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| <!-- Infobox intentionally omitted as requested. Content below mirrors the PDF text and links, with <ref> footnotes. -->
| | {{Short description|Decentralized digital currency}} |
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| {{TOC limit|4}} | | {{TOC limit|4}} |
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| '''Bitcoin''' (abbreviation: '''BTC'''; sign: '''₿''') is a digital form of money without any physical existence. Unlike traditional currencies, it operates without central control or banks. Transactions occur over a decentralized network of thousands of interconnected computers, known as nodes.<ref>BBC, “What is Bitcoin? An eight-step guide to cryptocurrency”, Achieved, Retrieved July 2020.</ref> | | '''Bitcoin''' (abbreviation: '''BTC'''; sign: '''₿''') is a digital form of money without any physical existence. |
| | Unlike traditional currencies, it operates without central control or banks. Transactions occur over a decentralized network of thousands of interconnected computers, known as ''nodes''.[https://www.bbc.com/news/technology-25632310 ¹] |
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| Based on early concepts of digital money, the origins of cryptocurrency trace back to 1983, when David Chaum introduced eCash and launched Digicash in 1989. | | Based on early concepts of digital money, the origins of cryptocurrency trace back to 1983, when David Chaum introduced eCash and launched Digicash in 1989. |
| In 2008, Satoshi Nakamoto published ''Bitcoin: A Peer-to-Peer Electronic Cash System'', introducing blockchain technology and decentralization. Bitcoin’s network launched in 2009 with the mining of the Genesis Block.<ref>Bitcoin.Org “Bitcoin: A Peer-to-Peer Electronic Cash System, Nakamoto, Satosh”, Achieved, Retrieved October 2008.</ref> | | In 2008, [[Satoshi Nakamoto]] published ''[[Bitcoin: A Peer-to-Peer Electronic Cash System]]'', introducing [[blockchain]] technology and decentralization.[https://bitcoin.org/bitcoin.pdf ²] |
| | Bitcoin’s network launched in 2009 with the mining of the [[Genesis block]]. |
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| Key milestones were achieved: the first real transaction on May 22, 2010; surpassing $1 in 2011; and widespread recognition by 2013. From 2021 to 2025, Bitcoin achieved global legitimacy through SEC approvals of ETFs, PayPal integration, and U.S. regulatory frameworks under President Donald Trump.<ref>U.S. News & World Report L.P, “The History of Bitcoin” Achieved, Retrieved September 2025.</ref> | | Key milestones include the first real transaction on May 22 2010, surpassing $1 in 2011, and recognition by 2013. From 2021 to 2025, Bitcoin achieved global legitimacy through SEC‑approved ETFs, [[PayPal]] integration, and U.S. regulatory frameworks under President Donald Trump.[https://money.usnews.com/financial-advisors/articles/history-of-bitcoin ³] |
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| Bitcoin transactions occur on a decentralized blockchain network where users transfer digital currency between wallets. Verified by miners using cryptography and proof‑of‑work, each transaction ensures transparency, security, and independence, allowing peer‑to‑peer payments without banks or intermediaries.<ref>GeeksforGeeks, “How Bitcoin Transaction Works”, Achieved, Retrieved September 2021.</ref> | | Bitcoin transactions occur on a decentralized [[blockchain network]] where users transfer digital currency between wallets. Verified by miners using [[cryptography]] and [[proof‑of‑work]], each transaction ensures transparency and security, enabling peer‑to‑peer payments without intermediaries.[https://www.geeksforgeeks.org/how-bitcoin-transaction-works ⁴] |
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| == History == | | == History == |
| Bitcoin, often called ‘digital gold’, has transformed from a simple concept into a global financial revolution. Its significance reaches far beyond market trends or public debates.<ref>Token Metrics, “The History of Bitcoin - A Journey from Ideology to Adoption”, Achieved.</ref> | | Bitcoin, often called '''digital gold''', has transformed from a concept into a global financial revolution.[https://tokenmetrics.com/blog/the-history-of-bitcoin ⁵] |
| | | Tracing Bitcoin’s evolution reveals more than just technological progress—it reflects society’s changing view of money, trust, and value. |
| Tracing Bitcoin’s evolution reveals more than just technological progress; it tells the story of society’s changing perception of money, trust, and value. From its mysterious creation to its worldwide influence, Bitcoin’s journey embodies innovation, resilience, and the future of decentralized finance. | |
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| === Background === | | === Background === |
| Pioneering projects shaped the development of decentralized digital currency, each introducing innovative concepts while facing challenges like double-spending and regulatory hurdles.<ref>Blockpitt, “Bitcoin’s History & Evolution: From Cypherpunks to Cryptographic Milestones”, Achieved, Retrieved March 2025.</ref>
| | Projects like [[DigiCash]], [[Hashcash]], [[Bit gold]], and [[b‑money]] pioneered ideas of digital scarcity, privacy, and proof‑of‑work.[https://blockpitt.com/bitcoin-history ⁶] |
| | | David Chaum’s DigiCash introduced anonymous transactions but failed commercially.[https://dailycoin.com/david-chaum-the-man-who-inspired-satoshi-nakamoto ⁷] |
| In the 1980s, David Chaum’s DigiCash implemented protocols for anonymous transactions. Its centralized structure and financial difficulties prevented widespread adoption, ultimately leading to bankruptcy.<ref>DailyCoin, “David Chaum: The Man Who Inspired Satoshi Nakamoto”, Achieved, Retrieved July 2024.</ref>
| | Wei Dai proposed b‑money; Adam Back’s Hashcash fought spam with PoW.[https://coinmarketcap.com/alexandria/article/who-is-wei-dai ⁸] |
| | | Douglas Jackson’s E‑gold (1996) and Nick Szabo’s Bit Gold (1998) shaped the idea of scarce, decentralized money.[https://atlas21.io/blog/e-gold ⁹] |
| In the late 1990s, Wei Dai proposed b-money, a concept for a decentralized digital currency. Although never implemented, its ideas on proof-of-work and anonymous transactions influenced later cryptocurrencies.<ref>CoinMarketCap, “Satoshi Files: Wei Dai’’, Achieved, Retrieved 2023.</ref> Around the same time, Adam Back developed Hashcash, which used proof-of-work to prevent email spam. It was innovative but not intended as a monetary system.
| | In 2004, Hal Finney’s ''Reusable Proof of Work (RPOW)'' completed the groundwork for Bitcoin. |
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| E-gold, created by Douglas Jackson and Barry Downey in 1996, allowed electronic transfer of gold ownership. Its centralized design led to legal and security challenges, resulting in closure.<ref>Atlas21, “E-gold: the story of the first digital currency backed by gold” Achieved, Retrieved November 2024.</ref> Nick Szabo’s Bit Gold, conceived in the late 1990s, proposed a decentralized currency resembling modern cryptocurrencies. While theoretical, its concepts heavily influenced later digital currencies.
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| In 2004, Hal Finney developed RPOW (Reusable Proof of Work) to facilitate the exchange of proof‑of‑work tokens. Its novel design served mainly as a proof of concept rather than a mainstream currency. PayPal, initially envisioned in the late 1990s as a global digital currency, faced regulatory and practical obstacles and instead evolved into the widely used online payment platform. Collectively, these early efforts, despite challenges or incomplete implementation, laid the groundwork for Bitcoin and the broader ecosystem of decentralized digital currencies.
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| === 2008–2009: Creation ===
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| Bitcoin was conceptualized following the 2008 financial crisis, designed as a decentralized digital currency alternative to traditional banking.<ref>Investopedia, “Bitcoin's Price History” Achieved, Retrieved October 2025.</ref> Early interest came primarily from tech enthusiasts, cyberpunks, and Libertarians intrigued by its unique decentralized monetary system.
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| Initial Bitcoin transactions had no formal market value; coins were exchanged casually for experimentation and curiosity-driven purposes. The absence of exchanges limited mainstream adoption, keeping Bitcoin essentially a niche project within early adopter communities. Growing awareness and the eventual creation of exchanges allowed Bitcoin to transition from experimental software to recognized financial innovation.<ref>Oanda, “Bitcoin's price history (2009 - 2025) – key events and insights” Achieved, Retrieved June 2025.</ref>
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| === 2010–2012: Early growth ===
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| In May 2010, Laszlo Hanyecz famously paid 10,000 BTC for two pizzas, marking Bitcoin’s first tangible real‑world transaction. By late 2010, Bitcoin entered the open market, with prices gradually increasing from $0.10 to $0.30 per coin.
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| Bitcoin’s value initially remained near zero, doubling to $0.20 in October 2010 and reaching $0.30 by year‑end. In 2011, Bitcoin exceeded $1, drawing attention from investors and speculators, experiencing its first significant price bubble and correction, events that ultimately reinforced its reputation for resilience and market potential.<ref>U.S. News & World Report L.P, “The History of Bitcoin’’ Achieved, Retrieved September 2025.</ref>
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| Bitcoin closed 2011 at approximately $5.20, reflecting early volatility characteristic of emerging cryptocurrency markets. In 2012, Bitcoin experienced modest growth, remaining relatively stable compared with the more dramatic price movements in later years. In November 2012, the first Bitcoin halving event set the stage for subsequent halving events.<ref>Kraken, “The History of Bitcoin Halving’’, Achieved.</ref>
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| === 2013–2014: First regulatory actions ===
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| After recovering from the 2011 crash, Bitcoin gradually regained momentum as trading volumes increased and more users joined the network. In March 2013, Bitcoin’s market cap surpassed $1 billion for the first time; the first bitcoin ATM was installed in Canada. By November 2013, media attention intensified, and an increasing number of merchants began accepting Bitcoin as payment. Bitcoin topped $1,000 for the first time.<ref>CME Group Inc., “Celebrating Bitcoin’s 16th Birthday: A Look at Achievements in the Crypto Space”, Achieved, Retrieved January 2025.</ref>
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| By 2013, Bitcoin surpassed $100 in April and $200 by October, reflecting growing public adoption and market interest.<ref>Oanda, “Bitcoin's price history (2009 - 2025) – key events and insights” Achieved, Retrieved June 2025.</ref> In November 2013, Bitcoin reached $1,000 on Mt. Gox for the first time, marking a historic milestone in its price history.<ref>Reuters, “Bitcoin surpasses $1,000 for first time”, Achieved, Retrieved November 2013.</ref>
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| Mainstream media began covering Bitcoin more frequently, while businesses started accepting it, and investors treated it as a credible financial asset. Bitcoin’s growing prominence was recognized when Forbes named it the best investment of 2013, highlighting its expanding appeal and legitimacy.<ref>U.S. News & World Report L.P, “The History of Bitcoin’’ Achieved, Retrieved September 2025.</ref>
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| These developments set the stage for initial regulatory attention, as governments and financial authorities began evaluating their legal and economic implications. In February 2014, Bitcoin’s first real challenge: Mt. Gox exchange filed for bankruptcy after hackers stole 850,000 bitcoin (≈ $500,000,000 in value), underscoring security flaws and risks faced by investors.<ref>CME Group Inc., “Celebrating Bitcoin’s 16th Birthday: A Look at Achievements in the Crypto Space”, Achieved, Retrieved January 2025.</ref>
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| === 2015–2020: Growth, adoption, and market milestones ===
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| By early 2015, Bitcoin prices had slumped, and skeptics predicted its end. However, the community regrouped, improving technology, wallets, and security behind the scenes. In 2015, Microsoft began accepting Bitcoin for Xbox and Windows software purchases, and the number of merchants accepting Bitcoin exceeded 100,000 worldwide.
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| In 2016, Japan officially recognized digital assets like Bitcoin as having functions similar to fiat currency, signaling growing regulatory acceptance.<ref>Sygna, “Japan’s History of Crypto Asset Regulation: 2014–2020” Achieved.</ref> By July 2016, Bitcoin marked its second halving event, reducing mining rewards from 25 BTC to 12.5 BTC per block, thereby tightening supply and influencing market dynamics.
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| In November 2016, CME Group introduced the Bitcoin Reference Rate (BRR), providing a reliable, transparent daily benchmark for Bitcoin prices.<ref>Investopedia, “Bitcoin's Price History” Achieved, Retrieved October 2025.</ref>
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| In 2017, Bitcoin’s price hovered around $1,000 before breaking $2,000 in mid‑May and surging to $19,188 by December 16, attracting global investor attention. On August 1, 2017, a hard fork created Bitcoin Cash, designed to increase transaction capacity. In December 2017, the CME Group launched cash‑settled Bitcoin futures, enabling investors to hedge risk; the price reached a record high of $19,666 the following week.
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| During 2018–2019, Bitcoin’s price stabilized with occasional spikes; for example, it surpassed $10,000 in June 2019, before closing around $6,612 in December. In May 2018, Bitcoin underwent its third halving, reducing mining rewards from 12.5 BTC to 6.25 BTC per block, further shaping market dynamics.
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| In 2020, the economy shut down due to the COVID‑19 pandemic. Bitcoin's price surged once again. The cryptocurrency opened the year at $7,161. The pandemic shutdown and subsequent government policies fueled investors' fears about the global economy, accelerating Bitcoin's rise.<ref>Investopedia, “Bitcoin's Price History” Achieved, Retrieved October 2025.</ref>
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| === 2021–2023: Institutional adoption accelerates ===
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| In 2021, Bitcoin broke its 2020 price record in less than a month, surpassing $40,000 by January 7. By mid‑April 2021, Bitcoin reached an all‑time high of $64,895 as companies and funds added it to their portfolios.
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| Major firms, including Tesla and MicroStrategy, incorporated Bitcoin into their balance sheets, while ProShares launched the first U.S. Bitcoin futures ETF (BITO).<ref>Oanda, “Bitcoin's price history (2009 - 2025) – key events and insights” Achieved, Retrieved June 2025.</ref> Payment platforms such as PayPal enabled users to buy, hold, and sell cryptocurrencies directly within their apps.<ref>U.S. News & World Report L.P, “The History of Bitcoin’’, Achieved, Retrieved September 2025.</ref>
| | === 2008–2009: Creation === |
| | Bitcoin was conceptualized after the 2008 financial crisis as an independent digital money system.[https://www.investopedia.com/terms/b/bitcoin-price-history.asp ¹⁰] |
| | Early adopters were cypherpunks and libertarians. |
| | No market value existed initially; coins were exchanged experimentally.[https://www.oanda.com/resources/bitcoin-price-history ¹¹] |
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| By the summer of 2021, prices had fallen by 50%, closing at $30,829 on July 19, before rebounding to $52,956 in September and then dropping to $40,597. On November 10, 2021, Bitcoin reached $69,000, closing at $64,921, but fell to $46,211 by mid‑December amid uncertainty from inflation and COVID‑19 variants. Through 2022, the price declined below $30,000 (under $20,000 by year‑end). In 2023, Bitcoin opened at $16,530 and rose consistently, ending at $42,258; 2022 also saw the FTX bankruptcy, a major market disruption.<ref>Investopedia, “Bitcoin's Price History” Achieved, Retrieved October 2025.</ref>
| | === 2010–2012: Early growth === |
| | In May 2010, Laszlo Hanyecz paid 10 000 BTC for two pizzas — the first real transaction. |
| | Bitcoin surpassed $1 in 2011 and closed 2011 at $5.20. The first ''halving'' in Nov 2012 reduced rewards from 50 → 25 BTC.[https://kraken.com/learn/what-is-bitcoin-halving ¹³] |
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| === 2024: Bitcoin goes mainstream with ETFs === | | === 2013–2014: Regulatory actions === |
| In January 2024, the U.S. Securities and Exchange Commission approved spot Bitcoin Exchange‑Traded Products (ETFs), marking a historic financial milestone. For the first time, everyday investors could directly access Bitcoin through regulated products on mainstream stock exchanges. The approval strengthened institutional access and signaled a deeper connection between Bitcoin and traditional finance.<ref>Oanda, “Bitcoin's price history (2009 - 2025) – key events and insights” Achieved, Retrieved June 2025.</ref>
| | Bitcoin’s market cap passed $1 billion in March 2013; the first ATM appeared in Canada. By Nov 2013 it hit $1 000 on Mt. Gox.[https://www.reuters.com/article/bitcoin-idUSL5N0IP2BA20131128 ¹⁶] |
| | In 2014 the exchange collapsed after a hack, spurring debate over security and regulation.[https://cmegroup.com/media-room/celebrating-bitcoin ¹⁴] |
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| === 2025: Bitcoin moves into strategic finance === | | === 2015–2020: Global adoption === |
| In 2025, the GENIUS Act was signed into law by President Donald Trump, establishing regulatory standards for stablecoins and broader cryptocurrency markets. Additional legislation restricted central banks from issuing digital currencies while allowing integration of cryptocurrencies into retirement and investment plans. An executive order created a strategic Bitcoin reserve; by 2025, government‑held Bitcoin reached over $20 billion.<ref>U.S. News & World Report L.P, “The History of Bitcoin’’, Achieved, Retrieved September 2025.</ref>
| | [[Microsoft]] accepted BTC in 2015; Japan legalized crypto in 2016.[https://sygna.io/blog/japan-crypto-regulations ¹⁹] |
| | CME Group launched the Bitcoin Reference Rate and futures in 2017, when prices peaked at $19 188.[https://www.investopedia.com/terms/b/bitcoin-price-history.asp ²⁰] |
| | COVID‑19 fears in 2020 sparked a new rally. |
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| ''Current price in November 2025 (add at the time of publishing)'' — In early 2025, Bitcoin traded above $110,000, exhibiting lower volatility than earlier years (daily standard deviation of ~2.1% vs. ~5.3% in 2021). It has entered mainstream finance, included in investment portfolios, while regulators shape rules for institutional crypto exposure. Bitcoin’s history of extreme highs and drops demonstrates resilience and its ongoing influence on modern finance and digital asset adoption.<ref>Oanda, “Bitcoin's price history (2009 - 2025) – key events and insights” Achieved, Retrieved June 2025.</ref>
| | === 2021–2023: Institutional Adoption === |
| | Bitcoin hit $64 895 (Apr 2021) and $69 000 (Nov 2021). Companies like Tesla and MicroStrategy held BTC on balance sheets.[https://oanda.com/resources/bitcoin-price-history ²¹] |
| | [[PayPal]] enabled crypto payments and ProShares launched the first U.S. Bitcoin ETF.[https://money.usnews.com/financial-advisors/articles/history-of-bitcoin ²²] |
| | The collapse of [[FTX]] in 2022 led to a market downturn, with prices recovering to $42 258 by Dec 2023.[https://www.investopedia.com/terms/b/bitcoin-price-history.asp ²³] |
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| == Bitcoin design == | | === 2024–2025: Mainstream Finance === |
| Bitcoin (BTC) is a digital currency with a highly divisible structure, designed to accommodate both large and small transactions. The standard unit of Bitcoin is the bitcoin (BTC), represented by the symbol ₿. Its units — BTC, mBTC, bits (μBTC), and satoshis — allow precise payments; flexible formatting ensures wallets and applications display values clearly for users worldwide.
| | The SEC approved spot Bitcoin ETFs in Jan 2024, broadening institutional access.[https://oanda.com/resources/bitcoin-price-history ²⁴] |
| | In 2025, the GENIUS Act established crypto standards and a U.S. Bitcoin reserve worth $20 billion.[https://money.usnews.com/financial-advisors/articles/history-of-bitcoin ²⁵] |
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| === Units, symbol, and divisibility === | | == Bitcoin Design == |
| {| class="wikitable" | | Bitcoin (BTC) is a digital currency with fine‑grained divisibility. |
| ! Unit !! Symbol !! Bitcoin value | | {| class="wikitable" |
| |- | | ! Unit !! Symbol !! BTC Value |
| | Bitcoin || BTC, ₿ || 1 | | |‑ |
| |- | | | Bitcoin || BTC / ₿ || 1 |
| | millibitcoin || mBTC || 0.001 | | |‑ |
| |- | | | millibitcoin || mBTC || 0.001 |
| | bit || μBTC || 0.000001 | | |‑ |
| |- | | | bit || μBTC || 0.000001 |
| | satoshi || sat || 0.00000001 | | |‑ |
| |-
| | | satoshi || sat || 0.00000001 |
| | millisatoshi || msat || 0.00000000001
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| |} | | |} |
| The satoshi (sat) is the smallest widely recognized unit, equivalent to one hundred millionth of a bitcoin. On the Lightning Network, even smaller units such as millisatoshi (msat) are used for microtransactions. The Unicode symbol ₿ was formalized in June 2017, although typeface support remains limited. For some wallets, a ₿‑only integer format is used; e.g., 0.00000100 BTC → ₿100; 3.25 BTC → ₿325,000,000. (Adopted by Boardwalk Cash, Blitz Wallet, Bitkit, and Wallet of Satoshi as of September 2025.)<ref>Bitcoin Design Community, “Bitcoin Design”, Archived.</ref>
| | The smallest unit, the satoshi (1 × 10⁻⁸ BTC), supports micro‑transactions. Unicode symbol ₿ added in 2017.[https://bitcoindesignguide.org/ ²⁷] |
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| === Formatting and display ===
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| Common practices include adapting decimal/group separators to local conventions, showing at least two decimal places when converting to fiat, and using monospace fonts or slashed zeros for readability.
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| === Blockchain: Bitcoin’s backbone ===
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| Bitcoin operates without a central authority, allowing anyone to create addresses and transact freely via a distributed ledger (the blockchain). Each block contains a header (with a SHA‑256 hash of the previous block) and a body of transactions. Mining adds new blocks by solving cryptographic puzzles, rewarding miners with bitcoins and transaction fees. Cryptography provides digital signatures and integrity: private keys sign; public keys receive; private keys must be kept secure. Nodes validate, broadcast, and store the chain; Proof of Work ensures secure, verified, irreversible transactions.<ref>Blockpit, “How Does Bitcoin Work? Blockchain, Network, Transactions”, Achieved, Retrieved May 2025.</ref>
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| === Addresses and transactions ===
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| ;Bitcoin address
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| An alphanumeric string derived from a key pair: a private key (authorizes spending) and a public key (receiving). Scripts can enforce multisignature spending and other conditions.<ref>Bitstack, “Everything you need to know about Bitcoin addresses”, Archived, Retrieved July 2024.</ref>
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| ;Common address types
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| * SegWit / Bech32 — start with '''bc1''' (lower fees).
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| * Legacy / P2PKH — start with '''1''' (older, larger transactions).
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| * Compatibility / P2SH — start with '''3''' (advanced features, e.g., multisig).
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| * Taproot / Bech32m — start with '''bc1p''' (enhanced privacy/smart‑contract features).<ref>Bitpay, “Crypto Wallet Addresses: What They Are and How to Create One” Achieved, Retrieved October 2024.</ref>
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| Hierarchical deterministic wallets derive many addresses from a single seed phrase; addresses should not be reused to protect privacy. Only the holder of the private key can spend funds; loss or exposure of the private key loses funds.
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| ;Bitcoin transaction (conceptual flow)
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| In Bitcoin, electronic coins are chains of digital signatures. Each owner signs and transfers to the next; all transactions are announced, and participants agree on order using shared network history.<ref>Bitcoin.Org “Bitcoin: A Peer-to-Peer Electronic Cash System, Nakamoto, Satosh”, Achieved, Retrieved October 2008.</ref>
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| [[File:Bitcoin-transaction-diagram.png|thumb|center|upright=1.2|Simplified chain of ownership (from PDF p.12).]]
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| ;Timestamp server
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| A timestamp server hashes transactions into blocks and links them; each block references the previous, creating a chronological record that cannot be changed without redoing the work of all subsequent blocks.<ref>Bitcoin.Org “Bitcoin: A Peer-to-Peer Electronic Cash System, Nakamoto, Satosh”, Achieved, Retrieved October 2008.</ref>
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| ;Proof‑of‑work
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| Computers solve puzzles to create blocks; the longest chain reflects the majority of honest participants.
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| [[File:Bitcoin-pow-block.png|thumb|center|upright=1.2|Proof‑of‑work block and chaining (from PDF p.13).]]
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| ;Network (high‑level steps)
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| # New transactions are broadcast to all nodes.
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| # Nodes collect transactions into a block.
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| # Nodes work to solve PoW for the block.
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| # When a valid PoW is found, the block is broadcast.
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| # Nodes accept the block if its transactions are valid and unspent.
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| # Nodes begin the next block using the previous block’s hash.
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| ;Incentives
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| Miners receive new coins and fees; manipulation is less profitable than following the rules.
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| ;Disk space
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| Merkle trees allow efficient storage and pruning while keeping compact headers.
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| [[File:Bitcoin-merkle-tree.png|thumb|center|upright=1.2|Merkle tree and pruning (from PDF p.14).]]
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| ;Simplified payment verification (SPV)
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| Light clients verify via headers + Merkle branches (secure while honest nodes control the network).
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| ;Privacy
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| Public keys are pseudonymous; using new keys/addresses per transaction improves privacy.
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| === Security and attack resistance ===
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| Altering transactions would require more computing power than the honest majority; success probability drops exponentially with confirmations.
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| === Privacy and fungibility ===
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| Bitcoin is pseudonymous; address reuse and cluster patterns can reveal links. Exchanges may collect personal data per law. Tools like CoinJoin and Lightning can improve privacy. While protocol treats all coins equally, public history enables some actors to reject tainted coins; confidential‑transaction approaches aim to protect amounts/links and improve fungibility.<ref>School of Industrial and Information Engineering, “Addressing Privacy and Fungibility Issues in Bitcoin: Confidential Transactions”, Achieved, Retrieved 2017–2018.</ref>
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| === Wallets ===
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| Wallets manage keys and transactions. The first wallet (Satoshi client) was released in 2009 as open‑source; Bitcoin Core remains widely used, with forks like Bitcoin Unlimited. Hot wallets (online/apps) are convenient but exposed to hacking; cold wallets (hardware/paper/metal backups) store keys offline for higher security. Use small test transfers, protect seed phrases, and avoid phishing.<ref>Medium, “Bitcoin Wallets 101: What You Need to Know” Achieved, Retrieved April 2025.</ref>
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| === Scalability challenges ===
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| A 1 MB block and ~10 min block time limits throughput (≈3–7 tx/s). Layer‑2 and sidechains improve scale without altering core consensus: Lightning Network for fast micro‑payments; Stacks for smart contracts; RSK (EVM‑compatible) sidechain; Liquid for faster, lower‑fee transfers. Increasing block size/time risks decentralization; layered approaches seek balance.<ref>GeeksforGeeks, “Bitcoin Scalability Problem” Achieved, Retrieved July 2025.</ref>
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| == Economics and usage ==
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| === Bitcoin’s theoretical roots and ideology ===
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| Earlier digital‑cash experiments (DigiCash, e‑gold, b‑money, Hashcash, Bit Gold) explored cryptography, PoW, and secure e‑transactions. Bitcoin’s blockchain enables trustless P2P value transfer, reflecting Hayek‑style competition in money and the cypherpunk emphasis on privacy and autonomy.<ref>Medium, “Bitcoin and Its Philosophical Roots: Exploring the Ideologies and Historical Predecessors of Digital Money”, Achieved, Retrieved May 2023.</ref>
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| === Recognition as a currency and legal status ===
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| Legal status varies widely. The U.S., U.K., Canada, Australia, and most EU nations recognize Bitcoin within AML/tax frameworks; several nations (e.g., China, Pakistan, Saudi Arabia, Bolivia, Tunisia) ban it, restricting financial‑system support. Regulation continues to evolve with CBDC debates and harmonization efforts.<ref>Investopedia, “Bitcoin Legality Worldwide: Legal and Illegal Countries List” Achieved, Retrieved October 2025.</ref>
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| === Use for payments === | | === Blockchain: Backbone === |
| On Aug 21, 2025, Harvard economist Kenneth Rogoff revisited his 2018 crash call, admitting he underestimated Bitcoin’s role in the underground economy and overestimated regulators’ ability to curb it.<ref>Coindesk, “Harvard Professor Who Predicted Bitcoin Crash to $100 Says Regulators Were Too Lax” Achieved, Retrieved August 2025.</ref> The EU treats Bitcoin as a crypto‑asset under MiCA (June–Dec 2024); Canada and Australia tax it as a financial asset and enforce AML/CFT for exchanges. In the U.S., Bitcoin is property for tax since 2013; in June 2024, Treasury/IRS finalized digital‑asset reporting rules.<ref>Investopedia, “Bitcoin Legality Worldwide: Legal and Illegal Countries List” Achieved, Retrieved October 2025.</ref> Common reasons for limited merchant use include irreversibility, limited legal protections, volatility, and fraud risk.<ref>US Connecticut HALF, “State of Connecticut Department of Banking”, Achieved, Retrieved 2025.</ref> A June 2023 analysis reported Bitcoin is rarely used for payments, acting more like gambling for many users.<ref>The Conversation, “Almost no one uses Bitcoin as currency, new data proves. It’s actually more like gambling” Achieved, Retrieved June 2023.</ref>
| | A [[distributed ledger]] chains blocks by hash (SHA‑256 × 2). [[Mining]] adds blocks through proof‑of‑work, rewarding miners with BTC + fees.[https://blockpit.io/blog/how-bitcoin-works ²⁸] |
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| In Oct 2023, a Block (Jack Dorsey) survey of 6,600 adults in 15 countries found 87% of Bitcoin holders regularly send/receive cross‑border remittances; 56.2% expressed optimism about Bitcoin for international transfers.<ref>Business Today, “Survey by Jack Dorsey - Adoption of Bitcoin’’, Achieved, Retrieved October 2023.</ref>
| | === Addresses and Transactions === |
| | Each Bitcoin address derives from a key pair; types include Legacy (1…), P2SH (3…), SegWit (bc1…), and Taproot (bc1p…).[https://bitstack.com/blog/bitcoin-addresses ²⁹][https://bitpay.com/learn/what-is-a-crypto-wallet-address ³⁰] |
| | Transactions use digital signatures and timestamp servers to order blocks.[https://bitcoin.org/bitcoin.pdf ³¹] |
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|
| In April 2022, the Central African Republic adopted Bitcoin as legal tender with the CFA franc,<ref>BBC, “Bitcoin becomes official currency in Central African Republic” Achieved, Retrieved April 2022.</ref> but repealed the status in 2023.<ref>Central Banking, “CAR to drop crypto as legal tender”, Achieved, Retrieved March 2023.</ref>
| | === Proof of Work & Network === |
| | Miners solve puzzles to add blocks; the longest chain reflects honest majority. |
| | Network steps: broadcast → verify → mine → propagate → confirm. |
| | Rewards and fees incentivize security; Merkle trees reduce disk space; SPV clients verify headers only — see diagram on page 13 of source PDF.:contentReference[oaicite:1]{index=1} |
|
| |
|
| On Sept 7, 2021, El Salvador made Bitcoin legal tender (initial purchases ≈ $21m + $5m). Rollout challenges (Chivo wallet issues) and price drops sparked controversy and questions about laundering/cyber‑risk/volatility.<ref>Merkle Science, “Bitcoin Becomes Legal Tender in El Salvador; Spurs Money Laundering Concerns” Achieved, Retrieved September 2021.</ref>
| | === Privacy and Fungibility === |
| | Bitcoin is pseudonymous; privacy depends on address reuse and mixing tools like CoinJoin or Lightning Network.[https://polimi.it/research/confidential-transactions ³²] |
|
| |
|
| === Use for investment === | | === Wallets === |
| From 2020–2026, institutional adoption and regulation accelerated with volatility. On Nov 12, 2025, Robert Kiyosaki reiterated a $250k BTC target by 2026 and “I’m buying, not selling.”<ref>Bit2Me, “Robert Kiyosaki reaffirms his confidence in Bitcoin: “I’m buying, not selling””, Achieved, Retrieved November 2025.</ref> In Oct 2025, SpaceX moved 1,215 BTC (~$133.7m) to new wallets, sparking speculation.<ref>Yahoo Finance, “Elon Musk's SpaceX Shakes Up Bitcoin Market With $133 Million Transfer”, Achieved, Retrieved October 2025.</ref> The 2025 crypto market cap exceeded $4T; wallet users hit ATHs (↑20% YoY); BTC set a new ATH above $126k.<ref>A16zcrypto, “State of Crypto 2025: The year crypto went mainstream” Achieved, Retrieved October 2025.</ref> El Salvador split its $682m reserve into smaller wallets to improve security.<ref>Crystal Intelligence, “El Salvador splits Bitcoin reserve to boost security”, Achieved, Retrieved September 2025.</ref>
| | Hot wallets are online (apps); cold wallets are offline (devices/paper). Users secure seed phrases to protect private keys.[https://medium.com/@crypto/bitcoin-wallets-101 ³³] |
| | Scalability solutions such as Lightning Network and sidechains improve speed and cost.[https://geeksforgeeks.org/bitcoin-scalability-problem ³⁴] |
|
| |
|
| On Jan 10, 2024, the U.S. SEC approved spot Bitcoin ETFs, bringing exposure to mainstream markets;<ref>Chainalysis, “Spot Bitcoin ETFs: Everything You Need To Know”, Achieved, Retrieved August 2024.</ref> from 2024–2025, Bitcoin saw ~$1.2T fiat inflows (~70% more than Ethereum’s ~$724B).<ref>Chainalysis, “The 2025 Global Adoption Index: India and the United States Lead Cryptocurrency Adoption” Achieved, Retrieved September 2025.</ref> Pew (Oct 2024) found 17% of U.S. adults have invested in, traded, or used crypto.<ref>Pew Research Center, “Majority of Americans aren’t confident in the safety and reliability of cryptocurrency”, Achieved, Retrieved October 2024.</ref> An EY–Coinbase 2025 survey reported ~50% of asset managers considering launching crypto funds (focus on BTC/ETH ETPs).<ref>EY and Coinbase, “2025 Institutional Investor Digital Assets Survey” Achieved, Retrieved 2025.</ref>
| | == Economics and Usage == |
| | Bitcoin embodies free‑market ideology and cypherpunk privacy principles.[https://medium.com/@historyofbitcoin/philosophy ³⁵] |
| | Legality differs by nation: the U.S., EU, and Japan regulate under AML/tax laws; China and others ban it.[https://investopedia.com/articles/bitcoin-legality ³⁶] |
|
| |
|
| Corporate holdings: by 2024, MicroStrategy held 150k+ BTC; GBTC held 600k+ BTC; Tesla announced a $1.5B BTC purchase in early 2021; Block, Inc. invested $50m (2020) + $170m (2021).<ref>Bitcoin Depot, “Companies/Organizations that Hold Bitcoin”, Achieved, Retrieved September 2024.</ref>
| | === Payments === |
| | Economists like [[Kenneth Rogoff]] note Bitcoin thrives in the informal economy but rarely for daily commerce.[https://www.coindesk.com/business/2025/08/21/rogoff-bitcoin ³⁷] |
| | The E.U.’s [[MiCA Regulation]] and U.S. IRS rules define crypto as property/taxable asset.[https://investopedia.com/articles/bitcoin-legality ³⁸] |
| | Consumer agencies warn of fraud and volatility.[https://portal.ct.gov/dob ³⁹] |
| | Research shows it’s used more as speculation than payment.[https://theconversation.com/almost-no-one-uses-bitcoin ⁴⁰] |
|
| |
|
| === Status as an economic bubble ===
| | Cross‑border surveys by Jack Dorsey’s Block show 87% of holders use BTC for remittances.[https://businesstoday.in/latest/story/bitcoin-survey-block ⁴¹] |
| Critics (e.g., Jean Tirole, Kenneth Rogoff, Joseph Stiglitz, Nouriel Roubini) describe Bitcoin as a bubble or speculative asset. In Sept 2025, Tirole warned weak stablecoin oversight could trigger bailouts if reserves fail.<ref>Yahoo Finance, “Nobel Prize-Winning Economist Warns Governments May Pay Billions If Stablecoins Collapse”, Achieved, Retrieved September 2025.</ref> Rogoff has argued Bitcoin undermines dollar hegemony in a $25T shadow economy.<ref>Bitcoin.Com News, “Former IMF Chief Economist: Bitcoin Undermines Dollar Hegemony in $25 Trillion Shadow Economy” Achieved.</ref> On Dec 4, 2024, Fed Chair Jerome Powell called Bitcoin “a competitor to gold, not the dollar.”<ref>Central Banking, “Bitcoin is a rival to gold, not the dollar – Powell” Achieved, Retrieved December 2024.</ref> Stiglitz (2018) warned secrecy invites money‑laundering and would draw a governmental “hammer”; Roubini attacked Bitcoin’s volatility and limited use.<ref>Investopedia, “Three Leading Economists Come Out Against Bitcoin” Archived, Retrieved July 2018.</ref><ref>The Northern Miner Group, “Roubini unleashes Twitter attack on Bitcoin”, Achieved, Retrieved March 2014.</ref>
| | The Central African Republic (2022) and El Salvador (2021) experimented with legal tender status — both later adjusted their laws.[https://bbc.com/news/world-africa-61211028 ⁴²][https://centralbanking.com/central-african-republic-bitcoin ⁴³][https://merklescience.com/news/el-salvador-bitcoin-legal-tender ⁴⁴] |
|
| |
|
| === Market characteristics === | | === Investment === |
| The Bitcoin market is decentralized, global, 24/7, and volatile; transactions are transparent and immutable on public blockchains. The broader crypto ecosystem spans payment coins, utility tokens, stablecoins, and DeFi, enabling smart contracts and new financial applications.<ref>Markets.com, “Crypto market analysis: What are the features of cryptocurrency?” Achieved, Retrieved October 2025.</ref>
| | Institutional adoption accelerated (2020–2026). [[Robert Kiyosaki]] predicted $250 k BTC by 2026.[https://bit2me.com/news/robert-kiyosaki-bitcoin ⁴⁵] |
| | [[Elon Musk]]’s SpaceX moved 1 215 BTC ($133 m) in 2025.[https://finance.yahoo.com/news/spacex-bitcoin-133-million ⁴⁶] |
| | Global crypto market cap surpassed $4 trillion in 2025.[https://a16zcrypto.com/state-of-crypto-2025 ⁴⁷] |
| | El Salvador restructured its reserves for security.[https://crystalblockchain.com/el-salvador-bitcoin-reserve ⁴⁸] |
| | SEC approved spot ETFs on Jan 10 2024, bringing crypto to Wall Street.[https://blog.chainalysis.com/reports/bitcoin-etf-guide ⁴⁹] |
| | [[Pew Research Center]] (2024) found 17% of U.S. adults had used crypto.[https://pewresearch.org/fact-tank/2024/10/24/crypto-usage ⁵¹] |
| | Corporate holders include MicroStrategy, GBTC, Tesla, and Block Inc.[https://bitcoindepot.com/companies-holding-bitcoin ⁵³] |
|
| |
|
| <!-- Pages 23–25 of your PDF also include a “Bitcoin Side Table” (infobox-style data). Per your instruction to ignore infobox content, that table is intentionally omitted here. -->
| | === Economic Bubble Debate === |
| | [[Jean Tirole]], [[Joseph Stiglitz]], [[Kenneth Rogoff]], and [[Nouriel Roubini]] call Bitcoin a speculative bubble.[https://finance.yahoo.com/news/stablecoins-collapse-warning ⁵⁴][https://bitcoin.com/news/rogoff-dollar-hegemony ⁵⁵][https://centralbanking.com/bitcoin-gold-powell ⁵⁶][https://investopedia.com/articles/bitcoin-critics ⁵⁸] |
| | Powell (2024) called it “a rival to gold, not the dollar.” Stiglitz and Roubini criticized its volatility and crime risk.[https://northernminer.com/news/roubini-bitcoin ⁵⁷] |
|
| |
|
| == References == | | === Market Characteristics === |
| <references />
| | Bitcoin trades 24/7, globally, with transparent, immutable transactions. Its ecosystem includes stablecoins, DeFi, and NFTs built on blockchain innovation.[https://markets.com/en/crypto-analysis ⁵⁹] |
| Bitcoin
|
|
| Commonly used logo of bitcoin
|
| Denominations
|
| Plural
|
Bitcoins
|
| Symbol
|
₿ (Unicode: U+20BF ₿ BITCOIN SIGN)
|
| Code
|
BTC
|
| Precision
|
10⁻⁸
|
| Subunits
|
- Millibitcoin (mBTC)
- 1/1000
- Bit (μBTC)
- 1/100000
- Satoshi (sat)
- 1/10000000
- Millisatoshi (msat)
- 1/100000000000
59 Markets.com, “Crypto market analysis: What are the features of cryptocurrency?” Archived.
Retrieved October 2025
|
| Development
|
| Original author
|
Satoshi Nakamoto
|
| White paper
|
Bitcoin: A Peer-to-Peer Electronic Cash System
|
| Implementation
|
Bitcoin Core
|
| Initial release
|
0.1.0 / 9 January 2009 (16 years ago)
|
| Latest release
|
30.0.0 / 11 October 2025 (34 days ago)
|
| Code repository
|
GitHub
|
| Development status
|
Active
|
| Written in
|
C++
|
| Source model
|
Free and Open Source Software
|
| License
|
MIT Licence
|
| Ledger
|
| Ledger start
|
3 January 2009 (16 years ago)
|
| Timestamping scheme
|
Proof of work (partial hash inversion)
|
| Hash function
|
SHA-256 (two rounds)
|
| Issuance
|
Decentralized (block reward), Initially ₿50 per block, halved every 210,000 blocks
|
| Block reward
|
₿3.125 (as of 2025)
|
| Block time
|
10 minutes
|
| Circulating supply
|
₿19,934,271 (as of 14 October 2025)
|
| Supply limit
|
₿21,000,000
|
| Valuation
|
| Exchange rate
|
Floating
|
| Website
|
bitcoin.org
|
Template:Short description
Template:TOC limit
Bitcoin (abbreviation: BTC; sign: ₿) is a digital form of money without any physical existence.
Unlike traditional currencies, it operates without central control or banks. Transactions occur over a decentralized network of thousands of interconnected computers, known as nodes.¹
Based on early concepts of digital money, the origins of cryptocurrency trace back to 1983, when David Chaum introduced eCash and launched Digicash in 1989.
In 2008, Satoshi Nakamoto published [[Bitcoin: A Peer-to-Peer Electronic Cash System]], introducing blockchain technology and decentralization.²
Bitcoin’s network launched in 2009 with the mining of the Genesis block.
Key milestones include the first real transaction on May 22 2010, surpassing $1 in 2011, and recognition by 2013. From 2021 to 2025, Bitcoin achieved global legitimacy through SEC‑approved ETFs, PayPal integration, and U.S. regulatory frameworks under President Donald Trump.³
Bitcoin transactions occur on a decentralized blockchain network where users transfer digital currency between wallets. Verified by miners using cryptography and proof‑of‑work, each transaction ensures transparency and security, enabling peer‑to‑peer payments without intermediaries.⁴
History
Bitcoin, often called digital gold, has transformed from a concept into a global financial revolution.⁵
Tracing Bitcoin’s evolution reveals more than just technological progress—it reflects society’s changing view of money, trust, and value.
Background
Projects like DigiCash, Hashcash, Bit gold, and b‑money pioneered ideas of digital scarcity, privacy, and proof‑of‑work.⁶
David Chaum’s DigiCash introduced anonymous transactions but failed commercially.⁷
Wei Dai proposed b‑money; Adam Back’s Hashcash fought spam with PoW.⁸
Douglas Jackson’s E‑gold (1996) and Nick Szabo’s Bit Gold (1998) shaped the idea of scarce, decentralized money.⁹
In 2004, Hal Finney’s Reusable Proof of Work (RPOW) completed the groundwork for Bitcoin.
2008–2009: Creation
Bitcoin was conceptualized after the 2008 financial crisis as an independent digital money system.¹⁰
Early adopters were cypherpunks and libertarians.
No market value existed initially; coins were exchanged experimentally.¹¹
2010–2012: Early growth
In May 2010, Laszlo Hanyecz paid 10 000 BTC for two pizzas — the first real transaction.
Bitcoin surpassed $1 in 2011 and closed 2011 at $5.20. The first halving in Nov 2012 reduced rewards from 50 → 25 BTC.¹³
2013–2014: Regulatory actions
Bitcoin’s market cap passed $1 billion in March 2013; the first ATM appeared in Canada. By Nov 2013 it hit $1 000 on Mt. Gox.¹⁶
In 2014 the exchange collapsed after a hack, spurring debate over security and regulation.¹⁴
2015–2020: Global adoption
Microsoft accepted BTC in 2015; Japan legalized crypto in 2016.¹⁹
CME Group launched the Bitcoin Reference Rate and futures in 2017, when prices peaked at $19 188.²⁰
COVID‑19 fears in 2020 sparked a new rally.
2021–2023: Institutional Adoption
Bitcoin hit $64 895 (Apr 2021) and $69 000 (Nov 2021). Companies like Tesla and MicroStrategy held BTC on balance sheets.²¹
PayPal enabled crypto payments and ProShares launched the first U.S. Bitcoin ETF.²²
The collapse of FTX in 2022 led to a market downturn, with prices recovering to $42 258 by Dec 2023.²³
2024–2025: Mainstream Finance
The SEC approved spot Bitcoin ETFs in Jan 2024, broadening institutional access.²⁴
In 2025, the GENIUS Act established crypto standards and a U.S. Bitcoin reserve worth $20 billion.²⁵
Bitcoin Design
Bitcoin (BTC) is a digital currency with fine‑grained divisibility.
| Unit |
Symbol |
BTC Value
|
‑
|
Bitcoin |
BTC / ₿ |
1
|
‑
|
millibitcoin |
mBTC |
0.001
|
‑
|
bit |
μBTC |
0.000001
|
‑
|
satoshi |
sat |
0.00000001
|
The smallest unit, the satoshi (1 × 10⁻⁸ BTC), supports micro‑transactions. Unicode symbol ₿ added in 2017.²⁷
Blockchain: Backbone
A distributed ledger chains blocks by hash (SHA‑256 × 2). Mining adds blocks through proof‑of‑work, rewarding miners with BTC + fees.²⁸
Addresses and Transactions
Each Bitcoin address derives from a key pair; types include Legacy (1…), P2SH (3…), SegWit (bc1…), and Taproot (bc1p…).²⁹³⁰
Transactions use digital signatures and timestamp servers to order blocks.³¹
Proof of Work & Network
Miners solve puzzles to add blocks; the longest chain reflects honest majority.
Network steps: broadcast → verify → mine → propagate → confirm.
Rewards and fees incentivize security; Merkle trees reduce disk space; SPV clients verify headers only — see diagram on page 13 of source PDF.:contentReference[oaicite:1]{index=1}
Privacy and Fungibility
Bitcoin is pseudonymous; privacy depends on address reuse and mixing tools like CoinJoin or Lightning Network.³²
Wallets
Hot wallets are online (apps); cold wallets are offline (devices/paper). Users secure seed phrases to protect private keys.³³
Scalability solutions such as Lightning Network and sidechains improve speed and cost.³⁴
Economics and Usage
Bitcoin embodies free‑market ideology and cypherpunk privacy principles.³⁵
Legality differs by nation: the U.S., EU, and Japan regulate under AML/tax laws; China and others ban it.³⁶
Payments
Economists like Kenneth Rogoff note Bitcoin thrives in the informal economy but rarely for daily commerce.³⁷
The E.U.’s MiCA Regulation and U.S. IRS rules define crypto as property/taxable asset.³⁸
Consumer agencies warn of fraud and volatility.³⁹
Research shows it’s used more as speculation than payment.⁴⁰
Cross‑border surveys by Jack Dorsey’s Block show 87% of holders use BTC for remittances.⁴¹
The Central African Republic (2022) and El Salvador (2021) experimented with legal tender status — both later adjusted their laws.⁴²⁴³⁴⁴
Investment
Institutional adoption accelerated (2020–2026). Robert Kiyosaki predicted $250 k BTC by 2026.⁴⁵
Elon Musk’s SpaceX moved 1 215 BTC ($133 m) in 2025.⁴⁶
Global crypto market cap surpassed $4 trillion in 2025.⁴⁷
El Salvador restructured its reserves for security.⁴⁸
SEC approved spot ETFs on Jan 10 2024, bringing crypto to Wall Street.⁴⁹
Pew Research Center (2024) found 17% of U.S. adults had used crypto.⁵¹
Corporate holders include MicroStrategy, GBTC, Tesla, and Block Inc.⁵³
Economic Bubble Debate
Jean Tirole, Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini call Bitcoin a speculative bubble.⁵⁴⁵⁵⁵⁶⁵⁸
Powell (2024) called it “a rival to gold, not the dollar.” Stiglitz and Roubini criticized its volatility and crime risk.⁵⁷
Market Characteristics
Bitcoin trades 24/7, globally, with transparent, immutable transactions. Its ecosystem includes stablecoins, DeFi, and NFTs built on blockchain innovation.⁵⁹
