Bitcoin

Bitcoin (abbreviation: BTC[a] or XBT;[b] sign: ₿) is the first

Bitcoin
decentralized cryptocurrency. Nodes in the peer-to-peer
bitcoin network verify transactions through cryptography and
record them in a public distributed ledger, called a
blockchain, without central oversight.

Consensus between nodes is achieved using a computationally

intensive system based on proof-of-work called mining.
Bitcoin mining requires increasing quantities of electricity[5]
and was responsible for 0.2% of world greenhouse gas
emissions as of 2022.[6][7] Logo of Bitcoin
Denominations
Based on a free market ideology, bitcoin was invented in 2008
Plural Bitcoins
by Satoshi Nakamoto, an unknown person.[8] Use of bitcoin
as a currency began in 2009,[9] with the release of its open- Symbol ₿
source implementation.[10]: ch. 1 In 2021, El Salvador adopted (Unicode:
it as legal tender.[4] Bitcoin is currently used more as a store U+20BF ₿
of value and less as a medium of exchange or unit of account. BITCOIN SIGN)[1]
It is mostly seen as an investment and has been described by Code BTC,[a] XBT[b]
many scholars as an economic bubble.[11] As bitcoin is
pseudonymous, its use by criminals has attracted the Precision 10−8
attention of regulators, leading to its ban by several countries Subunits
as of 2021.[12] 1
⁄1000 Millibitcoin
1
⁄1 000 000 Microbitcoin
History 1
⁄100 000 000 Satoshi[c][2]
Development
Background Original author(s) Satoshi
Nakamoto
Before bitcoin, several digital cash technologies were released,
White paper "Bitcoin: A Peer-
starting with David Chaum's ecash in the 1980s.[13] The idea
that solutions to computational puzzles could have some value to-Peer
was first proposed by cryptographers Cynthia Dwork and Electronic Cash
Moni Naor in 1992.[13] The concept was independently System" (http
rediscovered by Adam Back who developed Hashcash, a s://bitcoin.org/bi
proof-of-work scheme for spam control in 1997.[13] The first tcoin.pdf)
proposals for distributed digital scarcity-based Implementation(s) Bitcoin Core
cryptocurrencies came from cypherpunks Wei Dai (b-money)
Initial release 0.1.0 /
and Nick Szabo (bit gold) in 1998.[14] In 2004, Hal Finney
developed the first currency based on reusable proof-of- 9 January 2009
work.[15] These various attempts were not successful:[13] Latest release 25.1 /
Chaum's concept required centralized control and no banks 19 October
2023[3]
Code repository github.com
/bitcoin/bitcoin
wanted to sign on, Hashcash had no protection against (https://github.c
double-spending, while b-money and bit gold were not om/bitcoin/bitcoi
resistant to Sybil attacks.[13] n)
Development Active
2008–2009: Creation status
Written in C++
The domain name bitcoin.org was registered on 18 August
Source model Free and open-
2008.[16] On 31 October 2008, a link to a white paper
source software
authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer
Electronic Cash System was posted to a cryptography mailing License MIT License
list.[17] Nakamoto implemented the bitcoin software as open- Ledger
source code and released it in January 2009.[9] Nakamoto's
Ledger start 3 January 2009
identity remains unknown.[8] All individual components of
bitcoin originated in earlier academic literature.[13] Timestamping Proof-of-work
Nakamoto's innovation was their complex interplay resulting scheme (partial hash
in the first decentralized, Sybil resistant, Byzantine fault inversion)
tolerant digital cash system, that would eventually be referred Hash function SHA-256 (two
to as the first blockchain.[13][18] Nakamoto's paper was not rounds)
peer-reviewed and initially ignored by academics, who argued
that it could not work, based on theoretical models, even Issuance Decentralized
though it was working in practice.[13] schedule (block reward)
Initially ₿50 per
On 3 January 2009, the bitcoin network was created when block, halved
Nakamoto mined the starting block of the chain, known as the every 210,000
genesis block.[19] Embedded in this block was the text "The blocks
Times 03/Jan/2009 Chancellor on brink of second bailout for
Block reward ₿6.25 (as of
banks", which is the date and headline of an issue of The
Times newspaper.[9] Nine days later, Hal Finney received the 2023)
first bitcoin transaction: ten bitcoins from Nakamoto.[20] Wei Block time 10 minutes
Dai and Nick Szabo were also early supporters.[19] In 2010, Circulating ₿19,591,231
the first known commercial transaction using bitcoin occurred supply (as of
when programmer Laszlo Hanyecz bought two Papa John's 6 January 2024)
pizzas for ₿10,000.[21]
Supply limit ₿21,000,000[d]
Valuation
2010–2012: Early growth
Exchange rate Floating
Blockchain analysts estimate that Nakamoto had mined about Demographics
one million bitcoins[22] before disappearing in 2010 when he Official user(s) El Salvador[4]
handed the network alert key and control of the code
repository over to Gavin Andresen. Andresen later became External image
lead developer at the Bitcoin Foundation,[23][24] an Cover page of The Times 3
organization founded in September 2012 to promote January 2009 showing the headline
bitcoin.[25]
used in the genesis block (https://w
After early "proof-of-concept" transactions, the first major ww.thetimes03jan2009.com/wp-cont
users of bitcoin were black markets, such as the dark web Silk ent/uploads/2015/03/genesis-block-
Road. During its 30 months of existence, beginning in newspaper-bitcoin.jpg)
 Bitcoin logos made by Satoshi Nakamoto in 2009 (left) and 2010 (right) depict bitcoins as gold tokens.

February 2011, Silk Road exclusively accepted bitcoins as payment, transacting ₿9.9 million, worth
about $214 million.[26]: 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.[27] In May 2013, US authorities seized the unregistered exchange Mt.
Gox.[28] In June 2013, the US Drug Enforcement Administration seized ₿11.02 from a man
attempting to use them to buy illegal substances. This marked the first time a government agency
had seized bitcoins.[29] The FBI seized about ₿30,000 in October 2013 from Silk Road, following
the arrest of its founder Ross Ulbricht.[30]

In December 2013, the People's Bank of China prohibited Chinese financial institutions from using
bitcoin.[31] After the announcement, the value of bitcoin dropped,[32] and Baidu no longer accepted
bitcoins for certain services.[33] Buying real-world goods with any virtual currency had been illegal
in China since at least 2009.[34]

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.[35] In August 2017,
the SegWit software upgrade was activated. Segwit was intended to support the Lightning Network
as well as improve scalability.[36] SegWit opponents, who supported larger blocks as a scalability
solution, forked to create Bitcoin Cash, one of many forks of bitcoin.[37]

In February 2018, price crashed after China imposed a complete ban on Bitcoin trading.[38] The
percentage of bitcoin trading in the Chinese renminbi fell from over 90% in September 2017 to less
than 1% in June 2018.[39] During the same year, Bitcoin prices were negatively affected by several
hacks or thefts from cryptocurrency exchanges.[40]

2020–present

In 2020, some major companies and institutions started to

acquire bitcoin: MicroStrategy invested $250 million in bitcoin
as a treasury reserve asset,[41] Square, Inc., $50 million,[42] and
MassMutual, $100 million.[43] In November 2020, PayPal
added support for bitcoin in the US.[44]

In February 2021, Bitcoin's market capitalization reached $1 Bitcoin price in US dollars

trillion for the first time.[45] In November 2021, the Taproot
soft-fork upgrade was activated, adding support for Schnorr
signatures, improved functionality of smart contracts and Lightning Network.[46] Before, Bitcoin
only used a custom elliptic curve with the ECDSA algorithm to produce signatures.[47]: 101 In
September 2021, Bitcoin became legal tender in El Salvador, alongside the US dollar.[4] In October
2021, the first bitcoin futures ETF, called BITO, from ProShares was approved by the SEC and
listed on the Chicago Mercantile Exchange.[48]

In May and June 2022, the bitcoin price fell following the collapses of TerraUSD, a stablecoin,[49]
and the Celsius Network, a cryptocurrency loan company.[50][51]

In 2023, ordinals, non-fungible tokens (NFTs) on Bitcoin, went live.[52] In January 2024, the first
11 US spot bitcoin exchange-traded funds (ETFs) began trading, offering direct exposure to bitcoin
for the first time on American stock exchanges.[53][54]

Design

Units and divisibility

The unit of account of the bitcoin system is the bitcoin. It is represented with the currency codes
BTC[a] and XBT[b] as well as the symbol ₿.[1] 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.[58] The Oxford English Dictionary advocates the use of lowercase bitcoin in all
cases.[59]

One bitcoin is divisible to eight decimal places.[10]: ch. 5 Units for smaller amounts of bitcoin are the
millibitcoin (mBTC), equal to 1⁄1000 bitcoin, and the satoshi[c] (sat), representing 1⁄100 000 000 (one
hundred millionth) bitcoin, the smallest amount possible.[2] 100,000 satoshis are one mBTC.[60]

Blockchain

As a decentralized system, bitcoin operates without a central authority or single administrator,[61]

so that anyone can create a new bitcoin address and transact without needing any approval.[10]: ch. 1
This is accomplished through a specialized distributed ledger called a blockchain that records
bitcoin transactions.[62]

The blockchain is implemented as an ordered list of blocks. Each block contains a SHA-256 hash of
the previous block,[62] "chaining" them in chronological order.[10]: ch. 7 [62] The blockchain is
maintained by a peer-to-peer network.[26]: 215–219 Individual blocks, public addresses, and
transactions within blocks are public information, and can be examined using a blockchain
explorer.[63]

Nodes validate and broadcast transactions, each maintaining a copy of the blockchain for
ownership verification.[64] 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.[10]: ch. 5

Addresses and transactions

In the blockchain, bitcoins are linked to specific addresses that
are hashes of a public key. Creating 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.[10]: ch. 4 Publishing 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 Simplified chain of ownership. In
verified by the network using the public key, keeping the practice, a transaction can have
private key secret.[10]: ch. 5 more than one input and more than
one output.[65]
Bitcoin transactions use a Forth-like scripting
language, [10]: 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.[65] 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.[65] Unallocated input satoshis in the transaction become the
transaction fee.[65]

Losing a private key means losing access to the bitcoins, with no other proof of ownership accepted
by the protocol.[26] 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.[66] It is estimated that around 20% of all
bitcoins are lost.[67] 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.[10]: ch. 10 [68] As of December 2017,
approximately ₿980,000 had been stolen from cryptocurrency exchanges.[69]

Mining

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.[62] Each block must contain a proof-of-
work (PoW) to be accepted,[62] involving finding a nonce
number that, combined with the block content, produces a
hash numerically smaller than the network's difficulty
target.[10]: ch. 8 This PoW is simple to verify but hard to
generate, requiring many attempts.[10]: ch. 8 PoW forms the Bitcoin mining facility with large
basis of Bitcoin's consensus mechanism.[70] amounts of mining hardware

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.[10]: ch. 8 [71]

Miners who successfully find a new block can collect transaction fees from the included
transactions and a set reward in bitcoins.[72] 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.[10]: ch. 8 This reward is halved every 210,000 blocks until
₿21 million,[d] with new bitcoin issuance slated to end around 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.[73][65][10]: 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.[74][62] In case of disagreement, nodes
trust the longest chain, which required the greatest amount of effort to produce.[70] To tamper or
censor the ledger, one needs to control the majority of the global hashrate.[70] The high cost
required to reach this level of computational power guarantees the security of the bitcoin
blockchain.[70]

Bitcoin mining's environmental impact is significant and has attracted the attention of regulators,
leading to restrictions or bans in various jurisdictions.[75] As of 2022, bitcoin mining is estimated
to represent 0.4% of global electricity consumption[76] and to be responsible for 0.2% of world
greenhouse gas emissions,[77] as about half of the electricity used is generated through fossil
fuels.[78] Moreover, mining hardware's short lifespan results in electronic waste.[79] The amount of
electrical energy and e-waste generated by bitcoin mining is often compared with countries like
Greece or the Netherlands.[79][77]

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.[80] Bitcoin exchanges might also need to
collect personal data as per legal requirements.[81] For enhanced privacy, users can generate a new
address for each transaction.[82]

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.[83] For example, in 2012, Mt. Gox froze accounts containing bitcoins
identified as stolen.[84]

Wallets

Screenshot of Bitcoin A paper wallet with the address as a A hardware wallet which
Core QR code while the private key is processes bitcoin transactions
hidden without exposing private keys

Bitcoin wallets were the first cryptocurrency wallets, enabling users to store the information
necessary to transact bitcoins.[85][10]: 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.[9] Bitcoin Core is among the best known clients. Forks of Bitcoin Core exist such as
Bitcoin Unlimited.[86] Wallets can be full clients, with a full copy of the blockchain to check the
validity of mined blocks,[10]: ch. 1 or lightweight clients, just to send and receive transactions
without a local copy of the entire blockchain.[87] Third-party internet services called online wallets
store users' credentials on their servers, making them susceptible of hacks.[88] "Cold storage"
protects bitcoins from such hacks by keeping private keys offline, either through specialized
hardware wallets or paper printouts.[89][10]: ch. 4

Scalability and decentralization challenges

Nakamoto limited the block size to one megabyte.[90] The limited block size and frequency can
lead to delayed processing of transactions, increased fees and a Bitcoin scalability problem.[91] The
Lightning Network, second-layer routing network, is a potential scaling solution.[10]: ch. 8

Research shows a trend towards centralization in bitcoin as miners join pools for stable
income.[26]: 215, 219–222 [92]: 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.[61] 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.[93] A few entities also dominate other parts
of the ecosystem such as the client software, online wallets, and simplified payment verification
(SPV) clients.[61]

Economics and usage

Bitcoin's theoretical roots and ideology

External videos
According to the European Central Bank, the decentralization
of money offered by bitcoin has its theoretical roots in the The Declaration Of Bitcoin's
Austrian school of economics, especially with Friedrich von Independence (https://www.youtube.
Hayek's book The Denationalization of Money, in which he com/watch?v=XQqZ9b0S0BY),
advocates a complete free market in the production, BraveTheWorld, 4:38
distribution and management of money to end the monopoly
of central banks.[94]: 22 Sociologist Nigel Dodd, citing the
crypto-anarchist Declaration of Bitcoin's Independence, argues that the essence of the bitcoin
ideology is to remove money from social, as well as governmental, control.[95] 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".[96] These philosophical ideas initially attracted libertarians and anarchists.[97] Economist
Paul Krugman argues that cryptocurrencies like bitcoin are only used by bank skeptics and
criminals.[98]

Recognition as a currency and legal status

Money serves three purposes: a store of value, a medium of exchange, and a unit of account.[99]
According to The Economist in 2014, bitcoin functions best as a medium of exchange.[99] 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".[100] However, a 2018 assessment by The Economist stated
that cryptocurrencies met none of these three criteria.[96] Per some researchers, as of 2015, bitcoin
functions more as a payment system than as a currency.[26] 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".[101] François R. Velde,
Senior Economist at the Chicago Fed, described
bitcoin as "an elegant solution to the problem of
creating a digital currency".[102] David Andolfatto,
Vice President at the Federal Reserve Bank of St.
Louis, stated that bitcoin is a threat to the
establishment, which he argues is a good thing for
Legal status of bitcoin
the Federal Reserve System and other central
Legal tender (bitcoin is officially recognized
banks, because it prompts these institutions to
as a medium of exchange)
operate sound policies.[103]
Permissive (legal to use bitcoin, with minimal
The legal status of bitcoin varies substantially from or no restrictions)
one jurisdiction to another. Because of its Restricted (some legal restrictions on the
decentralized nature and its global presence, usage of bitcoin)
regulating bitcoin is difficult. However, the use of Contentious (interpretation of old laws, but
bitcoin can be criminalized, and shutting down bitcoin is not directly prohibited)
exchanges and the peer-to-peer economy in a given Prohibited (full or partial prohibition on the
country would constitute a de facto ban. [104] The use of bitcoin)
use of bitcoin by criminals has attracted the No data (no information available)
attention of financial regulators, legislative bodies,
and law enforcement.[105] Nobel-prize winning
economist Joseph Stiglitz says that bitcoin's anonymity encourages money laundering and other
crimes.[106] This is the main justification behind bitcoin bans.[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.[107] Bitcoin is only legal tender in El
Salvador.[4]

Use for payments

As of 2018, Bitcoin is rarely used in transactions with

merchants,[108] but it is popular to purchase illegal goods
online.[109][110] Prices are not usually quoted in bitcoin and
trades involve conversions into fiat currencies.[26] Commonly
cited reasons for not using Bitcoin include high costs, the
inability to process chargebacks, high price volatility, long
transaction times, transaction fees (especially for small
purchases).[108][111] Bloomberg reported that bitcoin was being
used for large-item purchases on the site Overstock.com and Café in Delft accepting Bitcoin
for cross-border payments to freelancers.[112] As of 2015, there
was little sign of bitcoin use in international remittances
despite high fees charged by banks and Western Union who compete in this market.[26][113]

In September 2021, the Bitcoin Law made bitcoin legal tender in El Salvador, alongside the US
dollar.[4] The adoption has been criticized both internationally and within El Salvador.[4][114] In
particular, in 2022, the International Monetary Fund (IMF) urged El Salvador to reverse its
decision.[115] As of 2022, the use of Bitcoin in El Salvador remains low: 80% of businesses refused
to accept it despite being legally required to.[116] In April 2022, the Central African Republic (CAR)
adopted Bitcoin as legal tender alongside the CFA franc,[117] but repealed the reform one year
later.[118]
Bitcoin is also used by some governments. For instance, the Iranian government initially opposed
cryptocurrencies, but later saw them as an opportunity to circumvent sanctions.[119] 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.[120] Some constituent states also accept tax payments in bitcoin,
including Colorado (US)[121] and Zug (Switzerland).[122]

Use for investment and status as an economic bubble

As of 2018, the overwhelming majority of bitcoin transactions took place on cryptocurrency

exchanges.[108] Since 2014, regulated bitcoin funds also allow exposure to the asset or to futures as
an investment.[123][124] Individuals and companies such as the Winklevoss twins[125] and Elon
Musk's companies SpaceX and Tesla have massively invested in Bitcoin.[126][127] Bitcoin wealth is
highly concentrated, with 0.01% holding 27% of in-circulation currency, as of 2021.[128] As of
September 2023, El Salvador had $76.5 million worth of bitcoin in its international reserves.[129]

In 2018, research published in the Journal of Monetary Economics concluded that price
manipulation occurred during the Mt. Gox bitcoin theft and that the market remained vulnerable
to manipulation.[130] Research published in The Journal of Finance also suggested that trading
associated with increases in the amount of the Tether cryptocurrency and associated trading at the
Bitfinex exchange accounted for about half of the price increase in bitcoin in late 2017.[131][132]

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,[133] James
Heckman,[11] and Paul Krugman.[98] 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.[134]

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.[135]
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.[136] The term "hodl" was created in December 2013 for holding Bitcoin
rather than selling it during periods of volatility.[137][138]

Economists, investors, and the central bank of Estonia have described bitcoin as a potential Ponzi
scheme.[139][140][141] Legal scholar Eric Posner disagrees as "a real Ponzi scheme takes fraud;
bitcoin, by contrast, seems more like a collective delusion."[142] A 2014 World Bank report also
concluded that bitcoin was not a deliberate Ponzi scheme.[143]

See also
Alternative currency

Notes
a. BTC is a commonly used code, but it does not conform to ISO 4217 as BT is the country code
of Bhutan, and ISO 4217 requires the first letter used in global commodities to be 'X'.
b. XBT, a code that conforms to ISO 4217 though is not officially part of it, is used by Bloomberg
L.P.,[55] CNNMoney,[56] and xe.com.[57]
c. Named after Satoshi Nakamoto.
 d. The exact number is ₿20,999,999.9769.[10]: ch. 8

References
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/ver
sions/Unicode10.0.0/) from the original on 20 June 2017. Retrieved 20 June 2017.
2. Bradbury, Danny (November 2013). "The problem with Bitcoin" (https://linkinghub.elsevier.com/
retrieve/pii/S1361372313701015). Computer Fraud & Security. 2013 (11): 5–8.
doi:10.1016/S1361-3723(13)70101-5 (https://doi.org/10.1016%2FS1361-3723%2813%297010
1-5).
3. "Bitcoin Core Releases" (https://github.com/bitcoin/bitcoin/releases). Retrieved 24 October
2023 – via GitHub.
4. "El Salvador's dangerous gamble on bitcoin" (https://www.ft.com/content/c257a925-c864-4495-
9149-d8956d786310). The editorial board. Financial Times. 7 September 2021. Retrieved
7 September 2021.
5. 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/2021/09/0
3/climate/bitcoin-carbon-footprint-electricity.html). The New York Times. ISSN 0362-4331 (http
s://www.worldcat.org/issn/0362-4331). Retrieved 26 October 2022.
6. de Vries, Alex; Gallersdörfer, Ulrich; Klaaßen, Lena; Stoll, Christian (16 March 2022).
"Revisiting Bitcoin's carbon footprint" (https://doi.org/10.1016%2Fj.joule.2022.02.005). Joule. 6
(3): 498–502. doi:10.1016/j.joule.2022.02.005 (https://doi.org/10.1016%2Fj.joule.2022.02.005).
ISSN 2542-4351 (https://www.worldcat.org/issn/2542-4351). S2CID 247143939 (https://api.se
manticscholar.org/CorpusID:247143939).
7. Newburger, Emma (8 September 2022). "Crypto mining could hinder U.S. ability to battle
climate change, White House says" (https://www.cnbc.com/2022/09/08/crypto-mining-could-hin
der-battle-against-climate-change-white-house.html). CNBC. Retrieved 15 January 2024.
8. S., L. (2 November 2015). "Who is Satoshi Nakamoto?" (https://www.economist.com/the-econo
mist-explains/2015/11/02/who-is-satoshi-nakamoto). The Economist.
9. 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.
Archived (https://web.archive.org/web/20141101014157/http://www.newyorker.com/magazine/2
011/10/10/the-crypto-currency) from the original on 1 November 2014. Retrieved 31 October
2014.
10. Antonopoulos, Andreas M. (2014). Mastering Bitcoin: Unlocking Digital Crypto-Currencies.
O'Reilly Media. ISBN 978-1-4493-7404-4.
11. 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-bit
coin-184903784.html). Yahoo Finance. Archived (https://web.archive.org/web/2018061214112
8/https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903
784.html) from the original on 12 June 2018. Retrieved 7 June 2018.
12. 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/publicatio
n/332118587). Journal of Management Information Systems. 36 (1): 65.
doi:10.1080/07421222.2018.1550550 (https://doi.org/10.1080%2F07421222.2018.1550550).
ISSN 0742-1222 (https://www.worldcat.org/issn/0742-1222). S2CID 132398387 (https://api.se
manticscholar.org/CorpusID:132398387).
13. Narayanan, Arvind; Clark, Jeremy (27 November 2017). "Bitcoin's academic pedigree" (https://
queue.acm.org/detail.cfm?id=3136559). Communications of the ACM. 60 (12): 36–45.
doi:10.1145/3132259 (https://doi.org/10.1145%2F3132259). ISSN 0001-0782 (https://www.worl
dcat.org/issn/0001-0782). S2CID 6425116 (https://api.semanticscholar.org/CorpusID:6425116).
14. Tschorsch, Florian; Scheuermann, Bjorn (2 March 2016). "Bitcoin and Beyond: A Technical
Survey on Decentralized Digital Currencies" (https://ieeexplore.ieee.org/document/7423672).
IEEE Communications Surveys & Tutorials. 18 (3): 2084–2123.
doi:10.1109/COMST.2016.2535718 (https://doi.org/10.1109%2FCOMST.2016.2535718).
ISSN 1553-877X (https://www.worldcat.org/issn/1553-877X). S2CID 5115101 (https://api.sema
nticscholar.org/CorpusID:5115101).
15. 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. pp. 15–18. doi:10.1007/978-3-031-02352-
1_3 (https://doi.org/10.1007%2F978-3-031-02352-1_3). ISBN 978-3-031-01224-2.
16. 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-h
istory-cryptocurrency-satoshi-nakamoto-2017-12). Business Insider. Archived (https://web.archi
ve.org/web/20180615010015/http://www.businessinsider.com/bitcoin-history-cryptocurrency-sa
toshi-nakamoto-2017-12) from the original on 15 June 2018. Retrieved 15 June 2018.
17. 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/aft
er-10-years-bitcoin-changed-everything-nothing/) from the original on 5 November 2018.
Retrieved 9 November 2018.
18. 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-wh
o-do-not-know-or-trust-each-other-build-dependable). The Economist. Archived (https://web.arc
hive.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. 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://ww
w.wired.com/magazine/2011/11/mf_bitcoin) from the original on 31 October 2013. Retrieved
13 October 2012.
20. 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-pione
er-dies-at-58.html). The New York Times. Archived (https://web.archive.org/web/20140903162
835/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.
21. 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-6
0-minutes-2019-05-16). CBS News.
22. 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/http
s://www.wired.com/2013/12/fbi-wallet/) from the original on 21 October 2016. Retrieved
7 October 2016.
23. 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-bitc
oin). MIT Technology Review.
24. Odell, Matt (21 September 2015). "A Solution To Bitcoin's Governance Problem" (https://techcr
unch.com/2015/09/21/a-solution-to-bitcoins-governance-problem/). TechCrunch. Archived (http
s://web.archive.org/web/20160126051521/http://techcrunch.com/2015/09/21/a-solution-to-bitco
ins-governance-problem/) from the original on 26 January 2016. Retrieved 24 January 2016.
25. Bustillos, Maria (1 April 2013). "The Bitcoin Boom" (https://www.newyorker.com/tech/elements/t
he-bitcoin-boom). The New Yorker. Archived (https://web.archive.org/web/20180702064450/htt
ps://www.newyorker.com/tech/elements/the-bitcoin-boom) from the original on 2 July 2018.
Retrieved 30 July 2018.
26. 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. 29 (2): 213–238. doi:10.1257/jep.29.2.213 (https://doi.org/10.1257%2Fjep.29.2.2
13).
27. 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. Archived (https://web.archive.org/w
eb/20131021203745/http://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchange
s-must-comply-with-money-laundering-laws/) from the original on 21 October 2013. Retrieved
28 July 2017.
28. 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-mone
y-seizure/). TechCrunch. Archived (https://web.archive.org/web/20131009161856/http://techcru
nch.com/2013/05/16/mt-gox-dwolla-account-money-seizure/) from the original on 9 October
2013. Retrieved 15 May 2013.
29. Sampson, Tim (2013). "U.S. government makes its first-ever Bitcoin seizure" (http://www.dailyd
ot.com/business/11-bitcoins-seized-government-dea/). The Daily Dot. Archived (https://web.arc
hive.org/web/20130712010826/http://www.dailydot.com/business/11-bitcoins-seized-governme
nt-dea/) from the original on 12 July 2013. Retrieved 15 October 2013.
30. Hill, Kashmir. "The FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road" (http
s://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/kashmirhil
l/2013/10/04/fbi-silk-road-bitcoin-seizure/) from the original on 2 May 2014.
31. 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/we
b/20131219214615/http://www.bbc.co.uk/news/technology-25428866) from the original on 19
December 2013. Retrieved 20 December 2013.
32. "China bans banks from bitcoin transactions" (https://www.smh.com.au/business/markets/curre
ncies/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html). The Sydney Morning
Herald. Reuters. 6 December 2013. Archived (https://web.archive.org/web/20140323102824/ht
tp://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.
33. "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/new
s/2013-12-07/baidu-stops-accepting-bitcoins-after-china-ban.html) from the original on 10
December 2013. Retrieved 11 December 2013.
34. "China bars use of virtual money for trading in real goods" (http://english.mofcom.gov.cn/aarticl
e/newsrelease/commonnews/200906/20090606364208.html). English.mofcom.gov.cn. 29 June
2009. Archived (https://web.archive.org/web/20131129184312/http://english.mofcom.gov.cn/aar
ticle/newsrelease/commonnews/200906/20090606364208.html) from the original on 29
November 2013. Retrieved 10 January 2014.
35. Hileman, Garrick; Rauchs, Michel. "Global Cryptocurrency Benchmarking Study" (https://www.j
bs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-glob
al-cryptocurrency-benchmarking-study.pdf) (PDF). Cambridge University. Archived (https://web.
archive.org/web/20170410130007/https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/c
entres/alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf)
(PDF) from the original on 10 April 2017. Retrieved 14 April 2017.
36. 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-15
00656084). The Wall Street Journal.
37. Selena Larson (1 August 2017). "Bitcoin split in two, here's what that means" (https://money.cn
n.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.c
nn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html) from the
original on 27 February 2018. Retrieved 2 April 2018.
38. 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-cra
sh-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09). Market Watch. Archived (htt
ps://web.archive.org/web/20180703220246/https://www.marketwatch.com/story/heres-proof-th
at-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.
39. "RMB Bitcoin trading falls below 1 pct of world total" (http://www.xinhuanet.com/english/2018-0
7/07/c_137308879.htm). Xinhuanet. Xinhua. 7 July 2018. Archived (https://web.archive.org/we
b/20180710225218/http://www.xinhuanet.com/english/2018-07/07/c_137308879.htm) from the
original on 10 July 2018. Retrieved 10 July 2018.
40. 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 (http
s://web.archive.org/web/20180704120854/https://www.reuters.com/article/us-crypto-currencies
-ciphertrace/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q
5) from the original on 4 July 2018. Retrieved 10 July 2018.
41. 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-bitcoi
n-crypto-price-prediction-b1919178.html). The Independent. Retrieved 22 November 2023.
42. Oliver Effron. "Square just bought $50 million in bitcoin" (https://www.cnn.com/2020/10/08/busi
ness/square-bitcoin-crypto-investment/index.html). CNN. Retrieved 22 October 2020.
43. Olga Kharif (11 December 2020). "169-Year-Old MassMutual Invests $100 Million in Bitcoin" (ht
tps://www.bloomberg.com/news/articles/2020-12-10/169-year-old-insurer-massmutual-invests-
100-million-in-bitcoin). Bloomberg. Retrieved 26 December 2020.
44. "PayPal says all users in US can now buy, hold and sell cryptocurrencies" (https://techcrunch.c
om/2020/11/12/paypal-says-all-users-in-u-s-can-now-buy-hold-and-sell-cryptocurrencies/).
Techcrunch. 13 November 2020. Retrieved 26 November 2020.
45. Chavez-Dreyfuss, Gertrude; Wilson, Tom (19 February 2021). "Bitcoin hits $1 trillion market
cap, surges to fresh all-time peak" (https://www.reuters.comarticle/idUSKBN2AJ0GC/).
Reuters. Retrieved 24 November 2023.
46. 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. Retrieved 15 November 2021.
47. Van Hijfte, Stijn (2020). Blockchain Platforms: A Look at the Underbelly of Distributed
Platforms. Morgan & Claypool Publishers. ISBN 978-1681738925.
48. 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-i
nvestors-11634376601). The Wall Street Journal. Retrieved 11 January 2024.
49. 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-terraus
d-ust-sinks-below-1-peg.html). CNBC.
50. 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-market
s-turmoil). The Guardian. Retrieved 19 June 2022.
51. 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.
52. 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=&collecti
on=). Journal of Tax Practice & Procedure. 25: 47.
53. 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.
Retrieved 12 January 2024.
54. 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-20
24-01-11/). Reuters. Retrieved 12 January 2024.
55. Romain Dillet (9 August 2013). "Bitcoin Ticker Available On Bloomberg Terminal For
Employees" (https://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-termina
l/). 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.
56. "Bitcoin Composite Quote (XBT)" (https://money.cnn.com/quote/quote.html?symb=XBT). CNN
Money. Archived (https://web.archive.org/web/20141027100208/https://money.cnn.com/quote/
quote.html?symb=xbt) from the original on 27 October 2014. Retrieved 2 November 2014.
57. "XBT – Bitcoin" (http://www.xe.com/currency/xbt-bitcoin). xe.com. Archived (https://web.archiv
e.org/web/20141102111801/http://www.xe.com/currency/xbt-bitcoin) from the original on 2
November 2014. Retrieved 2 November 2014.
58. Bustillos, Maria (2 April 2013). "The Bitcoin Boom" (https://www.newyorker.com/tech/elements/t
he-bitcoin-boom). The New Yorker. Archived (https://web.archive.org/web/20140727185121/htt
p://www.newyorker.com/tech/elements/the-bitcoin-boom) from the original on 27 July 2014.
Retrieved 22 December 2013.
59. "bitcoin" (https://web.archive.org/web/20150102041748/http://www.oxforddictionaries.com/defin
ition/english/bitcoin). OxfordDictionaries.com. Archived from the original (http://www.oxforddicti
onaries.com/definition/english/bitcoin) on 2 January 2015. Retrieved 28 December 2014.
60. Katie Pisa; Natasha Maguder (9 July 2014). "Bitcoin your way to a double espresso" (http://edit
ion.cnn.com/2014/06/18/business/bitcoin-your-way-to-a-double-espresso/). CNN. Archived (htt
ps://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.
61. Gervais, Arthur; Karame, Ghassan O.; Capkun, Vedran; Capkun, Srdjan (May 2014). "Is
Bitcoin a Decentralized Currency?" (https://ieeexplore.ieee.org/document/6824541). IEEE
Security & Privacy. 12 (3): 54–60. doi:10.1109/MSP.2014.49 (https://doi.org/10.1109%2FMSP.2
014.49). ISSN 1540-7993 (https://www.worldcat.org/issn/1540-7993). S2CID 13948781 (https://
api.semanticscholar.org/CorpusID:13948781).
62. "The great chain of being sure about things" (https://www.economist.com/briefing/2015/10/31/t
he-great-chain-of-being-sure-about-things). The Economist. 31 October 2015.
63. "Blockchain Networks: Token Design and Management Overview" (https://nvlpubs.nist.gov/nist
pubs/ir/2021/NIST.IR.8301.pdf) (PDF). National Institute of Standards Technology (NIST).
p. 32. Retrieved 29 December 2022.
64. Sparkes, Matthew (9 June 2014). "The coming digital anarchy" (https://www.telegraph.co.uk/te
chnology/news/10881213/The-coming-digital-anarchy.html). The Daily Telegraph. Archived (htt
ps://web.archive.org/web/20150123190900/http://www.telegraph.co.uk/technology/news/10881
213/The-coming-digital-anarchy.html) from the original on 23 January 2015. Retrieved
7 January 2015.
65. 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 (https://api.semanticschol
ar.org/CorpusID:2794725).
66. "Man Throws Away 7,500 Bitcoins, Now Worth $7.5 Million" (http://washington.cbslocal.com/20
13/11/29/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.
67. 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-153
0798731). The Wall Street Journal. Archived (https://web.archive.org/web/20180709010939/htt
ps://www.wsj.com/articles/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-153079
8731) from the original on 9 July 2018. Retrieved 8 July 2018.
68. 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.
69. 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.co
m/investigates/special-report/bitcoin-gox/) from the original on 29 August 2019. Retrieved
6 September 2018.
70. Mingxiao, Du; Xiaofeng, Ma; Zhe, Zhang; Xiangwei, Wang; Qijun, Chen (5–8 October 2017). A
review on consensus algorithm of blockchain (https://ieeexplore.ieee.org/document/8123011).
2017 IEEE International Conference on Systems, Man, and Cybernetics (SMC). Banff, AB,
Canada: IEEE. pp. 2567–2572. doi:10.1109/SMC.2017.8123011 (https://doi.org/10.1109%2FS
MC.2017.8123011). ISBN 978-1-5386-1645-1.
71. "Bitcoin boom benefiting TSMC: report" (http://www.taipeitimes.com/News/biz/archives/2014/0
1/04/2003580449). Taipei Times. 4 January 2014.
72. 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/20
13-11-14/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race). BusinessWeek. Archived
from the original (http://www.businessweek.com/articles/2013-11-14/2014-outlook-bitcoin-minin
g-chips-a-high-tech-arms-race) on 21 November 2013. Retrieved 24 November 2013.
73. 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.
74. 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/under
standing-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin/). Computerworld.
Archived (https://web.archive.org/web/20160906171838/http://www.computerworld.com.au/arti
cle/606253/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin/)
from the original on 6 September 2016. Retrieved 5 September 2016.
75. Stoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich; Neumüller, Alexander (June 2023).
Climate Impacts of Bitcoin Mining in the U.S. (https://www.jstor.org/stable/resrep51839)
(Report). Working Paper Series. MIT Center for Energy and Environmental Policy Research.
76. Messina, Irene (31 August 2023). "Bitcoin electricity consumption: an improved assessment" (h
ttps://www.jbs.cam.ac.uk/2023/bitcoin-electricity-consumption). Cambridge Judge Business
School. Retrieved 7 September 2023.
77. de Vries, Alex; Gallersdörfer, Ulrich; Klaaßen, Lena; Stoll, Christian (16 March 2022).
"Revisiting Bitcoin's carbon footprint" (https://doi.org/10.1016%2Fj.joule.2022.02.005). Joule. 6
(3): 499. doi:10.1016/j.joule.2022.02.005 (https://doi.org/10.1016%2Fj.joule.2022.02.005).
ISSN 2542-4351 (https://www.worldcat.org/issn/2542-4351). S2CID 247143939 (https://api.se
manticscholar.org/CorpusID:247143939).
78. 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/2021/09/0
3/climate/bitcoin-carbon-footprint-electricity.html). The New York Times. ISSN 0362-4331 (http
s://www.worldcat.org/issn/0362-4331).
79. de Vries, Alex; Stoll, Christian (December 2021). "Bitcoin's growing e-waste problem" (https://w
ww.sciencedirect.com/science/article/pii/S0921344921005103). Resources, Conservation and
Recycling. 175: 105901. doi:10.1016/j.resconrec.2021.105901 (https://doi.org/10.1016%2Fj.res
conrec.2021.105901). ISSN 0921-3449 (https://www.worldcat.org/issn/0921-3449).
S2CID 240585651 (https://api.semanticscholar.org/CorpusID:240585651).
80. Simonite, Tom (5 September 2013). "Mapping the Bitcoin Economy Could Reveal Users'
Identities" (https://www.technologyreview.com/2013/09/05/176558/mapping-the-bitcoin-econom
y-could-reveal-users-identities/). MIT Technology Review. Retrieved 2 April 2014.
81. Lee, Timothy (21 August 2013). "Five surprising facts about Bitcoin" (https://www.washingtonpo
st.com/news/the-switch/wp/2013/08/21/five-surprising-facts-about-bitcoin-2). The Washington
Post.
82. McMillan, Robert (6 June 2013). "How Bitcoin lets you spy on careless companies" (https://ww
w.wired.com/2013/06/bitcoin-retai/). Wired UK. Archived (https://web.archive.org/web/2014020
9202222/http://www.wired.co.uk/news/archive/2013-06/06/bitcoin-retail) from the original on 9
February 2014. Retrieved 3 April 2020.
83. 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:10.1007/978-3-
030-03251-7_29 (https://doi.org/10.1007%2F978-3-030-03251-7_29). ISBN 978-3-030-03250-
0.
84. 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. ISBN 978-1-4799-1158-5. Archived (https://w
eb.archive.org/web/20180626110754/https://maltemoeser.de/paper/money-laundering.pdf)
(PDF) from the original on 26 June 2018. Retrieved 19 June 2019.
85. Serwer, Adam; Liebelson, Dana (10 April 2013). "Bitcoin, Explained" (https://www.motherjones.
com/politics/2013/04/what-is-bitcoin-explained). Mother Jones. Archived (https://web.archive.or
g/web/20140427022315/https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explaine
d) from the original on 27 April 2014. Retrieved 26 April 2014.
86. Vigna, Paul (17 January 2016). "Is Bitcoin Breaking Up?" (https://www.wsj.com/articles/is-bitcoi
n-breaking-up-1453044493). The Wall Street Journal. Archived (https://web.archive.org/web/20
160820144312/http://www.wsj.com/articles/is-bitcoin-breaking-up-1453044493) from the
original on 20 August 2016. Retrieved 8 November 2016.
87. 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:10.1145/2664243.2664267 (https://doi.org/10.1145%2F2664243.2664267). ISBN 978-
1-4503-3005-3. S2CID 9161497 (https://api.semanticscholar.org/CorpusID:9161497).
88. Barhydt, Bill (4 June 2014). "3 reasons Wall Street can't stay away from bitcoin" (https://www.c
nbc.com/2014/06/04/3-reasons-wall-street-cant-stay-away-from-bitcoin.html). CNBC.
89. Roberts, Daniel (15 December 2017). "How to send bitcoin to a hardware wallet" (https://financ
e.yahoo.com/news/send-bitcoin-hardware-wallet-140141385.html). Yahoo Finance. Archived (h
ttps://web.archive.org/web/20180217142235/https://finance.yahoo.com/news/send-bitcoin-hard
ware-wallet-140141385.html) from the original on 17 February 2018. Retrieved 17 February
2018.
90. Mike Orcutt (19 May 2015). "Leaderless Bitcoin Struggles to Make Its Most Crucial Decision" (h
ttps://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-cruci
al-decision/). MIT Technology Review. Retrieved 15 November 2016.
91. 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-cru
cial-decision/). MIT Technology Review. Archived (https://wayback.archive-it.org/all/201710180
75515/https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-m
ost-crucial-decision/) from the original on 18 October 2017. Retrieved 22 June 2017.
92. 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 (https://doi.org/10.1109%2Fcomst.2016.2535718).
S2CID 5115101 (https://api.semanticscholar.org/CorpusID:5115101).
93. 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 (ht
tps://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.
94. European Central Bank (2012). Virtual Currency Schemes (http://www.ecb.europa.eu/pub/pdf/o
ther/virtualcurrencyschemes201210en.pdf) (PDF). European Central Bank. doi:10.2866/47380
(https://doi.org/10.2866%2F47380). ISBN 978-92-899-0862-7. OCLC 1044382974 (https://ww
w.worldcat.org/oclc/1044382974). Archived (https://web.archive.org/web/20121106053452/htt
p://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) (PDF) from the
original on 6 November 2012.
95. Dodd, Nigel (May 2018). "The Social Life of Bitcoin" (https://eprints.lse.ac.uk/69229/1/Dodd_Th
e%20social%20life%20of%20Bitcoin_author_2017%20LSERO.pdf) (PDF). Theory, Culture &
Society. 35 (3): 35–56. doi:10.1177/0263276417746464 (https://doi.org/10.1177%2F02632764
17746464). ISSN 0263-2764 (https://www.worldcat.org/issn/0263-2764). S2CID 51914607 (htt
ps://api.semanticscholar.org/CorpusID:51914607).
96. "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.
97. 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.o
rg/web/20180701222302/https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideol
ogy.html) from the original on 1 July 2018. Retrieved 1 July 2018.
98. 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.businessinside
r.com/news/currencies/paul-krugman-crypto-bitcoin-price-bubble-crime-cbdc-desantis-banks-2
023-5). Business Insider.
 99. "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 (ht
tps://web.archive.org/web/20140325085119/http://www.economist.com/news/finance-and-econ
omics/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money) from the
original on 25 March 2014. Retrieved 25 March 2014.
100. "The magic of mining" (https://www.economist.com/news/business/21638124-minting-digital-cu
rrency-has-become-big-ruthlessly-competitive-business-magic). The Economist. 13 January
2015. Archived (https://web.archive.org/web/20150112165531/http://www.economist.com/new
s/business/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business
-magic) from the original on 12 January 2015. Retrieved 13 January 2015.
101. Shiller, Robert (1 March 2014). "In Search of a Stable Electronic Currency" (https://www.nytime
s.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/2014/0
3/02/business/in-search-of-a-stable-electronic-currency.html) from the original on 24 October
2014.
102. Velde, François (December 2013). "Bitcoin: A primer" (https://www.chicagofed.org/digital_asset
s/publications/chicago_fed_letter/2013/cfldecember2013_317.pdf) (PDF). Chicago Fed letter.
Federal Reserve Bank of Chicago. p. 4. Archived (https://web.archive.org/web/2014102606525
4/http://www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2013/cfldecember20
13_317.pdf) (PDF) from the original on 26 October 2014. Retrieved 3 September 2016.
103. Wile, Rob (6 April 2014). "St. Louis Fed Economist: Bitcoin Could Be A Good Threat To Central
Banks" (http://www.businessinsider.com/interview-with-david-andolfatto-2014-4). Business
Insider. Archived (https://web.archive.org/web/20150924095030/http://www.businessinsider.co
m/interview-with-david-andolfatto-2014-4) from the original on 24 September 2015. Retrieved
16 April 2014.
104. Weindling, Jacob (18 September 2017). "China May Be Gearing Up to Ban Bitcoin" (https://ww
w.pastemagazine.com/politics/bitcoin/china-may-be-gearing-up-to-ban-bitcoin). Paste.
105. Lavin, Tim (8 August 2013). "The SEC Shows Why Bitcoin Is Doomed" (http://www.bloombergv
iew.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-). 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.
106. 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-critici
zes-bitcoin.html). CNBC. Archived (https://web.archive.org/web/20180711200915/https://www.c
nbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html) from
the original on 11 July 2018. Retrieved 11 July 2018.
107. "Regulation of Cryptocurrency Around the World: November 2021 Update" (https://tile.loc.gov/s
torage-services/service/ll/llglrd/2021687419/2021687419.pdf) (PDF). United States Library of
Congress.
108. Murphy, Hannah (8 June 2018). "Who really owns bitcoin now?" (https://www.ft.com/content/29
259448-69b3-11e8-b6eb-4acfcfb08c11). Financial Times. Archived (https://web.archive.org/we
b/20180610051316/https://www.ft.com/content/29259448-69b3-11e8-b6eb-4acfcfb08c11) from
the original on 10 June 2018. Retrieved 10 June 2018.
109. "Monetarists Anonymous" (https://www.economist.com/finance-and-economics/2012/09/29/mo
netarists-anonymous). The Economist. 29 September 2012. ISSN 0013-0613 (https://www.worl
dcat.org/issn/0013-0613). Retrieved 22 November 2023.
110. Ball, James (22 March 2013). "Silk Road: the online drug marketplace that officials seem
powerless to stop" (https://www.theguardian.com/world/2013/mar/22/silk-road-online-drug-mar
ketplace). The Guardian. ISSN 0261-3077 (https://www.worldcat.org/issn/0261-3077).
Retrieved 22 November 2023.
111. Katz, Lily (12 July 2017). "Bitcoin Acceptance Among Retailers Is Low and Getting Lower" (http
s://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-a
nd-getting-lower). Bloomberg News. Archived (https://web.archive.org/web/20180125204553/ht
tps://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.
112. 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-keep
s-falling-even-as-volatility-eases). Bloomberg News. Archived (https://web.archive.org/web/201
80802073219/https://www.bloomberg.com/news/articles/2018-08-01/bitcoin-s-use-in-commerc
e-keeps-falling-even-as-volatility-eases) from the original on 2 August 2018. Retrieved
2 August 2018.
113. 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-c
ost-international-money-transfers). South China Morning Post. Archived (https://web.archive.or
g/web/20190531060301/https://www.scmp.com/lifestyle/technology/article/1679904/bitcoin-tran
sactions-cut-cost-international-money-transfers) from the original on 31 May 2019. Retrieved
31 May 2019.
114. "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. Retrieved 30 November 2021.
115. "IMF urges El Salvador to remove Bitcoin as legal tender" (https://www.bbc.co.uk/news/world-l
atin-america-60135552). BBC News. 26 January 2022.
116. 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 (https://doi.org/10.3386%2Fw29968).
117. "Bitcoin Declared Legal Currency in Central African Republic" (https://www.bloomberg.com/ne
ws/articles/2022-04-28/bitcoin-is-declared-a-legal-currency-in-central-african-republic-l2isppn
b). Bloomberg. 28 April 2022. Retrieved 28 April 2022.
118. "Frequently Asked Questions on Central African Republic" (https://www.imf.org/en/Countries/C
AF/central-african-republic-qandas). International Monetary Fund. Retrieved 11 August 2023.
119. Rasool, Mohammed (3 November 2020). "Iran Is Pivoting to Bitcoin" (https://www.vice.com/en/
article/qjppx3/iran-bitcoin-us-sanctions). Vice.
120. "Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports" (http
s://english.aawsat.com/home/article/2596686/iran-new-crypto-law-requires-selling-bitcoin-direc
tly-central-bank-fund-imports). Asharq Al-Awsat. 31 October 2020.
121. 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-cryptocurr
ency-taxes/). The Denver Post.
122. " 'Crypto Valley' canton to accept Bitcoin for tax payments" (https://www.swissinfo.ch/eng/busin
ess/-crypto-valley--canton-to-accept-bitcoin-for-tax-payments/46010364). SWI swissinfo. 3
September 2020.
123. "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/2014071021191
7/http://www.bbc.com/news/world-europe-jersey-28247796) from the original on 10 July 2014.
Retrieved 10 July 2014.
124. "Chicago Mercantile Exchange jumps into bitcoin futures" (https://www.cbsnews.com/news/chic
ago-mercantile-exchange-jumps-into-bitcoin-futures/). CBS News. 18 December 2017.
Archived (https://web.archive.org/web/20190531054602/https://www.cbsnews.com/news/chica
go-mercantile-exchange-jumps-into-bitcoin-futures/) from the original on 31 May 2019.
Retrieved 31 May 2019.
125. 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-bitc
oins-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-switc
h/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-mill
ion/) from the original on 6 July 2017. Retrieved 11 August 2017.
126. 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-el
on-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b). The Wall Street
Journal. Retrieved 19 November 2023.
127. Ostroff, Caitlin; Elliott, Rebecca (8 February 2021). "Tesla Buys $1.5 Billion in Bitcoin" (https://w
ww.wsj.com/articles/tesla-buys-1-5-billion-in-bitcoin-11612791688). The Wall Street Journal.
ISSN 0099-9660 (https://www.worldcat.org/issn/0099-9660). Retrieved 22 November 2023.
128. 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-sha
re-of-the-cryptocurrencys-wealth-11639996204). Wall Street Journal. ISSN 0099-9660 (https://
www.worldcat.org/issn/0099-9660).
129. Cota, Isabella (2 September 2023). "Two years of bitcoin in Bukele's El Salvador: An opaque
experiment with a little-used currency" (https://english.elpais.com/international/2023-09-02/two-
years-of-bitcoin-in-bukeles-el-salvador-an-opaque-experiment-with-a-little-used-currency.html).
El País.
130. Gandal, Neil; Hamrick, J.T.; Moore, Tyler; Oberman, Tali (May 2018). "Price manipulation in the
Bitcoin ecosystem" (https://doi.org/10.1016%2Fj.jmoneco.2017.12.004). Journal of Monetary
Economics. 95: 86–96. doi:10.1016/j.jmoneco.2017.12.004 (https://doi.org/10.1016%2Fj.jmone
co.2017.12.004). S2CID 26358036 (https://api.semanticscholar.org/CorpusID:26358036).
131. Griffin, John M.; Shams, Amin (August 2020). "Is Bitcoin Really Untethered?" (https://doi.org/1
0.1111%2Fjofi.12903). The Journal of Finance. 75 (4): 1913–1964. doi:10.1111/jofi.12903 (http
s://doi.org/10.1111%2Fjofi.12903). ISSN 0022-1082 (https://www.worldcat.org/issn/0022-1082).
S2CID 229576274 (https://api.semanticscholar.org/CorpusID:229576274).
132. Popper, Nathaniel (13 June 2018). "Bitcoin's Price Was Artificially Inflated Last Year,
Researchers Say" (https://www.nytimes.com/2018/06/13/technology/bitcoin-price-manipulation.
html). The New York Times. Archived (https://web.archive.org/web/20180613100732/https://ww
w.nytimes.com/2018/06/13/technology/bitcoin-price-manipulation.html) from the original on 13
June 2018. Retrieved 13 June 2018.
133. 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-outlaw
ed-nobel-prize-winner-stiglitz-says-jal10hxd). Bloomberg News. Archived (https://web.archive.o
rg/web/20180612224313/https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-t
o-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."
134. Authers, John (9 June 2021). "Don't Call Bitcoin a Bubble. It's an Epidemic" (https://www.bloom
berg.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.bloomber
g.com/opinion/articles/2021-06-09/don-t-call-bitcoin-a-bubble-it-s-an-epidemic) from the
original on 10 June 2021.
135. 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:10.1016/j.irfa.2018.07.010 (https://doi.org/10.1016%2Fj.irfa.2018.07.010).
S2CID 158400153 (https://api.semanticscholar.org/CorpusID:158400153).
136. 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 (https://doi.org/10.3905%2Fj
ai.2022.1.153). ISSN 1520-3255 (https://www.worldcat.org/issn/1520-3255). S2CID 247843794
(https://api.semanticscholar.org/CorpusID:247843794).
137. 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.
138. 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-f
or-crypto-noobs-quicktake). Bloomberg. Retrieved 1 December 2020.
139. Clinch, Matt (10 March 2014). "Roubini launches stinging attack on bitcoin" (https://www.cnbc.c
om/2014/03/10/nches-stinging-attack-on-bitcoin.html). CNBC.
140. "This Billionaire Just Called Bitcoin a 'Pyramid Scheme' " (https://fortune.com/2017/07/27/howa
rd-marks-bitcoin-pyramid-scheme). Fortune. Archived (https://web.archive.org/web/201709240
45918/http://fortune.com/2017/07/27/howard-marks-bitcoin-pyramid-scheme/) from the original
on 24 September 2017. Retrieved 23 September 2017.
141. Ott Ummelas; Milda Seputyte (31 January 2014). "Bitcoin 'Ponzi' Concern Sparks Warning
From Estonia Bank" (https://www.bloomberg.com/news/2014-01-30/bitcoin-ponzi-scheme-worr
y-sparks-estonia-central-bank-caution.html). Bloomberg News. Archived (https://web.archive.or
g/web/20140329214501/http://www.bloomberg.com/news/2014-01-30/bitcoin-ponzi-scheme-w
orry-sparks-estonia-central-bank-caution.html) from the original on 29 March 2014. Retrieved
1 April 2014.
142. Posner, Eric (11 April 2013). "Fool's Gold" (https://slate.com/news-and-politics/2013/04/bitcoin-i
s-a-ponzi-scheme-the-internet-currency-will-collapse.html). Slate. ISSN 1091-2339 (https://ww
w.worldcat.org/issn/1091-2339). Retrieved 22 November 2023.
143. 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. doi:10.2867/11329 (https://doi.org/10.2867%2F11329). ISBN 978-92-861-
4184-3.

Further reading
Nakamoto, Satoshi (31 October 2008). "Bitcoin: A Peer-to-Peer Electronic Cash System" (http
s://bitcoin.org/bitcoin.pdf) (PDF). bitcoin.org. Archived (https://web.archive.org/web/201403201
35003/https://bitcoin.org/bitcoin.pdf) (PDF) from the original on 20 March 2014. Retrieved
28 April 2014.

Retrieved from "https://en.wikipedia.org/w/index.php?title=Bitcoin&oldid=1195811696"