autonomous_organization "Decentralized autonomous organization") [Decentralized application](https://en.wikipedia.org/wiki/Decentralized_application "Decentralized application") [Distributed ledger technology law](https://en.wikipedia.org/wiki/Distributed_ledger_technology_law "Distributed ledger technology law") [Double-spending](https://en.wikipedia.org/wiki/Double-spending "Double-spending") [Environmental impact](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin "Environmental impact of bitcoin") [Initial coin offering](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") [Initial exchange offering](https://en.wikipedia.org/wiki/Initial_exchange_offering "Initial exchange offering") [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") [Non-fungible token](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") [Token money](https://en.wikipedia.org/wiki/Token_money "Token money") [United States Strategic Bitcoin Reserve](https://en.wikipedia.org/wiki/Strategic_bitcoin_reserve_$United_States$ "Strategic bitcoin reserve (United States)") [Virtual currency](https://en.wikipedia.org/wiki/Virtual_currency "Virtual currency") [Voiceverse NFT plagiarism scandal](https://en.wikipedia.org/wiki/Voiceverse_NFT_plagiarism_scandal "Voiceverse NFT plagiarism scandal") \| \| ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:Cryptocurrencies "Category:Cryptocurrencies") [![](https://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/20px-Commons-logo.svg.png)](https://en.wikipedia.org/wiki/File:Commons-logo.svg "Commons page") [Commons](https://commons.wikimedia.org/wiki/Category:Cryptocurrency "commons:Category:Cryptocurrency") ![](https://upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/20px-Symbol_list_class.svg.png) [List](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") \| \| \| [v](https://en.wikipedia.org/wiki/Template:Currency_symbols "Template:Currency symbols") [t](https://en.wikipedia.org/wiki/Template_talk:Currency_symbols "Template talk:Currency symbols") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Currency_symbols "Special:EditPage/Template:Currency symbols")[Currency symbols](https://en.wikipedia.org/wiki/Currency_symbol "Currency symbol") \| \| \|---\|---\| \| [Circulating](https://en.wikipedia.org/wiki/List_of_circulating_currencies "List of circulating currencies") \| [؋](https://en.wikipedia.org/wiki/Afghan_afghani "Afghan afghani") [฿](https://en.wikipedia.org/wiki/Thai_baht#Currency_symbol "Thai baht") [₿](https://en.wikipedia.org/wiki/Bitcoin#Units_and_divisibility_symbol) [₵](https://en.wikipedia.org/wiki/Ghanaian_cedi "Ghanaian cedi") [₡](https://en.wikipedia.org/wiki/Col%C3%B3n_$currency$ "Colón (currency)") [¢](https://en.wikipedia.org/wiki/Cent_$currency$ "Cent (currency)") [![](https://upload.wikimedia.org/wikipedia/commons/thumb/e/ee/UAE_Dirham_Symbol.svg/20px-UAE_Dirham_Symbol.svg.png)](https://en.wikipedia.org/wiki/United_Arab_Emirates_dirham "United Arab Emirates dirham") [\$](https://en.wikipedia.org/wiki/Dollar_sign "Dollar sign") [₫](https://en.wikipedia.org/wiki/Vietnamese_%C4%91%E1%BB%93ng "Vietnamese đồng") [֏](https://en.wikipedia.org/wiki/Armenian_dram_sign "Armenian dram sign") [![Escudo](https://upload.wikimedia.org/wikipedia/commons/thumb/d/df/Cifr%C3%A3o_symbol_%28narrow%29.svg/20px-Cifr%C3%A3o_symbol_%28narrow%29.svg.png)](https://en.wikipedia.org/wiki/Cape_Verdean_escudo "Escudo") [€](https://en.wikipedia.org/wiki/Euro_sign "Euro sign") [ƒ](https://en.wikipedia.org/wiki/Florin_sign "Florin sign") [F](https://en.wikipedia.org/wiki/Franc#Countries_that_use_a_franc "Franc") [₲](https://en.wikipedia.org/wiki/Paraguayan_guaran%C3%AD "Paraguayan guaraní") [₴](https://en.wikipedia.org/wiki/Hryvnia_sign "Hryvnia sign") [₭](https://en.wikipedia.org/wiki/Lao_kip "Lao kip") [₾](https://en.wikipedia.org/wiki/Georgian_lari "Georgian lari") [₼](https://en.wikipedia.org/wiki/Azerbaijani_manat_sign "Azerbaijani manat sign") [₦](https://en.wikipedia.org/wiki/Nigerian_naira "Nigerian naira") [₱](https://en.wikipedia.org/wiki/Philippine_peso_sign "Philippine peso sign") [£](https://en.wikipedia.org/wiki/Pound_sign "Pound sign") [元](https://en.wikipedia.org/wiki/Renminbi "Renminbi") [﷼](https://en.wikipedia.org/wiki/Iranian_rial "Iranian rial") [![](https://upload.wikimedia.org/wikipedia/commons/thumb/1/1d/Omani_rial_black_medium.svg/20px-Omani_rial_black_medium.svg.png)](https://en.wikipedia.org/wiki/Omani_rial_sign "Omani rial sign") [៛](https://en.wikipedia.org/wiki/Cambodian_riel "Cambodian riel") [⃁](https://en.wikipedia.org/wiki/Saudi_riyal_sign "Saudi riyal sign") [₽](https://en.wikipedia.org/wiki/Ruble_sign "Ruble sign") [![](https://upload.wikimedia.org/wikipedia/commons/thumb/2/28/BYN_symbol.svg/20px-BYN_symbol.svg.png)](https://en.wikipedia.org/wiki/Belarusian_ruble "Belarusian ruble") [![](https://upload.wikimedia.org/wikipedia/commons/thumb/a/a1/Rufiyaa_sign_angular.svg/20px-Rufiyaa_sign_angular.svg.png)](https://en.wikipedia.org/wiki/Maldivian_rufiyaa "Maldivian rufiyaa") [₹](https://en.wikipedia.org/wiki/Indian_rupee_sign "Indian rupee sign") [रू](https://en.wikipedia.org/wiki/Nepalese_rupee "Nepalese rupee") [𞱱](https://en.wikipedia.org/wiki/Pakistani_rupee "Pakistani rupee") [රු](https://en.wikipedia.org/wiki/Sri_Lankan_rupee "Sri Lankan rupee") [૱](https://en.wikipedia.org/wiki/Rupee_sign "Rupee sign") [௹](https://en.wikipedia.org/wiki/Rupee_sign "Rupee sign") [꠸](https://en.wikipedia.org/wiki/Rupee_sign "Rupee sign") [Rs](https://en.wikipedia.org/wiki/Rupee_sign "Rupee sign") [₪](https://en.wikipedia.org/wiki/Shekel_sign "Shekel sign") [⃀](https://en.wikipedia.org/wiki/Kyrgyz_som "Kyrgyz som") [৳](https://en.wikipedia.org/wiki/Bangladeshi_taka_sign "Bangladeshi taka sign") [₺](https://en.wikipedia.org/wiki/Turkish_lira_sign "Turkish lira sign") [₸](https://en.wikipedia.org/wiki/Kazakhstani_tenge "Kazakhstani tenge") [₮](https://en.wikipedia.org/wiki/Mongolian_t%C3%B6gr%C3%B6g "Mongolian tögrög") [₩](https://en.wikipedia.org/wiki/Won_sign "Won sign") [¥](https://en.wikipedia.org/wiki/Yen_and_yuan_sign "Yen and yuan sign") [円](https://en.wikipedia.org/wiki/Japanese_yen "Japanese yen") \| \| [Obsolete and historical](https://en.wikipedia.org/wiki/List_of_historical_currencies "List of historical currencies") \| [₳](https://en.wikipedia.org/wiki/Argentine_austral "Argentine austral") [Դր.](https://en.wikipedia.org/wiki/Artsakh_dram "Artsakh dram") [₢\$](https://en.wikipedia.org/wiki/Cruzeiro_sign "Cruzeiro sign") [₰](https://en.wikipedia.org/wiki/Pfennig "Pfennig") [₯](https://en.wikipedia.org/wiki/Modern_drachma "Modern drachma") [₠](https://en.wikipedia.org/wiki/European_Currency_Unit "European Currency Unit") [₣](https://en.wikipedia.org/wiki/French_franc "French franc") [₤](https://en.wikipedia.org/wiki/Lira "Lira") [ℒ𝓈](https://en.wikipedia.org/wiki/Latvian_lats "Latvian lats") [₶](https://en.wikipedia.org/wiki/Livre_tournois "Livre tournois") [₥](https://en.wikipedia.org/wiki/Mill_$currency$ "Mill (currency)") [ℳ](https://en.wikipedia.org/wiki/German_mark_$1871$ "German mark (1871)") [Pts](https://en.wikipedia.org/wiki/Spanish_peseta "Spanish peseta") [ℛℳ](https://en.wikipedia.org/wiki/Reichsmark "Reichsmark") [![Imperial rouble](https://upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Old_sign_of_Russian_ruble.svg/40px-Old_sign_of_Russian_ruble.svg.png)](https://en.wikipedia.org/wiki/Ruble_sign#History "Imperial rouble") [₷](https://en.wikipedia.org/wiki/Spesmilo "Spesmilo") [![Old Israeli shekel](https://upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Old_Sheqel_sign.svg/40px-Old_Sheqel_sign.svg.png)](https://en.wikipedia.org/wiki/Shekel_sign#Old_Israeli_shekel_.281980.E2.80.931985.29 "Old Israeli shekel") [𐆚](https://en.wikipedia.org/wiki/As_$Roman_coin$ "As (Roman coin)") [𐆖](https://en.wikipedia.org/wiki/Denarius "Denarius") [𐆙](https://en.wikipedia.org/wiki/Dupondius "Dupondius") [𐆗](https://en.wikipedia.org/wiki/Quinarius "Quinarius") [𐆘](https://en.wikipedia.org/wiki/Sestertius "Sestertius") \| \| Generic placeholder \| [¤](https://en.wikipedia.org/wiki/Currency_sign_$generic$ "Currency sign (generic)") \| \| [Authority control databases](https://en.wikipedia.org/wiki/Help:Authority_control "Help:Authority control") [![Edit this at Wikidata](https://upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png)](https://www.wikidata.org/wiki/Q131723#identifiers "Edit this at Wikidata") \| \| \|---\|---\| \| International \| [GND](https://d-nb.info/gnd/1041888279) [FAST](https://id.worldcat.org/fast/1920464) \| \| National \| [United States](https://id.loc.gov/authorities/sh2015000075) [France](https://catalogue.bnf.fr/ark:/12148/cb16732034m) [BnF data](https://data.bnf.fr/ark:/12148/cb16732034m) [Czech Republic](https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ph844483&CON_LNG=ENG) [Spain](https://datos.bne.es/resource/XX5395494) [Israel](https://www.nli.org.il/en/authorities/987007363578605171) \| \| Other \| [IdRef](https://www.idref.fr/175289379) [Yale LUX](https://lux.collections.yale.edu/view/concept/83c10b93-7d69-470e-adf8-cfd507a29b16) \| [Portals](https://en.wikipedia.org/wiki/Wikipedia:Contents/Portals "Wikipedia:Contents/Portals"): - [![icon](https://upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/20px-Emblem-money.svg.png)](https://en.wikipedia.org/wiki/File:Emblem-money.svg) [Business and economics](https://en.wikipedia.org/wiki/Portal:Business_and_economics "Portal:Business and economics") - ![](https://upload.wikimedia.org/wikipedia/commons/thumb/3/31/Free_and_open-source_software_logo_%282009%29.svg/20px-Free_and_open-source_software_logo_%282009%29.svg.png) [Free and open-source software](https://en.wikipedia.org/wiki/Portal:Free_and_open-source_software "Portal:Free and open-source software") - [![icon](https://upload.wikimedia.org/wikipedia/commons/thumb/f/f9/Crystal_Clear_app_linneighborhood.svg/20px-Crystal_Clear_app_linneighborhood.svg.png)](https://en.wikipedia.org/wiki/File:Crystal_Clear_app_linneighborhood.svg) [Internet](https://en.wikipedia.org/wiki/Portal:Internet "Portal:Internet") - ![](https://upload.wikimedia.org/wikipedia/commons/thumb/4/46/United_States_penny%2C_obverse%2C_2002.png/20px-United_States_penny%2C_obverse%2C_2002.png) [Numismatics](https://en.wikipedia.org/wiki/Portal:Numismatics "Portal:Numismatics") - ![icon](https://upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/40px-Bills_and_coins.svg.png) [Money](https://en.wikipedia.org/wiki/Portal:Money "Portal:Money") Bitcoin at Wikipedia's [sister projects](https://en.wikipedia.org/wiki/Wikipedia:Wikimedia_sister_projects "Wikipedia:Wikimedia sister projects"): - [![Wikimedia Commons logo](https://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/20px-Commons-logo.svg.png)](https://en.wikipedia.org/wiki/File:Commons-logo.svg)[Media](https://commons.wikimedia.org/wiki/Bitcoin "c:Bitcoin") from Commons - ![](https://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/20px-Wikiquote-logo.svg.png)[Quotations](https://en.wikiquote.org/wiki/Bitcoin "q:Bitcoin") from Wikiquote ![](https://en.wikipedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=1) Retrieved from "<https://en.wikipedia.org/w/index.php?title=Bitcoin&oldid=1346671137>" [Categories](https://en.wikipedia.org/wiki/Help:Category "Help:Category"): - [Currencies without ISO 4217 code](https://en.wikipedia.org/wiki/Category:Currencies_without_ISO_4217_code "Category:Currencies without ISO 4217 code") - [Bitcoin](https://en.wikipedia.org/wiki/Category:Bitcoin "Category:Bitcoin") - [Cryptocurrencies](https://en.wikipedia.org/wiki/Category:Cryptocurrencies "Category:Cryptocurrencies") - [Currencies introduced in 2009](https://en.wikipedia.org/wiki/Category:Currencies_introduced_in_2009 "Category:Currencies introduced in 2009") Hidden categories: - [CS1 maint: work parameter with ISBN](https://en.wikipedia.org/wiki/Category:CS1_maint:_work_parameter_with_ISBN "Category:CS1 maint: work parameter with ISBN") - [CS1 maint: url-status](https://en.wikipedia.org/wiki/Category:CS1_maint:_url-status "Category:CS1 maint: url-status") - [All articles with dead external links](https://en.wikipedia.org/wiki/Category:All_articles_with_dead_external_links "Category:All articles with dead external links") - [Articles with dead external links from March 2026](https://en.wikipedia.org/wiki/Category:Articles_with_dead_external_links_from_March_2026 "Category:Articles with dead external links from March 2026") - [Webarchive template wayback links](https://en.wikipedia.org/wiki/Category:Webarchive_template_wayback_links "Category:Webarchive template wayback links") - [CS1 maint: deprecated archival service](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service") - [CS1: long volume value](https://en.wikipedia.org/wiki/Category:CS1:_long_volume_value "Category:CS1: long volume value") - [Articles with short description](https://en.wikipedia.org/wiki/Category:Articles_with_short_description "Category:Articles with short description") - [Short description is different from Wikidata](https://en.wikipedia.org/wiki/Category:Short_description_is_different_from_Wikidata "Category:Short description is different from Wikidata") - [Wikipedia extended-confirmed-protected pages](https://en.wikipedia.org/wiki/Category:Wikipedia_extended-confirmed-protected_pages "Category:Wikipedia extended-confirmed-protected pages") - [Use dmy dates from March 2024](https://en.wikipedia.org/wiki/Category:Use_dmy_dates_from_March_2024 "Category:Use dmy dates from March 2024") - [Use American English from December 2017](https://en.wikipedia.org/wiki/Category:Use_American_English_from_December_2017 "Category:Use American English from December 2017") - [All Wikipedia articles written in American English](https://en.wikipedia.org/wiki/Category:All_Wikipedia_articles_written_in_American_English "Category:All Wikipedia articles written in American English") - [Articles containing Japanese-language text](https://en.wikipedia.org/wiki/Category:Articles_containing_Japanese-language_text "Category:Articles containing Japanese-language text") - [Articles containing potentially dated statements from 2025](https://en.wikipedia.org/wiki/Category:Articles_containing_potentially_dated_statements_from_2025 "Category:Articles containing potentially dated statements from 2025") - [All articles containing potentially dated statements](https://en.wikipedia.org/wiki/Category:All_articles_containing_potentially_dated_statements "Category:All articles containing potentially dated statements") - [Articles containing potentially dated statements from October 2025](https://en.wikipedia.org/wiki/Category:Articles_containing_potentially_dated_statements_from_October_2025 "Category:Articles containing potentially dated statements from October 2025") - [Articles containing potentially dated statements from December 2017](https://en.wikipedia.org/wiki/Category:Articles_containing_potentially_dated_statements_from_December_2017 "Category:Articles containing potentially dated statements from December 2017") - [Pages using multiple image with auto scaled images](https://en.wikipedia.org/wiki/Category:Pages_using_multiple_image_with_auto_scaled_images "Category:Pages using multiple image with auto scaled images") - [Articles containing potentially dated statements from 2015](https://en.wikipedia.org/wiki/Category:Articles_containing_potentially_dated_statements_from_2015 "Category:Articles containing potentially dated statements from 2015") - [Articles containing potentially dated statements from November 2021](https://en.wikipedia.org/wiki/Category:Articles_containing_potentially_dated_statements_from_November_2021 "Category:Articles containing potentially dated statements from November 2021") - [Wikipedia articles in need of updating from November 2023](https://en.wikipedia.org/wiki/Category:Wikipedia_articles_in_need_of_updating_from_November_2023 "Category:Wikipedia articles in need of updating from November 2023") - [All Wikipedia articles in need of updating](https://en.wikipedia.org/wiki/Category:All_Wikipedia_articles_in_need_of_updating "Category:All Wikipedia articles in need of updating") - [Articles containing potentially dated statements from 2022](https://en.wikipedia.org/wiki/Category:Articles_containing_potentially_dated_statements_from_2022 "Category:Articles containing potentially dated statements from 2022") - [Articles containing potentially dated statements from 2018](https://en.wikipedia.org/wiki/Category:Articles_containing_potentially_dated_statements_from_2018 "Category:Articles containing potentially dated statements from 2018") - [Pages displaying short descriptions of redirect targets via Module:Annotated link](https://en.wikipedia.org/wiki/Category:Pages_displaying_short_descriptions_of_redirect_targets_via_Module:Annotated_link "Category:Pages displaying short descriptions of redirect targets via Module:Annotated link") - [Pages using Sister project links with wikidata namespace mismatch](https://en.wikipedia.org/wiki/Category:Pages_using_Sister_project_links_with_wikidata_namespace_mismatch "Category:Pages using Sister project links with wikidata namespace mismatch") - This page was last edited on 2 April 2026, at 04:30 (UTC). - Text is available under the [Creative Commons Attribution-ShareAlike 4.0 License](https://en.wikipedia.org/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License "Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License"); additional terms may apply. By using this site, you agree to the [Terms of Use](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use "foundation:Special:MyLanguage/Policy:Terms of Use") and [Privacy Policy](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy "foundation:Special:MyLanguage/Policy:Privacy policy"). Wikipedia® is a registered trademark of the [Wikimedia Foundation, Inc.](https://wikimediafoundation.org/), a non-profit organization. - [Privacy policy](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy) - [About Wikipedia](https://en.wikipedia.org/wiki/Wikipedia:About) - [Disclaimers](https://en.wikipedia.org/wiki/Wikipedia:General_disclaimer) - [Contact Wikipedia](https://en.wikipedia.org/wiki/Wikipedia:Contact_us) - [Legal & safety contacts](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Legal:Wikimedia_Foundation_Legal_and_Safety_Contact_Information) - [Code of Conduct](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct) - [Developers](https://developer.wikimedia.org/) - [Statistics](https://stats.wikimedia.org/#/en.wikipedia.org) - [Cookie statement](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement) - [Mobile view](https://en.wikipedia.org/w/index.php?title=Bitcoin&mobileaction=toggle_view_mobile) - [![Wikimedia Foundation](https://en.wikipedia.org/static/images/footer/wikimedia.svg)](https://www.wikimedia.org/) - [![Powered by MediaWiki](https://en.wikipedia.org/w/resources/assets/mediawiki_compact.svg)](https://www.mediawiki.org/) Search Toggle the table of contents Bitcoin 137 languages [Add topic](https://en.wikipedia.org/wiki/Bitcoin)
Readable Markdown	For the colloquial expression for coinage, see [Bit (money)](https://en.wikipedia.org/wiki/Bit_$money$ "Bit (money)"). "₿" redirects here. Not to be confused with "฿" for [Thai baht](https://en.wikipedia.org/wiki/Thai_baht "Thai baht"). \| \| \| \|---\|---\| \| [![Prevailing bitcoin logo](https://upload.wikimedia.org/wikipedia/commons/thumb/4/46/Bitcoin.svg/250px-Bitcoin.svg.png)](https://en.wikipedia.org/wiki/File:Bitcoin.svg)Commonly used logo of bitcoin \| \| \| Denominations \| \| \| Plural \| bitcoins \| \| Symbol \| ₿ (Unicode: U+20BF ₿ BITCOIN SIGN)[\[1\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-unicode-10-1) \| \| Code \| BTC \| \| Precision \| 10−8 \| \| Subunits \| \| \| 1⁄1000 \| millibitcoin \| \| 1⁄1000000 \| microbitcoin \| \| 1⁄100000000 \| satoshi[\[a\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-satoshi-2)[\[2\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-satoshi_unit-3) \| \| Development \| \| \| Original author \| [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") \| \| [White paper](https://en.wikipedia.org/wiki/White_paper "White paper") \| ["Bitcoin: A Peer-to-Peer Electronic Cash System"](https://bitcoin.org/bitcoin.pdf) \| \| Implementation \| [Bitcoin Core](https://en.wikipedia.org/wiki/Bitcoin_Core "Bitcoin Core") \| \| Initial release \| 0\.1.0 / 9 January 2009 (17 years ago) \| \| [Latest release](https://en.wikipedia.org/wiki/Software_release_life_cycle "Software release life cycle") \| 30\.2.0 / 10 January 2026 (2 months ago)[\[3\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-4) \| \| [Code repository](https://en.wikipedia.org/wiki/Repository_$version_control$ "Repository (version control)") \| [github.com/bitcoin/bitcoin](https://github.com/bitcoin/bitcoin) \| \| Development status \| Active \| \| [Written in](https://en.wikipedia.org/wiki/Programming_language "Programming language") \| C++ \| \| Source model \| [Free and open-source software](https://en.wikipedia.org/wiki/Free_and_open-source_software "Free and open-source software") \| \| [License](https://en.wikipedia.org/wiki/Software_license "Software license") \| [MIT License](https://en.wikipedia.org/wiki/MIT_License "MIT License") \| \| Ledger \| \| \| Ledger start \| 3 January 2009 (17 years ago) \| \| [Timestamping scheme](https://en.wikipedia.org/wiki/Trusted_timestamping "Trusted timestamping") \| [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") (partial hash inversion) \| \| [Hash function](https://en.wikipedia.org/wiki/Hash_function "Hash function") \| [SHA-256](https://en.wikipedia.org/wiki/SHA-256 "SHA-256") (two rounds) \| \| Issuance schedule \| Decentralized (block reward) Initially ₿50 per block, halved every 210,000 blocks \| \| Block reward \| ₿3.125 (as of 2025) \| \| Block time \| 10 minutes \| \| Circulating supply \| ₿19,934,271 (as of 14 October 2025) \| \| Supply limit \| ₿21,000,000[\[b\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-supply-5) \| \| Valuation \| \| \| [Exchange rate](https://en.wikipedia.org/wiki/Exchange_rate "Exchange rate") \| Floating \| \| Website \| \| \| Website \| [bitcoin.org](https://bitcoin.org/) \| Bitcoin (abbreviation: BTC; [sign](https://en.wikipedia.org/wiki/Currency_symbol "Currency symbol"): ₿) is the first [decentralized](https://en.wikipedia.org/wiki/Decentralized_application "Decentralized application") [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency"). Based on a [free-market](https://en.wikipedia.org/wiki/Free-market "Free-market") ideology, bitcoin was invented in 2008 when an unknown person published a [white paper](https://en.wikipedia.org/wiki/White_paper "White paper") under the pseudonym of [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto").[\[4\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-whoissn-6) Use of bitcoin as a [currency](https://en.wikipedia.org/wiki/Currency "Currency") began in 2009,[\[5\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-NY2011-7) with the release of its [open-source implementation](https://en.wikipedia.org/wiki/Open-source_software "Open-source software").[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1 From 2021 to 2025, [El Salvador adopted it as legal tender currency before revoking it](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador").[\[7\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-BTCSVSept7FT-9)[\[8\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\[9\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) As bitcoin is [pseudonymous](https://en.wikipedia.org/wiki/Pseudonym "Pseudonym"), [its use by criminals](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") has attracted the attention of regulators, leading to [its ban by several countries](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory").[\[10\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-SunYin2019-12) Bitcoin works through the collaboration of computers, each of which acts as a [node](https://en.wikipedia.org/wiki/Node_$networking$ "Node (networking)") in the [peer-to-peer](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") [bitcoin network](https://en.wikipedia.org/wiki/Bitcoin_network "Bitcoin network"). Each node maintains an independent copy of a public [distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") of transactions, called a [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain"), without central oversight. Transactions are validated through the use of [cryptography](https://en.wikipedia.org/wiki/Cryptography "Cryptography"), preventing one person from spending another person's bitcoin, as long as the owner of the bitcoin keeps certain sensitive data secret.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 [Consensus](https://en.wikipedia.org/wiki/Consensus_$computer_science$ "Consensus (computer science)") between nodes about the content of the blockchain is achieved using a [computationally intensive](https://en.wikipedia.org/wiki/Computational_complexity "Computational complexity") process based on [proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work"), called [mining](https://en.wikipedia.org/wiki/Bitcoin_mining "Bitcoin mining"), which is performed by purpose-built computers.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 12 Mining consumes large quantities of electricity and has been criticized for [its environmental impact](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin "Environmental impact of bitcoin").[\[11\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-13) History Background Before bitcoin, several [digital cash technologies](https://en.wikipedia.org/wiki/Digital_cash "Digital cash") were released, starting with [David Chaum](https://en.wikipedia.org/wiki/David_Chaum "David Chaum")'s [ecash](https://en.wikipedia.org/wiki/Ecash "Ecash") in the 1980s.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) The idea that solutions to computational puzzles could have some value was first proposed by cryptographers [Cynthia Dwork](https://en.wikipedia.org/wiki/Cynthia_Dwork "Cynthia Dwork") and [Moni Naor](https://en.wikipedia.org/wiki/Moni_Naor "Moni Naor") in 1992.[\[13\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-15)[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) The concept was [independently rediscovered](https://en.wikipedia.org/wiki/Multiple_discovery "Multiple discovery") by [Adam Back](https://en.wikipedia.org/wiki/Adam_Back "Adam Back") who developed [Hashcash](https://en.wikipedia.org/wiki/Hashcash "Hashcash"), a [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") scheme for [spam control](https://en.wikipedia.org/wiki/Anti-spam_techniques "Anti-spam techniques") in 1997.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) The first proposals for distributed digital scarcity-based [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies") came from [cypherpunks](https://en.wikipedia.org/wiki/Cypherpunk "Cypherpunk") [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai") (b-money) and [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo") ([bit gold](https://en.wikipedia.org/wiki/Bit_gold "Bit gold")) in 1998.[\[14\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-16) In 2004, [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_$cypherpunk$ "Hal Finney (cypherpunk)") developed the first currency based on reusable proof of work.[\[15\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-17) These various attempts were not successful:[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) Chaum's concept required centralized control and no banks wanted to sign on, Hashcash had no protection against [double-spending](https://en.wikipedia.org/wiki/Double-spending "Double-spending"), while b-money and bit gold were not resistant to [Sybil attacks](https://en.wikipedia.org/wiki/Sybil_attack "Sybil attack").[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) 2008–2009: Creation \| External image \| \|---\| \| [![image icon](https://upload.wikimedia.org/wikipedia/en/thumb/6/61/Searchtool.svg/20px-Searchtool.svg.png)](https://en.wikipedia.org/wiki/File:Searchtool.svg) [Cover page of The Times 3 January 2009 showing the headline used in the genesis block](https://www.thetimes03jan2009.com/wp-content/uploads/2015/03/genesis-block-newspaper-bitcoin.jpg) \| The domain name bitcoin.org was registered on 18 August 2008.[\[16\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-18) On 31 October 2008, a link to a [white paper](https://en.wikipedia.org/wiki/White_paper "White paper") authored by [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list.[\[17\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-19) Nakamoto's identity remains unknown.[\[4\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-whoissn-6) According to computer scientist [Arvind Narayanan](https://en.wikipedia.org/wiki/Arvind_Narayanan "Arvind Narayanan"), all individual components of bitcoin originated in earlier academic literature.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) Nakamoto's innovation was their complex interplay resulting in the first decentralized, [Sybil resistant](https://en.wikipedia.org/wiki/Sybil_attack "Sybil attack"), [Byzantine fault](https://en.wikipedia.org/wiki/Byzantine_fault "Byzantine fault") tolerant digital cash system, that would eventually be referred to as the first blockchain.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14)[\[18\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-te20151031-20) Nakamoto's paper was not [peer reviewed](https://en.wikipedia.org/wiki/Peer_review "Peer review") and was initially ignored by academics, who argued that it could not work.[\[12\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Narayanan2017-14) Nakamoto released bitcoin as [open-source software](https://en.wikipedia.org/wiki/Open-source_software "Open-source software").[\[19\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Humayun-2018-21) On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the [genesis block](https://en.wikipedia.org/wiki/Genesis_$blockchain$ "Genesis (blockchain)").[\[20\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Wired:RFB-22) Embedded in this block was the text "The Times 03/Jan/2009 Chancellor on brink of [second bailout for banks](https://en.wikipedia.org/wiki/2009_United_Kingdom_bank_rescue_package "2009 United Kingdom bank rescue package")", which is the date and headline of an issue of [The Times](https://en.wikipedia.org/wiki/The_Times "The Times") newspaper.[\[5\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-NY2011-7) Nine days later, Hal Finney received the first bitcoin transaction: ten bitcoins from Nakamoto.[\[21\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-23) Wei Dai and Nick Szabo were also early supporters.[\[20\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Wired:RFB-22) On May 22, 2010, the first known [commercial transaction](https://en.wikipedia.org/wiki/Financial_transaction "Financial transaction") using bitcoin occurred when programmer Laszlo Hanyecz bought two [Papa John's](https://en.wikipedia.org/wiki/Papa_John%27s "Papa John's") pizzas for ₿10,000, in what would later be celebrated as "Bitcoin Pizza Day".[\[22\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-24) Satoshi tasked Finnish developer and early Bitcoin contributor [Martti Malmi](https://en.wikipedia.org/w/index.php?title=Martti_Malmi&action=edit&redlink=1 "Martti Malmi (page does not exist)") \[[fi](https://fi.wikipedia.org/wiki/Martti_Malmi "fi:Martti Malmi")\] with creating content for the bitcoin.org website.[\[23\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-25)[\[24\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-DominicFrisby2014-26) 2010–2012: Early growth [Blockchain analysts](https://en.wikipedia.org/wiki/Blockchain#Blockchain_analysis "Blockchain") estimate that Nakamoto had mined about one million bitcoins[\[25\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-27) before disappearing in 2010 when he handed the network alert key and control of the [code repository](https://en.wikipedia.org/wiki/Software_repository "Software repository") over to [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen"). Andresen later became lead developer at the [Bitcoin Foundation](https://en.wikipedia.org/wiki/Bitcoin_Foundation "Bitcoin Foundation"),[\[26\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-28)[\[27\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-29) an [organization](https://en.wikipedia.org/wiki/List_of_bitcoin_organizations "List of bitcoin organizations") founded in September 2012 to promote bitcoin.[\[28\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-30) After early "[proof-of-concept](https://en.wikipedia.org/wiki/Proof-of-concept "Proof-of-concept")" transactions, the first major users of bitcoin were [black markets](https://en.wikipedia.org/wiki/Black_market "Black market"), such as the [dark web](https://en.wikipedia.org/wiki/Dark_web "Dark web") [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_$marketplace$ "Silk Road (marketplace)"). During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting ₿9.9 million, worth about \$214 million.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31): 222 2013–2014: First regulatory actions In March 2013, the US [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as [money services businesses](https://en.wikipedia.org/wiki/Money_services_business "Money services business"), subject to registration and other legal obligations.[\[30\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-32) In May 2013, US authorities seized the unregistered [exchange](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange") [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox").[\[31\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-33) In June 2013, the US [Drug Enforcement Administration](https://en.wikipedia.org/wiki/Drug_Enforcement_Administration "Drug Enforcement Administration") seized ₿11.02 from an individual attempting to use them to purchase illicit drugs. This marked the first time a government agency had seized bitcoins.[\[32\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-34) The FBI seized about ₿30,000 in October 2013 from Silk Road, following the arrest of its founder [Ross Ulbricht](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht").[\[33\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-35) In December 2013, the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China") prohibited Chinese financial institutions from using bitcoin.[\[34\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-36) After the announcement, the value of bitcoin dropped,[\[35\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-37) and [Baidu](https://en.wikipedia.org/wiki/Baidu "Baidu") no longer accepted bitcoins for certain services.[\[36\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-38) Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[\[37\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-39) 2015–2019 Research produced by the [University of Cambridge](https://en.wikipedia.org/wiki/University_of_Cambridge "University of Cambridge") estimated that in 2017, there were 2.9 to 5.8 million unique users using a [cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet"), most of them using bitcoin.[\[38\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-40) In August 2017, the [SegWit](https://en.wikipedia.org/wiki/SegWit "SegWit") software upgrade was activated. Segwit was intended to support the [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") as well as improve [scalability](https://en.wikipedia.org/wiki/Scalability "Scalability").[\[39\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-41) SegWit opponents, who supported larger blocks as a scalability solution, [forked](https://en.wikipedia.org/wiki/Fork_$blockchain$ "Fork (blockchain)") to create [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash"), one of many [forks of bitcoin](https://en.wikipedia.org/wiki/List_of_bitcoin_forks "List of bitcoin forks").[\[40\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-42) In December 2017, the first [futures](https://en.wikipedia.org/wiki/Futures_contract "Futures contract") on bitcoin was introduced by the [Chicago Mercantile Exchange](https://en.wikipedia.org/wiki/Chicago_Mercantile_Exchange "Chicago Mercantile Exchange") (CME).[\[41\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-43) In February 2018, the price crashed after China imposed a complete ban on bitcoin trading.[\[42\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-44) The percentage of bitcoin trading in the Chinese [renminbi](https://en.wikipedia.org/wiki/Renminbi "Renminbi") fell from over 90% in September 2017 to less than 1% in June 2018.[\[43\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-45) During the same year, bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges.[\[44\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-46) 2020–present [![](https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Bitcoin_Price.webp/250px-Bitcoin_Price.webp.png)](https://en.wikipedia.org/wiki/File:Bitcoin_Price.webp) Bitcoin price[\[45\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-47) December 1, 2014 – December 4, 2024 In 2020, some major companies and institutions started to acquire bitcoin: [MicroStrategy](https://en.wikipedia.org/wiki/MicroStrategy "MicroStrategy") invested \$250 million in bitcoin as a [treasury reserve asset](https://en.wikipedia.org/wiki/Treasury_management "Treasury management"),[\[46\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-48) [Square, Inc.](https://en.wikipedia.org/wiki/Square,_Inc. "Square, Inc."), \$50 million,[\[47\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-49) and [MassMutual](https://en.wikipedia.org/wiki/MassMutual "MassMutual"), \$100 million.[\[48\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-50) In November 2020, [PayPal](https://en.wikipedia.org/wiki/PayPal "PayPal") added support for bitcoin in the US.[\[49\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-51) In February 2021, bitcoin's [market capitalization](https://en.wikipedia.org/wiki/Market_capitalization "Market capitalization") reached \$1 trillion for the first time.[\[50\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-52) In November 2021, the [Taproot](https://en.wikipedia.org/wiki/Taproot_$fork$ "Taproot (fork)") [soft-fork](https://en.wikipedia.org/wiki/Soft-fork "Soft-fork") upgrade was activated, adding support for [Schnorr signatures](https://en.wikipedia.org/wiki/Schnorr_signature "Schnorr signature"), improved functionality of [smart contracts](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") and [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network").[\[51\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-53) Before, bitcoin only used a custom [elliptic curve](https://en.wikipedia.org/wiki/Elliptic_curve_cryptography "Elliptic curve cryptography") with the [ECDSA](https://en.wikipedia.org/wiki/ECDSA "ECDSA") algorithm to produce [signatures](https://en.wikipedia.org/wiki/Digital_signature "Digital signature").[\[52\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-54): 101 In September 2021, bitcoin became [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender") currency [in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador"), alongside the US dollar.[\[7\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-BTCSVSept7FT-9) In October 2021, the first bitcoin futures [exchange-traded fund](https://en.wikipedia.org/wiki/Exchange-traded_fund "Exchange-traded fund") (ETF), called BITO, from [ProShares](https://en.wikipedia.org/wiki/ProShares "ProShares") was approved by the [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") and listed on the [CME](https://en.wikipedia.org/wiki/Chicago_Mercantile_Exchange "Chicago Mercantile Exchange").[\[53\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-55) In early 2022, during the [Canadian trucker protests](https://en.wikipedia.org/wiki/Canada_convoy_protest "Canada convoy protest") opposing [COVID-19 vaccine mandates](https://en.wikipedia.org/wiki/COVID-19_vaccine_misinformation_and_hesitancy "COVID-19 vaccine misinformation and hesitancy"), organizers turned to bitcoin to receive donations after traditional financial platforms restricted access to funding.[\[54\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-56)[\[55\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-57) Proponents highlighted bitcoin's use as a tool for fundraising in situations where access to conventional financial systems may be restricted.[\[56\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-58)[\[57\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-59) In May and June 2022, the bitcoin price fell following the collapses of [TerraUSD](https://en.wikipedia.org/wiki/Terra_$blockchain$ "Terra (blockchain)"), a [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin"),[\[58\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-60) and the [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network"), a cryptocurrency loan company.[\[59\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-61)[\[60\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-62) In 2023, ordinals—[non-fungible tokens](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") (NFTs)—on bitcoin, went live.[\[61\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-63) As of June 2023, River Financial estimated that bitcoin had 81.7 million users, about 1% of the global population.[\[62\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-64) In January 2024, the first 11 US [spot](https://en.wikipedia.org/wiki/Spot_market "Spot market") bitcoin [ETFs](https://en.wikipedia.org/wiki/Exchange-traded_fund "Exchange-traded fund") began trading, offering direct exposure to bitcoin for the first time on American stock exchanges.[\[63\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-65)[\[64\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-66) In December 2024, bitcoin price reached \$100,000 for the first time, as US president-elect [Donald Trump](https://en.wikipedia.org/wiki/Donald_Trump "Donald Trump") promised to make the US the "crypto capital of the planet" and to stockpile bitcoin.[\[65\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-67) The same month, [BlackRock](https://en.wikipedia.org/wiki/BlackRock "BlackRock"), the world's largest [asset manager](https://en.wikipedia.org/wiki/Asset_manager "Asset manager"), recommended investors to allocate up to 2% of their [portfolio](https://en.wikipedia.org/wiki/Portfolio_$finance$ "Portfolio (finance)") to bitcoin.[\[66\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-68) As of 2025, the Salvadoran government continues to describe Bitcoin as legal tender under the 2021 Bitcoin Law; however, a January 2025 reform removed obligations for businesses and the government to accept it, so many analysts regard its legal-tender status as effectively ended in practice.[\[8\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\[9\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) In March 2025, [President Trump](https://en.wikipedia.org/wiki/President_Trump "President Trump") signed an [executive order](https://en.wikipedia.org/wiki/Executive_order_$United_States$ "Executive order (United States)") to establish a [strategic bitcoin reserve](https://en.wikipedia.org/wiki/Strategic_bitcoin_reserve "Strategic bitcoin reserve").[\[67\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-69) Later that year, some U.S. states, such as [Texas](https://en.wikipedia.org/wiki/Texas "Texas") and [New Hampshire](https://en.wikipedia.org/wiki/New_Hampshire "New Hampshire") also instituted strategic bitcoin reserves,[\[68\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-70) and the [Czech National Bank](https://en.wikipedia.org/wiki/Czech_National_Bank "Czech National Bank") bought less than €1 million in a "test portfolio".[\[69\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-71) Design Units and divisibility [![](https://upload.wikimedia.org/wikipedia/commons/8/8f/Bitcoin_old.png)](https://en.wikipedia.org/wiki/File:Bitcoin_old.png) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/5/50/Bitcoin.png/120px-Bitcoin.png)](https://en.wikipedia.org/wiki/File:Bitcoin.png) Bitcoin logos made by Satoshi Nakamoto in 2009 (left) and 2010 (right). The [unit of account](https://en.wikipedia.org/wiki/Unit_of_account "Unit of account") of the bitcoin system is the bitcoin. It is most commonly represented with the [symbol](https://en.wikipedia.org/wiki/Currency_symbol "Currency symbol") ₿ designed in 2010[\[1\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-unicode-10-1) and the [currency code](https://en.wikipedia.org/wiki/Currency_code "Currency code") BTC. However, the BTC code does not conform to [ISO 4217](https://en.wikipedia.org/wiki/ISO_4217 "ISO 4217") as BT is the country code of Bhutan,[\[70\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-ssrn.3383734-72) and ISO 4217 requires the first letter used in global commodities to be 'X'.[\[70\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-ssrn.3383734-72) XBT, a code that conforms to [ISO 4217](https://en.wikipedia.org/wiki/ISO_4217 "ISO 4217") though not officially part of it,[\[70\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-ssrn.3383734-72) is used by [Bloomberg L.P.](https://en.wikipedia.org/wiki/Bloomberg_L.P. "Bloomberg L.P.")[\[71\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-73) No uniform [capitalization](https://en.wikipedia.org/wiki/Capitalization "Capitalization") convention exists; some sources use Bitcoin, capitalized, to refer to the technology and [network](https://en.wikipedia.org/wiki/Computer_network "Computer network"), and bitcoin, lowercase, for the unit of account.[\[72\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-74) The [Cambridge Advanced Learner's Dictionary](https://en.wikipedia.org/wiki/Cambridge_Advanced_Learner%27s_Dictionary "Cambridge Advanced Learner's Dictionary") and the [Oxford Advanced Learner's Dictionary](https://en.wikipedia.org/wiki/Oxford_Advanced_Learner%27s_Dictionary "Oxford Advanced Learner's Dictionary") use the capitalized and lowercase variants without distinction.[\[73\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-75)[\[74\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-76) One bitcoin is divisible to eight decimal places.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 Units for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to 1⁄1000 bitcoin, and the satoshi[\[a\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-satoshi-2) (sat), representing 1⁄100000000 (one hundred millionth) bitcoin, the smallest amount possible.[\[2\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-satoshi_unit-3) 100,000 satoshis are one mBTC.[\[75\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-77) Blockchain As a [decentralized](https://en.wikipedia.org/wiki/Decentralization "Decentralization") system, bitcoin operates without a central authority or single administrator,[\[76\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Gervais2014-78) so that anyone can create a new bitcoin address and transact without needing any approval.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1 This is accomplished through a specialized [distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") called a [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") that records bitcoin transactions.[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) The blockchain is implemented as an ordered list of blocks. Each block contains a [SHA-256](https://en.wikipedia.org/wiki/SHA-256 "SHA-256") [hash](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") of the previous block,[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) chaining them in chronological order.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 7 [\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) The blockchain is maintained by a [peer-to-peer](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") network.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31): 215–219 Individual blocks, public addresses, and transactions within blocks are public information, and can be examined using a blockchain explorer.[\[78\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-80) Nodes validate and broadcast transactions, each maintaining a copy of the blockchain for ownership verification.[\[79\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-81) A new block is created every 10 minutes on average, updating the blockchain across all nodes without central oversight. This process tracks bitcoin spending, ensuring each bitcoin is [spent only once](https://en.wikipedia.org/wiki/Double-spending "Double-spending"). Unlike a traditional ledger that tracks physical currency, bitcoins exist digitally as [unspent outputs of transactions](https://en.wikipedia.org/wiki/Unspent_outputs_of_transactions "Unspent outputs of transactions").[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 Addresses and transactions [![](https://upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Bitcoin_Transaction_Visual.svg/250px-Bitcoin_Transaction_Visual.svg.png)](https://en.wikipedia.org/wiki/File:Bitcoin_Transaction_Visual.svg) Simplified chain of ownership. In practice, a transaction can have more than one input and more than one output.[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82) In the blockchain, bitcoins are linked to specific [strings](https://en.wikipedia.org/wiki/String_$computer_science$ "String (computer science)") called addresses. Most often, an address encodes a [hash](https://en.wikipedia.org/wiki/Hash_$cryptography$ "Hash (cryptography)") of a single [public key](https://en.wikipedia.org/wiki/Public_key "Public key"). Creating such an address involves generating a random private key and then computing the corresponding address. This process is almost instant, but the reverse (finding the private key for a given address) is nearly impossible.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 4 Publishing such a bitcoin address does not risk its private key, and it is extremely unlikely to accidentally generate a used key with funds. To use bitcoins, owners need their private key to [digitally sign](https://en.wikipedia.org/wiki/Digital_signature "Digital signature") transactions, which are verified by the network using the public key, keeping the private key secret.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 An address may encode the hash of a bitcoin script that specifies more complex requirements to spend the funds. One common example is "multisig", in which multiple distinct private keys must mutually sign any transaction that attempts to spend the funds.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 7 Bitcoin transactions use a [Forth](https://en.wikipedia.org/wiki/Forth_$programming_language$ "Forth (programming language)")\-like [scripting language](https://en.wikipedia.org/wiki/Scripting_language "Scripting language"),[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 5 involving one or more inputs and outputs. When sending bitcoins, a user specifies the recipients' addresses and the amount for each output. This allows sending bitcoins to several recipients in a single transaction. To prevent double-spending, each input must refer to a previous unspent output in the blockchain.[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82) Using multiple inputs is similar to using multiple coins in a cash transaction. As in a cash transaction, the sum of inputs can exceed the intended sum of payments. In such a case, an additional output can return the change back to the payer.[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82) Unallocated input satoshis in the transaction become the transaction fee.[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82) Losing a private key means losing access to the bitcoins, with no other proof of ownership accepted by the [protocol](https://en.wikipedia.org/wiki/Bitcoin_protocol "Bitcoin protocol").[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31) For instance, in 2013, a user lost ₿7,500, valued at US\$7.5 million, by accidentally discarding a [hard drive](https://en.wikipedia.org/wiki/Hard_disk_drive "Hard disk drive") with the private key.[\[81\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-83) It is estimated that around 20% of all bitcoins are lost.[\[82\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-84) The private key must also be kept secret as its exposure, such as through a [data breach](https://en.wikipedia.org/wiki/Data_breach "Data breach"), can lead to theft of the associated bitcoins.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 10 [\[83\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-85) As of December 2017, approximately ₿980,000 had been stolen from [cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange").[\[84\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-86) Mining [![](https://upload.wikimedia.org/wikipedia/commons/thumb/b/b3/Argo_Blockchain_Mirabel_Facility.jpg/250px-Argo_Blockchain_Mirabel_Facility.jpg)](https://en.wikipedia.org/wiki/File:Argo_Blockchain_Mirabel_Facility.jpg) Bitcoin mining [facility](https://en.wikipedia.org/wiki/Data_center "Data center") with large amounts of mining hardware Miners don't directly act as nodes, but do communicate with nodes. The mining process is primarily intended to prevent [double-spending](https://en.wikipedia.org/wiki/Double-spending "Double-spending") and get all nodes to agree on the content of the blockchain, but it also has desirable side-effects such as making it infeasible for adversaries to stifle valid transactions or alter the historical record of transactions, since doing so generally requires the adversary to have access to more mining power than the rest of the network combined.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 12 The mining process in bitcoin involves maintaining the blockchain through computer [processing power](https://en.wikipedia.org/wiki/Processing_power "Processing power"). Miners group and broadcast new transactions into blocks, which are then verified by the network.[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) Each block must contain a proof of work (PoW) to be accepted,[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) involving finding a [nonce](https://en.wikipedia.org/wiki/Cryptographic_nonce "Cryptographic nonce") number that, combined with the block content, produces a [hash](https://en.wikipedia.org/wiki/Cryptographic_hash "Cryptographic hash") numerically smaller than the network's difficulty target.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 This PoW is simple to verify but hard to generate, requiring many attempts.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 PoW forms the basis of bitcoin's [consensus mechanism](https://en.wikipedia.org/wiki/Consensus_$computer_science$ "Consensus (computer science)").[\[85\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Mingxiao2017-87) The difficulty of generating a block is [deterministically adjusted](https://en.wikipedia.org/wiki/Deterministic_algorithm "Deterministic algorithm") based on the [mining power on the network](https://en.wikipedia.org/wiki/Hashrate "Hashrate") by changing the difficulty target, which is recalibrated every 2,016 blocks (approximately two weeks) to maintain an average time of ten minutes between new blocks. The process requires significant computational power and specialized [hardware](https://en.wikipedia.org/wiki/Computer_hardware "Computer hardware").[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 [\[86\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-88) Miners who successfully create a new block with a valid nonce can collect transaction fees from the included transactions and a fixed reward in bitcoins.[\[87\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-bloombergvance111413-89) To claim this reward, a special transaction called a coinbase is included in the block, with the miner as the payee. All bitcoins in existence have been created through this type of transaction.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 This reward is halved every 210,000 blocks until ₿21 million[\[b\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-supply-5) have been issued in total, which is expected to occur around the year 2140. Afterward, miners will only earn from transaction fees. These fees are determined by the transaction's size and the amount of data stored, measured in satoshis per byte.[\[88\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-90)[\[80\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-EconOfBTC-82)[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 The proof of work system and the chaining of blocks make blockchain modifications very difficult, as altering one block requires changing all subsequent blocks. As more blocks are added, modifying older blocks becomes increasingly challenging.[\[89\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-91)[\[77\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econbc-79) In case of disagreement, nodes trust the longest chain, which required the greatest amount of effort to produce.[\[85\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Mingxiao2017-87) To tamper or censor the ledger, one needs to control the majority of the global [hashrate](https://en.wikipedia.org/wiki/Hashrate "Hashrate").[\[85\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Mingxiao2017-87) The high cost required to reach this level of computational power [secures](https://en.wikipedia.org/wiki/Computer_security "Computer security") the bitcoin blockchain.[\[85\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Mingxiao2017-87) The [environmental impact of bitcoin mining](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin_mining "Environmental impact of bitcoin mining") is controversial and has attracted the attention of regulators, [leading to restrictions or incentives in various jurisdictions](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory").[\[90\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Stoll2023-92) As of 2025, a [non-peer-reviewed](https://en.wikipedia.org/wiki/Non-peer-reviewed "Non-peer-reviewed") study by the [Cambridge Centre for Alternative Finance](https://en.wikipedia.org/wiki/Cambridge_Centre_for_Alternative_Finance "Cambridge Centre for Alternative Finance") (CCAF) estimated that bitcoin mining represented 0.5% of [global electricity consumption](https://en.wikipedia.org/wiki/World_energy_supply_and_consumption "World energy supply and consumption") and 0.08% of world [greenhouse gas emissions](https://en.wikipedia.org/wiki/Greenhouse_gas_emissions "Greenhouse gas emissions"), comparable to Slovakia's emissions.[\[91\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-93) About half of the electricity used is generated through [fossil fuels](https://en.wikipedia.org/wiki/Fossil_fuel "Fossil fuel").[\[92\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-NYT20220116-94) Moreover, mining hardware's short lifespan results in [electronic waste](https://en.wikipedia.org/wiki/Electronic_waste "Electronic waste").[\[93\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-deVries2021-95) In October 2025, the US was the largest mining country with 38% of the global bitcoin mining market share, followed by Russia (16%) and China (14%, despite all cryptocurrency trading and mining being banned there in 2021).[\[94\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-96)[\[95\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-97) Privacy and fungibility Bitcoin is [pseudonymous](https://en.wikipedia.org/wiki/Pseudonym "Pseudonym"), with funds linked to addresses, not real-world identities. While the owners of these addresses are not directly identified, all transactions are public on the blockchain. Patterns of use, like spending coins from multiple inputs, can hint at a common owner. Public data can sometimes be matched with known address owners.[\[96\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-98) [Bitcoin exchanges](https://en.wikipedia.org/wiki/List_of_bitcoin_companies "List of bitcoin companies") might also need to collect personal data as per legal requirements.[\[97\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-99) For enhanced [privacy](https://en.wikipedia.org/wiki/Privacy_and_blockchain "Privacy and blockchain"), users can generate a new address for each transaction.[\[98\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-100) In the bitcoin network, each bitcoin is treated equally, ensuring basic [fungibility](https://en.wikipedia.org/wiki/Fungibility "Fungibility"). However, users and applications can choose to differentiate between bitcoins. While wallets and software treat all bitcoins the same, each bitcoin's transaction history is recorded on the blockchain. This public record allows for [chain analysis](https://en.wikipedia.org/wiki/Blockchain_analysis "Blockchain analysis"), where users can identify and potentially reject bitcoins from controversial sources.[\[99\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-101) For example, in 2012, Mt. Gox froze accounts containing bitcoins identified as stolen.[\[100\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-102) Wallets [![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/7c/Bitcoin-core-v0.10.0.png/250px-Bitcoin-core-v0.10.0.png)](https://en.wikipedia.org/wiki/File:Bitcoin-core-v0.10.0.png) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/a/ab/Sample_Bitcoin_paper_wallet.png/250px-Sample_Bitcoin_paper_wallet.png)](https://en.wikipedia.org/wiki/File:Sample_Bitcoin_paper_wallet.png) A paper wallet with the address as a [QR code](https://en.wikipedia.org/wiki/QR_code "QR code") while the private key is hidden [![](https://upload.wikimedia.org/wikipedia/commons/thumb/9/93/10elqpi.jpg/250px-10elqpi.jpg)](https://en.wikipedia.org/wiki/File:10elqpi.jpg) A hardware wallet which processes bitcoin transactions without exposing private keys Bitcoin wallets were the first [cryptocurrency wallets](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet"), enabling users to store the information necessary to transact bitcoins.[\[101\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-103)[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1, glossary The first wallet program, simply named Bitcoin, and sometimes referred to as the Satoshi client, was released in 2009 by Nakamoto as [open-source software](https://en.wikipedia.org/wiki/Open-source_software "Open-source software").[\[19\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Humayun-2018-21) [Bitcoin Core](https://en.wikipedia.org/wiki/Bitcoin_Core "Bitcoin Core") is among the best known [clients](https://en.wikipedia.org/wiki/Client_$computing$ "Client (computing)"). [Forks](https://en.wikipedia.org/wiki/Fork_$software_development$ "Fork (software development)") of Bitcoin Core exist such as [Bitcoin Unlimited](https://en.wikipedia.org/wiki/Bitcoin_Unlimited "Bitcoin Unlimited").[\[102\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-104) Wallets can be full clients, with a full copy of the blockchain to check the validity of mined blocks,[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 1 or lightweight clients, just to send and receive transactions without a local copy of the entire blockchain.[\[103\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-105) Third-party internet services, called online wallets or [hot wallets](https://en.wikipedia.org/wiki/Digital_wallet "Digital wallet"), store users' credentials on their servers, making them susceptible of hacks.[\[104\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-106) [Cold storage](https://en.wikipedia.org/wiki/Cold_wallet "Cold wallet") protects bitcoins from such hacks by keeping private keys offline, either through specialized hardware wallets or paper printouts.[\[105\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-107)[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 4 Scalability and decentralization challenges Nakamoto limited the block size to one [megabyte](https://en.wikipedia.org/wiki/Megabyte "Megabyte").[\[106\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-108) The limited block size and frequency can lead to delayed processing of transactions, increased fees and a bitcoin scalability problem.[\[107\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-109) The [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network"), [second-layer](https://en.wikipedia.org/wiki/Abstraction_layer "Abstraction layer") [routing](https://en.wikipedia.org/wiki/Routing "Routing") network, is a potential scaling solution.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 Research shows a trend towards centralization in bitcoin as miners join [pools](https://en.wikipedia.org/wiki/Mining_pool "Mining pool") for stable income.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31): 215, 219–222 [\[108\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-110): 3 If a single miner or pool controls more than 50% of the [hashing power](https://en.wikipedia.org/wiki/Hashrate "Hashrate"), it would allow them to censor transactions and double-spend coins.[\[76\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Gervais2014-78) In 2014, mining pool [Ghash.io](https://en.wikipedia.org/wiki/Ghash.io "Ghash.io") reached 51% mining power, causing safety concerns, but later voluntarily capped its power at 39.99% for the benefit of the whole network.[\[109\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-111) A few entities also dominate other parts of the ecosystem such as the client software, online wallets, and simplified payment verification (SPV) clients.[\[76\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Gervais2014-78) Economics and usage Bitcoin's theoretical roots and ideology According to the [European Central Bank](https://en.wikipedia.org/wiki/European_Central_Bank "European Central Bank"), the decentralization of money offered by bitcoin has its theoretical roots in the [Austrian school of economics](https://en.wikipedia.org/wiki/Austrian_school_of_economics "Austrian school of economics"), especially with [Friedrich Hayek](https://en.wikipedia.org/wiki/Friedrich_Hayek "Friedrich Hayek")'s [The Denationalisation of Money](https://en.wikipedia.org/wiki/The_Denationalisation_of_Money "The Denationalisation of Money"), in which he advocates a complete [free market](https://en.wikipedia.org/wiki/Free_market "Free market") in the production, distribution and management of money to end the monopoly of [central banks](https://en.wikipedia.org/wiki/Central_banks "Central banks").[\[110\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-112): 22 Sociologist [Nigel Dodd](https://en.wikipedia.org/wiki/Nigel_Dodd "Nigel Dodd") argues that the essence of the bitcoin ideology is to remove money from social, as well as governmental, control.[\[111\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-113) [The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist") describes bitcoin as "a [techno-anarchist](https://en.wikipedia.org/wiki/Techno-anarchist "Techno-anarchist") project to create an online version of cash, a way for people to transact without the possibility of interference from malicious governments or banks".[\[112\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-30082018Economist-114) These philosophical ideas initially attracted [libertarians](https://en.wikipedia.org/wiki/Libertarian "Libertarian") and [anarchists](https://en.wikipedia.org/wiki/Anarchist "Anarchist").[\[113\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-115) Recognition as a currency and legal status [![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Legal_status_of_bitcoin.svg/330px-Legal_status_of_bitcoin.svg.png)](https://en.wikipedia.org/wiki/File:Legal_status_of_bitcoin.svg) [Legal status of bitcoin](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory") Permissive (legal to use bitcoin, with minimal or no restrictions) Restricted (some legal restrictions on the usage of bitcoin) Contentious (interpretation of old laws, but bitcoin is not directly prohibited) Prohibited (full or partial prohibition on the use of bitcoin) No data (no information available) - [v](https://en.wikipedia.org/wiki/Template:Legal_status_of_bitcoin "Template:Legal status of bitcoin") - [t](https://en.wikipedia.org/wiki/Template_talk:Legal_status_of_bitcoin "Template talk:Legal status of bitcoin") - [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Legal_status_of_bitcoin "Special:EditPage/Template:Legal status of bitcoin") [Money](https://en.wikipedia.org/wiki/Money "Money") serves three purposes: a [store of value](https://en.wikipedia.org/wiki/Store_of_value "Store of value"), a [medium of exchange](https://en.wikipedia.org/wiki/Medium_of_exchange "Medium of exchange"), and a [unit of account](https://en.wikipedia.org/wiki/Unit_of_account "Unit of account").[\[114\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econ315-116) According to The Economist in 2014, bitcoin functions best as a medium of exchange.[\[114\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-econ315-116) In 2015, The Economist noted that bitcoins had three qualities useful in a currency: they are "hard to earn, limited in supply and easy to verify".[\[115\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-117) However, a 2018 assessment by The Economist stated that cryptocurrencies met none of these three criteria.[\[112\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-30082018Economist-114) Per some researchers, as of 2015, bitcoin functions more as a [payment system](https://en.wikipedia.org/wiki/Payment_system "Payment system") than as a currency.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31) In 2014, economist [Robert J. Shiller](https://en.wikipedia.org/wiki/Robert_J._Shiller "Robert J. Shiller") wrote that bitcoin has potential as a unit of account for measuring the relative value of goods, as with Chile's [Unidad de Fomento](https://en.wikipedia.org/wiki/Unidad_de_Fomento "Unidad de Fomento"), but that "Bitcoin in its present form... doesn't really solve any sensible economic problem".[\[116\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Shiller-118) In 2017, François Velde, senior economist at the [Chicago Fed](https://en.wikipedia.org/wiki/Chicago_Fed "Chicago Fed"), described bitcoin as "unlikely by itself to replace monies in well-functioning monetary systems."[\[117\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-119) The [legal status of bitcoin](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory") varies substantially from one jurisdiction to another. Because of its decentralized nature and its global presence, regulating bitcoin is difficult. However, the use of bitcoin can be criminalized, and shutting down exchanges and the peer-to-peer economy in a given country would constitute a [de facto](https://en.wikipedia.org/wiki/De_facto "De facto") ban.[\[118\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-120) The [use of bitcoin by criminals](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") has attracted the attention of financial regulators, legislative bodies, and law enforcement.[\[119\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-121) Nobel-prize winning economist [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz") says that bitcoin's anonymity encourages [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and other crimes.[\[120\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-122) This is the main justification behind bitcoin bans.[\[10\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-SunYin2019-12) As of November 2021, nine countries applied an absolute ban (Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia) while another 42 countries had an implicit ban.[\[121\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-LOC2021-123)\[[needs update](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items "Wikipedia:Manual of Style/Dates and numbers")\] Use for payments [![](https://upload.wikimedia.org/wikipedia/commons/thumb/c/cd/De_Waag_Bitcoin.jpg/250px-De_Waag_Bitcoin.jpg)](https://en.wikipedia.org/wiki/File:De_Waag_Bitcoin.jpg) Café in [Delft](https://en.wikipedia.org/wiki/Delft "Delft") accepting Bitcoin According to Harvard Professor [Kenneth Rogoff](https://en.wikipedia.org/wiki/Kenneth_Rogoff "Kenneth Rogoff") as of 2025, bitcoin is rarely used in regular transactions with merchants, but is popular in the [informal economy](https://en.wikipedia.org/wiki/Informal_economy "Informal economy") and for criminal activities.[\[122\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-RogoffEconomist-124)[\[123\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-RogoffBloomberg-125) Prices are not usually quoted in bitcoin and trades involve conversions into [fiat](https://en.wikipedia.org/wiki/Fiat_money "Fiat money") currencies.[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31) Commonly cited reasons for not using bitcoin include high costs, the inability to process [chargebacks](https://en.wikipedia.org/wiki/Chargeback "Chargeback"), high [price volatility](https://en.wikipedia.org/wiki/Volatility_$finance$ "Volatility (finance)"), long transaction times, and [transaction fees](https://en.wikipedia.org/wiki/Transaction_cost "Transaction cost") (especially for small purchases).[\[124\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-FT08062018-126)[\[125\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-127) [Bloomberg](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News") reported that bitcoin was being used for large-item purchases on the site [Overstock.com](https://en.wikipedia.org/wiki/Overstock.com "Overstock.com") and for cross-border payments to [freelancers](https://en.wikipedia.org/wiki/Freelancer "Freelancer").[\[126\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-128) As of 2015, there was little sign of bitcoin use in international [remittances](https://en.wikipedia.org/wiki/Remittance "Remittance") despite high fees charged by banks and [Western Union](https://en.wikipedia.org/wiki/Western_Union "Western Union").[\[29\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-JEP-31)[\[127\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-129) From September 2021 until January 2025, the [Bitcoin Law](https://en.wikipedia.org/wiki/Bitcoin_Law "Bitcoin Law") made bitcoin a [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender") currency in [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador"), alongside the US dollar.[\[7\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-BTCSVSept7FT-9) The adoption had been criticized internationally and within El Salvador.[\[7\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-BTCSVSept7FT-9)[\[128\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-130) In 2022, the [International Monetary Fund](https://en.wikipedia.org/wiki/International_Monetary_Fund "International Monetary Fund") (IMF) urged El Salvador to reverse its decision.[\[129\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-131) As of 2022, the use of [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") remained low: 80% of businesses refused to accept it.[\[130\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-132) In 2025, El Salvador's government revoked bitcoin's status as legal tender currency in order to comply with conditions set by the IMF for a loan. El Salvador still describes bitcoin as "legal tender", but its acceptance is no longer obligitory (as it is with the US dollar) and the El Salvador government no longer accepts bitcoin for payment of taxes or fees.[\[8\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-El_Salvador_Abandons_Bitcoin_as_Legal_Tender-10)[\[9\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Bitcoin_is_no_longer_legal_tender_in_El_Salvador-11) In April 2022, the [Central African Republic](https://en.wikipedia.org/wiki/Central_African_Republic "Central African Republic") (CAR) adopted bitcoin as legal tender alongside the [CFA franc](https://en.wikipedia.org/wiki/CFA_franc "CFA franc"),[\[131\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-133) but repealed the reform one year later.[\[132\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-134) Bitcoin is also used by some governments. For instance, the [Iranian government](https://en.wikipedia.org/wiki/Government_of_Iran "Government of Iran") initially opposed cryptocurrencies, but later began using them to circumvent [sanctions](https://en.wikipedia.org/wiki/Sanctions_against_Iran "Sanctions against Iran").[\[133\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-135) Since 2020, Iran has required local bitcoin miners to sell bitcoin to the [Central Bank of Iran](https://en.wikipedia.org/wiki/Central_Bank_of_Iran "Central Bank of Iran"), allowing the central bank to use it for imports.[\[134\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-aawsat202011-136) Some [constituent states](https://en.wikipedia.org/wiki/Constituent_state "Constituent state") and [local governments](https://en.wikipedia.org/wiki/Local_government "Local government") also accept tax payments in bitcoin, including [Colorado](https://en.wikipedia.org/wiki/Colorado "Colorado") in the US[\[135\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-137) and [Zug](https://en.wikipedia.org/wiki/Canton_of_Zug "Canton of Zug") and [Lugano](https://en.wikipedia.org/wiki/Lugano "Lugano") in Switzerland.[\[136\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-138)[\[137\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-139) As of 2023, the US government owned more than \$5 billion worth of seized bitcoin.[\[138\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-140)[\[139\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-141) Use for investment and status as an economic bubble [![](https://upload.wikimedia.org/wikipedia/commons/thumb/4/43/El_Salvador_Bitcoin_reserves.png/250px-El_Salvador_Bitcoin_reserves.png)](https://en.wikipedia.org/wiki/File:El_Salvador_Bitcoin_reserves.png) Government website with El Salvador reserves As of 2018, the overwhelming majority of bitcoin transactions took place on [cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange").[\[124\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-FT08062018-126) Since 2014, regulated bitcoin funds also allow [exposure](https://en.wikipedia.org/wiki/Market_exposure "Market exposure") to the asset or to [futures](https://en.wikipedia.org/wiki/Futures_contract "Futures contract") as an investment.[\[140\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-142)[\[141\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-143) Bitcoin is used as a [store of value](https://en.wikipedia.org/wiki/Store_of_value "Store of value"):[\[142\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-144)[\[143\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-145) individuals and companies such as the [Winklevoss twins](https://en.wikipedia.org/wiki/Winklevoss_Capital_Management "Winklevoss Capital Management")[\[144\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-146) and [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk")'s companies [SpaceX](https://en.wikipedia.org/wiki/SpaceX "SpaceX") and [Tesla](https://en.wikipedia.org/wiki/Tesla,_Inc. "Tesla, Inc.") have each bought and sold hundreds of millions of dollars worth of bitcoin.[\[145\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-147)[\[146\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-148)[\[147\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-149) Bitcoin wealth is highly concentrated, with 0.01% holding 27% of in-circulation currency, as of 2021.[\[148\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-150) As of March 2025, El Salvador had \$550 million worth of bitcoin in its [international reserves](https://en.wikipedia.org/wiki/Foreign_exchange_reserves "Foreign exchange reserves"), about 6,102 coins.[\[149\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-151) Bitcoin, along with other cryptocurrencies, has been described as an [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") by several economists, including [Nobel Prize in Economics](https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences "Nobel Memorial Prize in Economic Sciences") laureates, such as [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz"),[\[150\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Stiglitz-152) [James Heckman](https://en.wikipedia.org/wiki/James_Heckman "James Heckman"),[\[151\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-4Nobels-153) and [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman").[\[152\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Krugman-154) Another recipient of the prize, [Robert Shiller](https://en.wikipedia.org/wiki/Robert_Shiller "Robert Shiller"), argues that bitcoin is rather a [fad](https://en.wikipedia.org/wiki/Fad "Fad") that may become an [asset class](https://en.wikipedia.org/wiki/Asset_classes "Asset classes"). He describes its price growth as an "epidemic", driven by [contagious narratives](https://en.wikipedia.org/wiki/Social_contagion "Social contagion").[\[153\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-155) In 2024, [Jean Tirole](https://en.wikipedia.org/wiki/Jean_Tirole "Jean Tirole"), also Nobel laureate, described bitcoin as a "pure bubble" as its [intrinsic value](https://en.wikipedia.org/wiki/Intrinsic_value_$finance$ "Intrinsic value (finance)") is zero. According to him, some bubbles are long-lasting such as gold and fiat currencies, and it is impossible to predict whether bitcoin would implode like other financial bubbles or become an alternative to gold.[\[154\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-156) The same year, [Federal Reserve Chair](https://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve "Chair of the Federal Reserve") [Jerome Powell](https://en.wikipedia.org/wiki/Jerome_Powell "Jerome Powell") described bitcoin as a digital competitor to gold but not to the dollar as he argued it is a highly volatile [speculative](https://en.wikipedia.org/wiki/Speculation "Speculation") asset not used as a form of payment.[\[155\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-157) In 2025, [Kenneth Rogoff](https://en.wikipedia.org/wiki/Kenneth_Rogoff "Kenneth Rogoff") claimed that Krugman was wrong and that Bitcoin had value as it is competing with the dollar to become the [means of exchange](https://en.wikipedia.org/wiki/Means_of_exchange "Means of exchange") of the [underground economy](https://en.wikipedia.org/wiki/Informal_economy "Informal economy") which represents 20% of the world's [GDP](https://en.wikipedia.org/wiki/Gross_domestic_product "Gross domestic product").[\[122\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-RogoffEconomist-124)[\[123\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-RogoffBloomberg-125) According to Rogoff, bitcoin is "the ideal currency for a more fragmented and uncertain global landscape" and it could become appealing to [emerging-market](https://en.wikipedia.org/wiki/Emerging_market "Emerging market") central banks as a "politically neutral" [reserve](https://en.wikipedia.org/wiki/Reserve_currency "Reserve currency") [currency](https://en.wikipedia.org/wiki/Reserve_currency "Reserve currency").[\[156\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-:0-158) In 2025, the nominee for the Chair of the Federal Reserve, [Kevin Warsh](https://en.wikipedia.org/wiki/Kevin_Warsh "Kevin Warsh"), described Bitcoin as the "new gold."[\[156\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-:0-158) According to research published in the [International Review of Financial Analysis](https://en.wikipedia.org/wiki/International_Review_of_Financial_Analysis "International Review of Financial Analysis") in 2018, bitcoin as an asset is highly volatile and does not behave like any other conventional asset.[\[157\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-159) According to one 2022 analysis published in [The Journal of Alternative Investments](https://en.wikipedia.org/wiki/The_Journal_of_Alternative_Investments "The Journal of Alternative Investments"), bitcoin was less volatile than [oil](https://en.wikipedia.org/wiki/Price_of_oil "Price of oil"), [silver](https://en.wikipedia.org/wiki/Silver_as_an_investment "Silver as an investment"), [US Treasuries](https://en.wikipedia.org/wiki/United_States_Treasury_security "United States Treasury security"), and 190 stocks in the [S\&P 500](https://en.wikipedia.org/wiki/S%26P_500 "S&P 500") during and after the [2020 stock market crash](https://en.wikipedia.org/wiki/2020_stock_market_crash "2020 stock market crash").[\[158\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-160) The term [hodl](https://en.wiktionary.org/wiki/hodl#English "wikt:hodl") was created in December 2013 for [holding](https://en.wikipedia.org/wiki/Buy_and_hold "Buy and hold") bitcoin rather than selling it during periods of volatility.[\[159\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-161)[\[160\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-162) In 2014, economist [Nouriel Roubini](https://en.wikipedia.org/wiki/Nouriel_Roubini "Nouriel Roubini") described bitcoin as a [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme").[\[161\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-163) Legal scholar [Eric Posner](https://en.wikipedia.org/wiki/Eric_Posner "Eric Posner") disagrees, however, as "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective [delusion](https://en.wikipedia.org/wiki/Delusion "Delusion")".[\[162\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-164) A 2014 [World Bank](https://en.wikipedia.org/wiki/World_Bank "World Bank") report also concluded that bitcoin was not a deliberate Ponzi scheme.[\[163\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-165) Market characteristics Bitcoin markets operate 24 hours a day, seven days a week, contrasting with traditional financial markets that have fixed trading hours. Bitcoin prices show much higher volatility and respond strongly to both regulatory changes and market events.[\[164\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-166) The volume of bitcoin trading can fluctuate considerably among various exchanges and geographic regions. The daily transaction volume of bitcoin across all exchanges typically reaches \$50 billion as of 2025.[\[165\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-167) See also - [Alternative currency](https://en.wikipedia.org/wiki/Alternative_currency "Alternative currency") – Medium of exchange complementing national currencies - [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") Notes 1. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-satoshi_2-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-satoshi_2-1) Named after [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") 2. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-supply_5-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-supply_5-1) The exact number is ₿20,999,999.9769.[\[6\]](https://en.wikipedia.org/wiki/Bitcoin#cite_note-Antonopoulos2014-8): ch. 8 References 1. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-unicode-10_1-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-unicode-10_1-1) ["Unicode 10.0.0"](https://www.unicode.org/versions/Unicode10.0.0/). Unicode Consortium. 20 June 2017. [Archived](https://web.archive.org/web/20170620130342/http://www.unicode.org/versions/Unicode10.0.0/) from the original on 20 June 2017. Retrieved 20 June 2017. 2. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-satoshi_unit_3-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-satoshi_unit_3-1) Bradbury, Danny (November 2013). ["The problem with Bitcoin"](https://linkinghub.elsevier.com/retrieve/pii/S1361372313701015). Computer Fraud & Security. 2013* (11): 5–8\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/S1361-3723(13)70101-5](https://doi.org/10.1016%2FS1361-3723%2813%2970101-5). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1361-3723](https://search.worldcat.org/issn/1361-3723). [Archived](https://web.archive.org/web/20230118052355/https://linkinghub.elsevier.com/retrieve/pii/S1361372313701015) from the original on 18 January 2023. Retrieved 25 November 2023. 3. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-4) ["Bitcoin Core 30.2"](https://bitcoincore.org/bin/bitcoin-core-30.2/). 10 January 2026. Retrieved 14 January 2026. 4. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-whoissn_6-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-whoissn_6-1) S., L. (2 November 2015). ["Who is Satoshi Nakamoto?"](https://www.economist.com/the-economist-explains/2015/11/02/who-is-satoshi-nakamoto). [The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist"). [Archived](https://web.archive.org/web/20201122172929/https://www.economist.com/the-economist-explains/2015/11/02/who-is-satoshi-nakamoto) from the original on 22 November 2020. Retrieved 21 November 2023. 5. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-NY2011_7-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-NY2011_7-1) Davis, Joshua (10 October 2011). ["The Crypto-Currency: Bitcoin and its mysterious inventor"](https://www.newyorker.com/magazine/2011/10/10/the-crypto-currency). [The New Yorker](https://en.wikipedia.org/wiki/The_New_Yorker "The New Yorker"). [Archived](https://web.archive.org/web/20141101014157/http://www.newyorker.com/magazine/2011/10/10/the-crypto-currency) from the original on 1 November 2014. Retrieved 31 October 2014. 6. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-4) [f](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-5) [g](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-6) [h](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-7) [i](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-8) [j](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-9) [k](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-10) [l](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-11) [m](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-12) [n](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-13) [o](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-14) [p](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-15) [q](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-16) [r](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-17) [s](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-18) [t](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-19) [u](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-20) [v](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-21) [w](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Antonopoulos2014_8-22) [Antonopoulos, Andreas M.](https://en.wikipedia.org/wiki/Andreas_Antonopoulos "Andreas Antonopoulos") (2014). Mastering Bitcoin: Unlocking Digital Crypto-Currencies. O'Reilly Media. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-4493-7404-4](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4493-7404-4 "Special:BookSources/978-1-4493-7404-4") . 7. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-BTCSVSept7FT_9-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-BTCSVSept7FT_9-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-BTCSVSept7FT_9-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-BTCSVSept7FT_9-3) ["El Salvador's dangerous gamble on bitcoin"](https://www.ft.com/content/c257a925-c864-4495-9149-d8956d786310). The editorial board. [Financial Times](https://en.wikipedia.org/wiki/Financial_Times "Financial Times"). 7 September 2021. [Archived](https://web.archive.org/web/20210907081627/https://www.ft.com/content/c257a925-c864-4495-9149-d8956d786310) from the original on 7 September 2021. Retrieved 7 September 2021. 8. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-El_Salvador_Abandons_Bitcoin_as_Legal_Tender_10-2) ["El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment"](https://ticotimes.net/2025/02/02/el-salvador-abandons-bitcoin-as-legal-tender-after-failed-experiment). The Tico Times. [AFP](https://en.wikipedia.org/wiki/Agence_France-Presse "Agence France-Presse"). 2 February 2025. Retrieved 10 October 2025. 9. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Bitcoin_is_no_longer_legal_tender_in_El_Salvador_11-2) ["Bitcoin is no longer legal tender in El Salvador"](https://dig.watch/updates/bitcoin-is-no-longer-legal-tender-in-el-salvador). Dig.watch. [DiploFoundation](https://en.wikipedia.org/wiki/DiploFoundation "DiploFoundation"). 7 February 2025. Retrieved 10 October 2025. 10. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-SunYin2019_12-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-SunYin2019_12-1) Sun Yin, Hao Hua; Langenheldt, Klaus; Harlev, Mikkel; Mukkamala, Raghava Rao; Vatrapu, Ravi (2 January 2019). ["Regulating Cryptocurrencies: A Supervised Machine Learning Approach to De-Anonymizing the Bitcoin Blockchain"](https://www.researchgate.net/publication/332118587). [Journal of Management Information Systems](https://en.wikipedia.org/wiki/Journal_of_Management_Information_Systems "Journal of Management Information Systems"). 36* (1): 65. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1080/07421222.2018.1550550](https://doi.org/10.1080%2F07421222.2018.1550550). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0742-1222](https://search.worldcat.org/issn/0742-1222). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [132398387](https://api.semanticscholar.org/CorpusID:132398387). [Archived](https://web.archive.org/web/20240421113631/https://www.researchgate.net/publication/332118587_Regulating_Cryptocurrencies_A_Supervised_Machine_Learning_Approach_to_De-Anonymizing_the_Bitcoin_Blockchain) from the original on 21 April 2024. Retrieved 29 November 2023. 11. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-13) Huang, Jon; O’Neill, Claire; [Tabuchi, Hiroko](https://en.wikipedia.org/wiki/Hiroko_Tabuchi "Hiroko Tabuchi") (3 September 2021). ["Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?"](https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html). The New York Times. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20230217105559/https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 26 October 2022. 12. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-4) [f](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-5) [g](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-6) [h](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Narayanan2017_14-7) Narayanan, Arvind; Clark, Jeremy (27 November 2017). ["Bitcoin's academic pedigree"](https://queue.acm.org/detail.cfm?id=3136559). [Communications of the ACM](https://en.wikipedia.org/wiki/Communications_of_the_ACM "Communications of the ACM"). 60* (12): 36–45\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1145/3132259](https://doi.org/10.1145%2F3132259). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0001-0782](https://search.worldcat.org/issn/0001-0782). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [6425116](https://api.semanticscholar.org/CorpusID:6425116). [Archived](https://web.archive.org/web/20231014120907/https://queue.acm.org/detail.cfm?id=3136559) from the original on 14 October 2023. Retrieved 22 November 2023. 13. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-15) Dwork, Cynthia; Naor, Moni (1993), Brickell, Ernest F. (ed.), ["Pricing via Processing or Combatting Junk Mail"](http://link.springer.com/10.1007/3-540-48071-4_10), Advances in Cryptology — CRYPTO’ 92, vol. 740, Berlin, Heidelberg: Springer Berlin Heidelberg, pp. 139–147, [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1007/3-540-48071-4\_10](https://doi.org/10.1007%2F3-540-48071-4_10), [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-3-540-57340-1](https://en.wikipedia.org/wiki/Special:BookSources/978-3-540-57340-1 "Special:BookSources/978-3-540-57340-1") , retrieved 2 January 2025 `{{citation}}`: CS1 maint: work parameter with ISBN ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_work_parameter_with_ISBN "Category:CS1 maint: work parameter with ISBN")) 14. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-16) Tschorsch, Florian; Scheuermann, Bjorn (2 March 2016). "Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies". IEEE Communications Surveys & Tutorials. 18 (3): 2084–2123\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1109/COMST.2016.2535718](https://doi.org/10.1109%2FCOMST.2016.2535718). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1553-877X](https://search.worldcat.org/issn/1553-877X). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [5115101](https://api.semanticscholar.org/CorpusID:5115101). 15. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-17) Judmayer, Aljosha; Stifter, Nicholas; Krombholz, Katharina; Weippl, Edgar (2017). ["History of Cryptographic Currencies"](https://link.springer.com/10.1007/978-3-031-02352-1_3). [Blocks and Chains](https://link.springer.com/book/10.1007/978-3-031-02352-1). Synthesis Lectures on Information Security, Privacy, and Trust. [Springer](https://en.wikipedia.org/wiki/Springer_Nature "Springer Nature"). pp. 15–18\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1007/978-3-031-02352-1\_3](https://doi.org/10.1007%2F978-3-031-02352-1_3). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-3-031-01224-2](https://en.wikipedia.org/wiki/Special:BookSources/978-3-031-01224-2 "Special:BookSources/978-3-031-01224-2") . [Archived](https://web.archive.org/web/20231122135006/https://link.springer.com/book/10.1007/978-3-031-02352-1) from the original on 22 November 2023. Retrieved 22 November 2023. 16. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-18) Bernard, Zoë (2 December 2017). ["Everything you need to know about Bitcoin, its mysterious origins, and the many alleged identities of its creator"](http://www.businessinsider.com/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12). Business Insider. [Archived](https://web.archive.org/web/20180615010015/http://www.businessinsider.com/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12) from the original on 15 June 2018. Retrieved 15 June 2018. 17. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-19) Finley, Klint (31 October 2018). ["After 10 Years, Bitcoin Has Changed Everything—and Nothing"](https://www.wired.com/story/after-10-years-bitcoin-changed-everything-nothing/). Wired. [Archived](https://web.archive.org/web/20181105070656/https://www.wired.com/story/after-10-years-bitcoin-changed-everything-nothing/) from the original on 5 November 2018. Retrieved 9 November 2018. 18. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-te20151031_20-0) Economist Staff (31 October 2015). ["Blockchains: The great chain of being sure about things"](https://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable). [The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist"). [Archived](https://web.archive.org/web/20160703000844/http://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable) from the original on 3 July 2016. Retrieved 18 June 2016. 19. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Humayun-2018_21-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Humayun-2018_21-1) Humayun, Mariam; Belk, Russell W. (2018). ["'Satoshi is Dead. Long Live Satoshi': The Curious Case of Bitcoin's Creator"](https://books.google.com/books?id=FxJJDwAAQBAJ&pg=PA19). In N. N. Cross, Samantha; Ruvalcaba, Cecilia; Venkatesh, Alladi; W. Belk, Russell (eds.). Consumer Culture Theory. pp. 19–35\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1108/s0885-211120180000019002](https://doi.org/10.1108%2Fs0885-211120180000019002). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-78743-907-8](https://en.wikipedia.org/wiki/Special:BookSources/978-1-78743-907-8 "Special:BookSources/978-1-78743-907-8") . 20. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Wired:RFB_22-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Wired:RFB_22-1) Wallace, Benjamin (23 November 2011). ["The Rise and Fall of Bitcoin"](https://www.wired.com/2011/11/mf-bitcoin/). Wired. [Archived](https://web.archive.org/web/20131031043919/http://www.wired.com/magazine/2011/11/mf_bitcoin) from the original on 31 October 2013. Retrieved 13 October 2012. 21. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-23)* Popper, Nathaniel (30 August 2014). ["Hal Finney, Cryptographer and Bitcoin Pioneer, Dies at 58"](https://www.nytimes.com/2014/08/31/business/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html). [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times"). [Archived](https://web.archive.org/web/20140903162835/http://www.nytimes.com/2014/08/31/business/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html) from the original on 3 September 2014. Retrieved 2 September 2014. 22. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-24) Cooper, Anderson (16 May 2019). ["Meet the man who spent millions worth of bitcoin on pizza"](https://www.cbsnews.com/news/meet-the-man-who-spent-millions-worth-of-bitcoin-on-pizza-60-minutes-2019-05-16). [CBS News](https://en.wikipedia.org/wiki/CBS_News "CBS News"). [Archived](https://web.archive.org/web/20211208180706/https://www.cbsnews.com/news/meet-the-man-who-spent-millions-worth-of-bitcoin-on-pizza-60-minutes-2019-05-16/) from the original on 8 December 2021. Retrieved 8 December 2021. 23. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-25) Khalili, Joel (23 February 2024). ["Bitcoin Royalty Descends on the Satoshi Nakamoto Trial"](https://www.wired.com/story/craig-wright-trial-bitcoin-royalty-testimony/). Wired. Retrieved 25 August 2025. `{{cite magazine}}`: CS1 maint: url-status ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_url-status "Category:CS1 maint: url-status")) 24. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-DominicFrisby2014_26-0) Frisby, Dominic (2014). Bitcoin: The Future of Money?. Unbound. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [9781783520763](https://en.wikipedia.org/wiki/Special:BookSources/9781783520763 "Special:BookSources/9781783520763") . 25. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-27) McMillan, Robert. ["Who Owns the World's Biggest Bitcoin Wallet? The FBI"](https://www.wired.com/2013/12/fbi-wallet/). Wired. [Archived](https://web.archive.org/web/20161021221609/https://www.wired.com/2013/12/fbi-wallet/) from the original on 21 October 2016. Retrieved 7 October 2016. 26. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-28) Simonite, Tom (15 August 2014). ["Meet Gavin Andresen, the most powerful person in the world of Bitcoin"](https://www.technologyreview.com/2014/08/15/12784/the-man-who-really-built-bitcoin). [MIT Technology Review](https://en.wikipedia.org/wiki/MIT_Technology_Review "MIT Technology Review"). [Archived](https://web.archive.org/web/20231122163924/https://www.technologyreview.com/2014/08/15/12784/the-man-who-really-built-bitcoin) from the original on 22 November 2023. Retrieved 22 November 2023. 27. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-29) Odell, Matt (21 September 2015). ["A Solution To Bitcoin's Governance Problem"](https://techcrunch.com/2015/09/21/a-solution-to-bitcoins-governance-problem/). TechCrunch. [Archived](https://web.archive.org/web/20160126051521/http://techcrunch.com/2015/09/21/a-solution-to-bitcoins-governance-problem/) from the original on 26 January 2016. Retrieved 24 January 2016. 28. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-30) Bustillos, Maria (1 April 2013). ["The Bitcoin Boom"](https://www.newyorker.com/tech/elements/the-bitcoin-boom). The New Yorker. [Archived](https://web.archive.org/web/20180702064450/https://www.newyorker.com/tech/elements/the-bitcoin-boom) from the original on 2 July 2018. Retrieved 30 July 2018. 29. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-4) [f](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-5) [g](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-JEP_31-6) Rainer Böhme; Nicolas Christin; Benjamin Edelman; Tyler Moore (2015). ["Bitcoin: Economics, Technology, and Governance"](https://doi.org/10.1257%2Fjep.29.2.213). [Journal of Economic Perspectives](https://en.wikipedia.org/wiki/Journal_of_Economic_Perspectives "Journal of Economic Perspectives"). 29* (2): 213–238\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1257/jep.29.2.213](https://doi.org/10.1257%2Fjep.29.2.213). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0895-3309](https://search.worldcat.org/issn/0895-3309). 30. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-32) Lee, Timothy B. (19 March 2013). ["US regulator Bitcoin Exchanges Must Comply With Money Laundering Laws"](https://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws/). [Ars Technica](https://en.wikipedia.org/wiki/Ars_Technica "Ars Technica"). [Archived](https://web.archive.org/web/20131021203745/http://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws/) from the original on 21 October 2013. Retrieved 28 July 2017. 31. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-33) Dillet, Romain. ["Feds Seize Assets From Mt. Gox's Dwolla Account, Accuse It Of Violating Money Transfer Regulations"](https://techcrunch.com/2013/05/16/mt-gox-dwolla-account-money-seizure/). [TechCrunch](https://en.wikipedia.org/wiki/TechCrunch "TechCrunch"). [Archived](https://web.archive.org/web/20131009161856/http://techcrunch.com/2013/05/16/mt-gox-dwolla-account-money-seizure/) from the original on 9 October 2013. Retrieved 15 May 2013. 32. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-34) Sampson, Tim (2013). ["U.S. government makes its first-ever Bitcoin seizure"](http://www.dailydot.com/business/11-bitcoins-seized-government-dea/). The Daily Dot. [Archived](https://web.archive.org/web/20130712010826/http://www.dailydot.com/business/11-bitcoins-seized-government-dea/) from the original on 12 July 2013. Retrieved 15 October 2013. 33. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-35) Hill, Kashmir. ["The FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road"](https://www.forbes.com/sites/kashmirhill/2013/10/04/fbi-silk-road-bitcoin-seizure/). Forbes. [Archived](https://web.archive.org/web/20140502154935/http://www.forbes.com/sites/kashmirhill/2013/10/04/fbi-silk-road-bitcoin-seizure/) from the original on 2 May 2014. 34. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-36) Kelion, Leo (18 December 2013). ["Bitcoin sinks after China restricts yuan exchanges"](https://www.bbc.co.uk/news/technology-25428866). BBC News. [Archived](https://web.archive.org/web/20131219214615/http://www.bbc.co.uk/news/technology-25428866) from the original on 19 December 2013. Retrieved 20 December 2013. 35. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-37) ["China bans banks from bitcoin transactions"](https://www.smh.com.au/business/markets/currencies/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html). [The Sydney Morning Herald](https://en.wikipedia.org/wiki/The_Sydney_Morning_Herald "The Sydney Morning Herald"). Reuters. 6 December 2013. [Archived](https://web.archive.org/web/20140323102824/http://www.smh.com.au/business/markets/currencies/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html) from the original on 23 March 2014. Retrieved 31 October 2014. 36. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-38) ["Baidu Stops Accepting Bitcoins After China Ban"](https://www.bloomberg.com/news/2013-12-07/baidu-stops-accepting-bitcoins-after-china-ban.html). Bloomberg. New York. 7 December 2013. [Archived](https://web.archive.org/web/20131210214547/http://www.bloomberg.com/news/2013-12-07/baidu-stops-accepting-bitcoins-after-china-ban.html) from the original on 10 December 2013. Retrieved 11 December 2013. 37. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-39) ["China bars use of virtual money for trading in real goods"](http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200906/20090606364208.html). English.mofcom.gov.cn. 29 June 2009. [Archived](https://web.archive.org/web/20131129184312/http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200906/20090606364208.html) from the original on 29 November 2013. Retrieved 10 January 2014. 38. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-40) Hileman, Garrick; Rauchs, Michel. ["Global Cryptocurrency Benchmarking Study"](https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf) (PDF). Cambridge University. [Archived](https://web.archive.org/web/20170410130007/https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf) (PDF) from the original on 10 April 2017. Retrieved 14 April 2017. 39. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-41) Vigna, Paul (21 July 2017). ["Bitcoin Rallies Sharply After Vote Resolves Bitter Scaling Debate"](https://www.wsj.com/articles/bitcoin-rallies-sharply-after-vote-resolves-bitter-scaling-debate-1500656084). The Wall Street Journal. [Archived](https://web.archive.org/web/20231121164350/https://www.wsj.com/articles/bitcoin-rallies-sharply-after-vote-resolves-bitter-scaling-debate-1500656084) from the original on 21 November 2023. Retrieved 21 November 2023. 40. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-42) Selena Larson (1 August 2017). ["Bitcoin split in two, here's what that means"](https://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html). CNN Tech. Cable News Network. [Archived](https://web.archive.org/web/20180227214042/https://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html) from the original on 27 February 2018. Retrieved 2 April 2018. 41. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-43) Cheng, Evelyn (17 December 2017). ["Bitcoin debuts on the world's largest futures exchange, and prices fall slightly"](https://www.cnbc.com/2017/12/17/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html). CNBC. [Archived](https://web.archive.org/web/20240118182719/https://www.cnbc.com/2017/12/17/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html) from the original on 18 January 2024. Retrieved 19 January 2024. 42. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-44) French, Sally (9 February 2017). ["Here's proof that this bitcoin crash is far from the worst the cryptocurrency has seen"](https://www.marketwatch.com/story/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09). Market Watch. [Archived](https://web.archive.org/web/20180703220246/https://www.marketwatch.com/story/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09) from the original on 3 July 2018. Retrieved 3 July 2018. 43. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-45) ["RMB Bitcoin trading falls below 1 pct of world total"](http://www.xinhuanet.com/english/2018-07/07/c_137308879.htm). Xinhuanet. [Xinhua](https://en.wikipedia.org/wiki/Xinhua "Xinhua"). 7 July 2018. [Archived](https://web.archive.org/web/20180710225218/http://www.xinhuanet.com/english/2018-07/07/c_137308879.htm) from the original on 10 July 2018. Retrieved 10 July 2018. 44. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-46) Chavez-Dreyfuss, Gertrude (3 July 2018). ["Cryptocurrency exchange theft surges in first half of 2018: report"](https://www.reuters.com/article/us-crypto-currencies-ciphertrace/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5). Reuters. [Archived](https://web.archive.org/web/20180704120854/https://www.reuters.com/article/us-crypto-currencies-ciphertrace/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5) from the original on 4 July 2018. Retrieved 10 July 2018. 45. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-47) ["Coinbase Bitcoin"](https://fred.stlouisfed.org/graph/?g=1BVJt). [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase"). [Federal Reserve Economic Data](https://en.wikipedia.org/wiki/Federal_Reserve_Economic_Data "Federal Reserve Economic Data"). 4 December 2024. Retrieved 4 December 2024. 46. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-48) Cuthbertson, Anthony (13 September 2021). ["MicroStrategy buys another \$250m worth of bitcoin in hope of 100X price growth"](https://www.independent.co.uk/tech/microstrategy-bitcoin-crypto-price-prediction-b1919178.html). [The Independent](https://en.wikipedia.org/wiki/The_Independent "The Independent"). [Archived](https://web.archive.org/web/20231122163924/https://www.independent.co.uk/tech/microstrategy-bitcoin-crypto-price-prediction-b1919178.html) from the original on 22 November 2023. Retrieved 22 November 2023. 47. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-49) Oliver Effron. ["Square just bought \$50 million in bitcoin"](https://www.cnn.com/2020/10/08/business/square-bitcoin-crypto-investment/index.html). CNN. [Archived](https://web.archive.org/web/20201024101610/https://www.cnn.com/2020/10/08/business/square-bitcoin-crypto-investment/index.html) from the original on 24 October 2020. Retrieved 22 October 2020. 48. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-50) Olga Kharif (11 December 2020). ["169-Year-Old MassMutual Invests \$100 Million in Bitcoin"](https://www.bloomberg.com/news/articles/2020-12-10/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin). Bloomberg. [Archived](https://web.archive.org/web/20201219220543/https://www.bloomberg.com/news/articles/2020-12-10/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin) from the original on 19 December 2020. Retrieved 26 December 2020. 49. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-51) ["PayPal says all users in US can now buy, hold and sell cryptocurrencies"](https://techcrunch.com/2020/11/12/paypal-says-all-users-in-u-s-can-now-buy-hold-and-sell-cryptocurrencies/). Techcrunch. 13 November 2020. [Archived](https://web.archive.org/web/20201124050031/https://techcrunch.com/2020/11/12/paypal-says-all-users-in-u-s-can-now-buy-hold-and-sell-cryptocurrencies/) from the original on 24 November 2020. Retrieved 26 November 2020. 50. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-52) Chavez-Dreyfuss, Gertrude; Wilson, Tom (19 February 2021). ["Bitcoin hits \$1 trillion market cap, surges to fresh all-time peak"](https://www.reuters.com.article/idUSKBN2AJ0GC/). Reuters. Retrieved 24 November 2023. \[[dead link](https://en.wikipedia.org/wiki/Wikipedia:Link_rot "Wikipedia:Link rot")\] 51. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-53) Sigalos, MacKenzie (14 November 2021). ["Bitcoin's biggest upgrade in four years just happened – here's what changes"](https://www.cnbc.com/2021/11/14/bitcoin-taproot-upgrade-what-it-means-for-investors.html). CNBC. [Archived](https://web.archive.org/web/20211114215032/https://www.cnbc.com/2021/11/14/bitcoin-taproot-upgrade-what-it-means-for-investors.html) from the original on 14 November 2021. Retrieved 15 November 2021. 52. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-54) Van Hijfte, Stijn (2020). Blockchain Platforms: A Look at the Underbelly of Distributed Platforms. Morgan & Claypool Publishers. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1681738925](https://en.wikipedia.org/wiki/Special:BookSources/978-1681738925 "Special:BookSources/978-1681738925") . 53. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-55) Wursthorn, Michael (19 October 2021). ["A Bitcoin ETF Is Here. What Does That Mean for Investors?"](https://www.wsj.com/articles/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601). The Wall Street Journal. [Archived](https://web.archive.org/web/20240110200308/https://www.wsj.com/articles/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601) from the original on 10 January 2024. Retrieved 11 January 2024. 54. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-56) Loh, Matthew. ["Canada says it will freeze the bank accounts of 'Freedom Convoy' truckers who continue their anti-vaccine mandate blockades"](https://www.businessinsider.com/trudeau-canada-freeze-bank-accounts-freedom-convoy-truckers-2022-2). Business Insider. Retrieved 19 January 2025. 55. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-57) ["Crypto enthusiasts keep funding convoy protests as traditional banks take action against it – The Globe and Mail"](https://web.archive.org/web/20241208224444/https://www.theglobeandmail.com/business/article-crypto-enthusiasts-keep-funding-convoy-protests-as-traditional-banks/). The Globe and Mail. 8 December 2024. Archived from [the original](https://www.theglobeandmail.com/business/article-crypto-enthusiasts-keep-funding-convoy-protests-as-traditional-banks/) on 8 December 2024. Retrieved 19 January 2025. 56. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-58) ["Meet Greg Foss: A Former Bitcoin Fundraiser For Canada's 'Freedom Convoy' Protest"](https://web.archive.org/web/20240620070940/https://www.forbes.com/sites/jasonbrett/2022/02/17/meet-greg-foss-a-former-bitcoin-fundraiser-for-canadas-freedom-convoy-protest/). Forbes. 20 June 2024. Archived from [the original](https://www.forbes.com/sites/jasonbrett/2022/02/17/meet-greg-foss-a-former-bitcoin-fundraiser-for-canadas-freedom-convoy-protest/) on 20 June 2024. Retrieved 19 January 2025. 57. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-59) ["Elon Musk–backed 'freedom truckers' in Canada get Bitcoin lifeline after GoFundMe freezes millions in donations"](https://web.archive.org/web/20220313170541/https://finance.yahoo.com/news/elon-musk-backed-freedom-truckers-200403223.html). Yahoo! Finance. 13 March 2022. Archived from [the original](https://finance.yahoo.com/news/elon-musk-backed-freedom-truckers-200403223.html) on 13 March 2022. Retrieved 19 January 2025. 58. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-60) Browne, Ryan (10 May 2022). ["Bitcoin investors are panicking as a controversial crypto experiment unravels"](https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html). CNBC. [Archived](https://web.archive.org/web/20220511021259/https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html) from the original on 11 May 2022. Retrieved 11 May 2022. 59. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-61) Milmo, Dan (18 June 2022). ["Bitcoin value slumps below \$20,000 in cryptocurrencies turmoil"](https://www.theguardian.com/technology/2022/jun/18/bitcoin-value-falls-cryptocurrency-markets-turmoil). The Guardian. [Archived](https://web.archive.org/web/20220618231120/https://www.theguardian.com/technology/2022/jun/18/bitcoin-value-falls-cryptocurrency-markets-turmoil) from the original on 18 June 2022. Retrieved 19 June 2022. 60. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-62) Yaffe-Bellany, David (13 June 2022). ["Celsius Network Leads Crypto Markets Into Another Free Fall"](https://www.nytimes.com/2022/06/13/technology/bitcoin-ether-price.html). The New York Times. [Archived](https://web.archive.org/web/20220614030021/https://www.nytimes.com/2022/06/13/technology/bitcoin-ether-price.html) from the original on 14 June 2022. Retrieved 14 June 2022. 61. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-63) Behrendt, Philipp (2023). ["Taxation of the New Age: New Guidance for the World of Digital Assets"](https://heinonline.org/HOL/Page?handle=hein.journals/jtaxpp25&id=105&div=&collection=). Journal of Tax Practice & Procedure. 25: 47. [Archived](https://web.archive.org/web/20231121164911/https://heinonline.org/HOL/Page?handle=hein.journals/jtaxpp25&id=105&div=&collection=) from the original on 21 November 2023. Retrieved 21 November 2023. 62. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-64) ["As banks buy up bitcoins, who else are the 'Bitcoin whales'?"](https://www.bbc.com/news/technology-68434579). BBC Home. 1 March 2024. Retrieved 14 March 2024. 63. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-65) Schmitt, Will (12 January 2024). ["Bitcoin trading volumes surge after debut of long-awaited US ETFs"](https://www.ft.com/content/f30ece62-0f1c-492a-8ccd-63ec9730573c). Financial Times. [Archived](https://web.archive.org/web/20240112025105/https://www.ft.com/content/f30ece62-0f1c-492a-8ccd-63ec9730573c) from the original on 12 January 2024. Retrieved 12 January 2024. 64. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-66) Lang, Hannah (11 January 2024). ["US bitcoin ETFs see \$4.6B in volume in first day of trading"](https://www.reuters.com/technology/spot-bitcoin-etfs-start-trading-big-boost-crypto-industry-2024-01-11/). Reuters. Retrieved 12 January 2024. 65. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-67) ["Bitcoin storms above \$100,000 as Trump 2.0 fuels crypto euphoria"](https://www.reuters.com/technology/bitcoin-tops-100000-optimism-over-trump-crypto-plans-2024-12-05/). Reuters. 5 December 2024. 66. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-68) McGee, Suzanne (12 December 2024). ["BlackRock recommends bitcoin portfolio weighting of up to 2% for interested investors"](https://www.reuters.com/markets/us/blackrock-recommends-bitcoin-portfolio-weighting-up-2-interested-investors-2024-12-12/). Reuters. 67. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-69) Bose, Nandita; Ward, Jasper (7 March 2025). ["Trump signs order to establish strategic bitcoin reserve"](https://www.reuters.com/technology/trump-signs-order-establish-strategic-bitcoin-reserve-white-house-crypto-czar-2025-03-07/). [Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters"). [Washington](https://en.wikipedia.org/wiki/Washington,_D.C. "Washington, D.C."). Retrieved 10 March 2025. 68. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-70) ["Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve"](https://web.archive.org/web/20250624034336/https://news.bgov.com/bloomberg-government-news/texas-gov-abbott-signs-bill-to-create-state-bitcoin-reserve). 22 June 2025. Archived from [the original](https://news.bgov.com/bloomberg-government-news/texas-gov-abbott-signs-bill-to-create-state-bitcoin-reserve) on 24 June 2025. Retrieved 6 July 2025. 69. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-71) ["Czech central bank buys \$1 million in bitcoin, other crypto assets for testing"](https://www.reuters.com/business/czech-central-bank-buys-1-mln-bitcoin-other-crypto-assets-testing-2025-11-13). Reuters. 70. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-ssrn.3383734_72-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-ssrn.3383734_72-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-ssrn.3383734_72-2) Alexander, Carol; Imeraj, Arben (2019). ["Introducing the BITIX: The Bitcoin Fear Gauge"](https://www.ssrn.com/abstract=3383734). [SSRN Electronic Journal](https://en.wikipedia.org/wiki/SSRN_Electronic_Journal "SSRN Electronic Journal"). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2139/ssrn.3383734](https://doi.org/10.2139%2Fssrn.3383734). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1556-5068](https://search.worldcat.org/issn/1556-5068). "XBT satisfies the norm 'ISO 4217' by the International Organisation for Standardisation (ISO) as BTC goes against the name of Bhutan's currency. In general, transaction instruments that are not national currencies, like gold or silver, begin with an X. However, the symbol XBT is not officially recognised by ISO." 71. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-73)* Romain Dillet (9 August 2013). ["Bitcoin Ticker Available On Bloomberg Terminal For Employees"](https://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/). [TechCrunch](https://en.wikipedia.org/wiki/TechCrunch "TechCrunch"). [Archived](https://web.archive.org/web/20141101232825/http://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/) from the original on 1 November 2014. Retrieved 2 November 2014. 72. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-74) Bustillos, Maria (2 April 2013). ["The Bitcoin Boom"](https://www.newyorker.com/tech/elements/the-bitcoin-boom). [The New Yorker](https://en.wikipedia.org/wiki/The_New_Yorker "The New Yorker"). [Archived](https://web.archive.org/web/20140727185121/http://www.newyorker.com/tech/elements/the-bitcoin-boom) from the original on 27 July 2014. Retrieved 22 December 2013. 73. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-75) [Bitcoin](https://www.oxfordlearnersdictionaries.com/definition/english/bitcointm?q=bitcoin), [Oxford Advanced Learner's Dictionary](https://en.wikipedia.org/wiki/Oxford_Advanced_Learner%27s_Dictionary "Oxford Advanced Learner's Dictionary") 74. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-76) [bitcoin](https://dictionary.cambridge.org/dictionary/english/bitcoin) [Archived](https://web.archive.org/web/20220503092252/http://dictionary.cambridge.org/dictionary/english/bitcoin) 3 May 2022 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), [Cambridge Advanced Learner's Dictionary](https://en.wikipedia.org/wiki/Cambridge_Advanced_Learner%27s_Dictionary "Cambridge Advanced Learner's Dictionary") 75. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-77) Katie Pisa; Natasha Maguder (9 July 2014). ["Bitcoin your way to a double espresso"](https://edition.cnn.com/2014/06/18/business/bitcoin-your-way-to-a-double-espresso/). CNN. [Archived](https://web.archive.org/web/20150618072429/http://edition.cnn.com/2014/06/18/business/bitcoin-your-way-to-a-double-espresso/) from the original on 18 June 2015. Retrieved 23 April 2015. 76. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Gervais2014_78-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Gervais2014_78-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Gervais2014_78-2) Gervais, Arthur; Karame, Ghassan O.; Capkun, Vedran; Capkun, Srdjan (May 2014). "Is Bitcoin a Decentralized Currency?". [IEEE Security & Privacy](https://en.wikipedia.org/wiki/IEEE_Security_%26_Privacy "IEEE Security & Privacy"). 12* (3): 54–60\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_$identifier$ "Bibcode (identifier)"):[2014ISPri..12c..54G](https://ui.adsabs.harvard.edu/abs/2014ISPri..12c..54G). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1109/MSP.2014.49](https://doi.org/10.1109%2FMSP.2014.49). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1540-7993](https://search.worldcat.org/issn/1540-7993). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [13948781](https://api.semanticscholar.org/CorpusID:13948781). 77. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-4) [f](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econbc_79-5) ["The great chain of being sure about things"](https://www.economist.com/briefing/2015/10/31/the-great-chain-of-being-sure-about-things). The Economist. 31 October 2015. [Archived](https://web.archive.org/web/20231204154941/https://www.economist.com/briefing/2015/10/31/the-great-chain-of-being-sure-about-things) from the original on 4 December 2023. Retrieved 22 November 2023. 78. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-80)* ["Blockchain Networks: Token Design and Management Overview"](https://nvlpubs.nist.gov/nistpubs/ir/2021/NIST.IR.8301.pdf) (PDF). National Institute of Standards Technology (NIST). p. 32. [Archived](https://web.archive.org/web/20221224003108/https://nvlpubs.nist.gov/nistpubs/ir/2021/NIST.IR.8301.pdf) (PDF) from the original on 24 December 2022. Retrieved 29 December 2022. 79. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-81) Sparkes, Matthew (9 June 2014). ["The coming digital anarchy"](https://www.telegraph.co.uk/technology/news/10881213/The-coming-digital-anarchy.html). The Daily Telegraph. [Archived](https://web.archive.org/web/20150123190900/http://www.telegraph.co.uk/technology/news/10881213/The-coming-digital-anarchy.html) from the original on 23 January 2015. Retrieved 7 January 2015. 80. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-3) [e](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-EconOfBTC_82-4) Kroll, Joshua A.; Davey, Ian C.; Felten, E. (11–12 June 2013). The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries. The Twelfth Workshop on the Economics of Information Security (WEIS 2013). Washington, DC. [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [2794725](https://api.semanticscholar.org/CorpusID:2794725). 81. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-83)* ["Man Throws Away 7,500 Bitcoins, Now Worth \$7.5 Million"](http://washington.cbslocal.com/2013/11/29/man-throws-away-7500-bitcoins-now-worth-7-5-million/). CBS DC. 29 November 2013. [Archived](https://web.archive.org/web/20140115062630/http://washington.cbslocal.com/2013/11/29/man-throws-away-7500-bitcoins-now-worth-7-5-million/) from the original on 15 January 2014. Retrieved 23 January 2014. 82. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-84) Krause, Elliott (5 July 2018). ["A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help"](https://www.wsj.com/articles/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731). The Wall Street Journal. [Archived](https://web.archive.org/web/20180709010939/https://www.wsj.com/articles/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731) from the original on 9 July 2018. Retrieved 8 July 2018. 83. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-85) Jeffries, Adrianne (19 December 2013). ["How to steal Bitcoin in three easy steps"](https://www.theverge.com/2013/12/19/5183356/how-to-steal-bitcoin-in-three-easy-steps). The Verge. [Archived](https://web.archive.org/web/20190727141228/https://www.theverge.com/2013/12/19/5183356/how-to-steal-bitcoin-in-three-easy-steps) from the original on 27 July 2019. Retrieved 17 January 2014. 84. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-86) Harney, Alexandra; Stecklow, Steve (16 November 2017). ["Twice burned – How Mt. Gox's bitcoin customers could lose again"](https://www.reuters.com/investigates/special-report/bitcoin-gox/). Reuters. [Archived](https://web.archive.org/web/20190829052101/https://www.reuters.com/investigates/special-report/bitcoin-gox/) from the original on 29 August 2019. Retrieved 6 September 2018. 85. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Mingxiao2017_87-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Mingxiao2017_87-1) [c](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Mingxiao2017_87-2) [d](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Mingxiao2017_87-3) Mingxiao, Du; Xiaofeng, Ma; Zhe, Zhang; Xiangwei, Wang; Qijun, Chen (5–8 October 2017). A review on consensus algorithm of blockchain. 2017 IEEE International Conference on Systems, Man, and Cybernetics (SMC). Banff, AB, Canada: IEEE. pp. 2567–2572\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1109/SMC.2017.8123011](https://doi.org/10.1109%2FSMC.2017.8123011). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-5386-1645-1](https://en.wikipedia.org/wiki/Special:BookSources/978-1-5386-1645-1 "Special:BookSources/978-1-5386-1645-1") . 86. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-88)* ["Bitcoin boom benefiting TSMC: report"](http://www.taipeitimes.com/News/biz/archives/2014/01/04/2003580449). [Taipei Times](https://en.wikipedia.org/wiki/Taipei_Times "Taipei Times"). 4 January 2014. [Archived](https://web.archive.org/web/20230129102127/https://www.taipeitimes.com/News/biz/archives/2014/01/04/2003580449) from the original on 29 January 2023. Retrieved 22 October 2021. 87. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-bloombergvance111413_89-0) [Ashlee, Vance](https://en.wikipedia.org/wiki/Ashlee_Vance "Ashlee Vance") (14 November 2013). ["2014 Outlook: Bitcoin Mining Chips, a High-Tech Arms Race"](https://web.archive.org/web/20131121225123/http://www.businessweek.com/articles/2013-11-14/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race). [BusinessWeek](https://en.wikipedia.org/wiki/BusinessWeek "BusinessWeek"). Archived from [the original](http://www.businessweek.com/articles/2013-11-14/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race) on 21 November 2013. Retrieved 24 November 2013. 88. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-90) King, Ritchie S.; Williams, Sam; Yanofsky, David (17 December 2013). ["By reading this article, you're mining bitcoins"](http://qz.com/154877/by-reading-this-page-you-are-mining-bitcoins). [Quartz](https://en.wikipedia.org/wiki/Quartz_$publication$ "Quartz (publication)"). [Archived](https://web.archive.org/web/20131217221429/http://qz.com/154877/by-reading-this-page-you-are-mining-bitcoins/) from the original on 17 December 2013. Retrieved 17 December 2013. 89. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-91) Hampton, Nikolai (5 September 2016). ["Understanding the blockchain hype: Why much of it is nothing more than snake oil and spin"](http://www.computerworld.com.au/article/606253/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin/). [Computerworld](https://en.wikipedia.org/wiki/Computerworld "Computerworld"). [Archived](https://web.archive.org/web/20160906171838/http://www.computerworld.com.au/article/606253/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin/) from the original on 6 September 2016. Retrieved 5 September 2016. 90. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Stoll2023_92-0) Stoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich; Neumüller, Alexander (June 2023). Climate Impacts of Bitcoin Mining in the U.S. (Report). Working Paper Series. MIT Center for Energy and Environmental Policy Research. [JSTOR](https://en.wikipedia.org/wiki/JSTOR_$identifier$ "JSTOR (identifier)") [resrep51839](https://www.jstor.org/stable/resrep51839). 91. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-93) ["Cambridge Digital Mining Industry Report: Global Operations, Sentiment, and Energy Use – CCAF publications"](https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/cambridge-digital-mining-industry-report/). Cambridge Judge Business School. Retrieved 29 April 2025. 92. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-NYT20220116_94-0) Huang, Jon; O'Neill, Claire; Tabuchi, Hiroko (3 September 2021). ["Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?"](https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html). [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times"). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20230217105559/https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 16 January 2022. 93. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-deVries2021_95-0) de Vries, Alex; Stoll, Christian (December 2021). "Bitcoin's growing e-waste problem". Resources, Conservation and Recycling. 175 105901. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_$identifier$ "Bibcode (identifier)"):[2021RCR...17505901D](https://ui.adsabs.harvard.edu/abs/2021RCR...17505901D). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.resconrec.2021.105901](https://doi.org/10.1016%2Fj.resconrec.2021.105901). 94. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-96) ["Bitcoin mining in China rebounds, defying 2021 ban"](https://www.reuters.com/world/asia-pacific/bitcoin-mining-china-rebounds-defying-2021-ban-2025-11-24/). Reuters. 26 November 2025. 95. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-97) ["Global Hashrate Heatmap Update: Q4 2025"](https://hashrateindex.com/blog/global-hashrate-heatmap-update-q4-2025/). Hashrate Index. 6 October 2025. Retrieved 26 November 2025. 96. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-98) Simonite, Tom (5 September 2013). ["Mapping the Bitcoin Economy Could Reveal Users' Identities"](https://www.technologyreview.com/2013/09/05/176558/mapping-the-bitcoin-economy-could-reveal-users-identities/). [MIT Technology Review](https://en.wikipedia.org/wiki/MIT_Technology_Review "MIT Technology Review"). [Archived](https://web.archive.org/web/20200927062235/https://www.technologyreview.com/2013/09/05/176558/mapping-the-bitcoin-economy-could-reveal-users-identities/) from the original on 27 September 2020. Retrieved 2 April 2014. 97. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-99) Lee, Timothy (21 August 2013). ["Five surprising facts about Bitcoin"](https://www.washingtonpost.com/news/the-switch/wp/2013/08/21/five-surprising-facts-about-bitcoin-2). The Washington Post. [Archived](https://web.archive.org/web/20220709135222/https://www.washingtonpost.com/news/the-switch/wp/2013/08/21/five-surprising-facts-about-bitcoin-2/) from the original on 9 July 2022. Retrieved 21 November 2023. 98. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-100) McMillan, Robert (6 June 2013). ["How Bitcoin lets you spy on careless companies"](https://www.wired.com/2013/06/bitcoin-retai/). [Wired UK](https://en.wikipedia.org/wiki/Wired_UK "Wired UK"). [Archived](https://web.archive.org/web/20140209202222/http://www.wired.co.uk/news/archive/2013-06/06/bitcoin-retail) from the original on 9 February 2014. Retrieved 3 April 2020. 99. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-101) Anderson, Ross; Shumailov, Ilia; Ahmed, Mansoor (24 November 2018). ["Making Bitcoin Legal"](https://www.research.ed.ac.uk/en/publications/making-bitcoin-legal). In Matyáš, Vashek; Švenda, Petr; Stajano, Frank; Christianson, Bruce (eds.). Security Protocols XXVI. Lecture Notes in Computer Science. Vol. 11286. Springer. pp. 243–253\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1007/978-3-030-03251-7\_29](https://doi.org/10.1007%2F978-3-030-03251-7_29). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-3-030-03250-0](https://en.wikipedia.org/wiki/Special:BookSources/978-3-030-03250-0 "Special:BookSources/978-3-030-03250-0") . [Archived](https://web.archive.org/web/20231124165246/https://www.research.ed.ac.uk/en/publications/making-bitcoin-legal) from the original on 24 November 2023. Retrieved 24 November 2023. 100. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-102) Möser, Malte; Böhme, Rainer; Breuker, Dominic (2013). [An Inquiry into Money Laundering Tools in the Bitcoin Ecosystem](https://maltemoeser.de/paper/money-laundering.pdf) (PDF). 2013 APWG eCrime Researchers Summit. [IEEE](https://en.wikipedia.org/wiki/Institute_of_Electrical_and_Electronics_Engineers "Institute of Electrical and Electronics Engineers"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-4799-1158-5](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4799-1158-5 "Special:BookSources/978-1-4799-1158-5") . [Archived](https://web.archive.org/web/20180626110754/https://maltemoeser.de/paper/money-laundering.pdf) (PDF) from the original on 26 June 2018. Retrieved 19 June 2019. 101. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-103) Serwer, Adam; Liebelson, Dana (10 April 2013). ["Bitcoin, Explained"](https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained). [Mother Jones](https://en.wikipedia.org/wiki/Mother_Jones_$magazine$ "Mother Jones (magazine)"). [Archived](https://web.archive.org/web/20140427022315/https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained) from the original on 27 April 2014. Retrieved 26 April 2014. 102. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-104) Vigna, Paul (17 January 2016). ["Is Bitcoin Breaking Up?"](https://www.wsj.com/articles/is-bitcoin-breaking-up-1453044493). The Wall Street Journal. [Archived](https://web.archive.org/web/20160820144312/http://www.wsj.com/articles/is-bitcoin-breaking-up-1453044493) from the original on 20 August 2016. Retrieved 8 November 2016. 103. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-105) Gervais, Arthur; Capkun, Srdjan; Karame, Ghassan O.; Gruber, Damian (8 December 2014). ["On the privacy provisions of Bloom filters in lightweight bitcoin clients"](https://doi.org/10.1145/2664243.2664267). Proceedings of the 30th Annual Computer Security Applications Conference. ACSAC '14. New York, NY, USA: Association for Computing Machinery. pp. 326–335\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1145/2664243.2664267](https://doi.org/10.1145%2F2664243.2664267). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-4503-3005-3](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4503-3005-3 "Special:BookSources/978-1-4503-3005-3") . [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [9161497](https://api.semanticscholar.org/CorpusID:9161497). [Archived](https://web.archive.org/web/20240421113526/https://consent.cookiebot.com/uc.js) from the original on 21 April 2024. Retrieved 22 November 2023. 104. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-106) Barhydt, Bill (4 June 2014). ["3 reasons Wall Street can't stay away from bitcoin"](https://www.cnbc.com/2014/06/04/3-reasons-wall-street-cant-stay-away-from-bitcoin.html). CNBC. [Archived](https://web.archive.org/web/20231204140256/https://www.cnbc.com/2014/06/04/3-reasons-wall-street-cant-stay-away-from-bitcoin.html) from the original on 4 December 2023. Retrieved 22 November 2023. 105. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-107) Roberts, Daniel (15 December 2017). ["How to send bitcoin to a hardware wallet"](https://finance.yahoo.com/news/send-bitcoin-hardware-wallet-140141385.html). Yahoo Finance. [Archived](https://web.archive.org/web/20180217142235/https://finance.yahoo.com/news/send-bitcoin-hardware-wallet-140141385.html) from the original on 17 February 2018. Retrieved 17 February 2018. 106. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-108) Mike Orcutt (19 May 2015). ["Leaderless Bitcoin Struggles to Make Its Most Crucial Decision"](https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/). MIT Technology Review. [Archived](https://wayback.archive-it.org/all/20171018075515/https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/) from the original on 18 October 2017. Retrieved 15 November 2016. 107. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-109) Orcutt, Mike (19 May 2015). ["Leaderless Bitcoin Struggles to Make Its Most Crucial Decision"](https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/). MIT Technology Review. [Archived](https://wayback.archive-it.org/all/20171018075515/https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/) from the original on 18 October 2017. Retrieved 22 June 2017. 108. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-110) Tschorsch, Florian; Scheuermann, Björn (2016). "Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies". [IEEE Communications Surveys and Tutorials](https://en.wikipedia.org/wiki/IEEE_Communications_Surveys_and_Tutorials "IEEE Communications Surveys and Tutorials"). 18 (3): 2084–2123\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1109/comst.2016.2535718](https://doi.org/10.1109%2Fcomst.2016.2535718). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [5115101](https://api.semanticscholar.org/CorpusID:5115101). 109. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-111) Wilhelm, Alex. ["Popular Bitcoin Mining Pool Promises To Restrict Its Compute Power To Prevent Feared '51%' Fiasco"](https://techcrunch.com/2014/07/16/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco/). TechCrunch. [Archived](https://web.archive.org/web/20171205042008/https://techcrunch.com/2014/07/16/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco/) from the original on 5 December 2017. Retrieved 25 January 2018. 110. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-112) European Central Bank (2012). [Virtual Currency Schemes](http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) (PDF). [European Central Bank](https://en.wikipedia.org/wiki/European_Central_Bank "European Central Bank"). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2866/47380](https://doi.org/10.2866%2F47380). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-92-899-0862-7](https://en.wikipedia.org/wiki/Special:BookSources/978-92-899-0862-7 "Special:BookSources/978-92-899-0862-7") . [OCLC](https://en.wikipedia.org/wiki/OCLC_$identifier$ "OCLC (identifier)") [1044382974](https://search.worldcat.org/oclc/1044382974). [Archived](https://web.archive.org/web/20121106053452/http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) (PDF) from the original on 6 November 2012. 111. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-113) [Dodd, Nigel](https://en.wikipedia.org/wiki/Nigel_Dodd "Nigel Dodd") (May 2018). ["The Social Life of Bitcoin"](https://researchonline.lse.ac.uk/id/eprint/69229/). Theory, Culture & Society. 35 (3): 35–56\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1177/0263276417746464](https://doi.org/10.1177%2F0263276417746464). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0263-2764](https://search.worldcat.org/issn/0263-2764). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [51914607](https://api.semanticscholar.org/CorpusID:51914607). [Archived](https://web.archive.org/web/20231122163925/https://researchonline.lse.ac.uk/id/eprint/69229/) from the original on 22 November 2023. Retrieved 22 November 2023. 112. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-30082018Economist_114-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-30082018Economist_114-1) ["Bitcoin and other cryptocurrencies are useless"](https://www.economist.com/leaders/2018/08/30/bitcoin-and-other-cryptocurrencies-are-useless). The Economist. 30 August 2018. [Archived](https://web.archive.org/web/20180904040905/https://www.economist.com/leaders/2018/08/30/bitcoin-and-other-cryptocurrencies-are-useless) from the original on 4 September 2018. Retrieved 4 September 2018. 113. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-115)* Feuer, Alan (14 December 2013). ["The Bitcoin Ideology"](https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html). The New York Times. [Archived](https://web.archive.org/web/20180701222302/https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html) from the original on 1 July 2018. Retrieved 1 July 2018. 114. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econ315_116-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-econ315_116-1) ["Free Exchange. Money from nothing. Chronic deflation may keep Bitcoin from displacing its rivals"](https://www.economist.com/news/finance-and-economics/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money). The Economist. 15 March 2014. [Archived](https://web.archive.org/web/20140325085119/http://www.economist.com/news/finance-and-economics/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money) from the original on 25 March 2014. Retrieved 25 March 2014. 115. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-117)* ["The magic of mining"](https://www.economist.com/news/business/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic). [The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist"). 13 January 2015. [Archived](https://web.archive.org/web/20150112165531/http://www.economist.com/news/business/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic) from the original on 12 January 2015. Retrieved 13 January 2015. 116. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Shiller_118-0) Shiller, Robert (1 March 2014). ["In Search of a Stable Electronic Currency"](https://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html). The New York Times. [Archived](https://web.archive.org/web/20141024120222/http://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html) from the original on 24 October 2014. 117. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-119) Velde, François R. (August 2017). [Technological Change and the Future of Cash](https://www.suerf.org/publications/suerf-policy-notes-and-briefs/technological-change-and-the-future-of-cash/) (Report). SUERF Policy Note. SUERF – The European Money and Finance Forum. Retrieved 21 October 2025. 118. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-120) Weindling, Jacob (18 September 2017). ["China May Be Gearing Up to Ban Bitcoin"](https://www.pastemagazine.com/politics/bitcoin/china-may-be-gearing-up-to-ban-bitcoin). [Paste](https://en.wikipedia.org/wiki/Paste_$magazine$ "Paste (magazine)"). [Archived](https://web.archive.org/web/20231122163924/https://www.pastemagazine.com/politics/bitcoin/china-may-be-gearing-up-to-ban-bitcoin) from the original on 22 November 2023. Retrieved 22 November 2023. 119. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-121) Lavin, Tim (8 August 2013). ["The SEC Shows Why Bitcoin Is Doomed"](http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-). [Bloomberg News](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News"). [Archived](https://web.archive.org/web/20140325214514/http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-) from the original on 25 March 2014. Retrieved 20 October 2013. 120. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-122) Montag, Ali (9 July 2018). ["Nobel-winning economist: Authorities will bring down 'hammer' on bitcoin"](https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html). CNBC. [Archived](https://web.archive.org/web/20180711200915/https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html) from the original on 11 July 2018. Retrieved 11 July 2018. 121. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-LOC2021_123-0) ["Regulation of Cryptocurrency Around the World: November 2021 Update"](https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf) (PDF). United States Library of Congress. [Archived](https://web.archive.org/web/20211224043203/https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf) (PDF) from the original on 24 December 2021. Retrieved 28 December 2022. 122. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-RogoffEconomist_124-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-RogoffEconomist_124-1) ["This time really is different for the dollar, writes Kenneth Rogoff"](https://www.economist.com/by-invitation/2025/05/05/this-time-really-is-different-for-the-dollar-writes-kenneth-rogoff). The Economist. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0013-0613](https://search.worldcat.org/issn/0013-0613). Retrieved 25 May 2025. 123. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-RogoffBloomberg_125-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-RogoffBloomberg_125-1) [Ken Rogoff on How Crypto Is Cutting Into the Dollar’s Hegemony](https://www.bloomberg.com/news/articles/2025-05-24/crypto-is-infiltrating-the-dollar-s-hegemony-says-ken-rogoff), Vildana Hajric, Bloomberg, May 24, 2025 124. ^ [a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-FT08062018_126-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-FT08062018_126-1) Murphy, Hannah (8 June 2018). ["Who really owns bitcoin now?"](https://www.ft.com/content/29259448-69b3-11e8-b6eb-4acfcfb08c11). Financial Times. [Archived](https://web.archive.org/web/20180610051316/https://www.ft.com/content/29259448-69b3-11e8-b6eb-4acfcfb08c11) from the original on 10 June 2018. Retrieved 10 June 2018. 125. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-127)* Katz, Lily (12 July 2017). ["Bitcoin Acceptance Among Retailers Is Low and Getting Lower"](https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-and-getting-lower). Bloomberg News. [Archived](https://web.archive.org/web/20180125204553/https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-and-getting-lower) from the original on 25 January 2018. Retrieved 25 January 2018. 126. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-128) Kharif, Olga (1 August 2018). ["Bitcoin's Use in Commerce Keeps Falling Even as Volatility Eases"](https://www.bloomberg.com/news/articles/2018-08-01/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases). Bloomberg News. [Archived](https://web.archive.org/web/20180802073219/https://www.bloomberg.com/news/articles/2018-08-01/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases) from the original on 2 August 2018. Retrieved 2 August 2018. 127. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-129) Chan, Bernice (16 January 2015). ["Bitcoin transactions cut the cost of international money transfers"](https://www.scmp.com/lifestyle/technology/article/1679904/bitcoin-transactions-cut-cost-international-money-transfers). [South China Morning Post](https://en.wikipedia.org/wiki/South_China_Morning_Post "South China Morning Post"). [Archived](https://web.archive.org/web/20190531060301/https://www.scmp.com/lifestyle/technology/article/1679904/bitcoin-transactions-cut-cost-international-money-transfers) from the original on 31 May 2019. Retrieved 31 May 2019. 128. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-130) ["Majority of Salvadorans do not want bitcoin, poll shows"](https://www.reuters.com/technology/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02/). Reuters. 2 September 2021. [Archived](https://web.archive.org/web/20211130154620/https://www.reuters.com/technology/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02/) from the original on 30 November 2021. Retrieved 30 November 2021. 129. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-131) ["IMF urges El Salvador to remove Bitcoin as legal tender"](https://www.bbc.co.uk/news/world-latin-america-60135552). BBC News. 26 January 2022. [Archived](https://web.archive.org/web/20220126154241/https://www.bbc.co.uk/news/world-latin-america-60135552) from the original on 26 January 2022. Retrieved 26 January 2022. 130. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-132) Alvarez, Fernando; Argente, David; Van Patten, Diana (2022). Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador (Report). Cambridge, MA: National Bureau of Economic Research. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.3386/w29968](https://doi.org/10.3386%2Fw29968). 131. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-133) ["Bitcoin Declared Legal Currency in Central African Republic"](https://www.bloomberg.com/news/articles/2022-04-28/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppnb). Bloomberg. 28 April 2022. [Archived](https://web.archive.org/web/20220428141222/https://www.bloomberg.com/news/articles/2022-04-28/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppnb) from the original on 28 April 2022. Retrieved 28 April 2022. 132. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-134) ["Frequently Asked Questions on Central African Republic"](https://www.imf.org/en/Countries/CAF/central-african-republic-qandas). International Monetary Fund. [Archived](https://web.archive.org/web/20230811002905/https://www.imf.org/en/Countries/CAF/central-african-republic-qandas) from the original on 11 August 2023. Retrieved 11 August 2023. 133. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-135) Rasool, Mohammed (3 November 2020). ["Iran Is Pivoting to Bitcoin"](https://www.vice.com/en/article/iran-bitcoin-us-sanctions/). [Vice](https://en.wikipedia.org/wiki/Vice_$magazine$ "Vice (magazine)"). [Archived](https://web.archive.org/web/20201103235640/https://www.vice.com/en/article/qjppx3/iran-bitcoin-us-sanctions) from the original on 3 November 2020. Retrieved 10 November 2020. 134. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-aawsat202011_136-0) ["Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports"](https://english.aawsat.com/home/article/2596686/iran-new-crypto-law-requires-selling-bitcoin-directly-central-bank-fund-imports). [Asharq Al-Awsat](https://en.wikipedia.org/wiki/Asharq_Al-Awsat "Asharq Al-Awsat"). 31 October 2020. [Archived](https://web.archive.org/web/20201031235032/https://english.aawsat.com/home/article/2596686/iran-new-crypto-law-requires-selling-bitcoin-directly-central-bank-fund-imports) from the original on 31 October 2020. Retrieved 31 October 2020. 135. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-137) Kohler, Judith (21 September 2022). ["Colorado accepts cryptocurrency to pay taxes, moving the state "tech forward""](https://www.denverpost.com/2022/09/21/colorado-accepts-cryptocurrency-taxes/). [The Denver Post](https://en.wikipedia.org/wiki/The_Denver_Post "The Denver Post"). [Archived](https://web.archive.org/web/20221229090417/https://www.denverpost.com/2022/09/21/colorado-accepts-cryptocurrency-taxes/) from the original on 29 December 2022. Retrieved 29 December 2022. 136. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-138) ["'Crypto Valley' canton to accept Bitcoin for tax payments"](https://www.swissinfo.ch/eng/business/-crypto-valley--canton-to-accept-bitcoin-for-tax-payments/46010364). [SWI swissinfo](https://en.wikipedia.org/wiki/SWI_swissinfo "SWI swissinfo"). 3 September 2020. [Archived](https://web.archive.org/web/20231122163924/https://www.swissinfo.ch/eng/business/-crypto-valley--canton-to-accept-bitcoin-for-tax-payments/46010364) from the original on 22 November 2023. Retrieved 22 November 2023. 137. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-139) swissinfo.ch, S. W. I. (5 December 2023). ["Lugano accepts bitcoin and tether payments for all city invoices"](https://www.swissinfo.ch/eng/business/lugano-accepts-bitcoin-and-tether-payments-for-all-city-invoices/49032696). SWI swissinfo.ch. Retrieved 21 October 2025. 138. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-140) Huang, Vicky Ge (15 October 2023). ["Why the U.S. Government Has \$5 Billion in Bitcoin"](https://www.wsj.com/finance/currencies/federal-government-bitcoin-5-billion-78ce0938). [The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal"). [Archived](https://web.archive.org/web/20240220023509/https://www.wsj.com/finance/currencies/federal-government-bitcoin-5-billion-78ce0938) from the original on 20 February 2024. Retrieved 20 February 2024. 139. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-141) Castillo, Michael del (16 June 2023). ["U.S. Government Owns Way More Bitcoin Than Any Other Country–So Why Aren't They Selling It?"](https://www.forbes.com/sites/michaeldelcastillo/2023/06/16/us-government-owns-way-more-bitcoin-than-any-other-countryso-why-arent-they-selling-it). [Forbes](https://en.wikipedia.org/wiki/Forbes "Forbes"). [Archived](https://web.archive.org/web/20240221155659/https://www.forbes.com/sites/michaeldelcastillo/2023/06/16/us-government-owns-way-more-bitcoin-than-any-other-countryso-why-arent-they-selling-it/) from the original on 21 February 2024. Retrieved 21 February 2024. 140. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-142) ["Jersey approve Bitcoin fund launch on island"](https://www.bbc.com/news/world-europe-jersey-28247796). BBC News. 10 July 2014. [Archived](https://web.archive.org/web/20140710211917/http://www.bbc.com/news/world-europe-jersey-28247796) from the original on 10 July 2014. Retrieved 10 July 2014. 141. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-143) ["Chicago Mercantile Exchange jumps into bitcoin futures"](https://www.cbsnews.com/news/chicago-mercantile-exchange-jumps-into-bitcoin-futures/). CBS News. 18 December 2017. [Archived](https://web.archive.org/web/20190531054602/https://www.cbsnews.com/news/chicago-mercantile-exchange-jumps-into-bitcoin-futures/) from the original on 31 May 2019. Retrieved 31 May 2019. 142. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-144) ["Gold or Bitcoin? Store-of-value debate rages as Bitcoin grows"](https://www.bloomberg.com/professional/insights/trading/gold-or-bitcoin-store-of-value-debate-rages-as-bitcoin-grows/). Bloomberg Professional Services. 25 October 2021. Retrieved 2 October 2024. 143. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-145) ["Goldman Sachs says bitcoin will compete with gold as "store of value""](https://www.reuters.com/business/finance/goldman-sachs-says-bitcoin-will-compete-with-gold-store-value-2022-01-05/). Reuters. 5 January 2022. 144. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-146) Lee, Timothy B. ["The \$11 million in bitcoins the Winklevoss brothers bought is now worth \$32 million"](https://www.washingtonpost.com/news/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million/). The Washington Post. [Archived](https://web.archive.org/web/20170706111658/https://www.washingtonpost.com/news/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million/) from the original on 6 July 2017. Retrieved 11 August 2017. 145. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-147) ["Tesla Sells 75% of Its Bitcoin Purchases"](https://www.wsj.com/livecoverage/tesla-earnings-q2-2022-elon-musk-live/card/tesla-sells-75-of-its-bitcoin-purchases-tgkMdMf1EHDvdniqHu8S). The Wall Street Journal. Retrieved 23 November 2025. `{{cite news}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service")) 146. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-148) Maidenberg, Micah; Driebusch, Corrie; Jin, Berber (17 August 2023). ["A Rare Look Into the Finances of Elon Musk's Secretive SpaceX"](https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b). The Wall Street Journal. Retrieved 19 November 2023. `{{cite news}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service")) 147. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-149) Ostroff, Caitlin; Elliott, Rebecca (8 February 2021). ["Tesla Buys \$1.5 Billion in Bitcoin"](https://www.wsj.com/articles/tesla-buys-1-5-billion-in-bitcoin-11612791688). [The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal"). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). [Archived](https://web.archive.org/web/20240106160013/https://www.wsj.com/articles/tesla-buys-1-5-billion-in-bitcoin-11612791688) from the original on 6 January 2024. Retrieved 22 November 2023. 148. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-150) Vigna, Paul (20 December 2021). ["Bitcoin's 'One Percent' Controls Lion's Share of the Cryptocurrency's Wealth"](https://www.wsj.com/articles/bitcoins-one-percent-controls-lions-share-of-the-cryptocurrencys-wealth-11639996204). [Wall Street Journal](https://en.wikipedia.org/wiki/Wall_Street_Journal "Wall Street Journal"). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). [Archived](https://web.archive.org/web/20211222180909/https://www.wsj.com/articles/bitcoins-one-percent-controls-lions-share-of-the-cryptocurrencys-wealth-11639996204) from the original on 22 December 2021. Retrieved 22 December 2021. 149. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-151) Renteria, Nelson (5 March 2025). ["El Salvador announces more bitcoin purchases, gives IMF assurances"](https://www.reuters.com/technology/el-salvador-announces-more-bitcoin-purchases-gives-imf-assurances-2025-03-05/). 150. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Stiglitz_152-0) Costelloe, Kevin (29 November 2017). ["Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says"](https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd). Bloomberg News. [Archived](https://web.archive.org/web/20180612224313/https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd) from the original on 12 June 2018. Retrieved 5 June 2018. "It doesn't serve any socially useful function." 151. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-4Nobels_153-0) Wolff-Mann, Ethan (27 April 2018). ["'Only good for drug dealers': More Nobel prize winners snub bitcoin"](https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html). Yahoo Finance. [Archived](https://web.archive.org/web/20180612141128/https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html) from the original on 12 June 2018. Retrieved 7 June 2018. 152. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-Krugman_154-0) Mohamed, Theron (30 May 2023). ["Nobel economist Paul Krugman slams crypto as mostly useless, after saying it's hugely overpriced and helps criminals"](https://markets.businessinsider.com/news/currencies/paul-krugman-crypto-bitcoin-price-bubble-crime-cbdc-desantis-banks-2023-5). [Business Insider](https://en.wikipedia.org/wiki/Business_Insider "Business Insider"). [Archived](https://web.archive.org/web/20231123131322/https://markets.businessinsider.com/news/currencies/paul-krugman-crypto-bitcoin-price-bubble-crime-cbdc-desantis-banks-2023-5) from the original on 23 November 2023. Retrieved 23 November 2023. 153. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-155) [Authers, John](https://en.wikipedia.org/wiki/John_Authers "John Authers") (9 June 2021). ["Don't Call Bitcoin a Bubble. It's an Epidemic"](https://www.bloomberg.com/opinion/articles/2021-06-09/don-t-call-bitcoin-a-bubble-it-s-an-epidemic). Bloomberg.com. [Archived](https://web.archive.org/web/20210610021335/https://www.bloomberg.com/opinion/articles/2021-06-09/don-t-call-bitcoin-a-bubble-it-s-an-epidemic) from the original on 10 June 2021. 154. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-156) [Tirole, Jean](https://en.wikipedia.org/wiki/Jean_Tirole "Jean Tirole") (1 February 2024). ["Cryptocurrencies: an economist's view"](https://www.tse-fr.eu/cryptocurrencies-economists-view). La Jaune et la Rouge. Vol. February 2024, no. 792. Retrieved 15 November 2024. 155. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-157) ["Bitcoin breaks \$100,000 barrier amid post-election cryptocurrency surge"](https://www.washingtonpost.com/business/2024/12/04/bitcoin-price-100k-crypto-trump/). Washington Post. Retrieved 5 December 2024. ""People use bitcoin as a speculative asset. It's like gold, it's just like gold, only it's virtual, it's digital. People are not using it as a form of payment or a store of value," he said. "It's highly volatile. It's not a competitor for the dollar; it's really a competitor for gold."" 156. ^ [*a](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-:0_158-0) [b](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-:0_158-1) Rogoff, Kenneth (26 February 2026). ["Should Central Banks Hold Bitcoin Reserves?"](https://www.project-syndicate.org/commentary/the-case-for-bitcoin-as-a-central-bank-reserve-asset-by-kenneth-rogoff-2026-02). Project Syndicate. Retrieved 30 March 2026. 157. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-159)* Klein, Tony; Pham Thu, Hien; Walther, Thomas (October 2018). ["Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance"](https://pureadmin.qub.ac.uk/ws/files/155247201/crypto_V2.pdf) (PDF). International Review of Financial Analysis. 59: 105–116\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.irfa.2018.07.010](https://doi.org/10.1016%2Fj.irfa.2018.07.010). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [158400153](https://api.semanticscholar.org/CorpusID:158400153). [Archived](https://web.archive.org/web/20231125164037/https://pureadmin.qub.ac.uk/ws/files/155247201/crypto_V2.pdf) (PDF) from the original on 25 November 2023. Retrieved 24 November 2023. 158. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-160) Mazur, Mieszko (31 March 2022). "Misperceptions of Bitcoin Volatility". The Journal of Alternative Investments. 24 (4): 33–44\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.3905/jai.2022.1.153](https://doi.org/10.3905%2Fjai.2022.1.153). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1520-3255](https://search.worldcat.org/issn/1520-3255). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [247843794](https://api.semanticscholar.org/CorpusID:247843794). 159. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-161) Montag, Ali (26 August 2018). ["'HODL,' 'whale' and 5 other cryptocurrency slang terms explained"](https://www.cnbc.com/2018/01/23/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html). CNBC. [Archived](https://web.archive.org/web/20220112091630/https://www.cnbc.com/2018/01/23/what-hodl-whale-and-other-cryptocurrency-slang-terms-mean.html) from the original on 12 January 2022. Retrieved 16 March 2021. 160. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-162) Hajric, Vildana (19 November 2020). ["All the Bitcoin Lingo You Need to Know as Crypto Heats Up"](https://www.bloomberg.com/news/articles/2020-11-19/what-the-heck-is-hodl-bitcoin-lingo-for-crypto-noobs-quicktake). Bloomberg. [Archived](https://web.archive.org/web/20201129234847/https://www.bloomberg.com/news/articles/2020-11-19/what-the-heck-is-hodl-bitcoin-lingo-for-crypto-noobs-quicktake) from the original on 29 November 2020. Retrieved 1 December 2020. 161. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-163) Clinch, Matt (10 March 2014). ["Roubini launches stinging attack on bitcoin"](https://www.cnbc.com/2014/03/10/nches-stinging-attack-on-bitcoin.html). [CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC"). [Archived](https://web.archive.org/web/20220709232801/https://www.cnbc.com/2014/03/10/nches-stinging-attack-on-bitcoin.html) from the original on 9 July 2022. Retrieved 22 November 2023. 162. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-164) [Posner, Eric](https://en.wikipedia.org/wiki/Eric_Posner "Eric Posner") (11 April 2013). ["Fool's Gold"](https://slate.com/news-and-politics/2013/04/bitcoin-is-a-ponzi-scheme-the-internet-currency-will-collapse.html). Slate. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1091-2339](https://search.worldcat.org/issn/1091-2339). [Archived](https://web.archive.org/web/20220708202651/https://slate.com/news-and-politics/2013/04/bitcoin-is-a-ponzi-scheme-the-internet-currency-will-collapse.html) from the original on 8 July 2022. Retrieved 22 November 2023. 163. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-165) Davradakis, Emmanouil; Santos, Ricardo (2019). [Blockchain, FinTechs and their relevance for international financial institutions](https://data.europa.eu/doi/10.2867/11329). [European Investment Bank](https://en.wikipedia.org/wiki/European_Investment_Bank "European Investment Bank"). [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.2867/11329](https://doi.org/10.2867%2F11329). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-92-861-4184-3](https://en.wikipedia.org/wiki/Special:BookSources/978-92-861-4184-3 "Special:BookSources/978-92-861-4184-3") . [Archived](https://web.archive.org/web/20240421113801/https://op.europa.eu/en/publication-detail/-/publication/ae472145-237a-11e9-8d04-01aa75ed71a1/language-en) from the original on 21 April 2024. Retrieved 24 November 2023. 164. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-166) Feng, Wenjun; Wang, Yiming; Zhang, Zhengjun (1 September 2018). ["Informed trading in the Bitcoin market"](https://doi.org/10.1016%2Fj.frl.2017.11.009). Finance Research Letters. 26: 63–70\. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1016/j.frl.2017.11.009](https://doi.org/10.1016%2Fj.frl.2017.11.009). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [1544-6123](https://search.worldcat.org/issn/1544-6123). 165. [^](https://en.wikipedia.org/wiki/Bitcoin#cite_ref-167) ["Bitcoin set to break records and shatter the \$100K barrier"](https://economictimes.indiatimes.com/news/international/us/bitcoin-set-to-break-records-and-shatter-the-100k-barrier/articleshow/120988931.cms). The Economic Times. 8 May 2025. [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0013-0389](https://search.worldcat.org/issn/0013-0389). Retrieved 20 May 2025. Further reading - Nakamoto, Satoshi (31 October 2008). ["Bitcoin: A Peer-to-Peer Electronic Cash System"](https://web.archive.org/web/20140320135003/https://bitcoin.org/bitcoin.pdf) (PDF). bitcoin.org. Archived from [the original](https://bitcoin.org/bitcoin.pdf) (PDF) on 20 March 2014. Retrieved 28 April 2014. External links [![Wiktionary logo](https://upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/40px-Wiktionary-logo-en-v2.svg.png)](https://en.wikipedia.org/wiki/File:Wiktionary-logo-en-v2.svg) Look up *[bitcoin](https://en.wiktionary.org/wiki/Special:Search/bitcoin "wiktionary:Special:Search/bitcoin")* in Wiktionary, the free dictionary. ![](https://upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/40px-Wikiquote-logo.svg.png) Wikiquote has quotations related to *[Bitcoin](https://en.wikiquote.org/wiki/Special:Search/Bitcoin "q:Special:Search/Bitcoin")*. - [Code repository on Github](https://github.com/bitcoin/bitcoin)
Shard	152 (laksa)
Root Hash	17790707453426894952
Unparsed URL	org,wikipedia!en,/wiki/Bitcoin s443