Difference between revisions of "Bitcoin"

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[http://www.bitcoin.org/ Bitcoin] is an open source [[peer-to-peer]] ({{tag|P2P}}) electronic cash system that's completely {{tag|decentralised}}, with no central server, trusted authorities or middle men. The availability of bitcoins can't be manipulated by governments or financial institutions. Bitcoin already has a number of exchanges for converting to and from other currencies; [http://www.bitcoinfx.cz.cc/ BitcoinFX], [http://newlibertystandard.wetpaint.com/ New Liberty Standard], [https://www.bitcoinexchange.com/ Bitcoin Exchange] and [https://www.bitcoinmarket.com/ Bitcoin Market].
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{{#ev:youtube|ZKwqNgG-Sv4|300|right}}[http://www.bitcoin.org/ Bitcoin] is an open source [[peer-to-peer]] electronic cash system that's completely decentralised, with no central server, trusted authorities or middle men. The availability of bitcoins can't be manipulated by governments or financial institutions.
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Bitcoin is the first truly decentralised currency and has paved the way for hundreds more to compete together in [[w:Cipherspace|Cipherspace]] over the coming years. This is one of the key factors in the transition of global society into the post-nation-state economy talked about in books like [[The Sovereign Individual]] and which is coming to be known by [[Agorism|agorists]] as [[The Second Realm]].
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The value of the bitcoin approximately depends on the size of the network, and essentially gives you a 1 / 21000000 share in the value that can come out of this network and its ability to facilitate trade. When gold was the dominant currency, it seemed that it represented physical value while bitcoin is a looking glass that shows us what money really is: ''social value''.
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Bitcoin is the first online currency to solve the so-called “[[w:Double-spending|double spending]]” problem without resorting to a third-party intermediary. The key is distributing the database of transactions across a peer-to-peer network. This allows a record to be kept of all transfers, so the same cash can’t be spent twice–because it’s distributed (a lot like BitTorrent), there’s no central authority. This makes digital bitcoins like cash dollars or euros: Hand them over directly to a payee, and you don’t have them any more, all without the help of a third party.
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You can find a couple of good introductions to bitcoin are [https://visual.ly/community/videographic/economy/bitcoin-explained here] and [http://bitcoinbytes.blogspot.co.uk/2012/04/what-is-bitcoin.html here].
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[[File:Bitcoin-225.png|right]]Bitcoin may last for years and become a popular global currency, or it could be just a flash in the pan, but either way I think this is an important sign of the times to come. This is one of the first truly decentralised currencies and has paved the way for hundreds more to compete together in the new arena of [[w:Cipherspace|Cipherspace]] over the coming years. This is one of the key factors in the transition of global society into the post-nation-state economy talked about in [[The Sovereign Individual]].
 
 
== How it works ==
 
== How it works ==
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In a p2p computer network there are no servers, the entire network is composed of users running instances of the application on their computers. Each running instance offers a small amount of processing and storage resource to the network so that it can deliver the services it was designed for such as redundant storage, anonymity or voice-over-IP applications.
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<div style="float:right;margin-left:15px">{{#ev:youtube|Lx9zgZCMqXE|350}}</div>In a p2p computer network there are no servers, the entire network is composed of users running instances of the application on their computers. Each running instance offers a small amount of processing and storage resource to the network so that it can deliver the services it was designed for such as redundant storage, anonymity or voice-over-IP applications.
  
 
In the case of a p2p currency system, some of the services the network is designed to offer are privacy, verification, authentication, currency creation and transfer of ownership. To ensure a reliable and tamper-proof system requires a lot of resource, and that amount is proportional to the amount of coins in the network. The network is able to pay the users for the resource they offer by making the coin-creation process part of the network protocol itself instead of being handled by a central trusted authority. This creates a natural and incorruptible link between the supply of currency in the network and the demand for it.
 
In the case of a p2p currency system, some of the services the network is designed to offer are privacy, verification, authentication, currency creation and transfer of ownership. To ensure a reliable and tamper-proof system requires a lot of resource, and that amount is proportional to the amount of coins in the network. The network is able to pay the users for the resource they offer by making the coin-creation process part of the network protocol itself instead of being handled by a central trusted authority. This creates a natural and incorruptible link between the supply of currency in the network and the demand for it.
  
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Even aside from the ability to exchange bitcoins for other currencies, it still makes a very useful tool for independent organisations and groups because it allows them to trade and settle accounts amongst themselves independently and privately. It effectively gives them a "bank" that has a trustworthy system of accounts that can't be tampered with and requires no corruptible central authority to operate. See the [{{SERVER}}/files/8/89/Bitcoin.pdf Bitcoin Whitepaper] for more detail about how it works.
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Even aside from the ability to exchange bitcoins for other currencies, it still makes a very useful tool for independent organisations and groups because it allows them to trade and settle accounts amongst themselves independently and privately. It effectively gives them a "bank" that has a trustworthy system of accounts that can't be tampered with and requires no corruptible central authority to operate. See the following links for more detailed information about how it works.
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*[{{SERVER}}/files/8/89/Bitcoin.pdf The Bitcoin Whitepaper] ''- the original paper by Satoshi Nakamoto (you may want to learn about [[hash]]ing before reading this)''
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*[http://nakamotoinstitute.org/ The Satoshi Nakamoto Institute]
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*[https://whitepaper.coinspice.io/ Cartoon explanation of how it works]
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*[http://visual.ly/bitcoin-explained Video about how it works for beginners]
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*[http://prezi.com/eoj7ku9-g_y1/bitcoin-p2p-currency-for-bezadis/ Bitcoin - P2P currency for Bezadis] ''- good Prezi about bitcoin''
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*<s>[http://bitcoinweekly.com/articles/bitcoin-what-is-it Bitcoin Weekly's "What Bitcoin Is"]</s>
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*[http://www.technologyreview.com/computing/37619/page1/ What Bitcoin Is, and Why It Matters] ''- article in Technology Review, published by MIT press''
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*[http://www.youtube.com/watch?v=iKVbb4Ci2kg What is Bitcoin? (YouTube)]
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*[http://www.youtube.com/watch?v=pcchQs2YDZ0 Stefan Molyneux on RT: Bitcoins: digital currency of the future?] ''- a very nice layman's explanation of Bitcoin''
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*<s>[http://actiontheory.liberty.me/2014/09/19/bitcoin-magic-fraud-or-sufficiently-advanced-technology/ Good article about how it works for the general public]</s> ''- register or pay or something''
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*[http://www.imponderablethings.com/2013/07/how-bitcoin-works-under-hood.html How Bitcoin works under the hood]
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*[http://www.michaelnielsen.org/ddi/how-the-bitcoin-protocol-actually-works/ How the Bitcoin protocol actually works] ''- starting from the real basics''
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*[https://en.bitcoin.it/wiki/Category:Technical Bitcoin Wiki technical category]
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*[https://www.youtube.com/watch?v=Em8nJN8IEes Transactions explained in detail (video - 2 parts)] ''- see also [https://medium.com/verifyas/the-process-of-bitcoins-transactions-38cda18a2a83 this] quick description''
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*[https://www.youtube.com/watch?v=CGLqsaNGLso Blocks explained in detail (video)]
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*<s>[https://bitcoinfoundation.org/2014/10/a-scalability-roadmap/ A scalability roadmap]</s>
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*<s>[http://blog.chain.com/post/95218566791/the-math-behind-bitcoin The math behind bitcoin]</s>
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*[http://bitstein.org/blog/nick-szabo-the-computer-science-of-crypto-currency/ Good reading list by [https://twitter.com/NickSzabo4 Nick Szabo]
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Bitcoin was born on January 3rd, 2009, at 6:15PM Greenwich Mean Time, which is when Satoshi Nakamoto mined the first 50 coins, known as the "genesis block."
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*[https://bitcoinmagazine.com/articles/segregated-witness-part-how-a-clever-hack-could-significantly-increase-bitcoin-s-potential-1450553618 How Segregated Witness works] ''- segregated witness is a new potential addition to the bitcoin protocol to increase security and scalability (part 1 of 3)''
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*[https://bitcoin.org/en/bitcoin-core/capacity-increases-faq Segregated Witness FAQ]
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*[http://bitzuma.com/posts/five-ways-to-lose-money-with-bitcoin-change-addresses/ Understanding change addresses] (see also [https://www.emurgo.io/en/blog/blockchain-primer-cardanos-utxo-model-simply-explained this] apple tree analogy)
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*[https://bitcointechtalk.com/transaction-malleability-explained-b7e240236fc7 Transaction malleability explained]
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*[https://btcmanager.com/introduction-bitcoins-scripting-language/ Introduction to Bitcoin Script]
  
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To try Bitcoin, download the [http://newlibertystandard.wetpaint.com/page/Getting+Started Bitcoin software], then once it's running, click 'Generate Coins' which will pay you bitcoins in exchange for your computer working to validate bitcoin transactions. Check the [http://newlibertystandard.wetpaint.com/page/Exchange+Rate exchange rate] to calculate how many bitcoins need to be sent. The payer can [http://newlibertystandard.wetpaint.com/page/Exchange+Rate purchase] additional bitcoins if needed. The payer's previously generated bitcoins allow for a lower out of pocket payment. The payer then sends the bitcoins to the receiver using the Bitcoin software. The receiver can then [http://newlibertystandard.wetpaint.com/page/Exchange+Rate sell] their bitcoins for dollars. The receiver's previously generated bitcoins allow a higher dollar payout.
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=== The Bitcoin Wallet ===
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The term "wallet" is actually a little bit misleading because a wallet doesn't actually contain any coins in it, all you need in order to have control over the balances your addresses hold are the private keys for those addresses (or a seed phrase that can generate key-pairs for all you addresses in the case of the popular hierarchical deterministic wallets). All the coins that have ever been created (through mining) and all the transactions that have ever happened are stored throughout the entire network (in the ''blockchain''), not in the wallets. The wallets job is to scan all those transactions to figure out the balance of any addresses you have control over.
  
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== Buying Bitcoins ==
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the wallet also gives you the ability to create new transactions to send any portion of balance you control to other public bitcoin addresses. A public bitcoin address is the address you show to other people in order for them to send you money is the public half of one of the private keys in your wallet. Once a new transaction is created, our wallet signs it with your private keys and then it's broadcast around the network to eventually be validated (to ensure that the signor really does have control of enough balance to do the transaction) and included in a block in the chain.
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Buying Bitcoins is more difficult than expected considering that there's so many people trying to buy them. The reason is because Bitcoins more closely resemble cash than they do credit. This is because the transactions are irreversible whereas credit cards, Paypal and many other electronic forms of credit can be reversed up to six months later. To make matters worse, PayPal and most credit card company's have reversed many Bitcoin transactions because they consider Bitcoin to be a fraudulent operation. So the bottom line is that buying Bitcoins needs to be done with a solid irreversible form of currency such as cash in person or posting a cheque.
 
  
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== Mining Bitcoins ==
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I think what makes this a concept that's really hard for people to really "get" is that the bitcoin addresses (and their associated private keys) don't have a solid existence anywhere in the block chain. The blockchain only consists of transactions that refer to addresses by specifying how the mined coins are distributed among them all. There are no checks done to see whether those addresses have actually been created though. You can create a new address completely off-line and write it down so it exists nowhere except on a piece of paper, and transactions can direct bitcoin to that address just fine. As long as you have the private key for that address, you can choose to access it and spend the money one day - this is how a [[paper wallet]] works.
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*[http://www.weusecoins.com/mining-guide.php Bitcoin mining guide]
 
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*[http://en.bitcoin.it/wiki/Mining_hardware_comparison Mining hardware comparison]
 
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*[http://174.143.149.98/smf/index.php?action=printpage;topic=8543.0 FPGA vs GPU]
 
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*[http://www.linuxcoin.co.uk/wiki/ LinuxCoin wiki]
 
  
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== The Bitcoin Wallet ==
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The job of the wallets is to scan the blockchain to find the balances that exist in the addresses you've assigned to the wallet, but every wallet is just figuring out this information for themselves and forming their own local opinion of the state of balances. When you create a transaction, it is added to a block only if the miner also agrees with your wallet's "opinion" that the transaction can work.
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Bitcoins are not simply an account balance stored somewhere like a Paypal or Amazon account balance, they're in the form of actual binary which you look after in a safe place on your own hard-drive, or delegate the responsibility to a third party like [http://www.tradehill.com TradeHill] or [http://www.mtgox.com MtGox]. It's therefore important to [https://en.bitcoin.it/wiki/Securing_your_wallet Ensure your wallet is secure] in terms of being backed up in other physical locations, and in terms of privacy.
 
  
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This is a problem because its actually very difficult for an average end-user to know how to keep information both physically distributed and safe from unwanted access. If people knew you had a lot of Bitcoins how confident are that it would be impervious to a dedicated hacker? We need to ensure that full control of our private information is in our own hands, but we also need to take advantage of distributed storage. Digital cash makes this issue all the more important, and it's only [[peer-to-peer network]] that really has the answer to these requirements.
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*Our current favourite deterministic wallets are [https://electrum.org Electrum] for BTC only and [https://www.exodus.io/ Exodus] for multi-currency
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*[http://bitzuma.com/posts/six-things-bitcoin-users-should-know-about-private-keys/ 6 things you should know about bitcoin private keys]
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*[[Paper wallet]] ''- how to store your wallet information on paper''
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*[[Bitcoin/Migrating your wallet from Bitcoin-qt to Multibit|Migrating your wallet from Bitcoin-qt to Multibit]]
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*[https://en.bitcoin.it/wiki/Wallet_Security_Dos_and_Don%27ts_%28Windows%29 Wallet do's & don'ts]
  
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== Extending Bitcoin functionality ==
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== Bitcoin stats, charts & tools ==
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Bitcoin could become a multipurpose network by adding additional information to coin blocks, for example [[NameCoin]] extends the network to provide a distributed DNS alternative. Similar things could be done to provide distributed authentication and a distributed [[ontology]] for shared knowledge and organisation.
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*[http://blockchain.info BlockChain.info] ''- charts, statistics and block explorer for the bitcoin blockchain''
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*[http://bitcointalk.org/?topic=1283.0 How to make a distributed escrow service] ''- a comment by Satoshi Nakamoto in 2010 from the Bitcoin forum''
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*[https://www.biteasy.com BitEasy] ''- another good block explorer''
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*[[The Network]] ''- the p2p network we're architecting''
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*[http://statoshi.info/ Statoshi.info] ''- realtime bitcoin node stats''
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*[https://en.bitcoin.it/wiki/Bitcoin_Improvement_Proposals Improvement proposals]
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*[http://bitcoinfees.21.co/ BitcoinFees.21.co] ''- good fee/delay prediction chart''
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**[https://en.bitcoin.it/wiki/Smart_Property Smart property] (could also be used to track [[Cryptographic True-cost accounting|'true-cost' accounting]]!)
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*[https://btc.com/stats/unconfirmed-tx BTC.com/stats] ''- good selection of stats including optimal fee''
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**[https://en.bitcoin.it/wiki/Contracts Distributed contracts]
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*[https://brain-wallet.org/ BrainWallet] ''- make paper wallets, sign and verify messages and more (see also [https://tools.bitcoin.com/verify-message/ bitcoin.com message verification])''
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*[http://bitbills.com/ Bitbills] - the first and only bitcoins in physical form.
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*[http://bitcoinwisdom.com/ BitcoinWisdom] ''- awesome chart service covering many currencies and exchanges''
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*[http://cryptowat.ch/btce/btcusd/1hr CryptoWatch] ''- another excellent chart''
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*[http://bitcoin-analytics.com/ Bitcoin Analytics] ''- excellent charts and reports''
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*[http://bitcoinity.org/markets Bitcoinity] ''- excellent real-time price charts''
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*[http://blockchain.info/new-transactions World map of recent transactions]
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*[http://blockchain.info/nodes-globe?series=48hrs Global Bitcoin Nodes] ''- graphical display of the distribution of nodes''
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*[http://www.coinometrics.com Coinometrics] ''- really high-level analysis of the bitcoin economy''
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*[http://www.bitcoinwatch.com/ Bitcoin Watch]
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*[http://fiatleak.com/ Fiat Leak] ''- realtime map showing fiat currencies moving in to the Bitcoin economy''
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*[https://coin.dance/nodes/share Coin.Dance] ''- which nodes are running core or which fork''
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*[https://bitinfocharts.com BitInfoCharts.com] ''- good stats over all time and many coins''
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*[http://charts.woobull.com/bitcoin-marketcap-to-transaction-value-ratio/ Bitcoin market-cap to transaction value indicates that the mid-2017 "bubble" is no bubble]
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*[http://woobull.com/bitcoins-scaling-debate-deadlock-fueling-an-alt-coin-bubble-infographic/ Chart showing mid-2017 Alt-coin rise corresponding to Bitcoin scaling trouble]
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*[http://www.btcforkmonitor.info/ BTC fork monitor]
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*[https://transactionfee.info/charts/payments/segwit Many charts including segwit percentage]
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*<s>[http://segwit.5gbfree.com/countsegwit.html Percentage of segwit transactions per block]</s>
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*<s>[http://segwit.party/charts/ SegWit transaction percentage]</s>
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*[https://p2sh.info/dashboard/db/bech32-statistics?orgId=1 Bech32 statistics]
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*[https://explorer.acinq.co/#/ Lightning Network explorer] ''- explanation [https://medium.com/@ACINQ/releasing-our-lightning-network-explorer-93e87de150bb here]''
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*[https://lnd3.vanilla.co.za/multinodegraphs/index.html 3D lightning viewer]
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*[https://bitcoinaverage.com BitcoinAverage] ''- historical bitcoin prices across multiple currencies''
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*[https://p2sh.info/dashboard/db/home-dashboard?orgId=1 p2sh.info] ''- stats on bitcoin transactions types including segwit usage''
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*[https://jochen-hoenicke.de/queue/ Johoe's Bitcoin Mempool Statistics]
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*[https://alternative.me/crypto/fear-and-greed-index/ Fear and greed index]
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*[https://www.cryptodatadownload.com CryptoDataDownload.com] ''- historical market data from many exchanges''
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*[https://mempool.observer/monitor/ Bitcoin transaction monitor]
  
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=== Bitcoin Set To Unleash Massive Tsunami Wave Of New Development With New Features ===
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== Bitcoins working/funding ==
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Bitcoin will be more than a currency if multi-transactional features are added to the core code. Right now the developers of the crypto-currency are designing initial support for new types of transactions. What are multi-transactions? Multi-transactions allow the possibility of ‘contracts’. According the [Bitcoin Set To Unleash Massive Tsunami Wave Of New Development With New Features wiki], “A distributed contract is a method of using Bitcoin to form agreements with people via the block chain. Contracts don't make anything possible that was previously impossible, but rather they allow you to solve common problems in a way that minimizes trust.” This means services based on cryptographic trust are now possible that was previously only possible with paper, pen, and a line to sign. The new possible services that could be developed include escrow services, secured deposits, dispute mediation, assurance of goods, [https://en.bitcoin.it/wiki/Smart_Property smart property], etc. These features would eliminate the need for paper contracts in many different industries. In addition to banking, currently existing sectors that could be affected include title companies, lending services, billing services, ownership of anything digital (cars, phones, computers), home loans, car loans, funding services, etc. The cost of creating these contracts in bitcoin will be practically zero. [http://www.bitcoinblogger.com/2011/10/bitcoin-set-to-unleash-massive-tsunami.html (more...)]
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*[https://bitpatron.co BitPatreon]
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*[https://medium.com/@BtcpayServer/btcpay-crowdfunding-abbb84525d8a BTCPay crowdfunding] ''- crowdfunding app for the [[Install a BTCPay server|BTCpay server]]''
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*[https://21.co/tasks/ 21.co] '' earn bitcoin for performing small tasks''
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*[https://www.chronobank.io ChronoBank] ''- this could be the new decentralised "upwork" when it gets going''
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*[http://blog.maidsafe.net/2015/07/08/maidsafe-code-bounty-program/ MaidSafe code bounty] ''- offering $20/hr in bitcoin''
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*[https://bounty.ethdev.com Ethereum bug bounty]
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*[http://coinality.com/ Coinality] ''- this seems not to really be much to do with bitcoin...?''
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*<s>[http://www.jobs4bitcoins.com/ Jobs4Bitcoins]</s>
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*<s>[http://codeforbitcoins.com/ CodeForBitcoins]</s>
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*<s>[https://bitlancerr Bitlancerr]</s>
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*<s>[http://www.bitcoinjobs.com/ BitcoinJobs]</s>
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*[https://www.bitwage.com/ BitWage] ''- get your job payments in Bitcoin, very good for international contractors''
  
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== Understanding Bitcoin ==
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== Other projects on the blockchain ==
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*[{{SERVER}}/files/8/89/Bitcoin.pdf Bitcoin.pdf] ''- the original document by Satoshi Nakamoto''
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It has been a hot debate for years amongst the bitcoin developers as to whether or not the blockchain should allow the storage of data not related specifically to bitcoins. Even Satoshi himself weighed in on this debate saying that,
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*[http://www.youtube.com/watch?v=ygoqDBfjimM Bitcoin! - The Freedomain Radio Interview] ''- Stefan Molyneux, host of Freedomain Radio, interviews [http://www.bitcoinme.com Bruce Wagner] about the latest and greatest currency technology in the world!''
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{{quote|Piling every proof-of-work quorum system in the world into one dataset doesn't scale. Bitcoin and BitDNS can be used separately. Users shouldn't have to download all of both to use one or the other. BitDNS users may not want to download everything the next several unrelated networks decide to pile in either.|Satoshi Nakamoto}}
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*[http://www.technologyreview.com/computing/37619/page1/ What Bitcoin Is, and Why It Matters] ''- article in Technology Review, published by MIT press''
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Eventually projects started to store custom data in the blockchain in exotic ways which began to bloat the blockchain, so the developers in mid 2014 added the [http://bitzuma.com/posts/op-return-and-the-future-of-bitcoin/ OP_RETURN] opcode to the official set of executable codes which allows 40 bytes of custom data to be added to transactions. With OP_RETURN, Bitcoin's long-running debate over acceptable uses of the block chain has received some much needed clarity. Applications can now inexpensively add a 40 byte data payload to transactions using the OP_RETURN script function. On a technical level, OP_RETURN doesn't enable anything that wasn't previously possible. Instead, OP_RETURN provides a standard interface through which new services can potentially be layered onto the block chain, and a central point of focus for future work on integration tools.
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*[http://www.youtube.com/watch?v=iKVbb4Ci2kg&feature=player_profilepage What is Bitcoin? (YouTube)]
 
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*[http://www.youtube.com/watch?v=pcchQs2YDZ0 Stefan Molyneux on RT: Bitcoins: digital currency of the future?] ''- a very nice layman's explanation of Bitcoin''
 
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*[http://webank.org.uk/ WeBank] ''- Report organised by Nesta and OpenBusiness.cc about P2P finance''
 
  
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== The 21 Million Coin Limit ==
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Here's a list of various projects and ideas that extend the functionality available in the blockchain.
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Many people are concerned about this "21 million coin limit" for example this blog post about [http://tav.espians.com/why-bitcoin-will-fail-as-a-currency.html Why Bitcoin Will Fail as a Currency] is based on this belief. But it's not actually a problem because Bitcoins are divisible into eight decimal places (and future versions of the protocol could easily be designed to divide it further if there becomes demand for that) so even if there were only a few Bitcoins in existence, the entire Bitcoin economy could still operate properly.
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*'''[http://ledracapital.com/blog/2014/3/11/bitcoin-series-24-the-mega-master-blockchain-list The Mega Master Blockchain List...]'''
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*[https://blockstream.com/eltoo.pdf Eltoo] ''- a simple layer2 protocol for Bitcoin''
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*[http://bitcointalk.org/?topic=1283.0 How to make a distributed escrow service] ''- a comment by Satoshi Nakamoto in 2010 from the Bitcoin forum''
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*[https://gist.github.com/therealplato/5120086 Plato re using OT instead of increasing the block size]
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*[http://www.coindesk.com/sidechains-white-paper-ecosystem-reboot/ About Side-chains]
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*[https://en.bitcoin.it/wiki/Bitcoin_Improvement_Proposals Improvement proposals]
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*[https://en.bitcoin.it/wiki/Smart_Property Smart property]
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*[https://en.bitcoin.it/wiki/Contracts Distributed contracts]
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*[http://cointelegraph.com/news/112077/the-new-frontier-after-cryptocurrency-cryptoequity Crypto-equity]
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*[https://keybase.io/ KeyBase.io] ''- KeyBase is a people directory, see also the [https://keybase.io/introducing-the-keybase-filesystem KeyBase FS]''
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*[http://bitbills.com/ Bitbills] ''- the first and only bitcoins in physical form.''
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*[http://www.bitcoinx.org BitcoinX] ''- extending the blockchain to exchange many asset types using [https://bitcoil.co.il/BitcoinX.pdf coloured coins]''
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*[https://blog.conformal.com/btcwire-the-bitcoin-wire-protocol-package-from-btcd/#more-32 btcwire] ''- the bitcoin wire protocol package from btcd''
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*[https://bitcoinstarter.com/projects/85# PeerCover] ''- bitcoin-based insurance project at BitcoinStarter]
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*[http://blog.blocksignit.com/ BlockSign] ''- sign legal documents on the block chain''
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*[http://silentvault.com Silent Vault] ''- using voucher-safe to make bitcoin anonymous''
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*[http://www.bitnation.co BitNation] ''- governance on the blockchain - still going, but [http://cointelegraph.com/news/112725/bitnation-core-dev-team-resigns-speaks-out-before-crowdsale all the developers quit] :-(''
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*[http://counterparty.io/ Counterparty] ''- a platform for free and open financial tools on the Bitcoin network''
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*[http://www.proofofexistence.com/ Proof of existence] & [https://opentimestamps.org/ OpenTimestamps]
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*[http://coinspark.org/ CoinSpark] ''- distributed asset ledger using coloured coins''
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*[http://chain.com Chain] ''- some kind of API for building apps on the blockchain''
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*[https://blockstack.org/ BlockStack] ''- fast, secure, and easy-to-use DNS, PKI, and identity management on the blockchain''
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*[http://onename.com OneName] ''- used to be on [[namecoin]]'s blockchain, but now on bitcoin using BlockStack''
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*[https://github.com/blockstack/blockchain-id/wiki/Blockchain-Auth BlockchainAuth] ''- allows universal login with your OneName/BlockStack profile''
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*[http://www.invictus-innovations.com/keyhotee/ Keyhotee] ''- user authentication''
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*[[Bitmessage]] ''- email/messaging''
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*[https://openbazaar.org/ OpenBazaar] ''- commerce/trade''
 +
*[http://twister.net.co Twister] ''- distributed twitter''
 +
*[http://okturtles.com okTurtles] ''- distributed solution to SSL certificate authorities''
 +
*[http://startupboy.com/2014/03/09/the-bitcoin-model-for-crowdfunding/ Distributed crowd-funding]
 +
**[https://github.com/MrChrisJ/World-Citizenship World Passport] ''- see also [https://docs.google.com/presentation/d/1z3C1qUm9-nr3_BYeDxnJurFVD-7iI8_AL9VE6EWk0S0/edit?pli=1#slide=id.p this tutorial] by BitNation, this [http://www.wired.com/2014/10/world_passport Wired article] and an [http://www.vice.com/en_uk/read/blockhains-first-citizen-328 Interview with first ID holder]''
 +
*[http://www.thebitcoinchannel.com/archives/40151 Decentral Bank] ''- bringing bitcoin 2.0 to modern banking''
 +
*[http://bitcoinschannel.com/factom-white-paper-outlines-record-keeping-layer-above-bitcoin/ Factom White Paper Outlines Record Keeping Layer Above Bitcoin]
 +
*[http://ledracapital.com/blog/2014/3/11/bitcoin-series-24-the-mega-master-blockchain-list Ledra Capital list of possible blockchain apps...]
 +
*[http://blog.onename.com/blockstore-bitcoin/ BlockStore] ''- a datastore using bitcoin's blockchain and a DHT''
 +
*[http://www.rsk.co/ RootStock] ''- smart contracts for Bitcoin using 2-way pegged non-speculative RSK''
  
−
== Inflation and Transaction Fees ==
+
== Further reading and viewing on bitcoin ==
−
By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation. In our case, it is CPU time and electricity that is expended.
+
*[http://satoshi.nakamotoinstitute.org/ The Nakamoto Institute]
 +
*[http://irdial.com/blogdial/?p=3102 The clear divisions on Bitcoin] ''- Blogdial, June 22, 2011''
 +
*[http://porquenoargentina.blogspot.com/2011/06/gary-on-bitcoin.html Another Take on Bitcoins] ''- Gary Kinghorn, June 22, 2011''
 +
*[http://www.soundmoneyproject.org/?p=5116 A Bit of Sound Money: Free Banking or 100% Reserve Banking] ''- Theodore Phalan, June 21, 2011''
 +
*[http://paulbohm.com/bitcoin-decentralization/ Bitcoin's Value is Decentralization] ''- Paul Bohm, June 17, 2011''
 +
*[http://www.libertariannews.org/2011/06/11/the-economics-of-bitcoin-why-mainstream-economist-lie-about-deflation/ The Economics Of Bitcoin ''– Why Mainstream Economists Lie About Deflation], Michael Suede, June 11, 2011''
 +
*[http://thri.ca/archives/549 Bitcoin and the Denationalisation of Money] ''- C. Harwick, June 8, 2011''
 +
*[http://www.mises.org.br/Ebook.aspx?id=99 Bitcoin - a moeda na era digital] ''- excellent book about Bitcoin by Fernando Ulrich''
 +
*[https://www.reddit.com/r/Bitcoin/comments/qwo92n/bitcoin_mining_fud_debunked_by_nic_carter/ Nic Carter on Bitcoin energy consumption]
  
−
The incentive (for nodes to support the network) can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free.
+
== Economics & Liberty articles ==
 +
*[http://www.transaction.net/money/internet/ Bernard Lietaer's "Internet Currencies for Virtual Communities"]
 +
*[http://economicsandliberty.wordpress.com/2011/06/04/the-real-problem-with-digital-currencies-and-privacy/ The Real Problem With Digital Currencies and Privacy] ''- by Anthony Freedman''
 +
*[http://economicsandliberty.wordpress.com/2011/06/04/further-observations-on-bitcoin-digital-currencies-privacy-and-liberty/ Further Observations on Bitcoin, Digital Currencies, Privacy and Liberty] ''- by Anthony Freedman''
 +
*[http://economicsandliberty.wordpress.com/2011/06/07/the-coming-attack-on-bitcoin-and-how-to-survive-it/ The Coming Attack On Bitcoin And How To Survive It] ''- by Anthony Freedman''
 +
*[http://www.libertariannews.org/2011/07/07/the-economics-of-bitcoin-challenging-mises-regression-theorem/ The Economics Of Bitcoin – Challenging Mises’ Regression Theorem] ''- by michaelsuede
 +
*[http://www.fee.org/the_freeman/detail/what-gave-bitcoin-its-value What gave bitcoin its value?] ''- bitcoin satisfies all of Mises' criteria''
 +
*[https://medium.com/@tonilanec/a-magna-carta-for-bitcoin-35b7389c9028 A Magna Carta for Bitcoin]
  
−
== Bitcoin sites ==
+
== Other sites about Bitcoin ==
 +
<div style="float:right">{{#ev:youtube|e__m-w4N7NI|300}}</div>
 +
*[http://nakamotoinstitute.org/ The Satoshi Nakamoto Institute]
 +
*[http://bitcoinfilm.org/about/ BitcoinFilm.org] ''- a short documentary about Bitcoin in Argentina''
 +
*[http://www.thebitcoinlist.com/ The Bitcoin List]
 +
*[http://bitcoinmagazine.net/ Bitcoin Magazine] ''- excellent articles on Bitcoin''
 +
*[http://www.bytcoinbytes.com Bitcoin Bytes]
 +
*[http://thebitcoinreview.com/ The Bitcoin Review]
 
*[http://www.bitcoin.org/ Bitcoin.org]
 
*[http://www.bitcoin.org/ Bitcoin.org]
 
*[http://bitcoinme.com/ BitcoinMe.com]
 
*[http://bitcoinme.com/ BitcoinMe.com]
−
*[http://www.tradehill.com TradeHill.com] ''- use Bitcoin to purchase goods from all major retailers and to exchange other resources to and from Bitcoin''
 
 
*[http://www.mybitcoin.com/ MyBitcoin.com] ''- an easy to use online Bitcoin interface and free shopping cart for websites''
 
*[http://www.mybitcoin.com/ MyBitcoin.com] ''- an easy to use online Bitcoin interface and free shopping cart for websites''
−
*[http://www.bitcoinwatch.com/ BitcoinWatch.com]
 
 
*[https://en.bitcoin.it Bitcoin wiki] ''- a MediaWiki for Bitcoin''
 
*[https://en.bitcoin.it Bitcoin wiki] ''- a MediaWiki for Bitcoin''
−
**[https://en.bitcoin.it/wiki/FAQ Bitcoin FAQ]
+
*[https://lightningwiki.net Lightning Wiki] ''- a MediaWiki for the lightning network''
 +
*[http://www.bitmit.net Bitmit] ''- an online auction using bitcoin for the currency''
 
**[https://en.bitcoin.it/wiki/Trade Bitcoin Wiki] ''- Trade page which lists services that accept Bitcoin''
 
**[https://en.bitcoin.it/wiki/Trade Bitcoin Wiki] ''- Trade page which lists services that accept Bitcoin''
 
*[http://bitbills.com/ Cash n' carry Bitcoin]
 
*[http://bitbills.com/ Cash n' carry Bitcoin]
−
*[http://www.bitcoinjobs.com/ BitcoinJobs.com] ''- work you can do in return for Bitcoins''
+
*[http://bitcoinweekly.com/ BitcoinWeekly.com]
−
*[http://www.youtube.com/user/RussiaToday?blend=1&ob=5#p/u/3/so1x4hunlII Max Keiser - Bitcoin: Currency of Resistance]
+
*[http://lovebitcoins.org We Love Bitcoins]
−
*[http://bigthink.com/ideas/38488 What Happens When ANONYMOUS Gets A Bank?]
+
*[https://bitcointalk.org/index.php?topic=83794.0 List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses]
−
*[http://www.dailyreckoning.com Daily Reckoning] ''- Daily Reckoning on BitCoin''
+
*[https://github.com/ampedup/AmpedMarket#readme AmpedMarket] ''- a secure, anonymous marketplace integrated with the Bitcoin currency base on [https://github.com/Bit-Wasp/BitWasp BitWasp]''
−
**[http://dailyreckoning.com/the-war-on-digital-currency The War on Digital Currency]
+
*[https://bitpay.com/ BitPay] ''- the "PayPal" of Bitcoin?''
−
**[http://dailyreckoning.com/an-emerging-free-market-currency/ An Emerging Free Market Currency]
+
*[https://coinbase.com/ Coinbase]
−
**[http://dailyreckoning.com/how-governments-distort-the-value-of-money/ How Governments Distort the Value of Money]
+
*[https://bitcoinstarter.com/faq BitcoinStarter.com]
−
*[http://sovereignlife.com/blog/?s=bitcoin SovereignLife on Bitcoin]
+
*[http://coinmkt.com Coin Market]
−
*[http://news.bbc.co.uk/2/hi/programmes/click_online/9555513.stm BBC item on Bitcoin]
+
*[https://blog.conformal.com/btcwire-the-bitcoin-wire-protocol-package-from-btcd/#more-32 btcwire] ''- the bitcoin wire protocol package from btcd''
−
*[http://rt.com/programs/keiser-report/episode-151-keiser-report/ Keiser Report on Bitcoin]
+
*[http://bitcoinmyths.com/ Bitcoin Myths]
−
*[http://blog.ml-implode.com/2011/06/a-computer-scientist-and-gold-bug-analyzes-bitcoin/ A computer scientist and a gold bug analyses Bitcoin]
+
*[http://www.badbitcoin.org/thebadlist/index.htm BadBitcoin] ''- the bitcoin scams directory!''
 +
*[http://lopp.net/bitcoin.html Jameson Lopp's bitcoin page]
 +
 
 +
== How bitcoin can help the world ==
 +
*[http://www.youtube.com/watch?v=jy6XIBnThpY Bitcoin Neutrality] ''- great lecture on Bitcoin by Andreas Antonopoulos''
 +
*[http://original.antiwar.com/Cory_Massimino/2014/08/29/bitcoin-is-the-solution-to-the-military-industrial-complex/ Bitcoin Is the Solution to the Military Industrial Complex]
 +
*[http://bitcoinchangeclub.org/blog/bitcoin-broken-non-profit-sector/ Bitcoin Can Fix Broken US Non-Profits]
 +
 
 +
== Interesting articles about Bitcoin ==
 +
*[https://www.nasdaq.com/articles/cantillon-effect-2.0%3A-bitcoin-is-the-worlds-first-truly-fair-money-2021-01-22 The Cantillon affect and why Bitcoin is the first truly fair money] ''- interesting article, but I believe Bitcoin, being a scarce currency, is not truly fair''
 +
*[https://unchained-capital.com/blog/bitcoin-obsoletes-all-other-money/ Unchained Capital: Bitcoin obsoletes all other money]
 +
*[https://medium.com/@hcburger1/bitcoins-natural-long-term-power-law-corridor-of-growth-649d0e9b3c94 Bitcoin's long-term power-law corridor]
 +
*[https://medium.com/scalar-capital/schnorr-signatures-754038368b87 Where Schnorr Signatures are at]
 +
*[https://inthemesh.com/archive/how-one-txtenna-enthusiast-is-building-a-censorship-resistant-bitcoin-mesh-network/ How One Txtenna Enthusiast is Building a Censorship-resistant Bitcoin Mesh Network] ''- experimenting with internet independent bitcoin transactions using goTennas in Auckland''
 +
*[https://hackernoon.com/the-reports-of-bitcoin-environmental-damage-are-garbage-5a93d32c2d7 The reports of bitcoin environmental damage are garbage] ''- who is Alex de Vries? and see also [https://www.coindesk.com/bitcoin-miners-send-message-at-fidelity-we-run-on-clean-energy-not-dirty-coal we run on clean energy, not dirty coal]''
 +
*[https://hackernoon.com/them-lightning-network-nodes-sure-do-look-centralized-to-me-what-gives-ee39c9b12ac0 Good detailed article analysing Lightning Network centralisation]
 +
*[https://hackernoon.com/post-bitcoin-maximalism-19f392610d67 Post-Bitcoin-Maximalism: A call for embracing the currency competition]
 +
*[https://hackernoon.com/marketcycle-4e5407d0c68 On the crypto market cycles] ''- see also [https://blog.goodaudience.com/bitcoin-network-momentum-a42346b2f0ce this one] on momentum too''
 +
*[https://bitcoinmagazine.com/articles/bitcoin-privacycoin-tech-making-bitcoin-more-private/ Good overview of the various bitcoin privacy options upcoming and available] ''- by Aaron van Wirdum''
 +
*[https://motherboard.vice.com/en_us/article/j5nzx4/what-was-the-first-blockchain Tthe very first blockchain was the New York Times!] ''- about the Haber and Stornetta references in the whitepaper''
 +
*[https://samsonmow.com/bitmain-ipo-and-technical-challenges/ Bitmain: IPO and Technical Challenges]
 +
*[https://medium.com/cryptomedication/uncovering-the-real-cartel-in-bitcoin-65b56a7a00a2 Uncovering the cartel of Bitcoin] ''- very well researched piece on the connections between the big players in crypto''
 +
*[https://bitcoinmagazine.com/articles/there-bitcoin-patent-war-going-initiative-could-end-it/ The bitcoin patent-war and the BDPL]
 +
*[https://medium.com/cryptolinks/the-truth-about-r-bitcoin-and-r-btc-69c4f78b27d0 The truth about r/bitcoin and r/btc]
 +
*[https://keepingstock.net/not-all-post-2011-satoshi-appearance-has-been-debunked-fab9a5c23812 Not all post-2011 Satoshi appearances have been debunked]
 +
*[https://bitcoinmagazine.com/articles/how-satoshi-messed-his-math-and-how-these-academics-just-fixed-it/ Satoshi was a genius, but he was not a mathematician]
 +
*[http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/ Some clarity on hoarding and spending and what it means for bitcoin] ''- why HODL is good for a currency''
 +
**p.s. [https://bitcointalk.org/index.php?topic=375643.0 WTF is HODL anyway]?!
 +
*[https://hackernoon.com/the-new-eu-attack-on-bitcoin-6e80eb8b502c Beautyon breaks down the recent EU attack on bitcoin] ''- p.s. the vegetarian being anti-bitcoin bit is a joke''
 +
*[https://libertyblitzkrieg.com/2017/12/04/expect-desperate-and-insane-behavior-from-government-in-2018-part-2-bitcoin/ Great article on crypto, freedom and government hostility]
 +
*[https://medium.com/@dexx/debunking-three-misconceptions-about-segregated-witness-3bbf55c6f4de Debunking three misconceptions about Segwit]
 +
*[https://medium.com/@beautyon_/jekyllcoin-the-us-governments-doomed-attempt-to-kill-bitcoin-ee9996c03a94 JekyllCoin] ''- are the banksters using the Nov HF to try and take over Bitcoin?''
 +
*[https://medium.com/@nopara73/tumblebit-vs-coinjoin-15e5a7d58e3 Tumblebit vs CoinJoin] ''- good article about the various privacy mechanisms''
 +
*[https://medium.com/@elombrozo/the-bitcoin-core-merge-process-74687a09d81d The Bitcoin core merge process]
 +
*[http://www.coindesk.com/where-is-gavin-andresen-the-quiet-exile-of-bitcoins-former-face/ The quiet exile of Gavin Andresen]
 +
*[https://medium.com/@bergealex4/uasf-user-driven-protocol-development-da4e886832d UASF: User-driven protocol development]
 +
*[https://medium.com/@bergealex4/the-mining-delusion-96e021b6f899 The mining delusion]
 +
*[https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-April/013996.html What is ASICBOOST?]
 +
*[https://bitcoinmagazine.com/articles/closer-look-bitcoin-unlimiteds-configurable-block-size-proposal/ Understanding Bitcoin Unlimited], and see also [https://bitcoinmagazine.com/articles/how-bitcoin-unlimited-users-may-end-different-blockchains/ How BU users may end up on different chains]
 +
*[http://woobull.com/bitcoin-volatility-will-match-major-fiat-currencies-by-2019/ Excellent analysis of bitcoin volatility]
 +
*[https://bitcoinmagazine.com/articles/a-primer-on-bitcoin-governance-or-why-developers-aren-t-in-charge-of-the-protocol-1473270427 A primer on bitcoin governance] ''- why developers aren't in charge of the protocol''
 +
*[http://gavinandresen.ninja/classic-unlimited-xt-core Classic? Unlimited? XT? Core?] ''- Gavin Andresen talks about why he's working on all these diverse bitcoin forks''
 +
**[https://github.com/bitcoinclassic/bitcoinclassic/pull/138 Classic unreviewed commit causing dev trouble]
 +
*[http://www.coindesk.com/bitcoins-core-developers-want-multiple-versions/ Why Bitcoin’s Core Developers Want Multiple Versions]
 +
*[http://www.coindesk.com/brazil-bitcoin-market-ignite/ Why Brazil’s Bitcoin Market is Struggling to Ignite]
 +
*[http://fee.org/the_freeman/detail/whos-afraid-of-the-workers-revolution Who's Afraid of the Workers' Revolution?] ''- the backlash against the sharing economy has begun, by Jeffrey Tucker''
 +
*[http://www.coindesk.com/bitcoin-philippines-perfect-cryptocurrency-storm/ Bitcoin in the Philippines: A Perfect Cryptocurrency Storm]
 +
*[http://www.technologyreview.com/news/527051/the-man-who-really-built-bitcoin/ The man who really built bitcoin] ''- history of Satoshi and Gavin Andresen''
 +
*[https://distributed-autonomous-society.quora.com/Decent-decentralization Decent decentralisation] ''- bitcoin alone is not the answer''
 +
*[http://www.fee.org/the_freeman/detail/what-gave-bitcoin-its-value Those who use the work of Mises to challenge bitcoin should think again] ''- by Jeffrey Tucker''
 +
*[http://finance.fortune.cnn.com/2014/04/02/secondmarket-ceo-barry-silbert-banks-cant-ignore-bitcoin-anymore/ SecondMarket CEO Barry Silbert: Banks can't ignore bitcoin anymore]
 +
*[http://www.wired.co.uk/news/archive/2013-11/07/mtgox The rise and fall of the world's largest bitcoin exchange]
 +
*[http://www.coindesk.com/bitcoin-intrinsic-value-alan-greenspan/ Bitcoin and Intrinsic Value: a Layman’s Response to Alan Greenspan]
 +
*[http://www.businessinsider.com/bitcoin-versus-paypal-comparison-2013-12 The Daily Value Of Bitcoin Transactions Has Passed Western Union's And It's Catching Up To Paypal's]
 +
*[https://bitcorati.com/2013/11/13/10-reasons-why-the-value-of-bitcoin-is-skyrocketing/?goback=.gde_5190684_member_5806542165253304320#! 10 Reasons Why The Value Of Bitcoin Is Skyrocketing]
 +
*[https://medium.com/what-i-learned-today/1a812f8fa7cd Why You Should Care About Bitcoin] ''- money is going digital and it is impacting the biggest growth industry of the past 75 years''
 +
*[http://www.theverge.com/2013/5/21/4348064/why-wont-bitcoin-die Why won’t Bitcoin die?] ''- The virtual currency has had many near-death experiences in its short four year life, but it just keeps bouncing back''
 +
*[http://www.youtube.com/watch?v=v4pJwUeNFk8 DEFCON 19: Hacking the Global Economy with GPUs] ''- or How I Learned to Stop Worrying and Love Bitcoin - very informative talk about recent  Bitcoin events''
 
*[http://www.theregister.co.uk/2011/07/10/camp_bx_goes_live/ Cleaning up the Bitcoin act]
 
*[http://www.theregister.co.uk/2011/07/10/camp_bx_goes_live/ Cleaning up the Bitcoin act]
 +
*[http://www.thebitcointrader.com/2011/12/10-most-anticipated-bitcoin-projects.html The 10 Most Anticipated Bitcoin Projects for 2012]
 +
*[http://thri.ca/archives/551 The History of Gold and the Future of Bitcoin] ''- "if the subjective theory of value means anything, 'unique cryptographic hash' is not inherently less valuable than 'shiny rock', even if it has no representation in physical space. Each has only the value that people give to it."''
 +
*[http://codinginmysleep.com/will-draconian-controls-drive-bitcoin-adoption/ Will Draconian Controls Drive Bitcoin Adoption?]
 +
*[http://motherboard.vice.com/blog/engineering-the-bitcoin-gold-rush-an-interview-with-yifu-guo-creator-of-the-first-asic-based-miner Engineering the Bitcoin Gold Rush] ''- an Interview with Yifu Guo, Creator of the First ASIC-Based Miner''
 +
*[http://www.activistpost.com/2013/03/the-eye-of-sauron-has-spotted-bitcoin.html The Eye of Sauron Has Spotted Bitcoin]
 +
*[http://www.newyorker.com/online/blogs/elements/2013/04/the-future-of-bitcoin.html The future of Bitcoin] ''- excellent article on the past and future of bitcoin as of 2013''
 +
*[http://www.theverge.com/2013/4/1/4154500/mt-gox-barons-of-bitcoin Barons of Bitcoin: the Tokyo-based powerhouse that controls the world's virtual money]
 +
*[http://www.bitcoinmoney.com/post/47048259653/bitcoin-lied-confirmed-transactions-died Bitcoin Lied, Confirmed Transactions Died] ''- all about the blockchain fork that occurred between versions 0.7 and 0.8''
 +
*[http://techcrunch.com/2013/04/05/why-do-vcs-care-about-bitcoin/ Why do VC's care about Bitcoin?]
 +
*[http://www.nytimes.com/2013/04/08/business/media/bubble-or-no-virtual-bitcoins-show-real-worth.html?_r=0 Bubble or No, This Virtual Currency Is a Lot of Coin in Any Realm]
 +
*[http://www.zerohedge.com/contributed/2013-04-09/bitcoins-or-gold-part-i Bitcoins or Gold?]
 +
*[http://webank.org.uk/ WeBank] ''- Report organised by Nesta and OpenBusiness.cc about P2P finance''
 +
*[http://www.thebitcointrader.com/2012/05/bitcoins-liquidity-third-look.html#more Bitcoin's Liquidity: A Third Look]
 +
*[http://bitcoinmedia.com/how-to-counterfeit-bitcoins/ How to counterfeit Bitcoins - not!]
 +
*[http://uscyberlabs.com/blog/2012/11/21/bitcoin-cyber-death-of-the-banking-industry/?goback=.gde_3721050_member_188277967 Bitcoin - Cyber Death of the Banking Industry]
 +
*[http://www.businessinsider.com/dan-kaminsky-highlights-flaws-bitcoin-2013-4 I Tried Hacking Bitcoin And I Failed] ''- Dan Kaminsky on Bitcoin''
 +
*[http://theeurovigilante.com/2013/04/12/the-great-gold-vs-bitcoin-debate-casey-vs-matonis/ The Great Gold vs Bitcoin Debate: Casey vs Matonis]
 +
*[[Wikipedia:History of Bitcoin]]
 +
*[http://www.reddit.com/r/Bitcoin/comments/1uccfz Tax attorney's answers to tax questions about Bitcoin]
 +
*[http://www.wired.co.uk/news/archive/2014-01/27/bitcloud Bitcloud] ''- ambitious ideas about replacing the internet''
 +
*[http://www.wired.co.uk/news/archive/2014-01/28/ethereum Teenage hacker creates next-gen crypto-platform]
 +
*[http://bitcoinmagazine.com/6021/bitcoin-is-not-quantum-safe-and-how-we-can-fix/#comment-10518 Bitcoin Is Not Quantum-Safe]
 +
*[http://www.cryptocoinsnews.com/news/longterm-technical-analysis-bitcoin-price/2014/04/20 Longterm Technical Analysis of the Bitcoin Price]
 +
*[http://cointelegraph.com/post/fernando_ulrich_few_banks_grasp_the_implications_of_cryptocurrencies Fernando Ulrich] ''- is driving the cryptocurrency bandwagon in Brazil and the Portuguese-speaking world''
 +
*[http://cryptocrimson.com/2014/05/bitcoin-transaction-volume-soon-surpass-paypal/ Bitcoin Transaction Volume Soon to Surpass PayPal]
 +
*[http://www.coindesk.com/developers-battle-bitcoin-block-chain/ Developers Battle Over Bitcoin Block Chain]
 +
*[http://bitscan.com/articles/analysis/ BitScan articles]
 +
*[http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11275827 'Bitcoin Jesus' calls the rich to a tax-free paradise]
 +
*[http://bitcoinmagazine.com/6021/bitcoin-is-not-quantum-safe-and-how-we-can-fix/ Bitcoin Is Not Quantum-Safe, And How We Can Fix It When Needed]
 +
*[http://bitcoinmagazine.com/15290/multisig-revolution-incomplete/ Multisig: A Revolution Incomplete] ''- by Vitalik Buterin''
 +
*[http://midlandsbtc.com/bitcoin-the-us-constitution-and-one-mans-crusade/ Bitcoin, the US Constitution, and One Man’s Crusade]
 +
*[https://bitcoinmagazine.com/7781/satoshis-genius-unexpected-ways-in-which-bitcoin-dodged-some-cryptographic-bullet/ Satoshi’s Genius: Unexpected Ways in which Bitcoin Dodged Some Cryptographic Bullets] ''- 2013 article by Vitalik Buterin''
 +
*[https://bitcointalk.org/index.php?topic=137.0 The original 10,000 bitcoin pizza thread :-)]
 +
*[https://youtu.be/ZI5XzS0SrnY The 184 Billion Bitcoin Bug]
 +
 +
== Related news ==
 +
*21 Jan 2021: [https://bitcoin.org/en/posts/regarding-csw Bitcoin.org response to CSW's copyright claims over the whitepaper]
 +
*21 May 2020: [https://cointelegraph.com/news/bitcoin-price-unfazed-by-50-btc-transaction-from-satoshi-era-wallet 50 Satoshi-era coins spent] ''- from [https://www.blockchain.com/btc/address/17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh this address] which is on Craig Wright's list of "owned" addresses in his [https://www.courtlistener.com/recap/gov.uscourts.flsd.521536/gov.uscourts.flsd.521536.266.1.pdf court filing] LOL''
 +
*05 Feb 2019: [https://www.trustnodes.com/2019/02/05/mt-gox-trustee-sold-500-million-worth-of-bitcoin-on-exchanges-says-new-court-evidence MT Gox Trustee Sold $500 Million Worth of Bitcoin on Exchanges Says New Court Evidence]
 +
*19 Jan 2019: [https://cointelegraph.com/news/total-value-of-bitcoin-sent-to-darknet-markets-increased-by-70-in-2018-report Darknet report] ''- more coin enters darknet, but is down as a proportion of total bitcoin''
 +
*03 Jan 2019: '''Happy Birthday Bitcoin!!!''' ''- the [https://www.blockchain.com/btc/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f genesis block] was created 10 years ago today!''
 +
*14 Aug 2018: [https://www.nasdaq.com/article/trouble-on-the-horizon-what-last-weekends-ruckus-means-for-bitmains-ipo-cm1007713 Trouble re Bitmain's IPO?] ''- Bitmain's BTC and BCH holdings freak investors''
 +
*07 Jul 2018: [https://medium.com/@nopara73/wasabi-privacy-focused-bitcoin-wallet-for-desktop-3962d567045a Wasabi wallet alpha released] ''- strong provacy for bitcoin almost landed''
 +
*19 Jun 2018: [https://bitcoinmagazine.com/articles/clearing-misconceptions-how-tether-should-and-does-work/ Some clarity on the Tether fiasco] & [https://www.coindesk.com/tether-review-claims-crypto-asset-fully-backed-theres-catch/ Tether Review Claims Crypto Asset Fully Backed – But There's a Catch]
 +
*02 Jan 2018: [https://bitcoinmagazine.com/articles/how-bulletproofs-could-make-bitcoin-privacy-less-costly/ BulletProofs could make bitcoin privacy less costly]
 +
*20 Dec 2017: [http://surlybull.com/coinbase-bitcoin-cash-cryptocurrency/ Coinbase and Bitcoin Cash Scheme Damages Trust in Cryptocurrency]
 +
*09 Dec 2017: [http://www.zerohedge.com/news/2017-12-09/new-cme-bitcoin-futures-and-goldman-sachs-connection New CME Bitcoin Futures And The Goldman Sachs Connection]
 +
*06 Dec 2017: [https://medium.com/@lightning_network/lightning-protocol-1-0-compatibility-achieved-f9d22b7b19c4 Lightning network protocol compatibility achieved!]
 +
*29 Nov 2017: '''[[BTC shoots past $10,000 today!]]'''
 +
*23 Aug 2017: [https://bitcoinmagazine.com/articles/long-road-segwit-how-bitcoins-biggest-protocol-upgrade-became-reality/ The long road to SegWit] ''- SegWit activated today, here's a brief history of how it came about''
 +
*15 Jul 2017: [https://medium.com/@lukedashjr/the-segwit-2x-beta-review-and-thoughts-ca480694a8c7 Bitcoin core dev Luke Dashjr examines segwit2x code and reports his findings in plain English]
 +
*03 Jul 2017: [https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/ Countdown to segwit] ''- key dates to keep an eye on''
 +
*22 May 2017: [https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-May/014360.html ShaolinFry on the recent Silbert scaling agreement]
 +
*08 Apr 2017: [https://bitcoinmagazine.com/articles/latest-twist-block-size-debate-called-uasf/ The Latest Twist to the Block Size Debate Is Called a "UASF"] ''- see also Shaolin Fry's [https://www.mail-archive.com/bitcoin-dev@lists.linuxfoundation.org/msg04703.html discussion thread] on BitcoinDev''
 +
*29 Mar 2017: [https://bitcoinmagazine.com/articles/bitcoin-unlimited-miners-may-be-preparing-51-attack-bitcoin/ Bitcoin Unlimited Miners May Be Preparing a 51% Attack on Bitcoin]
 +
*20 Jan 2017: [https://bitcoinmagazine.com/articles/why-financial-privacy-about-more-using-bitcoin-buy-drugs-internet/ Why Financial Privacy Is About More Than Using Bitcoin to Buy Drugs on the Internet]
 +
*14 Jan 2017: [http://www.zerohedge.com/news/2017-01-14/chinas-bitcoin-exchanges-suspend-margin-trading China's largest bitcoin exchanges suddenly suspend margin trading]
 +
*01 Jan 2017: '''BTC over $1,000 again - first time since December 2013!!!'''
 +
*26 Oct 2016: [https://bitcoinmagazine.com/articles/with-tumblebit-bitcoin-mixing-may-have-found-its-winning-answer-1477423607 TumbleBit] ''- a mixing protocol that extends CoinSwap ([https://eprint.iacr.org/2016/575.pdf paper], [https://github.com/BUSEC/TumbleBit code], [https://medium.com/@nopara73/introducing-hiddenwallet-full-block-spv-tumblebit-wallet-testing-release-1054a15a9bb1 TumbleWallet])''
 +
*28 Sep 2016: [https://bitcoinmagazine.com/articles/bitcoin-returns-to-its-cypherpunk-roots-an-interview-with-lupt-k-and-sip-of-hackers-congress-paraleln-polis-1475087856 Bitcoin Returns to Its Cypherpunk Roots: An Interview With Lupták and Sip of Hackers Congress Paralelní Polis]
 +
*25 Aug 2016: [http://www.coindesk.com/bitcoin-privacy-advances-first-coinshuffle-transaction/ Bitcoin Privacy Tool "CoinShuffle" Sees First Transaction]
 +
*24 Jun 2016: [https://bitcoincore.org/en/2016/06/24/segwit-next-steps/ Segregated Witness next steps]
 +
*08 Jun 2016: [https://bitcoinmagazine.com/articles/bip-the-end-to-end-encryption-bitcoin-never-had-but-soon-will-1465401187 About BIP 151] ''- encrypting traffic between nodes''
 +
*05 Mar 2016: [https://fixingtao.com/2016/03/bitcoin-keep-calm-and-rbfcpfp-on/ Bitcoin! Keep Calm And RBF/CPFP On!]
 +
*02 Mar 2016: [https://github.com/bitcoin/bitcoin/issues/7633 Bitcoin core upgrade leaves many transactions, even from exchanges, in limbo due to fee too low!]
 +
*26 Feb 2016: [http://hackingdistributed.com/2016/02/26/how-to-implement-secure-bitcoin-vaults/ How to implement secure bitcoin vaults]
 +
*26 Feb 2016: [https://bitcoincore.org/en/2016/02/26/zero-knowledge-contingent-payments-announcement/ The first successful Zero-Knowledge Contingent Payment]
 +
*23 Feb 2016: [http://www.ibtimes.co.uk/mining-giant-btcc-talks-about-road-ahead-bitcoin-following-failed-coup-1545317 BTCC COO talks about the road ahead] ''- whew, looks like all the hostile takeovers are finally history!''
 +
*14 Jan 2016: [http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html A Bitcoin Believer’s Crisis of Faith] ''- Mike Hearn leaves bitcoin core development and [https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.21fejtv7h slams the door] on the way out''
 +
**[https://fixingtao.com/2016/01/point-by-point-response-to-mike-hearns-final-bitcoin-post/ More to this than meets the eye?] ''- point-by-point refutation of Hearn's departing rant''
 +
**[https://github.com/bitcoin/bitcoin/pull/6364 Github comments re Hearn's Tor blacklist commit] ''- looks very similar to Wikipedia talk pages responding to corporate vandals''
 +
**[https://medium.com/@tradertimm/hearn-big-bank-bitcoin-bully-c61531c082e GCHQ too?!]
 +
**[https://medium.com/@vcorem/lesson-learned-from-the-classic-coup-attempt-or-why-core-needs-to-prepare-a-gpu-only-pow-6a9afe18e4b0#.4h9s0qo7s Very good analysis of the classic/core dichotomy, and a likely lay of the land if classic succeeds]
 +
 +
== Segwit2X and BCash ==
 +
*[https://bitcoinmagazine.com/articles/now-segwit2x-hard-fork-has-really-failed-activate/ Even if it happened, it wouldna!]
 +
*[https://medium.com/@jimmysong/segwit2x-post-mortem-divorce-of-crypto-austrians-and-crypto-keynesians-87960b11ce4c 2X postmortem by Jimmy Song]
 +
*[https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html RIP 2X!!!]
 +
*[https://medium.com/@dexx/debunking-three-misconceptions-about-segregated-witness-3bbf55c6f4de Debunking misconceptions about segwit]
 +
*[https://blockstream.com/2017/07/31/segwit-myths-debunked.html Blockstream's debunking]
 +
*[https://hackernoon.com/why-the-brazilian-and-argentinian-bitcoin-communities-oppose-segwit2x-801edc213af8 Why the Brazilian and Argentinian Bitcoin communities oppose SegWit2x]
 +
*[https://medium.com/@BHBnetwork/bhb-network-official-statement-on-the-proposed-segwit2x-hard-fork-d77b32e0bae3 BHB official statement on 2X]
 +
*[https://medium.com/@lukedashjr/the-segwit-2x-beta-review-and-thoughts-ca480694a8c7 Bitcoin core dev Luke Dashjr examines segwit2x code and reports his findings in plain English]
 +
*[https://bitcoincore.org/en/2017/08/18/btc1-misleading-statements/ Core correcting misleading statements by segwit2X]
 +
*[https://bitcoinmagazine.com/articles/these-international-bitcoin-communities-are-rejecting-segwit2x/ International communities against 2X]
 +
*[http://financialcryptography.com/mt/archives/001626.html Iam Grigg on Segwit]
 +
*[http://www.bitcoincashscam.com/ What is BCash?]
 +
*[https://coinsutra.com/btc-vs-bch-bitcoin-cash/ BTC vc BCH]
 +
*[https://www.reddit.com/r/Bitcoin/comments/7cnihn/psa_attack_on_btc_is_ongoing/dpraeza/ Big-block problem in a nutshell]
  
−
== Criticism ==
+
== Craig Wright throws in the towel (but not really, unfortunately he came back) ==
−
The following links suffer from dubious credibility, bearing hallmarks of poor writing and fuzzy understanding of cryptography, economics and monetary terminology and concepts. Nevertheless, they point out some useful and interesting information:
+
{{quote|
−
*[http://andrewmayne.com/blog/2011/06/11/bitcoin-equals-world-of-warcraft-without-the-fun-and-how-to-fix-it/ Bitcoin equals World of Warcraft without the fun (and how to fix it)] ''- Some insightful and some perhaps not-so-insightful thoughts...''
+
I’m Sorry
−
*[http://www.dailytech.com/Cracking+the+Bitcoin+Digging+Into+a+131M+USD+Virtual+Currency/article21878.htm Cracking the Bitcoin: Digging Into a $131M USD Virtual Currency] ''- Volatility of BitCoin/USD exchange rates. Caveat: the writer misunderstands and misapplies the terms 'inflation' and 'deflation' (which are effects of change in money supply) - as an explanation for BitCoin's recent volatility. Clearly volatility is a result of speculation - changing demand for a nearly constant supply. The money supply of BitCoin is inherently asymptotic.''
 
  
−
== Further reading on bitcoin's value ==
+
I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot.
−
*[http://irdial.com/blogdial/?p=3102 The clear divisions on Bitcoin], Blogdial, June 22, 2011
 
−
*[http://porquenoargentina.blogspot.com/2011/06/gary-on-bitcoin.html Another Take on Bitcoins], Gary Kinghorn, June 22, 2011
 
−
*[http://www.soundmoneyproject.org/?p=5116 A Bit of Sound Money: Free Banking or 100% Reserve Banking], Theodore Phalan, June 21, 2011
 
−
*[http://paulbohm.com/bitcoin-decentralization/ Bitcoin's Value is Decentralization], Paul Bohm, June 17, 2011
 
−
*[http://www.libertariannews.org/2011/06/11/the-economics-of-bitcoin-why-mainstream-economist-lie-about-deflation/ The Economics Of Bitcoin – Why Mainstream Economists Lie About Deflation], Michael Suede, June 11, 2011
 
−
*[http://thri.ca/archives/549 Bitcoin and the Denationalisation of Money], C. Harwick, June 8, 2011
 
  
−
== News ==
+
When the rumors began, my qualifications and character were attacked. When those allegations were proven false, new allegations have already begun. I know now that I am not strong enough for this.
−
*24 Sep 2011: [http://www.bitcoinblogger.com/2011/10/bitcoin-set-to-unleash-massive-tsunami.html  Developers of the crypto-currency are designing initial support for multi-transactions] - Multi-transactions allow the possibility of ‘contracts’.
+
 
−
*16 Aug 2011: [http://tradehillblog.com/2011/08/16/usd-domestic-and-international-wire-transfers-are-available-again/ TradeHill: USD Domestic and International Wire Transfers are Available Again]
+
I know that this weakness will cause great damage to those that have supported me, and particularly to Jon Matonis and Gavin Andresen. I can only hope that their honour and credibility is not irreparably tainted by my actions. They were not deceived, but I know that the world will never believe that now. I can only say I’m sorry.
−
*22 Jun 2011: [http://www.theregister.co.uk/2011/06/22/eff_drops_bitcoin/ EFF backs away from Bitcoin]
+
 
−
*20 Jun 2011: [http://www.youtube.com/watch?v=GkxvCttvSo4 True News: Vancouver Riots, Greek Austerity & Bitcoin Thefts]
+
And goodbye.|[http://www.drcraigwright.net/extraordinary-claims-require-extraordinary-proof/ Dr. Craig Wright]}}
−
*19 Jun 2011: [http://www.dailytech.com/Inside+the+MegaHack+of+Bitcoin+the+Full+Story/article21942.htm DailyTech: Inside the Mega-Hack of Bitcoin: the Full Story]
+
 
−
**23 Jun 2011 [http://poibella.org/emptyset/?p=387 a more accurate telling of the hack]  
+
*[https://www.stopcraigwright.com StopCraigWright.com]
−
*14 Jun 2011: [http://www.youtube.com/watch?v=s_VewfiuCao True News: Bitcoin, Free Markets and Economics 101]
+
*[https://github.com/vbuterin/cult-of-craig Craigs List by Vitalik]
−
*12 Jun 2011: [http://www.guardian.co.uk/technology/2011/jun/12/bitcoin-online-currency-us-government guardian.co.uk - Bitcoin: the hacker currency that's taking over the web]
+
*[http://www.lrb.co.uk/v38/n13/andrew-ohagan/the-satoshi-affair Is Craig Satoshi or just an intricate scam?] ''- Andrew Ohagen's story about Craig Wright's "coming out" fiasco''
−
*07 Jun 2011: [http://finance.yahoo.com/banking-budgeting/article/112907/bitcoin-triples-again-smartmoney Bitcoin Triples Again]
+
*[https://bitcoinmagazine.com/articles/op-ed-how-many-wrongs-make-wright/ How Many Wrongs Make a Wright?] ''- Lopp's research on Wright''
−
*06 Jun 2011: [http://www.smh.com.au/technology/technology-news/secret-money-abc-virtual-currency-racket-probe-20110623-1ggp6.html IT staffer installs bitcoin miner on ABC's servers]
+
*[https://www.reddit.com/r/Bitcoin/comments/bcfl12/my_letter_of_legal_action_from_craig_faketoshi/ The A-Z of Faketoshi] ''- see also [https://web.archive.org/web/20160502072416/http://www.drcraigwright.net/consistency-distribution-transactions/ Bitcoin mining: consistency and the distribution of transactions], and [https://web.archive.org/web/20190117205542/https://github.com/CultOfCraig/cult-of-craig Craig's List] in web archive''
−
*03 Jun 2011: [http://www.activistpost.com/2011/06/new-decentralized-currency-stimulating.html New Decentralized Currency Stimulating Underground Barter Economy]
+
*[https://bitslog.wordpress.com/2013/04/17/the-well-deserved-fortune-of-satoshi-nakamoto/ Analysis of Satoshi's addresses]
−
*30 Apr 2011: [http://bitcointalk.org/?topic=2555.msg101084#msg101084 CoinPal gets shut down]
+
*[https://weareallhodlonaut.com/ Graig taking legal action against Hodlonaut for publicly showing evidence against him]
−
*23 Mar 2011: [http://news.slashdot.org/story/11/03/23/0210207/Google-Engineer-Releases-Open-Source-Bitcoin-Client Google engineer releases open source Bitcoin client]
+
*[https://blog.wizsec.jp/2018/02/kleiman-v-craig-wright-bitcoins.html Kleiman v Craig Wright: The bitcoins that never were]
−
*07 Jun 2010: [[7 June 2010|Our local news item introducing Bitcoin]]
 
  
 
== See also ==
 
== See also ==
−
*[[NameCoin]]
 
−
*[http://www.youtube.com/watch?v=v4pJwUeNFk8 DEFCON 19: Hacking the Global Economy with GPUs] ''- or How I Learned to Stop Worrying and Love Bitcoin - very informative talk about recent  Bitcoin events''
 
−
*[http://themonetaryfuture.blogspot.com/2011/11/alan-szepieniec-presents-bitcoin-at.html Alan Szepieniec Presents Bitcoin at Polish Mises Institute] ''- In a step ahead of their U.S. namesake, the Polish Ludwig von Mises Institute hosted Alan Szepieniec to present bitcoin during the 2011 Summer Seminar in Warsaw.''
 
−
*[http://themonetaryfuture.blogspot.com/2011/06/why-are-libertarians-against-bitcoin.html Why Are Libertarians Against Bitcoin?]
 
−
*[http://thri.ca/archives/551 The History of Gold and the Future of Bitcoin] ''- "if the subjective theory of value means anything, 'unique cryptographic hash' is not inherently less valuable than 'shiny rock', even if it has no representation in physical space. Each has only the value that people give to it."''
 
 
*[[Must money be backed by gold?]]
 
*[[Must money be backed by gold?]]
−
*[[Peer to peer]]
+
*[[Peer-to-peer]]
−
*[[Money]]
 
−
*[http://pdos.csail.mit.edu/~petar/5ttt.org/ Tonika] ''- social routing with organic security''
 
 
*[[Random numbers, Encryption and Hashing]]
 
*[[Random numbers, Encryption and Hashing]]
 +
*[[Hash]]
 +
*[[Running a Bitcoin node on a Pi]]
 +
*[http://bigthink.com/ideas/38488 What Happens When ANONYMOUS Gets A Bank?]
 +
*[http://dailyreckoning.com/the-war-on-digital-currency The War on Digital Currency]
 +
*[https://github.com/FellowTraveler FellowTraveler on Github] - developer of [[Open-Transactions]] ([[bitcoin]] / [[voucher-safe]] integration)
 +
*[http://themonetaryfuture.blogspot.com/2011/11/alan-szepieniec-presents-bitcoin-at.html Alan Szepieniec Presents Bitcoin at Polish Mises Institute] ''- In a step ahead of their U.S. namesake, the Polish Ludwig von Mises Institute hosted Alan Szepieniec to present bitcoin during the 2011 Summer Seminar in Warsaw.''
 +
*[http://cryptome.org/jya/digicrash.htm How Digicash blew everything]
 +
*[https://bitcointalk.org/index.php?topic=82560.0 BitcoinTalk - PirateAt40 money laundering 2012]
 +
*[https://bitcointalk.org/index.php?topic=342.msg4508#msg4508 BitcoinTalk - Bitcoin marked for deletion on Wikipedia 2010]
 +
*[http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/ Inside a Chinese Bitcoin mine], and [http://www.thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/ page 2]
 +
*[https://bitcoingoddess.wordpress.com/2013/03/31/generate-your-own-vanity-bitcoin-address-with-vanitygen/ Quick instructions on how to create a vanity address by Bitcoin Goddess]
 +
*[https://web.archive.org/web/20090303195936/http://bitcoin.org/ Original bitcoin.org page from web archive]
 +
*[https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-August/010238.html Message from Satoshi in Aug 2015?]
  
−
== Subpages ==
+
== Attachments ==
−
{{#dpl:titlematch=Bitcoin/%|notnamespace=Talk}}
+
*[[:File:Bitcoin.pdf]]
−
[[Category:Libre software]][[Category:Software]][[Category:Online transaction systems]]
+
*[[:File:FBI Bitcoin report.pdf]]
 +
[[Category:Libre software]][[Category:Bitcoin]][[Category:Peer-to-peer]]

Latest revision as of 15:16, 19 November 2021

Broom icon.svg The content of this article requires cleaning up to meet OD's quality standards. Check the wiki best practices for guidelines on improving article and categorisation quality.

Bitcoin is an open source peer-to-peer electronic cash system that's completely decentralised, with no central server, trusted authorities or middle men. The availability of bitcoins can't be manipulated by governments or financial institutions.

Bitcoin is the first truly decentralised currency and has paved the way for hundreds more to compete together in Cipherspace over the coming years. This is one of the key factors in the transition of global society into the post-nation-state economy talked about in books like The Sovereign Individual and which is coming to be known by agorists as The Second Realm.

The value of the bitcoin approximately depends on the size of the network, and essentially gives you a 1 / 21000000 share in the value that can come out of this network and its ability to facilitate trade. When gold was the dominant currency, it seemed that it represented physical value while bitcoin is a looking glass that shows us what money really is: social value.

Bitcoin is the first online currency to solve the so-called “double spending” problem without resorting to a third-party intermediary. The key is distributing the database of transactions across a peer-to-peer network. This allows a record to be kept of all transfers, so the same cash can’t be spent twice–because it’s distributed (a lot like BitTorrent), there’s no central authority. This makes digital bitcoins like cash dollars or euros: Hand them over directly to a payee, and you don’t have them any more, all without the help of a third party.

You can find a couple of good introductions to bitcoin are here and here.

How it works

In a p2p computer network there are no servers, the entire network is composed of users running instances of the application on their computers. Each running instance offers a small amount of processing and storage resource to the network so that it can deliver the services it was designed for such as redundant storage, anonymity or voice-over-IP applications.

In the case of a p2p currency system, some of the services the network is designed to offer are privacy, verification, authentication, currency creation and transfer of ownership. To ensure a reliable and tamper-proof system requires a lot of resource, and that amount is proportional to the amount of coins in the network. The network is able to pay the users for the resource they offer by making the coin-creation process part of the network protocol itself instead of being handled by a central trusted authority. This creates a natural and incorruptible link between the supply of currency in the network and the demand for it.

Even aside from the ability to exchange bitcoins for other currencies, it still makes a very useful tool for independent organisations and groups because it allows them to trade and settle accounts amongst themselves independently and privately. It effectively gives them a "bank" that has a trustworthy system of accounts that can't be tampered with and requires no corruptible central authority to operate. See the following links for more detailed information about how it works.

Bitcoin was born on January 3rd, 2009, at 6:15PM Greenwich Mean Time, which is when Satoshi Nakamoto mined the first 50 coins, known as the "genesis block."

The Bitcoin Wallet

The term "wallet" is actually a little bit misleading because a wallet doesn't actually contain any coins in it, all you need in order to have control over the balances your addresses hold are the private keys for those addresses (or a seed phrase that can generate key-pairs for all you addresses in the case of the popular hierarchical deterministic wallets). All the coins that have ever been created (through mining) and all the transactions that have ever happened are stored throughout the entire network (in the blockchain), not in the wallets. The wallets job is to scan all those transactions to figure out the balance of any addresses you have control over.

the wallet also gives you the ability to create new transactions to send any portion of balance you control to other public bitcoin addresses. A public bitcoin address is the address you show to other people in order for them to send you money is the public half of one of the private keys in your wallet. Once a new transaction is created, our wallet signs it with your private keys and then it's broadcast around the network to eventually be validated (to ensure that the signor really does have control of enough balance to do the transaction) and included in a block in the chain.

I think what makes this a concept that's really hard for people to really "get" is that the bitcoin addresses (and their associated private keys) don't have a solid existence anywhere in the block chain. The blockchain only consists of transactions that refer to addresses by specifying how the mined coins are distributed among them all. There are no checks done to see whether those addresses have actually been created though. You can create a new address completely off-line and write it down so it exists nowhere except on a piece of paper, and transactions can direct bitcoin to that address just fine. As long as you have the private key for that address, you can choose to access it and spend the money one day - this is how a paper wallet works.

The job of the wallets is to scan the blockchain to find the balances that exist in the addresses you've assigned to the wallet, but every wallet is just figuring out this information for themselves and forming their own local opinion of the state of balances. When you create a transaction, it is added to a block only if the miner also agrees with your wallet's "opinion" that the transaction can work.

Bitcoin stats, charts & tools

Bitcoins working/funding

Other projects on the blockchain

It has been a hot debate for years amongst the bitcoin developers as to whether or not the blockchain should allow the storage of data not related specifically to bitcoins. Even Satoshi himself weighed in on this debate saying that,

Quote.pngPiling every proof-of-work quorum system in the world into one dataset doesn't scale. Bitcoin and BitDNS can be used separately. Users shouldn't have to download all of both to use one or the other. BitDNS users may not want to download everything the next several unrelated networks decide to pile in either.
— Satoshi Nakamoto

Eventually projects started to store custom data in the blockchain in exotic ways which began to bloat the blockchain, so the developers in mid 2014 added the OP_RETURN opcode to the official set of executable codes which allows 40 bytes of custom data to be added to transactions. With OP_RETURN, Bitcoin's long-running debate over acceptable uses of the block chain has received some much needed clarity. Applications can now inexpensively add a 40 byte data payload to transactions using the OP_RETURN script function. On a technical level, OP_RETURN doesn't enable anything that wasn't previously possible. Instead, OP_RETURN provides a standard interface through which new services can potentially be layered onto the block chain, and a central point of focus for future work on integration tools.

Here's a list of various projects and ideas that extend the functionality available in the blockchain.

Further reading and viewing on bitcoin

Economics & Liberty articles

Other sites about Bitcoin

How bitcoin can help the world

Interesting articles about Bitcoin

Related news

Segwit2X and BCash

Craig Wright throws in the towel (but not really, unfortunately he came back)

Quote.png

I’m Sorry

I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot.

When the rumors began, my qualifications and character were attacked. When those allegations were proven false, new allegations have already begun. I know now that I am not strong enough for this.

I know that this weakness will cause great damage to those that have supported me, and particularly to Jon Matonis and Gavin Andresen. I can only hope that their honour and credibility is not irreparably tainted by my actions. They were not deceived, but I know that the world will never believe that now. I can only say I’m sorry.

And goodbye.
— Dr. Craig Wright

See also

Attachments

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