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Bitcoin[a] () is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.[8]

What is Bitcoin?

Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous developer Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
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There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.

Understanding Bitcoin

Bitcoin is a type of cryptocurrency. Balances of Bitcoin tokens are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Bitcoin keys should not be confused with a Bitcoin wallet, which is a physical or digital device which facilitates the trading of Bitcoin and allows users to track ownership of coins. The term "wallet" is a bit misleading, as Bitcoin's decentralized nature means that it is never stored "in" a wallet, but rather decentrally on a blockchain.
Style notes: according to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins." Bitcoin is also commonly abbreviated as "BTC

How Bitcoin Works

Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. Currently, there are roughly 3 million bitcoins which have yet to be mined. In this way, Bitcoin (and any cryptocurrency generated through a similar process) operates differently from fiat currency; in centralized banking systems, currency is released at a rate matching the growth in goods in an attempt to maintain price stability, while a decentralized system like Bitcoin sets the release rate ahead of time and according to an algorithm.
Bitcoin mining is the process by which bitcoins are released into circulation. Generally, mining requires the solving of computationally difficult puzzles in order to discover a new block, which is added to the blockchain. In contributing to the blockchain, mining adds and verifies transaction records across the network. For adding blocks to the blockchain, miners receive a reward in the form of a few bitcoins; the reward is halved every 210,000 blocks. The block reward was 50 new bitcoins in 2009 and is currently 12.5. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of October 2019, the mining difficulty is over 12 trillion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use expensive, complex hardware like Application-Specific Integrated Circuits (ASIC) and more advanced processing units like Graphic Processing Units (GPUs). These elaborate mining processors are known as "mining rigs."
One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places.

What's a Bitcoin Worth?

In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. More recently, the cryptocurrency has declined in value and more-or-less plateaued, save for a few periods of relatively lower price figures (the early portion of 2019, when prices hovered around $3500) and relatively higher ones (June and July of 2019, when prices briefly peaked at over $13,000). As of October 2019, Bitcoin seems to have found a new price point in the range of $8,000 to $9,000.
Bitcoin's price is quite dependent on the size of its mining network, since the larger the network is, the more difficult – and thus more costly – it is to produce new bitcoins. As a result, the price of bitcoin has to increase as its cost of production also rises. The Bitcoin mining network's aggregate processing power is known as the "hash rate," referring to the number of times per second the network can attempt to complete a hashing puzzle necessary before a block can be added to the blockchain. As of October 23, 2019, the network reached a record high 114 quintillion hashes per second.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto[15] and started in 2009[16] when its source code was released as open-source software.[7]:ch. 1 Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.[17] Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.[18]
Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.[19][20]

This Post Includes Contents

  • 1History
  • 2Design
  • 3Ideology
  • 4Economics
  • 5Legal status, tax and regulation
  • 6Criticism
  • 7In popular culture
  • 8See also
  • 9Notes
  • 10References
  • 11External links

    History


    Creation

    The domain name "bitcoin.org" was registered on 18 August 2008.[21] On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[4] was posted to a cryptography mailing list.[22] Nakamoto implemented the bitcoin software as open-source code and released it in January 2009.[23][24][16] Nakamoto's identity remains unknown.[15]
    On 3 January 2009, the bitcoin network was created when Nakamoto mined the first block of the chain, known as the genesis block.[25][26] Embedded in the coinbase of this block was the text "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".[16] This note references a headline published by The Times and has been interpreted as both a timestamp and a comment on the instability caused by fractional-reserve banking.[27]:18
    The receiver of the first bitcoin transaction was cypherpunk Hal Finney, who had created the first reusable proof-of-work system (RPoW) in 2004.[28] Finney downloaded the bitcoin software on its release date, and on 12 January 2009 received ten bitcoins from Nakamoto.[29][30] Other early cypherpunk supporters were creators of bitcoin predecessors: Wei Dai, creator of b-money, and Nick Szabo, creator of bit gold.[25] In 2010, the first known commercial transaction using bitcoin occurred when programmer Laszlo Hanyecz bought two Papa John's pizzas for ₿10,000.[31]
    Blockchain analysts estimate that Nakamoto had mined about one million bitcoins[32] 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.[33][34] Andresen then sought to decentralize control. This left opportunity for controversy to develop over the future development path of bitcoin, in contrast to the perceived authority of Nakamoto's contributions.[35][34]

    2011–2012

    After early "proof-of-concept" transactions, the first major users of bitcoin were black markets, such as Silk Road. During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting 9.9 million in bitcoins, worth about $214 million.[36]:222
    In 2011, the price started at $0.30 per bitcoin, growing to $5.27 for the year. The price rose to $31.50 on 8 June. Within a month the price fell to $11.00. The next month it fell to $7.80, and in another month to $4.77.[37]
    Litecoin, an early bitcoin spin-off or altcoin, appeared in October 2011.[38] Many altcoins have been created since then.[39]
    In 2012, bitcoin prices started at $5.27 growing to $13.30 for the year.[37] By 9 January the price had risen to $7.38, but then crashed by 49% to $3.80 over the next 16 days. The price then rose to $16.41 on 17 August, but fell by 57% to $7.10 over the next three days.[40]
    The Bitcoin Foundation was founded in September 2012 to promote bitcoin's development and uptake.[41]

    2013–2016

    In 2013, prices started at $13.30 rising to $770 by 1 January 2014.[37]
    In March 2013 the blockchain temporarily split into two independent chains with different rules due to a bug in version 0.8 of the bitcoin software. The two blockchains operated simultaneously for six hours, each with its own version of the transaction history from the moment of the split. Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin software, selecting the backward compatible version of the blockchain. As a result, this blockchain became the longest chain and could be accepted by all participants, regardless of their bitcoin software version.[42] During the split, the Mt. Gox exchange briefly halted bitcoin deposits and the price dropped by 23% to $37[42][43] before recovering to previous level of approximately $48 in the following hours.[44] 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 Service Businesses (MSBs), that are subject to registration or other legal obligations.[45][46][47] In April, exchanges BitInstant and Mt. Gox experienced processing delays due to insufficient capacity[48] resulting in the bitcoin price dropping from $266 to $76 before returning to $160 within six hours.[49] The bitcoin price rose to $259 on 10 April, but then crashed by 83% to $45 over the next three days.[40] On 15 May 2013, US authorities seized accounts associated with Mt. Gox after discovering it had not registered as a money transmitter with FinCEN in the US.[50][51] On 23 June 2013, the US Drug Enforcement Administration listed ₿11.02 as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881.[52][better source needed] This marked the first time a government agency had seized bitcoin.[53] The FBI seized about ₿30,000[54] in October 2013 from the dark web website Silk Road during the arrest of Ross William Ulbricht.[55][56][57] These bitcoins were sold at blind auction by the United States Marshals Service to venture capital investor Tim Draper.[54] Bitcoin's price rose to $755 on 19 November and crashed by 50% to $378 the same day. On 30 November 2013 the price reached $1,163 before starting a long-term crash, declining by 87% to $152 in January 2015.[40] On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins.[58] After the announcement, the value of bitcoins dropped,[59] and Baidu no longer accepted bitcoins for certain services.[60] Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[61]
    In 2014, prices started at $770 and fell to $314 for the year.[37]
    On July 30, 2014, the Wikimedia Foundation started accepting donations of bitcoin.[62]
    In 2015. prices started at $314 and rose to $434 for the year. In 2016 prices rose to $998 on 1 January 2017.[37]

    2017–2019

    Prices started at $998 in 2017 and rose to $13,412.44 on 1 January 2018,[37] after reaching its all-time high of $19,783.06 on 17 December 2017.[63]
    China banned trading in bitcoin, with first steps taken in September 2017, and a complete ban that started on 1 February 2018. Bitcoin prices then fell from $9,052 to $6,914 on 5 February 2018.[40] The percentage of bitcoin trading in the Chinese renminbi fell from over 90% in September 2017 to less than 1% in June 2018.[64] On August 1, 2017 a fork of the blockchain created Bitcoin Cash.
    Throughout the rest of the first half of 2018, bitcoin's price fluctuated between $11,480 and $5,848. On 1 July 2018, bitcoin's price was $6,343.[65][66] The price on January 1, 2019 was $3,747, down 72% for 2018 and down 81% since the all-time high.[65][67]
    Bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges, including thefts from Coincheck in January 2018, Coinrail and Bithumb in June, and Bancor in July. For the first six months of 2018, $761 million worth of cryptocurrencies was reported stolen from exchanges.[68] Bitcoin's price was affected even though other cryptocurrencies were stolen at Coinrail and Bancor as investors worried about the security of cryptocurrency exchanges.[69][70][71] In September 2019 the Intercontinental Exchange (the owner of the NYSE) began trading of bitcoin futures.[72]

    Design

    Units

    The unit of account of the bitcoin system is a bitcoinTicker symbols used to represent bitcoin are BTC[b] and XBT.[c][77]:2 Its Unicode character is ₿.[1] Small amounts of bitcoin used as alternative units are millibitcoin (mBTC), and satoshi (sat). Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoins, one hundred millionth of a bitcoin.[2] A millibitcoin equals 0.001 bitcoins; one thousandth of a bitcoin or 100,000 satoshis.[78]

    Blockchain:- For broader coverage of this topic, see Blockchain.
    The bitcoin blockchain is a public ledger that records bitcoin transactions.[81] It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block[d] of the chain. A network of communicating nodes running bitcoin software maintains the blockchain.[36]:215–219 Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications

    Transactions

    Transactions are defined using a Forth-like scripting language.[7]:ch. 5 Transactions consist of one or more inputs and one or more outputs. When a user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output. To prevent double spending, each input must refer to a previous unspent output in the blockchain.[83] The use of multiple inputs corresponds to the use of multiple coins in a cash transaction. Since transactions can have multiple outputs, users can send bitcoins to multiple recipients in one transaction. As in a cash transaction, the sum of inputs (coins used to pay) can exceed the intended sum of payments. In such a case, an additional output is used, returning the change back to the payer.[83] Any input satoshis not accounted for in the transaction outputs become the transaction fee


    Transaction fees

    Though transaction fees are optional, miners can choose which transactions to process and prioritize those that pay higher fees.[83] Miners may choose transactions based on the fee paid relative to their storage size, not the absolute amount of money paid as a fee. These fees are generally measured in satoshis per byte (sat/b). The size of transactions is dependent on the number of inputs used to create the transaction, and the number of outputs.

    OWNERSHIP

    In the blockchain, bitcoins are registered to bitcoin addresses. Creating a bitcoin address requires nothing more than picking a random valid private key and computing the corresponding bitcoin address. This computation can be done in a split second. But the reverse, computing the private key of a given bitcoin address, is mathematically unfeasible. Users can tell others or make public a bitcoin address without compromising its corresponding private key. Moreover, the number of valid private keys is so vast that it is extremely unlikely someone will compute a key-pair that is already in use and has funds. The vast number of valid private keys makes it unfeasible that brute force could be used to compromise a private key. To be able to spend their bitcoins, the owner must know the corresponding private key and digitally sign the transaction. The network verifies the signature using the public key; the private key is never revealed

    If the private key is lost, the bitcoin network will not recognize any other evidence of ownership;[36] the coins are then unusable, and effectively lost. For example, in 2013 one user claimed to have lost 7,500 bitcoins, worth $7.5 million at the time, when he accidentally discarded a hard drive containing his private key.[84] About 20% of all bitcoins are believed to be lost. They would have a market value of about $20 billion at July 2018 prices.[85]
    To ensure the security of bitcoins, the private key must be kept secret.[7]:ch. 10 If the private key is revealed to a third party, e.g. through a data breach, the third party can use it to steal any associated bitcoins.[86] As of December 2017, around 980,000 bitcoins have been stolen from cryptocurrency exchanges.[87]
    Regarding ownership distribution, as of 16 March 2018, 0.5% of bitcoin wallets own 87% of all bitcoins ever mined.[88]

    Wallets


    wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold[100] or store bitcoins, due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A wallet is more correctly defined as something that "stores the digital credentials for your bitcoin holdings" and allows one to access (and spend) them.[7]:ch. 1, glossary Bitcoin uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated.[101] At its most basic, a wallet is a collection of these keys.
    There are several modes which wallets can operate in. They have an inverse relationship with regards to trustlessness and computational requirements.
    • Full clients verify transactions directly by downloading a full copy of the blockchain (over 150 GB As of January 2018).[102] They are the most secure and reliable way of using the network, as trust in external parties is not required. Full clients check the validity of mined blocks, preventing them from transacting on a chain that breaks or alters network rules.[7]:ch. 1 Because of its size and complexity, downloading and verifying the entire blockchain is not suitable for all computing devices.
    • Lightweight clients consult full clients to send and receive transactions without requiring a local copy of the entire blockchain (see simplified payment verification – SPV). This makes lightweight clients much faster to set up and allows them to be used on low-power, low-bandwidth devices such as smartphones. When using a lightweight wallet, however, the user must trust the server to a certain degree, as it can report faulty values back to the user. Lightweight clients follow the longest blockchain and do not ensure it is valid, requiring trust in miners.[103]
    Third-party internet services called online wallets offer similar functionality but may be easier to use. In this case, credentials to access funds are stored with the online wallet provider rather than on the user's hardware.[104] As a result, the user must have complete trust in the online wallet provider. A malicious provider or a breach in server security may cause entrusted bitcoins to be stolen. An example of such a security breach occurred with Mt. Gox in 2011

    Decentralization

    Bitcoin is decentralized:[8]
    • Bitcoin does not have a central authority.[8]
    • There is no central server; the bitcoin network is peer-to-peer.[16]
    • There is no central storage; the bitcoin ledger is distributed.[120]
    • The ledger is public; anybody can store it on their computer.[7]:ch. 1
    • There is no single administrator;[8] the ledger is maintained by a network of equally privileged miners.[7]:ch. 1
    • Anybody can become a miner.[7]:ch. 1
    • The additions to the ledger are maintained through competition. Until a new block is added to the ledger, it is not known which miner will create the block.[7]:ch. 1
    • The issuance of bitcoins is decentralized. They are issued as a reward for the creation of a new block.[95]
    • Anybody can create a new bitcoin address (a bitcoin counterpart of a bank account) without needing any approval.[7]:ch. 1
    • Anybody can send a transaction to the network without needing any approval; the network merely confirms that the transaction is legitimate

    Trend towards centralization

    Researchers have pointed out at a "trend towards centralization". Although bitcoin can be sent directly from user to user, in practice intermediaries are widely used.[36]:220–222 Bitcoin miners join large mining pools to minimize the variance of their income.[36]:215, 219–222[122]:3[123] Because transactions on the network are confirmed by miners, decentralization of the network requires that no single miner or mining pool obtains 51% of the hashing power, which would allow them to double-spend coins, prevent certain transactions from being verified and prevent other miners from earning income.[124] As of 2013 just six mining pools controlled 75% of overall bitcoin hashing power.[124] In 2014 mining pool Ghash.io obtained 51% hashing power which raised significant controversies about the safety of the network. The pool has voluntarily capped their hashing power at 39.99% and requested other pools to act responsibly for the benefit of the whole network.[125] c. 2017 over 70% of the hashing power and 90% of transactions were operating from China.[126]
    According to researchers, other parts of the ecosystem are also "controlled by a small set of entities", notably the maintenance of the client software, online wallets and simplified payment verification (SPV) clients.[124]

    Privacy

    Bitcoin is pseudonymous, meaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. In addition, transactions can be linked to individuals and companies through "idioms of use" (e.g., transactions that spend coins from multiple inputs indicate that the inputs may have a common owner) and corroborating public transaction data with known information on owners of certain addresses.[127] Additionally, bitcoin exchanges, where bitcoins are traded for traditional currencies, may be required by law to collect personal information.[128] To heighten financial privacy, a new bitcoin address can be generated for each transaction.[129]

    Fungibility

    Wallets and similar software technically handle all bitcoins as equivalent, establishing the basic level of fungibility. Researchers have pointed out that the history of each bitcoin is registered and publicly available in the blockchain ledger, and that some users may refuse to accept bitcoins coming from controversial transactions, which would harm bitcoin's fungibility.[130] For example, in 2012, Mt. Gox froze accounts of users who deposited bitcoins that were known to have just been stolen.[131]

    Scalability

    The blocks in the blockchain were originally limited to 32 megabytes in size. The block size limit of one megabyte was introduced by Satoshi Nakamoto in 2010. Eventually the block size limit of one megabyte created problems for transaction processing, such as increasing transaction fees and delayed processing of transactions.[132]

    Austrian economics

    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 von Hayek in his book Denationalisation of Money: The Argument Refined,[134] in which Hayek advocates a complete free market in the production, distribution and management of money to end the monopoly of central banks.[135]:22

    Anarchism and libertarianism

    According to The New York Timeslibertarians and anarchists were attracted to the idea. Early bitcoin supporter Roger Ver said: "At first, almost everyone who got involved did so for philosophical reasons. We saw bitcoin as a great idea, as a way to separate money from the state."[133] 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".[136] Economist Paul Krugman argues that cryptocurrencies like bitcoin are "something of a cult" based in "paranoid fantasies" of government power.

    Regulatory warnings

    The U.S. Commodity Futures Trading Commission has issued four "Customer Advisories" for bitcoin and related investments.[19] A July 2018 warning emphasized that trading in any cryptocurrency is often speculative, and there is a risk of theft from hacking, and fraud.[182] A December 2017 advisory warned that virtual currencies are risky because:
    • the exchanges are not regulated or supervised by a government agency
    • the exchanges may lack system safeguards and customer protections
    • large price swings and "flash crashes"
    • market manipulation
    • theft and hacking
    • self-dealing by the exchanges[183]
    The U.S. Securities and Exchange Commission has also issued warnings. A May 2014 "Investor Alert" warned that investments involving bitcoin might have high rates of fraud, and that investors might be solicited on social media sites.[184] An earlier "Investor Alert" warned about the use of bitcoin in Ponzi schemes.[185]
    The European Banking Authority issued a warning in 2013 focusing on the lack of regulation of bitcoin, the chance that exchanges would be hacked, the volatility of bitcoin's price, and general fraud.[186]
    The self-regulatory organization FINRA and the North American Securities Administrators Association have both issued investor alerts about bitcoin

    Price manipulation investigation

    An official investigation into bitcoin traders was reported in May 2018.[189] The U.S. Justice Department launched an investigation into possible price manipulation, including the techniques of spoofing and wash trades.[190][191][192] Traders in the U.S., the U.K, South Korea, and possibly other countries are being investigated.[189] Brett Redfearn, head of the U.S. Securities and Exchange Commission's Division of Trading and Markets, had identified several manipulation techniques of concern in March 2018.
    The U.S. federal investigation was prompted by concerns of possible manipulation during futures settlement dates. The final settlement price of CME bitcoin futures is determined by prices on four exchanges, BitstampCoinbase, itBit and Kraken. Following the first delivery date in January 2018, the CME requested extensive detailed trading information but several of the exchanges refused to provide it and later provided only limited data. The Commodity Futures Trading Commission then subpoenaed the data from the exchanges.[193][194]
    State and provincial securities regulators, coordinated through the North American Securities Administrators Association, are investigating "bitcoin scams" and ICOs in 40 jurisdictions.[195]
    Academic research published in the Journal of Monetary Economics concluded that price manipulation occurred during the Mt Gox bitcoin theft and that the market remains vulnerable to manipulation.[196] The history of hacks, fraud and theft involving bitcoin dates back to at least 2011.[197]
    Research by John M. Griffin and Amin Shams in 2018 suggests that trading associated with increases in the amount of the Tether cryptocurrency and associated trading at the Bitfinex exchange account for about half of the price increase in bitcoin in late 2017.[198][199]
    J.L. van der Velde, CEO of both Bitfinex and Tether, denied the claims of price manipulation: "Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of bitcoin or any other coin/token on Bitfinex

    Ponzi scheme and pyramid scheme concerns

    Various journalists,[216][221] economists,[222][223] and the central bank of Estonia[224] have voiced concerns that bitcoin is a Ponzi scheme. In April 2013, Eric Posner, a law professor at the University of Chicago, stated that "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."[225] A July 2014 report by the World Bank concluded that bitcoin was not a deliberate Ponzi scheme.[226]:7 In June 2014, the Swiss Federal Council[227]:21 examined the concerns that bitcoin might be a pyramid scheme; it concluded that, "Since in the case of bitcoin the typical promises of profits are lacking, it cannot be assumed that bitcoin is a pyramid scheme." In July 2017, billionaire Howard Marks referred to bitcoin as a pyramid scheme.[228]

    Security issues

    Bitcoin is vulnerable to theft through phishingscamming, and hacking. As of December 2017, around 980,000 bitcoins have been stolen from cryptocurrency exchanges.[87]

    Use in illegal transactions

    The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media.[229] In the United States, the FBI prepared an intelligence assessment,[230] the SEC issued a pointed warning about investment schemes using virtual currencies,[229] and the U.S. Senate held a hearing on virtual currencies in November 2013.[231] The U.S. government claimed that bitcoin was used to facilitate payments related to Russian interference in the 2016 United States elections.[232]
    Several news outlets have asserted that the popularity of bitcoins hinges on the ability to use them to purchase illegal goods.[143][233] Nobel-prize winning economist Joseph Stiglitz says that bitcoin's anonymity encourages money laundering and other crimes, "If you open up a hole like bitcoin, then all the nefarious activity will go through that hole, and no government can allow that." He's also said that if "you regulate it so you couldn't engage in money laundering and all these other [crimes], there will be no demand for Bitcoin. By regulating the abuses, you are going to regulate it out of existence. It exists because of the abuses."[234][235]
    In 2014, researchers at the University of Kentucky found "robust evidence that computer programming enthusiasts and illegal activity drive interest in bitcoin, and find limited or no support for political and investment motives".[142] Australian researchers have estimated that 25% of all bitcoin users and 44% of all bitcoin transactions are associated with illegal activity as of April 2017. There were an estimated 24 million bitcoin users primarily using bitcoin for illegal activity. They held $8 billion worth of bitcoin, and made 36 million transactions valued at $72 billion.[236][237]
    On 29 Novemvber 2017, South Korean Prime Minister Lee Nak-yeon raised concerns that cryptocurrencies were corrupting the youth of South Korea, remarking “There are cases in which young Koreans including students are jumping in to make quick money and virtual currencies are used in illegal activities like drug dealing or multi-level marketing for frauds”.[238]

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