Tingnan ang wikitext ng Bitcoin

[[File:Bitcoin.svg|thumb|right|[[Logo]] ng Bitcoin]]

Ang '''Bitcoin''' ('''₿''') ay isang [[Salaping kripto|salaping kripto]] na isang porma ng elektronikong pera. Ito ay isang desentralisadong pera na kung saan ay walang bangko sentral o nag-iisang tagapangasiwa na maaaring magpadala mula sa user-to-user sa  peer-to-peer bitcoin network na walang  kailangang  tagapamagitan.

Ang mga transaksyon ay nasusuri sa tulong ng network ng mga node sa pamamagitan ng cryptography at nakatala sa isang pampublikong d''istributed ledger'' na tinatawag na  ''blockchain''. Ang bitcoin ay inimbento ng isang hindi kilalang tao o grupo ng mga tao gamit ang pangalan na [[Satoshi Nakamoto]]<ref name="whoissn">{{cite news|url=https://www.economist.com/blogs/economist-explains/2015/11/economist-explains-1|title=Who is Satoshi Nakamoto?|last1=S.|first1=L.|date=2 November 2015|work=The Economist|accessdate=23 September 2016|archiveurl=https://web.archive.org/web/20160821154511/http://www.economist.com/blogs/economist-explains/2015/11/economist-explains-1|archivedate=21 August 2016|url-status=live|publisher=The Economist Newspaper Limited|df=dmy-all}}</ref> at inilabas bilang open-source na software noong 2009.<ref name="NY2011">{{cite web|last=Davis|first=Joshua|title=The Crypto-Currency: Bitcoin and its mysterious inventor|url=http://www.newyorker.com/magazine/2011/10/10/the-crypto-currency|work=The New Yorker|date=10 October 2011|accessdate=31 October 2014|url-status=live|archiveurl=https://web.archive.org/web/20141101014157/http://www.newyorker.com/magazine/2011/10/10/the-crypto-currency|archivedate=1 November 2014|df=dmy-all}}</ref> Ang bitcoins ay nilikha bilang isang gantimpala para sa prosesong na kilala sa tawag na pagmimina. Ito ay pwedeng mapalitan ng iba pang mga pera,<ref>{{cite news|title=What is Bitcoin?|url=http://money.cnn.com/infographic/technology/what-is-bitcoin/|publisher=CNN Money|accessdate=16 November 2015|url-status=live|archiveurl=https://web.archive.org/web/20151031113913/http://money.cnn.com/infographic/technology/what-is-bitcoin/|archivedate=31 October 2015|df=dmy-all}}</ref> mga produkto, at mga serbisyo. Sa pananaliksik na ginawa ng Unibersidad ng Cambridge na-estima sa taong 2017, na may 2.9 hanggang 5.8 milyong natatanging user na gumagamit ng salaping kripto wallet, karamihan sa mga ito gamit ang bitcoin.<ref name="CU2017">{{cite web|last1=Hileman|first1=Garrick|last2=Rauchs|first2=Michel|title=Global Cryptocurrency Benchmarking Study|url=https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf|publisher=Cambridge University|accessdate=14 April 2017|url-status=live|archiveurl=https://web.archive.org/web/20170410130007/https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf|archivedate=10 April 2017|df=dmy-all}}</ref>

Ang bitcoin ay na-kritiko sa kadahilanang pwedeng gamitin ito sa  mga ilegal na transaksyon, ang makonsumong paggamit ng kuryente, pabago-bagong presyo, pagnanakaw sa mga exchanges, at ang posibilidad na ang bitcoin ay isang economic bubble. Ang bitcoin din ay nagagamit bilang isang pampuhunan(investment), bagaman ang ilang mga regulatory agencies ay nagbigay ng babala sa mga [[mamumuhunan]] patungkol sa bitcoin.

== Kasaysayan ==

=== Paglikha ===
Ang pangalan na domain na "bitcoin.org" ay narehistro noong ika-18 ng Agosto taong 2008.<ref>{{cite news|last1=Bernard|first1=Zoë|title=Everything you need to know about Bitcoin, its mysterious origins, and the many alleged identities of its creator|url=http://www.businessinsider.com/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12|accessdate=15 June 2018|work=Business Insider|date=2 December 2017|archive-url=https://web.archive.org/web/20180615010015/http://www.businessinsider.com/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12|archive-date=15 June 2018|url-status=live}}</ref> Ng petsa ika-31 ng Oktubre taong 2008,  isang link ng isang papel na nilikha ni Satoshi Nakamoto na ang pamagat ay Bitcoin: A Peer-to-Peer Electronic Cash System <ref name="paper">{{cite web|url=https://bitcoin.org/bitcoin.pdf|title=Bitcoin: A Peer-to-Peer Electronic Cash System|date=31 October 2008|publisher=bitcoin.org|accessdate=28 April 2014|first=Satoshi|last=Nakamoto|url-status=live|archiveurl=https://web.archive.org/web/20140320135003/https://bitcoin.org/bitcoin.pdf|archivedate=20 March 2014|df=dmy-all}}</ref> ay nai-post sa isang cryptography mailing list.<ref>{{cite news|last1=Finley|first1=Klint|title=After 10 Years, Bitcoin Has Changed Everything—And Nothing|url=https://www.wired.com/story/after-10-years-bitcoin-changed-everything-nothing/|accessdate=9 November 2018|work=Wired|date=31 October 2018}}</ref> Inilunsad ni Nakamoto ang bitcoin software bilang open-source code at inilabas ito noong buwan ng Enero taong 2009.<ref>{{cite web|url=https://sourceforge.net/p/bitcoin/code/HEAD/tree/|title=Bitcoin|author=Nakamoto, Satoshi|date=3 January 2009|url-status=live|archiveurl=https://web.archive.org/web/20170721190347/https://sourceforge.net/p/bitcoin/code/HEAD/tree/|archivedate=21 July 2017|df=dmy-all}}</ref><ref>{{cite web|url=http://www.mail-archive.com/cryptography@metzdowd.com/msg10142.html|author=Nakamoto, Satoshi|date=9 January 2009|title=Bitcoin v0.1 released|archiveurl=https://web.archive.org/web/20140326174921/http://www.mail-archive.com/cryptography%40metzdowd.com/msg10142.html|archivedate=26 March 2014|url-status=live|df=}}</ref> Ang pagkakakilanlan ni Nakamoto  ay nananatiling misteryo.

Ng buwan ng Enero taong 2009, ang bitcoin network ay nilikha ng namina ni Nakamoto ang unang block ng chain, na kilala bilang  ''genesis block''.<ref name="Wired:RFB">{{cite news|author=Wallace, Benjamin|title=The Rise and Fall of Bitcoin|url=https://www.wired.com/magazine/2011/11/mf_bitcoin/|publisher=Wired|date=23 November 2011|accessdate=13 October 2012|archiveurl=https://web.archive.org/web/20131031043919/http://www.wired.com/magazine/2011/11/mf_bitcoin|archivedate=31 October 2013|url-status=live|df=}}</ref><ref>{{cite web |title=Block 0&nbsp;– Bitcoin Block Explorer |url=https://bitref.com/block/0 |url-status=live |archiveurl= |archivedate= |df=}}</ref> Naka-embed sa coinbase ang block na ito na may sumunod na teksto: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."  Ang pagkatala na ito ay ipinaliwanag bilang parehong timestamp at ng isang komento sa sanhi ng kahinaan ng fractional-reserve banking.<ref>{{cite book|last1=Pagliery|first1=Jose|title=Bitcoin: And the Future of Money|date=2014|publisher=Triumph Books|isbn=9781629370361|url=https://books.google.com.au/books?id=_-wuBAAAQBAJ|accessdate=20 January 2018|url-status=live|archiveurl=https://web.archive.org/web/20180121071329/https://books.google.com.au/books?id=_-wuBAAAQBAJ|archivedate=21 January 2018}}</ref>{{rp|18}}

Ang receiver ng unang transaksyon ng bitcoin  ay si cypherpunk Hal Finney, na lumikha ng unang reusable proof-of-work system (RPOW) noong taong 2004.<ref>{{cite web|url=http://www.sfgate.com/technology/businessinsider/article/Here-s-The-Problem-With-The-New-Theory-That-A-4529573.php|title=Here's The Problem with the New Theory That A Japanese Math Professor Is The Inventor of Bitcoin|work=San Francisco Chronicle|accessdate=24 February 2015|url-status=live|archiveurl=https://web.archive.org/web/20150104063653/http://www.sfgate.com/technology/businessinsider/article/Here-s-The-Problem-With-The-New-Theory-That-A-4529573.php|archivedate=4 January 2015|df=}}</ref> Dinownload ni Finney ang bitcoin software sa petsa ng ilabas ito, at ng ika-12 ng Enero taong 2009 nakatanggap ng sampung bitcoins mula kay Nakamoto.<ref>{{Cite news|url=https://www.washingtonpost.com/blogs/the-switch/wp/2014/01/03/hal-finney-received-the-first-bitcoin-transaction-heres-how-he-describes-it/|title=Hal Finney received the first Bitcoin transaction. Here's how he describes it.|last=Peterson|first=Andrea|work=The Washington Post|accessdate=|date=3 January 2014|url-status=live|archiveurl=https://web.archive.org/web/20150227213647/http://www.washingtonpost.com/blogs/the-switch/wp/2014/01/03/hal-finney-received-the-first-bitcoin-transaction-heres-how-he-describes-it/|archivedate=27 February 2015|df=dmy-all}}</ref><ref>{{cite news|last1=Popper|first1=Nathaniel|title=Hal Finney, Cryptographer and Bitcoin Pioneer, Dies at 58|url=https://www.nytimes.com/2014/08/31/business/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html|accessdate=2 September 2014|work=NYTimes|date=30 August 2014|url-status=live|archiveurl=https://web.archive.org/web/20140903162835/http://www.nytimes.com/2014/08/31/business/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html|archivedate=3 September 2014|df=dmy-all}}</ref> Ang ilan sa mga unang  tagasuporta ng cypherpunk ay mga tagalikha  ng bitcoin predecessors: Si Wei Dai, ang gumawa ng b-money, at si Nick Szabo, na gumawa ng bit gold..<ref name="WallaceWired11">{{cite news|url=https://www.wired.com/magazine/2011/11/mf_bitcoin/|title=The Rise and Fall of Bitcoin|work=Wired|date=23 November 2011|accessdate=4 November 2013|author=Wallace, Benjamin|url-status=live|archiveurl=https://web.archive.org/web/20131104055936/http://www.wired.com/magazine/2011/11/mf_bitcoin/|archivedate=4 November 2013|df=dmy-all}}</ref> Ng taong 2010, ang unang kilalang  komersyal na transaksyon gamit ang bitcoin ay naganap ng ang programmer na si Laszlo Hanyecz ay bumili ng dalawang Papa John ' s pizza na nagkaka-halaga ng 10,000 bitcoin.<ref>{{Cite news|url=https://www.cnbc.com/2018/06/18/blockchain-what-is-it-and-how-does-it-work.html|title=Everything you need to know about the blockchain|last=Kharpal|first=Arjun|date=18 June 2018|work=CNBC|access-date=13 September 2018}}</ref>

Si Nakamoto ay tinatayang naka mina ng  isang milyong mga bitcoins <ref>{{cite news|last1=McMillan|first1=Robert|title=Who Owns the World's Biggest Bitcoin Wallet? The FBI|url=https://www.wired.com/2013/12/fbi_wallet/|accessdate=7 October 2016|work=Wired|publisher=Condé Nast|url-status=live|archiveurl=https://web.archive.org/web/20161021221609/https://www.wired.com/2013/12/fbi_wallet/|archivedate=21 October 2016|df=dmy-all}}</ref> bago siya mawala ng taong 2010, na hawak niya ang mga network alert key at kontrol sa code repository na higit pa kay Gavin Andresen. Makalipas nito si Andresen ay na naging lead developer sa Bitcoin Foundation.<ref>{{cite web|last1=Simonite|first1=Tom|title=Meet Gavin Andresen, the most powerful person in the world of Bitcoin|url=https://www.technologyreview.com/s/527051/the-man-who-really-built-bitcoin/|website=MIT Technology Review|accessdate=6 December 2017}}</ref><ref name="governance">{{cite news|last1=Odell|first1=Matt|title=A Solution To Bitcoin’s Governance Problem|url=https://techcrunch.com/2015/09/21/a-solution-to-bitcoins-governance-problem/|accessdate=24 January 2016|work=TechCrunch|date=21 September 2015|url-status=live|archiveurl=https://web.archive.org/web/20160126051521/http://techcrunch.com/2015/09/21/a-solution-to-bitcoins-governance-problem/|archivedate=26 January 2016|df=dmy-all}}</ref> . Si Andresen ay hinahangad ang desentrilisadong kontrol. Na nag-iwan ng pagkakataon ng kontrobersya sa pagbuo ng  hinaharap na pag-unlad ng bitcoin.

=== 2011-2012 ===
Pagkatapos ng unang bahagi ng "proof-of-concept" ng mga transaksyon, ang unang mga pangunahing mga gumagamit ng bitcoin ay ang mga black market, tulad ng Silk Road. Sa panahon ng kanyang 30 na buwan ng pag-iral, simula noong buwan ng Pebrero taong 2011, Ang Silk Road ay eksklusibong tumatanggap ng bitcoins bilang bayad, na may transaksyon ng 9.9 milyon ng bitcoins, na nagkakahalaga ng halos sa $214 milyon.{{rp|222}}

Ng taong 2011, ang presyo ay nagsimula sa $0.30 sa bawat bitcoin, at umalaki sa $5.27 sa taong ito. Ang  presyo ay tumaas  sa $31.50 ng ika-8 ng buwan ng Hunyo. Sa loob ng isang buwan ang presyo ay bumaba sa $11.00. Sa sumunod na buwan ito ay bumaba sa $7.80, at sa sumunod na buwan bumaba uli  sa $4.77.<ref name="Odata">{{cite web|title=Bitcoin Historical Prices|url=https://www.officialdata.org/bitcoin-price|website=OfficialData.org|accessdate=3 July 2018|archive-url=https://web.archive.org/web/20180704010212/https://www.officialdata.org/bitcoin-price|archive-date=4 July 2018|url-status=live}}</ref>

Ang Litecoin, ang unang bitcoin spin-off o altcoin, na lumitaw noong buwan ng Oktubre taong 2011.<ref>{{Cite news|url=https://www.wired.com/2013/08/litecoin/|title=Ex-Googler Gives the World a Better Bitcoin|work=WIRED|access-date=25 October 2017|language=Ingles|archive-url=https://web.archive.org/web/20171025075642/https://www.wired.com/2013/08/litecoin/|archive-date=25 October 2017|url-status=live}}</ref> Maraming altcoins na ang lumitaw simula noon..<ref name="wsj20180131Yang">{{cite news|last1=Yang|first1=Stephanie|title=Want to Keep Up With Bitcoin Enthusiasts? Learn the Lingo|url=https://www.wsj.com/articles/want-to-keep-up-with-bitcoin-enthusiasts-learn-the-lingo-1517394601|accessdate=8 June 2018|work=WSJ|date=31 January 2018|archive-url=https://web.archive.org/web/20180612143411/https://www.wsj.com/articles/want-to-keep-up-with-bitcoin-enthusiasts-learn-the-lingo-1517394601|archive-date=12 June 2018|url-status=live}}</ref>

Ng taong 2012, ang presyo ng bitcoin ay  nagsimula sa $5.27 tumaas sa $13.30 sa taong ito. Ng ika-9 ng Enero ang presyo ay tumaas sa $7.38, ngunit pagkatapos ay bumaba ng  49% hangang $3.80 sa paglipas ng 16 araw. Pagkatapos nito ang  presyo ay tumaas sa $16.41 ng ika-17 ng buwan ng Agosto, ngunit bumaba ng 57% hangang $7.10 sa paglipas ng susunod na tatlong araw.<ref name="MktWatch09022018">{{cite news|last1=French|first1=Sally|title=Here’s proof that this bitcoin crash is far from the worst the cryptocurrency has seen|url=https://www.marketwatch.com/story/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09|accessdate=3 July 2018|publisher=Market Watch|date=9 February 2017|archive-url=https://web.archive.org/web/20180703220246/https://www.marketwatch.com/story/heres-proof-that-this-bitcoin-crash-is-far-from-the-worst-the-cryptocurrency-has-seen-2018-02-09|archive-date=3 July 2018|url-status=live}}</ref>

Ang Bitcoin foundation ay itinatag noong buwan ng Setyembre taong 2012 upang itaguyod ang pag-unlad at pag-tanggap ng bitcoin.<ref>{{cite news|last1=Bustillos|first1=Maria|title=The Bitcoin Boom|url=https://www.newyorker.com/tech/elements/the-bitcoin-boom|accessdate=30 July 2018|work=The New Yorker|date=1 April 2013|archive-url=https://web.archive.org/web/20180702064450/https://www.newyorker.com/tech/elements/the-bitcoin-boom|archive-date=2 July 2018|url-status=live}}</ref>

=== 2013-2016 ===
Ng taong 2013, ang presyo ay nagsimula sa $13.30 na tumaas sa $770 ng ika-1 ng buwan 
ng Enero taong 2014.

Ng buwan ng Marso taong 2013 ang blockchain ay pansamantalang hinati sa dalawang mga independiyenteng mga chains na may iba ' t ibang mga panuntunan. Ang dalawang blockchain ay pinapatakbo nang sabay-sabay ng anim na oras, ang bawat isa ay may sariling bersyon ng kasaysayan ng transaksyon. Ang normal na operasyon ay naibalik nung ang karamihan ng network ay nag-downgrade sa bersyon 0.7 ng bitcoin software.<ref name="bug events">{{cite web|last=Lee|first=Timothy|url=https://arstechnica.com/business/2013/03/major-glitch-in-bitcoin-network-sparks-sell-off-price-temporarily-falls-23/|title=Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23%|publisher=arstechnica.com|date=11 March 2013|accessdate=15 February 2015|archive-url=https://www.webcitation.org/6G4e02Xd1?url=http://arstechnica.com/business/2013/03/major-glitch-in-bitcoin-network-sparks-sell-off-price-temporarily-falls-23/|archive-date=22 April 2013|url-status=live}}</ref> Ang Mt. Gox exchange ay saglit na itinigil ang pag-deposito ng bitcoin at ang presyo ay bumaba sa 23% hangang $37<ref name="ArsFork">{{cite web|last=Lee|first=Timothy|title=Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23%|url=https://arstechnica.com/business/2013/03/major-glitch-in-bitcoin-network-sparks-sell-off-price-temporarily-falls-23/|publisher=Arstechnica|date=12 March 2013|archiveurl=https://www.webcitation.org/6G4e02Xd1?url=http://arstechnica.com/business/2013/03/major-glitch-in-bitcoin-network-sparks-sell-off-price-temporarily-falls-23/|archivedate=22 April 2013|url-status=live|access-date=12 March 2013}}</ref><ref name="VergeFork">{{cite web|last=Blagdon|first=Jeff|title=Technical problems cause Bitcoin to plummet from record high, Mt. Gox suspends deposits|url=https://www.theverge.com/2013/3/12/4092898/technical-problems-cause-bitcoin-to-plummet-from-record-high|publisher=The Verge|date=12 March 2013|archiveurl=https://www.webcitation.org/6G4e0aImv?url=http://www.theverge.com/2013/3/12/4092898/technical-problems-cause-bitcoin-to-plummet-from-record-high|archivedate=22 April 2013|url-status=live|access-date=12 March 2013}}</ref> bago makabawi sa nakaraang antas sa $48 ng sumunod na oras.<ref>{{cite web|title=Bitcoin Charts|url=http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2013-03-12zeg2013-03-15ztgSzm1g10zm2g25zv|archiveurl=https://web.archive.org/web/20140509133404/http://bitcoincharts.com/charts/mtgoxUSD|archivedate=9 May 2014|url-status=live}}</ref> Ang US Financial Crimes Enforcement Network  (FinCEN) ay nagtatag ng regulasyon ng mga alituntunin para sa "desentralisadong virtual na pera" tulad ng bitcoin, uriin ang mga Amerikanong minero ng bitcoin na nagbebenta ng mga kanilang nakuhang bitcoins ay sinahalintulad sa Money Service Businesses (MSBs), na napapailalim sa pagpaparehistro o iba pang mga legal na mga obligasyon.<ref name="ArsFinCEN">{{cite web|last=Lee|first=Timothy|title=US regulator Bitcoin Exchanges Must Comply With Money Laundering Laws|url=https://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws/|publisher=Arstechnica|date=20 March 2013|quote=Bitcoin miners must also register if they trade in their earnings for dollars.|archiveurl=https://web.archive.org/web/20131021203745/http://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws/|archivedate=21 October 2013|url-status=live|access-date=28 July 2017}}</ref><ref name="Finextra1">{{cite web|title=US govt clarifies virtual currency regulatory position|url=http://www.finextra.com/News/FullStory.aspx?newsitemid=24645|publisher=Finextra|date=19 March 2013|archiveurl=https://web.archive.org/web/20140326183202/http://www.finextra.com/News/FullStory.aspx?newsitemid=24645|archivedate=26 March 2014|url-status=live}}</ref><ref name="FinCEN1">{{cite web|title=Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies|url=http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf|publisher=Department of the Treasury Financial Crimes Enforcement Network|accessdate=19 March 2013|archive-url=https://web.archive.org/web/20130328190308/http://fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf|archive-date=28 March 2013|url-status=dead}}</ref> Sa buwan ng Abril, ang exchanges ng BitInstant at Mt. Gox ay nakaranas ng mga pagkaantala sa pagproseso dahil sa hindi sapat na kapasidad <ref>Roose, Kevin (8 April 2013) {{cite web|url=http://nymag.com/daily/intelligencer/2013/04/inside-the-bitcoin-bubble-bitinstants-ceo.html|title=Inside the Bitcoin Bubble: BitInstant's CEO&nbsp;– Daily Intelligencer|archiveurl=https://web.archive.org/web/20140409031731/http://nymag.com/daily/intelligencer/2013/04/inside-the-bitcoin-bubble-bitinstants-ceo.html|archivedate=9 April 2014|url-status=live}}. Nymag.com. Retrieved on 20 April 2013.</ref> na nagreresulta sa presyo ng bitcoin na  bumaba mula sa $266 hangang $76 bago bumalik sa $160 sa loob ng anim na oras.<ref>{{cite web|url=http://bitcoincharts.com/charts/mtgoxUSD|title=Bitcoin Exchange Rate|publisher=Bitcoinscharts.com|accessdate=15 August 2013|archiveurl=https://www.webcitation.org/68eGWrjWE?url=http://bitcoincharts.com/charts/mtgoxUSD|archivedate=24 June 2012|url-status=live}}</ref> Ang presyo ng bitcoin ay tumaas sa $259 sa ikasampo ng buwan ng Abril, ngunit pagkatapos ay bumaba sa 83% hangang $45 sa loob ng tatlong araw. Ng ika-15 buwan ng Mayo taong 2013, ang mga awtoridad ng US ay kinumpiska ang mga account na nauugnay sa Mt. Gox pagkatapos na matuklasan ang mga ito ay hindi nakarehistro bilang isang money transmiter sa FinCEN sa US.<ref>{{cite web|last=Dillet|first=Romain|title=Feds Seize Assets From Mt. Gox's Dwolla Account, Accuse It Of Violating Money Transfer Regulations|url=https://techcrunch.com/2013/05/16/mt-gox-dwolla-account-money-seizure/|accessdate=15 May 2013|archiveurl=https://web.archive.org/web/20131009161856/http://techcrunch.com/2013/05/16/mt-gox-dwolla-account-money-seizure/|archivedate=9 October 2013|url-status=live}}</ref><ref name="ABA FINCEN">{{cite web|title=Some basic rules for using 'bitcoin' as virtual money|url=http://www.abajournal.com/magazine/article/some_basic_rules_for_using_bitcoin_as_virtual_money/|publisher=American Bar Association|year=2013|accessdate=26 June 2013|last=Berson|first=Susan A.|archiveurl=https://web.archive.org/web/20131029185546/http://www.abajournal.com/magazine/article/some_basic_rules_for_using_bitcoin_as_virtual_money/|archivedate=29 October 2013|url-status=live}}</ref> Ng petsa Hunyo 23, 2013, ang US Drug Enforcement Administration (DEA) na nilista  ang 11.02 bitcoins bilang nakumpiskang asset sa United States Department of Justice sa pag-unawa na alinsunod sa 21 U. S. C. § 881.<ref>{{cite web|last=Cohen|first=Brian|title=Users Bitcoins Seized by DEA|url=http://letstalkbitcoin.com/users-bitcoins-seized-by-dea/|accessdate=14 October 2013|archiveurl=https://web.archive.org/web/20131009062454/http://letstalkbitcoin.com/users-bitcoins-seized-by-dea/|archivedate=9 October 2013|url-status=live}}</ref> Minarkahan ito bilang unang pagkakataon na ang isang ahensiya ng pamahalaan ay sinamsam na bitcoin.<ref>{{cite web|publisher=El Cuerpo Nacional de Policía|title=The National Police completes the second phase of the operation "Ransomware"|url=https://translate.google.com/translate?sl=es&tl=en&js=n&prev=_t&u=http%3A%2F%2Fwww.policia.es%2Fprensa%2F20130927_1.html|accessdate=14 October 2013}}</ref><ref>{{cite web|title=U.S. government makes its first-ever Bitcoin seizure|url=http://www.dailydot.com/business/11-bitcoins-seized-government-dea/|publisher=The Daily Dot|year=2013|accessdate=15 October 2013|last=Sampson|first=Tim|archiveurl=https://www.webcitation.org/6Hl0yLbIR?url=http://www.dailydot.com/business/11-bitcoins-seized-government-dea|archivedate=30 June 2013|url-status=live}}</ref> Ang FBI ay nakasamsam ng halos 26,000 bitcoins ng buwan ng oktubre taong 2013 mula sa Dark web website na Silk Road sa panahon ng pag-aresto kay Ross William Ryan.<ref>{{cite web|title=After Silk Road seizure, FBI Bitcoin wallet identified and pranked|url=http://www.zdnet.com/after-silk-road-seizure-fbi-bitcoin-wallet-identified-and-pranked-7000021603/|archiveurl=https://web.archive.org/web/20140405173339/http://www.zdnet.com/after-silk-road-seizure-fbi-bitcoin-wallet-identified-and-pranked-7000021603/|archivedate=5 April 2014|url-status=live}}</ref><ref>{{cite web|url=http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX|title=Silkroad Seized Coins|archiveurl=https://www.webcitation.org/6MUFj8Kcn?url=http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX|archivedate=9 January 2014|url-status=live|access-date=2 November 2013}}</ref><ref>{{cite news|url=https://www.forbes.com/sites/kashmirhill/2013/10/04/fbi-silk-road-bitcoin-seizure/|title=The FBI's Plan For The Millions Worth Of Bitcoins Seized From Silk Road|work=Forbes|first=Kashmir|last=Hill|archiveurl=https://web.archive.org/web/20140502154935/http://www.forbes.com/sites/kashmirhill/2013/10/04/fbi-silk-road-bitcoin-seizure/|archivedate=2 May 2014|url-status=live}}</ref> Ang presyo ng bitcoin ay tumaas sa $755 ng  ika-19 ng buwan ng Nobyembre at bumaba sa 50% hangang $378 ng parehong araw. Ng ika-30 buwan ng Nobyembre taong  2013 ang presyo na naabot ang $1,163 bago ang pagsisimula ng isang pang-matagalang pagbagsak ng presyo, bumaba ang presyo sa 87% hangang $152 ng buwan ng Enero  taong 2015. Ng ika-5 ng buwan ng Disyembre taong 2013, ang People Bank of China ay ipinagbabawal ang Chinese financial institutions mula sa paggamit ng bitcoins.<ref name="ccontrols">{{cite news|url=https://www.bbc.co.uk/news/technology-25428866|title=Bitcoin sinks after China restricts yuan exchanges|publisher=BBC|work=bbc.com|date=18 December 2013|accessdate=20 December 2013|author=Kelion, Leo|archive-url=https://web.archive.org/web/20131219214615/http://www.bbc.co.uk/news/technology-25428866|archive-date=19 December 2013|url-status=live}}</ref> Matapos ang anunsyo, ang halaga ng bitcoins ay bumaba,<ref>{{cite news|date=6 December 2013|url=http://www.smh.com.au/business/markets/currencies/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html|title=China bans banks from bitcoin transactions|work=[[The Sydney Morning Herald]]|publisher=Reuters|accessdate=31 October 2014|archive-url=https://web.archive.org/web/20140323102824/http://www.smh.com.au/business/markets/currencies/china-bans-banks-from-bitcoin-transactions-20131206-2yugy.html|archive-date=23 March 2014|url-status=live}}</ref> at ang Baidu ay hindi na tinanggap ang bitcoins para sa ilang mga serbisyo.<ref name="bloomberg">{{cite news|url=https://www.bloomberg.com/news/2013-12-07/baidu-stops-accepting-bitcoins-after-china-ban.html|title=Baidu Stops Accepting Bitcoins After China Ban|work=Bloomberg|location=New York|date=7 December 2013|accessdate=11 December 2013|archive-url=https://web.archive.org/web/20131210214547/http://www.bloomberg.com/news/2013-12-07/baidu-stops-accepting-bitcoins-after-china-ban.html|archive-date=10 December 2013|url-status=live}}</ref> Ang pagbili ng kalakal sa real-world sa anumang mga virtual na pera ay ilegal sa China simula ng taong 2009.<ref>{{cite web|url=http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200906/20090606364208.html|title=China bars use of virtual money for trading in real goods|publisher=English.mofcom.gov.cn|date=29 June 2009|accessdate=10 January 2014|archive-url=https://web.archive.org/web/20131129184312/http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200906/20090606364208.html|archive-date=29 November 2013|url-status=live}}</ref>

Ng taong 2014, ang presyo ay nagsimula sa $770 at bumaba sa $314 sa taon ito. Noong buwan ng Pebrero taong 2014, ang Mt. Gox exchange, ang pinakamalaking bitcoin exchange ng panahon na iyon , sinabi na ang 850,000 bitcoins ay ninakaw mula sa kanyang mga customer, na nagkakahalaga ng halos $500 milyon. Ang presyo ng bitcoin ay bumaba na halos kalahati, mula sa $867 hangang $439 (49% pagbagsak). Ang presyo ay nanatiling mababa hanggang sa huling buwan ng taong 2016.

Ng taong 2015. ang presyo ay nagsimula sa $314 at tumaas sa $434 sa taong ito. Sa taong 2016 ang presyo ay tumaas sa $998 ng ika-1 ng buwan ng Enero taong 2017.

=== 2017–2018 ===
Ang presyo ay nagsimula sa $998 sa taon ng 2017 at tumaas sa $13,412.44 ng ika-1 ng Enero taong 2018. Ng ika-17 buwan ng Disyembre ang presyo ng bitcoin ay naabot ang all-time high na $19,666.

Ang China ay ipinagbawal ang kalakalan sa bitcoin, ang unang hakbang nito ay nagsimula ng buwan ng Setyembre taong 2017, at na-complete ban simula ng petsa ika-1 ng Pebrero taong 2018.Pagkatapos nito ang presyo ng bitcoin ay bumaba mula sa $9,052 hangang $6,914 ng ika-5 buwan ng Pebrero taong 2018. Ang porsyento ng mga bitcoin sa kalakalan sa renminbi ay bumaba mula sa halos 90% ng buwan ng Setyembre taong 2017 sa mas mababa na 1% ng buwan ng Hunyo.<ref name="rmbXinhua">{{cite news|title=RMB Bitcoin trading falls below 1 pct of world total|url=http://www.xinhuanet.com/english/2018-07/07/c_137308879.htm|accessdate=10 July 2018|agency=[[Xinhua]]|publisher=Xinhuanet|date=7 July 2018|archive-url=https://web.archive.org/web/20180710225218/http://www.xinhuanet.com/english/2018-07/07/c_137308879.htm|archive-date=10 July 2018|url-status=live}}</ref>

Ang natitirang bahagi ng unang-kalahati ng taong 2018, ang presyo ng bitcoin nagbago sa $11,480 at $5,848. Ng petsa Hulyo 1 2018 ang presyo ng bitcoin ay $6,469.<ref name="BTUSDprice">{{cite web|title=Bitcoin (USD) Price|url=https://www.coindesk.com/price/|website=Coindesk|accessdate=4 July 2018|archive-url=https://web.archive.org/web/20180704040049/https://www.coindesk.com/price/|archive-date=4 July 2018|url-status=live}}</ref><ref name="Xpress10072018">{{cite news|last1=Dawkins|first1=David|title=Has CHINA burst the bitcoin BUBBLE? Trading in RMB drops from 90% to 1%|url=https://www.express.co.uk/finance/city/986552/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news-china|accessdate=10 July 2018|publisher=Express|date=10 July 2018}}</ref>

Ang presyo ng bitcoin ay negatibong naaapektuhan sa ilang mga hack o mga pagnanakaw sa palitan ng salaping kripto, kabilang ang mga pagnanakaw mula Coincheck ng buwan ng Enero taong 2018, Coinrail at Bithumb sa buwan ng Hunyo, at Bancor sa buwan ng hulyo. Sa unang anim na buwan ng 2018, halos $761 milyon na halaga ng cryptocurrencies ay naiulat na ninakaw mula sa mga exchanges.<ref name="Roy3072018">{{cite news|last1=Chavez-Dreyfuss|first1=Gertrude|title=Cryptocurrency exchange theft surges in first half of 2018: report|url=https://www.reuters.com/article/us-crypto-currencies-ciphertrace/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5|accessdate=10 July 2018|publisher=Reuters|date=3 July 2018|archive-url=https://web.archive.org/web/20180704120854/https://www.reuters.com/article/us-crypto-currencies-ciphertrace/cryptocurrency-exchange-theft-surges-in-first-half-of-2018-report-idUSKBN1JT1Q5|archive-date=4 July 2018|url-status=live}}</ref>Ang presyo ng bitcoin ay apektado kahit na ang iba pang mga cryptocurrencies na ninakaw sa Coinrail at Bancor, bilang mamumuhunan nag-aalala patungkol sa seguridad ng mga palitan ng salaping kripto.<ref name="BloomFort">{{cite news|title=Cryptocurrencies Tumble After $32 Million South Korea Exchange Hack|url=http://fortune.com/2018/06/20/south-korea-cryptocurrency-hack/|accessdate=10 July 2018|agency=Bloomberg|publisher=Fortune|date=20 July 2018|archive-url=https://web.archive.org/web/20180711032352/http://fortune.com/2018/06/20/south-korea-cryptocurrency-hack/|archive-date=11 July 2018|url-status=live}}</ref><ref name="CNNhack">{{cite news|last1=Shane|first1=Daniel|title=Billions in cryptocurrency wealth wiped out after hack|url=https://money.cnn.com/2018/06/11/investing/coinrail-hack-bitcoin-exchange/index.html|accessdate=10 July 2018|publisher=CNN|date=11 June 2018|archive-url=https://web.archive.org/web/20180711032051/https://money.cnn.com/2018/06/11/investing/coinrail-hack-bitcoin-exchange/index.html|archive-date=11 July 2018|url-status=live}}</ref><ref name="TCBancor">{{cite news|last1=Russell|first1=Jon|title=The crypto world’s latest hack sees Israel’s Bancor lose $23.5M|url=https://techcrunch.com/2018/07/10/bancor-loses-23-5m/|accessdate=10 July 2018|publisher=TechCrunch|date=10 July 2018|archive-url=https://web.archive.org/web/20180710084932/https://techcrunch.com/2018/07/10/bancor-loses-23-5m/|archive-date=10 July 2018|url-status=live}}</ref>

Ng buwan ng Nobyembre taong 2018, ang estado ng Ohio, sa Estados Unidos, ay naging unang sa North American government agency na pumayag sa mga negosyo na magbayad ng mga iba ' t-ibang mga buwis sa estado sa pamamagitan ng isang tagapamagitan na nagpapalit ng bitcoin sa dolyares.<ref>{{cite news|last1=Kasler|first1=Karen|title=Ohio Allows Businesses To Pay Taxes With Bitcoin|url=http://www.wksu.org/post/ohio-allows-businesses-pay-taxes-bitcoin|accessdate=26 November 2018|agency=National Public Radio (NPR)|publisher=WKSU.org|date=26 November 2018}}</ref>

== Disenyo ==

=== Blockchain ===
Ang bitcoin blockchain ay isang pampublikong ledger na mga talaan ng mga transaksyon ng bitcoin.Ipinatupad ito bilang isang chain ng mga block, ang bawat block ay  naglalaman ng isang hash ng nakaraang block  sa genesis block{{efn|The genesis block is the block number 0. The timestamp of the block is 2009-01-03 18:15:05. This block is unlike all other blocks in that it does not have a previous block to reference.}} ng chain. Ang isang network ng mga communicating nodes na gumagana sa bitcoin software na nagpapanatili sa blockchain.{{rp|215–219}} .Ang mga transaksyon ng porma ng nagbabayad X nagpapadala Y bitcoins sa nagbayad Z ay na-broadcast sa network na ito gamit ang mga magagamit na mga application software.

Ang network node ay maaaring patunayan ang mga transaksyon, idagdag ang mga ito sa kanilang mga kopya ng ledger, at pagkatapos ay i-broadcast sa ledger idagdag sa iba pang mga node. Upang makamit ang malayang pagsuri ng chain ng pagmamay-ari sa bawat network node iimbakin ng sarili nitong mga kopya ng blockchain.<ref name="f_c2">{{cite news|url=https://www.telegraph.co.uk/technology/news/10881213/The-coming-digital-anarchy.html|title=The coming digital anarchy|publisher=Telegraph Media Group Limited|work=The Telegraph|date=9 June 2014|accessdate=7 January 2015|author=Sparkes, Matthew|location=London|url-status=live|archiveurl=https://web.archive.org/web/20150123190900/http://www.telegraph.co.uk/technology/news/10881213/The-coming-digital-anarchy.html|archivedate=23 January 2015|df=dmy-all}}</ref> Sa bawat 10 minuto, isang bagong grupo ng mga tinanggap na mga transaksyon, na tinatawag na block, ay nalikha, idinagdag sa blockchain, at mabilis na pag-publish sa lahat ng mga node, nang hindi nangangailangan ng sentral na pangangasiwa. Ito ay nagbibigay-daan sa bitcoin software upang matukoy kapag ang isang partikular na bitcoin ay na nagastos, na kung saan ay kinakailangan upang maiwasan ang dobleng-paggastos. Isang kumbensyonal na ledger na talaan ng mga paglipat ng mga aktwal na mga bill o promissory notes na ang mga umiiral na hiwalay mula sa mga ito, ngunit ang blockchain ay ang tanging lugar na kung saan ang bitcoins ay maaaring masabi na umiiral sa anyo ng mga unspent output ng mga transaksyon.{{rp|ch. 5}}

=== Mga transaksyon ===
Ang mga transaksyon ay natukoy gamit ang isang forth-like ng scripting language. Kapag ang isang gumagamit ay nagpapadala ng bitcoins, ang mga user ay nagtatakda ng bawat address at ang halaga ng bitcoin na ipinadala sa address na iyon sa isang output. Upang maiwasan ang dobleng paggastos, sa bawat input ay dapat sumangguni sa isang nakaraang unspent output sa blockchain.<ref name="EconOfBTC">{{cite web|url=http://www.econinfosec.org/archive/weis2013/papers/KrollDaveyFeltenWEIS2013.pdf|title=The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries|work=The Twelfth Workshop on the Economics of Information Security (WEIS 2013)|date=11–12 June 2013|accessdate=26 April 2016|author1=Joshua A. Kroll|author2=Ian C. Davey|author3=Edward W. Felten|quote=A transaction fee is like a tip or gratuity left for the miner.|url-status=live|archiveurl=https://web.archive.org/web/20160509053819/http://www.econinfosec.org/archive/weis2013/papers/KrollDaveyFeltenWEIS2013.pdf|archivedate=9 May 2016|df=dmy-all}}</ref> Ang paggamit ng maramihang mga input ay tumutugon sa ang paggamit ng maramihang mga coin sa isang transaksyon ng cash . Dahil ang mga transaksyon ay maaaring magkaroon ng maramihang mga output, ang mga gumagamit ay maaaring magpadala ng mga bitcoins sa maramihang mga tatanggap sa isang transaksyon. Tulad ng sa isang cash na mga transaksyon, ang kabuuan ng mga input (mga coin na ginamit upang magbayad) ay maaaring lampasan ang inilaang kabuuan ng mga pagbayad. Sa ganoong kaso, ang isang karagdagang output ay ginagamit, sa pagbalik ng mga sukli pabalik sa nagbayad. Anumang pag-input ng satoshis ay hindi accounted para sa output ng transaksyon maging ang bayad sa transaksyon.

=== Mga yunit ===
Ang yunit ng account ng bitcoin system ay isang bitcoin. Ang mga simbolo ng ticker na ginamit upang kumatawan sa bitcoin ay BTC at XBT.{{efn|{{as of | 2014}}, XBT, a code that conforms to ISO 4217 though is not officially part of it, is used by [[Bloomberg L.P.]],<ref>{{cite news |title = Bitcoin Ticker Available On Bloomberg Terminal For Employees |publisher = [[TechCrunch]] |url = https://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/ |date = 9 August 2013 |author = Romain Dillet |accessdate = 2 November 2014 |url-status = live |archiveurl = https://web.archive.org/web/20141101232825/http://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/ |archivedate = 1 November 2014 |df = dmy-all }}</ref> [[CNNMoney]],<ref>{{cite news |title = Bitcoin Composite Quote (XBT) |url = http://money.cnn.com/quote/quote.html?symb=XBT |publisher = CNN |work = CNN Money |accessdate = 2 November 2014 |url-status = live |archiveurl = https://web.archive.org/web/20141027100208/http://money.cnn.com/quote/quote.html?symb=xbt |archivedate = 27 October 2014 |df = dmy-all }}</ref> and [[xe.com]].<ref>{{cite web |title = XBT – Bitcoin |publisher = xe.com |accessdate = 2 November 2014 |url = http://www.xe.com/currency/xbt-bitcoin? |url-status = live |archiveurl = https://web.archive.org/web/20141102111801/http://www.xe.com/currency/xbt-bitcoin |archivedate = 2 November 2014 |df = dmy-all }}</ref>|name=XBTcode}}<ref name="btcregs">{{cite web|url=https://www.loc.gov/law/help/bitcoin-survey/regulation-of-bitcoin.pdf|title=Regulation of Bitcoin in Selected Jurisdictions|publisher=The Law Library of Congress, Global Legal Research Center|date=January 2014|accessdate=26 August 2014|url-status=live|archiveurl=https://web.archive.org/web/20141014012832/http://www.loc.gov/law/help/bitcoin-survey/regulation-of-bitcoin.pdf|archivedate=14 October 2014|df=dmy-all}}</ref>{{rp|2}} Ang maliit na halaga ng bitcoin na ginamit bilang alternatibong yunit ay millibitcoin (mBTC), at satoshi (sat). Pinangalanan sa pagtugon sa manlilikha ng bitcoin, isang satoshi ang pinakamaliit na halaga sa loob ng bitcoin na kumakatawan sa 0.00000001 bitcoins, isang daang milyon ng isang bitcoin. Ang isang millibitcoin ay katumbas ng 0.001 bitcoins, isang ikasanlibo ng isang bitcoin o 100000 satoshis. Ang character na Unicode nito ay ₿.

=== Bayarin sa transaksyon ===
Kahit na ang mga bayarin sa transaksyon ay opsyonal, maaaring piliin ng mga minero kung aling mga transaksyon ang iproseso at unahin ang mga nagbabayad ng mas mataas na bayad. Ang mga minero ay maaaring pumili ng mga transaksyon batay sa bayad ng bayad na may kaugnayan sa storage size nito, hindi ang absolutong halaga ng pera na binayaran bilang bayad. Ang mga bayad na ito ay karaniwang sinusukat sa satoshis bawat byte (nakaupo / b). Ang sukat ng mga transaksyon ay nakasalalay sa bilang ng mga input na ginamit upang lumikha ng transaksyon, at ang bilang ng mga output.{{rp|ch. 8}}

=== Pagmamay-ari ===
[[Talaksan:Bitcoin_Transaction_Visual.svg|thumb|Ang Pinasimple na chain ng pagmamay-ari bilang isinalarawan sa Bitcoin whitepaper. Sa pagsasagawa, ang isang transaksyon ay maaaring magkaroon ng higit sa isang input at higit sa isang output.]]
Sa blockchain, ang bitcoins ay nakarehistro sa bitcoin address. Sa paglikha ng isang bitcoin address ay nangangailangan ng walang higit pa kaysa sa pagpili ng isang random na wastong pribadong key at computing sa  kaukulang bitcoin address. Ang kompyutasyon nito ay maaaring matapos sa isang kalahating segundo. Ngunit sa kabaliktaran, sa pag-kompyut ng pribadong key ng isang naibigay na bitcoin address, ay mathematically unfeasible. Ang mga gumagamit ay maaaring sabihin sa iba o gumawa ng mga pampublikong bitcoin address nang walang pag-kompromiso sa kaukulang pribadong key. Bukod pa rito, ang bilang ng mga wastong pribadong key ay lubos na nakapakalaki na hindi ito maka-kompyut ng sinuman sa isang key-pairs na nagamit na at may mga pondo. Ang malawak na bilang ng mga wastong pribadong key ginagawang unfeasible sa brute force na maaaring magamit upang ikompromiso ang isang pribadong key. Upang gastusin ang kanilang mga bitcoins, ang may-ari ay dapat malaman ang mga kaukulang pribadong key at digital na-sign ng mga transaksyon. Ang network susuriin ang lagda gamit ang pampublikong key.{{rp|ch. 5}}

Kung ang pribadong key ay nawala, ang bitcoin network ay hindi kumikilala ng anumang iba pang mga katibayan ng pagmamay-ari; ang mga coin na dina magagamit, at epektibong mawawala. Halimbawa, sa 2013 isa sa mga gumagamit nito ay sinabing nawala niya ang 7,500 bitcoins, nagkakahalaga ng $7.5 milyon sa panahon iyan, dahil sa aksidenteng natapon ang hard drive na naglalaman ng kanyang pribadong key.<ref>{{cite news|title=Man Throws Away 7,500 Bitcoins, Now Worth $7.5 Million|date=29 November 2013|url=http://washington.cbslocal.com/2013/11/29/man-throws-away-7500-bitcoins-now-worth-7-5-million/|work=CBS DC|accessdate=23 January 2014|url-status=live|archiveurl=https://web.archive.org/web/20140115062630/http://washington.cbslocal.com/2013/11/29/man-throws-away-7500-bitcoins-now-worth-7-5-million/|archivedate=15 January 2014|df=dmy-all}}</ref>  Ang backup ng kanyang key(s) ay ang naghadlang sa mga ito.

Halos sa 20% ng lahat ng mga bitcoins na pinaniniwalaan na nawala. Ito ay nagkaka-halaga ng halos sa $20 bilyon na presyo ng buwan ng Hulyo taong 2018 <ref name="wsjlost">{{cite news|last1=Krause|first1=Elliott|title=A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help|url=https://www.wsj.com/articles/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731|accessdate=8 July 2018|publisher=Wall Street Journal|date=5 July 2018|archive-url=https://web.archive.org/web/20180709010939/https://www.wsj.com/articles/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731|archive-date=9 July 2018|url-status=live}}</ref><ref name="secret">{{cite news|last1=Detrixhe|first1=John|title=The secret to crypto investing is there is no secret|url=https://qz.com/1321633/initial-coin-offerings-disclosure-tends-to-mean-better-outcomes-for-icos/|accessdate=8 July 2018|publisher=Quartz|date=6 July 2018|archive-url=https://web.archive.org/web/20180708073046/https://qz.com/1321633/initial-coin-offerings-disclosure-tends-to-mean-better-outcomes-for-icos/|archive-date=8 July 2018|url-status=live}}</ref> Humigit-kumulang sa isang milyong mga bitcoins, na nagkakahalaga ng $7 bilyon ng buwan ng hulyo taong 2018, ay nanakaw.<ref name="hacklist">{{cite web|title=List of cryptocurrency exchange hacks|url=https://rados.io/list-of-documented-exchange-hacks/|website=Rados.io|accessdate=8 July 2018|archive-url=https://web.archive.org/web/20180709011132/https://rados.io/list-of-documented-exchange-hacks/|archive-date=9 July 2018|url-status=live}}</ref>

=== Pagmimina ===
<div class="thumb tmulti tright"><div class="thumbinner" id="298" style="width:471px;max-width:471px"><div class="tsingle" id="299" style="float:left;margin:1px;width:139px;max-width:139px"><div class="thumbimage" id="300" style="height:103px;overflow:hidden">[[File:Minage_de_crypto-monnaie_(2).jpg|alt=|137x137px]]</div><div class="thumbcaption" id="301" style="clear:left">Ang mga minero ng bitcoin ay gumamit ng mga GPU para sa pagmimina, dahil mas mahusay sila na angkop sa algorithm na proof-of-work kaysa sa CPUs.</div></div><div class="tsingle" id="306" style="float:left;margin:1px;width:141px;max-width:141px"><div class="thumbimage" id="307" style="height:103px;overflow:hidden">[[File:USB_Erupter.jpg|alt=|139x139px]]</div><div class="thumbcaption" id="308" style="clear:left">Amateur bitcoin mining na may espesyal na ASIC chips. Ito ay kapag ang mining difficulty ay mas mababa, at ito ay hindi na magagawa.</div></div><div class="tsingle" id="312" style="float:left;margin:1px;width:185px;max-width:185px"><div class="thumbimage" id="313" style="height:103px;overflow:hidden">[[File:Cryptocurrency_Mining_Farm.jpg|alt=|183x183px]]</div><div class="thumbcaption" id="314" style="clear:left">Ngayon, ang mga kumpanya ng pagmimina ng bitcoin ay naglalaan ng mga pasilidad sa pabahay at nagpapatakbo ng mataas na pagganap ng pagmimina ng hardware.</div></div></div></div>
[[Talaksan:Bitcoin_difficulty.svg|thumb|Semi-log plot na relatibo sa problema sa pagmimina{{efn|Relative mining difficulty is defined as the ratio of the difficulty target on 9 January 2009 to the current difficulty target.}}<ref name="Blockchain.info">{{cite web|url=https://blockchain.info/charts|title=Charts|accessdate=2 November 2014|publisher=[[Blockchain.info]]|url-status=live|archiveurl=https://web.archive.org/web/20141103020741/http://blockchain.info/charts|archivedate=3 November 2014|df=dmy-all}}</ref>]]
''Ang pagmimina'' ay isang record-keeping na serbisyo na nagagawa sa pamamagitan ng  paggamit ng mga computer processing power.{{efn|It is misleading to think that there is an analogy between gold mining and bitcoin mining. The fact is that gold miners are rewarded for producing gold, while bitcoin miners are not rewarded for producing bitcoins; they are rewarded for their record-keeping services.<ref name="Andolfatto2014-03">{{cite web |url = http://www.stlouisfed.org/dialogue-with-the-fed/assets/Bitcoin-3-31-14.pdf |title = Bitcoin and Beyond: The Possibilities and Pitfalls of Virtual Currencies |publisher = Federal Reserve Bank of St. Louis |work = Dialogue with the Fed |date = 31 March 2014 |accessdate = 16 April 2014 |author = Andolfatto, David |url-status = live |archiveurl = https://web.archive.org/web/20140409044505/http://www.stlouisfed.org/dialogue-with-the-fed/assets/Bitcoin-3-31-14.pdf |archivedate = 9 April 2014 |df = dmy-all }}</ref>}} Ang mga minero  ang nagpapanatili ng blockchain na pare-pareho, kumpleto, at hindi maaaring baguhin ng mga paulit-ulit na grupo ng mga bagong na-broadcast ng mga transaksyon sa isang ''block'', na kung saan ay naii-broadcast sa network at na-verify sa pamamagitan ng mga recipient  node.<ref name="econbc">{{cite news|title=The great chain of being sure about things|url=https://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable|accessdate=3 July 2016|work=The Economist|publisher=The Economist Newspaper Limited|date=31 October 2015|url-status=live|archiveurl=https://web.archive.org/web/20160703000844/http://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable|archivedate=3 July 2016|df=dmy-all}}</ref> Ang bawat block ay naglalaman ng isang SHA-256 cryptographic hash ng nakaraang block, na na-uugnay  sa nakaraang block at bibigyan ng blockchain ng pagkakilanlan.{{rp|ch. 7}}

Upang tanggapin ng ibang bahagi ng network, ang isang bagong block ay dapat na naglalaman ng isang ''proof-of-work'' (PoW). Ang sistema na ginagamit na batay sa Adam Backs's 1997 anti-spam scheme, na tawag ay Hashcash.<ref>{{cite journal|last1=Blocki|first1=Jeremiah|last2=Zhou|first2=Hong-Sheng|title=Designing Proof of Human-Work Puzzles for Cryptocurrency and Beyond|journal=Theory of Cryptography|date=1 January 2016|volume=9986|pages=517–546|doi=10.1007/978-3-662-53644-5_20|url=https://link.springer.com/chapter/10.1007%2F978-3-662-53644-5_20|accessdate=4 February 2018|publisher=Springer Berlin Heidelberg|series=Lecture Notes in Computer Science|isbn=978-3-662-53643-8}}</ref> Ang PoW ay nangangailangan ng mga minero upang mahanap ang isang numero na tinatawag na ''nonce'', na kapag ang laman ng mga block ay hashed na kasama ng nonce, ang resulta ay ayon sa bilang na mas maliit kaysa sa network difficulty target.{{rp|ch. 8}} Ang patunay na ito ay madali para sa anumang mga node sa network na mag-suri, ngunit makonsumo sa oras ang bumuo nito, tulad ng para sa isang secure na cryptographic hash, miners ay dapat subukan ang maraming iba ' t ibang mga nonce halaga (karaniwan ay ang pagkakasunod-sunod ng mga sinubok na mga halaga ay pataas na mga karaniwang mga numero: 0, 1, 2, 3, ...{{rp|ch. 8}}) bago ang pulong ng difficulty target.

Sa bawat 2,016 ng mga block (humigit-kumulang na 14 na araw sa humigit-kumulang 10 minuto sa bawat block), ang difficulty target ay nababagay batay sa network ng mga nakaraang pagganap, na may layunin na panatiliin ang karaniwang oras sa pagitan ng bagong mga block sa sampung minuto. Sa ganitong paraan ang sistema ay awtomatikong aangkop sa  kabuuang halaga ng mining power sa network.{{rp|ch. 8}} Sa pagitan ng ika-1 buwan ng Marso taong 2014 at  ika-1 buwan ng Marso taong 2015, ang karaniwang bilang ng mga nonces na minero ay sinubukang  maglikha ng isang bagong block na dagdagan mula sa 16.4 quintillion sa 200.5 quintillion.<ref name="diffhistory">{{cite web|url=https://blockchain.info/charts/difficulty?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=|title=Difficulty History|publisher=Blockchain.info|accessdate=26 March 2015|type=The ratio of all hashes over valid hashes is D x 4,295,032,833, where D is the published "Difficulty" figure.|url-status=live|archiveurl=https://web.archive.org/web/20150408212548/https://blockchain.info/charts/difficulty?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=|archivedate=8 April 2015|df=dmy-all}}</ref>

Ang sistemang proof-of-work, na kasama din ang pag-ugnay-ugnay ng mga block, sa paggawa ng mga pagbabago sa blockchain ay lubhang mahirap, bilang isang taga-atake dapat ay baguhin ang lahat ng mga kasunod na mga block ayon sa pagkakasunod-sunod upang mabago ang isang block para tangapin ito.<ref>{{cite news|last1=Hampton|first1=Nikolai|title=Understanding the blockchain hype: Why much of it is nothing more than snake oil and spin|url=http://www.computerworld.com.au/article/606253/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin/|accessdate=5 September 2016|work=Computerworld|publisher=IDG|date=5 September 2016|url-status=live|archiveurl=https://web.archive.org/web/20160906171838/http://www.computerworld.com.au/article/606253/understanding-blockchain-hype-why-much-it-nothing-more-than-snake-oil-spin/|archivedate=6 September 2016|df=dmy-all}}</ref> Dahil sa pag-mina ng mga bagong mga block sa lahat ng oras, ang pagbabago sa isang block ay pahirap ng pahirap sa paglipas ng panahon at ang bilang ng mga magka-sunod-sunod na mga block (tinatawag din na ''c''onfirmations of the given block) ay nada-dagdagan.

==== Pagmimina sa Pooled ====
Ang Computing power ay madalas na magkasama o "pooled" upang mabawasan ang pagka-iba-iba ng kita ng mga minero. Ang mga indibidwal na mining rigs ay madalas na maghihintay ng mahabang panahon upang kumpirmahin ang isang block ng mga transaksyon at matanggap ang bayad. Sa isang pool, ang lahat ng mga kalahok na mga minero ay makakakuha ng mga bayad  sa bawat oras na kung ang isang kalahok na server ay nakalutas ng isang block. Ang bayad ay depende  sa trabaho ng isang indibidwal na minero na nag-ambag na tulong sa pag-hanap ng block.<ref name="Techcrunch12">{{cite web|last=Biggs|first=John|title=How To Mine Bitcoins|url=https://techcrunch.com/2013/04/08/how-to-mine-bitcoins/|publisher=Techcrunch|date=8 April 2013|url-status=live|archiveurl=https://web.archive.org/web/20170706132517/https://techcrunch.com/2013/04/08/how-to-mine-bitcoins/|archivedate=6 July 2017}}</ref>

=== Suplay ===
[[Talaksan:Bitcoin supply.svg|thumb|Ang abuuang bitcoins sa sirkulasyon.]]
Ang matagumpay na mga minero sa paghahanap ng bagong mga block ay gagantimpalaan ng nilikhang bagong bitcoins at mga bayarin sa transaksyon.<ref name="bloombergvance111413">{{cite web|url=http://www.businessweek.com/articles/2013-11-14/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race|title=2014 Outlook: Bitcoin Mining Chips, a High-Tech Arms Race|publisher=Businessweek|date=14 November 2013|author=Ashlee Vance|accessdate=24 November 2013|url-status=live|archiveurl=https://web.archive.org/web/20131121225123/http://www.businessweek.com/articles/2013-11-14/2014-outlook-bitcoin-mining-chips-a-high-tech-arms-race|archivedate=21 November 2013|df=dmy-all}}</ref> Ng ika-9 buwan ng hulyo taong 2018 ang gantimpala ay nagkaka-halaga ng 12.5 ng nilikhang bagong bitcoins sa bawat block na idinadagdag sa blockchain. </span><span data-segmentid="347" class="cx-segment">Upang makuha ang gantimpala, ang isang espesyal na transaksyon na tinatawag na  ''coinbase'' na kasama ang mga naproseso na mga bayad.{{rp|ch. 8}} </span>Ang lahat ng mga bitcoins na nagawa ay nilikha sa mga transaksyon ng coinbase. Ang [[Bitcoin network|bitcoin protocol]] ay sinasabing ang gantimpala sa pagdagdagdag ng isang block ay binabawasan sa bawat 210,000 na mga block (humigit-kumulang sa bawat apat na taon). Sa huli, ang gantimpala ay bababa hanggang zero, at ang limitasyon ng 21 milyong bitcoins ay maaabot sa 2140; ang record-keeping na serbisyo ay gagantimpalaan lamang ng mga naka-akibat na bayarin sa transaksyon.{{as of|2016|07|09}}<ref name="KWY">{{cite web|url=http://qz.com/154877/by-reading-this-page-you-are-mining-bitcoins/|title=By reading this article, you're mining bitcoins|publisher=Atlantic Media Co|work=qz.com|date=17 December 2013|accessdate=17 December 2013|author1=Ritchie S. King|author2=Sam Williams|author3=David Yanofsky|url-status=live|archiveurl=https://web.archive.org/web/20131217221429/http://qz.com/154877/by-reading-this-page-you-are-mining-bitcoins/|archivedate=17 December 2013|df=dmy-all}}</ref>{{as of|2016|07|09}}

Sa ibang salita, ang imbentor ng bitcoin nasi Nakamoto ay nagtakda ng isang monetary policy batay sa artipisyal na kakulangan sa bitcoin na magiging 21&#x20;milyong bitcoins lamang sa kabuuan. Ang mga numero ay nadadagdagan sa halos bawat sampung minuto at ang antas na kung saan sila ay binuo ay nababawasan ng kalahati sa bawat apat na taon hanggang sa ang lahat ay nasa sirkulasyon na.<ref>{{cite news|last1=Shin|first1=Laura|title=Bitcoin Production Will Drop By Half In July, How Will That Affect The Price?|url=https://www.forbes.com/sites/laurashin/2016/05/24/bitcoin-production-will-drop-by-half-in-july-how-will-that-affect-the-price/#79bdaa0999e1|accessdate=13 July 2016|work=Forbes|date=24 May 2016|url-status=live|archiveurl=https://web.archive.org/web/20160524141916/http://www.forbes.com/sites/laurashin/2016/05/24/bitcoin-production-will-drop-by-half-in-july-how-will-that-affect-the-price/#79bdaa0999e1|archivedate=24 May 2016|df=dmy-all}}</ref><div class="thumb tmulti tright"><div style="width:408px;max-width:408px" id="360" class="thumbinner"><div style="float:left;margin:1px;width:193px;max-width:193px" id="361" class="tsingle"><div style="height:116px;overflow:hidden" id="362" class="thumbimage">[[File:Screenshot_of_Bitcoin-qt-0.5.2.png|alt=|191x191px]]</div><div style="clear:left" id="363" class="thumbcaption">Bitcoin Core, isang full client</div></div><div style="float:left;margin:1px;width:211px;max-width:211px" id="366" class="tsingle"><div style="height:116px;overflow:hidden" id="367" class="thumbimage">[[File:Electrum_Bitcoin_Wallet.png|alt=|209x209px]]</div><div style="clear:left" id="368" class="thumbcaption">Electrum, isang magaan na client</div></div></div></div>Ang ''wallet'' ang nag-iimbak ng impormasyon na kinakailangan upang gumawa ng transaksyon sa bitcoins. Habang ang mga wallet ay madalas na inilarawan bilang isang lugar upang mag-tago<ref>{{cite web|url=https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained|title=Bitcoin, Explained|publisher=Mother Jones|work=motherjones.com|date=10 April 2013|accessdate=26 April 2014|author1=Adam Serwer|author2=Dana Liebelson|lastauthoramp=yes|url-status=live|archiveurl=https://web.archive.org/web/20140427022315/https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained|archivedate=27 April 2014|df=dmy-all}}</ref> o imbakan ng mga bitcoins, dahil sa likas na katangian ng sistema, ang bitcoins ay hindi maihihiwalay mula sa transaksyon  ng blockchain ledger. Ang mabuting paraan upang ilarawan ang isang wallet ay isang bagay na "nag-iimbak ng mga digital na mga kredensyal ng iyong bitcoin na hinahawakan"<ref name="3ceos">{{cite news|url=https://www.forbes.com/sites/johnvillasenor/2014/04/26/secure-bitcoin-storage-a-qa-with-three-bitcoin-company-ceos/|title=Secure Bitcoin Storage: A Q&A With Three Bitcoin Company CEOs|publisher=Forbes|work=forbes.com|date=26 April 2014|accessdate=26 April 2014|author=Villasenor, John|url-status=live|archiveurl=https://web.archive.org/web/20140427011731/http://www.forbes.com/sites/johnvillasenor/2014/04/26/secure-bitcoin-storage-a-qa-with-three-bitcoin-company-ceos/|archivedate=27 April 2014|df=dmy-all}}</ref> at nagbibigay-daan upang ma-access (at magastos) ang mga ito. Ang bitcoin ay gumagamit ng public-key cryptography, na kung saan may dalawang cryptographic key, ang isa ay pam-publiko at isa sa ay pribado, na nabubuo.<ref name="Economist113013Pressure">{{cite news|url=https://www.economist.com/news/technology-quarterly/21590766-virtual-currency-it-mathematically-elegant-increasingly-popular-and-highly|title=Bitcoin: Bitcoin under pressure|work=The Economist|date=30 November 2013|accessdate=30 November 2013|url-status=live|archiveurl=https://web.archive.org/web/20131130032403/http://www.economist.com/news/technology-quarterly/21590766-virtual-currency-it-mathematically-elegant-increasingly-popular-and-highly|archivedate=30 November 2013|df=dmy-all}}</ref> 
Sa pinasimpleng nito, ang isang wallet ay isang koleksyon ng mga key.

Mayroong ilang mga mode na kung saan ang mga wallet ay maaaring gumana dito. Sila ay may isang kabaligtaran relasyon na patungkol sa trustlessness at computational na kailangan.

* ''Ang full client'' ay nagsusuri ng mga transaksyon na direkta sa pamamagitan ng pag-download ng isang buong kopya ng blockchain (higit sa 150&#x20;GB na buwan ng Enero sa taong {{as of|2018|January}}).<ref>{{cite web|title=Blockchain Size|url=https://blockchain.info/charts/blocks-size|website=Blockchain.info|accessdate=16 January 2018|url-status=live|archiveurl=https://web.archive.org/web/20170527050820/https://blockchain.info/charts/blocks-size|archivedate=27 May 2017}}</ref> Ang mga ito ay ang pinaka-ligtas at maaasahang paraan sa paggamit ng network, tulad ng pagtitiwala sa mga panlabas na partido ay hindi na  kinakailangan. Ang full client ang nagsusuri ng tagal ng naminang mga block, na pumipigil sa mga ito mula sa paggawa ng transaksyon na nagsisira ng pagka-sunod-sunod  o binabago ng patakaran ng network.<ref>{{cite web|last1=Torpey|first1=Kyle|title=You Really Should Run a Bitcoin Full Node: Here's Why|url=https://bitcoinmagazine.com/articles/you-really-should-run-full-bitcoin-node-heres-why/|website=Bitcoin Magazine|accessdate=29 November 2017|url-status=live|archiveurl=https://web.archive.org/web/20170703210734/https://bitcoinmagazine.com/articles/you-really-should-run-full-bitcoin-node-heres-why/|archivedate=3 July 2017|df=dmy-all}}</ref> Dahil sa laki nito at pagiging kumplikado, sa pag-download at pag-suri ng buong blockchain ay hindi angkop para sa lahat ng computing na aparato.
* ''Ang Lightweight clients'' ang kumukunsulta sa full client upang magpadala at tumanggap ng mga transaksyon nang hindi nangangailangan ng isang lokal na kopya ng buong blockchain (tingnan ang[[Bitcoin network| simplified payment verification]] – SPV). Na kung saan ang lightweight clients ay mapapabilis ang pag set up at nagbibigay-daan sa kanila upang gamitin ito sa low-power, mababang bandwidth na mga aparato tulad ng mga [[smartphone]]. Kapag gumagamit ng isang lightweight  wallet, gayunpaman, ang user ay dapat pinagkakatiwalaan ang server sa isang tiyak na antas, tulad ng maaaring mag-ulat ng mga mali na halaga pabalik sa user. Ang Lightweight clients ay sinusunod ang  longest blockchain at ay hindi tiyak na ito ay ayos, na nangangailangan ng tiwala sa mga minero.<ref name="LBC">{{cite web|last1=Gervais|first1=Arthur|last2=O. Karame|first2=Ghassan|last3=Gruber|first3=Damian|last4=Capkun|first4=Srdjan|title=On the Privacy Provisions of Bloom Filters in Lightweight Bitcoin Clients|url=https://eprint.iacr.org/2014/763.pdf|accessdate=3 September 2016|url-status=live|archiveurl=https://web.archive.org/web/20161005045518/https://eprint.iacr.org/2014/763.pdf|archivedate=5 October 2016|df=dmy-all}}</ref>

Mga Third-party na serbisyo ng internet na tinatawag na ''online wallets'' na nag-aalok ng katulad ng iba kung paano gumana ngunit mas madali itong gamitin. Sa kasong ito, ang mga kredensyal upang ma-access ang mga pondo ay naka-imbak sa online wallet provider sa halip na nasa user's hardware.<ref>{{cite news|title=Be Your Own Bank: Bitcoin Wallet for Apple|url=https://www.forbes.com/sites/jonmatonis/2012/04/26/be-your-own-bank-bitcoin-wallet-for-apple/|author=Jon Matonis|date=26 April 2012|accessdate=17 November 2014|publisher=Forbes|url-status=live|archiveurl=https://web.archive.org/web/20141012002316/http://www.forbes.com/sites/jonmatonis/2012/04/26/be-your-own-bank-bitcoin-wallet-for-apple/|archivedate=12 October 2014|df=dmy-all}}</ref><ref>{{cite news|author1=Bill Barhydt|title=3 reasons Wall Street can't stay away from bitcoin|url=https://www.cnbc.com/id/101711220|accessdate=2 April 2015|publisher=NBCUniversal|date=4 June 2014|url-status=live|archiveurl=https://web.archive.org/web/20150403052101/http://www.cnbc.com/id/101711220|archivedate=3 April 2015|df=dmy-all}}</ref> Bilang isang resulta, ang user ay dapat magkaroon ng buong tiwala sa wallet provider. Ang isang malisyosong tagabigay ng serbisyo o ng isang paglabag sa seguridad ng server ay maaaring maging sanhi ng mga ipinagkatiwala mga bitcoins ay manakaw. Isang halimbawa ng tulad nito ay ng isang paglabag sa seguridad na naganap sa Mt. Gox sa 2011.<ref name="mtgoxdetails">{{cite web|url=https://www.bbc.com/news/technology-26420932|title=MtGox gives bankruptcy details|publisher=BBC|work=bbc.com|date=4 March 2014|accessdate=13 March 2014|url-status=live|archiveurl=https://web.archive.org/web/20140312001338/http://www.bbc.com/news/technology-26420932|archivedate=12 March 2014}}</ref> Ito ay humantong sa  mga paulit-ulit na meme "Not your keys, not your bitcoin".<ref>{{cite web|title=Antonopoulos: Your Keys, Your Bitcoin. Not Your Keys, Not Your Bitcoin|url=https://cointelegraph.com/news/antonopoulos-your-keys-your-bitcoin-not-your-keys-not-your-bitcoin|website=Cointelegraph|accessdate=16 February 2018|archive-url=https://web.archive.org/web/20180216204710/https://cointelegraph.com/news/antonopoulos-your-keys-your-bitcoin-not-your-keys-not-your-bitcoin|archive-date=16 February 2018|url-status=live}}</ref>

''Mga pisikal na mga wallets'' ay nag-iimbak ng mga kredensyal na kailangan upang magastos ang bitcoins sa offline. Isang halimbawa nito ay isang bagong b likhang coin na may naka-imprinta ang kredensyal sa baliktad na bahagi.<ref name="theverge">{{cite web|last=Staff|first=Verge|url=https://www.theverge.com/2013/12/13/5207256/casascius-maker-of-shiny-physical-bitcoins-shut-down-by-treasury|title=Casascius, maker of shiny physical bitcoins, shut down by Treasury Department|publisher=The Verge|date=13 December 2013|accessdate=10 January 2014|url-status=live|archiveurl=https://web.archive.org/web/20140110010445/http://www.theverge.com/2013/12/13/5207256/casascius-maker-of-shiny-physical-bitcoins-shut-down-by-treasury|archivedate=10 January 2014|df=dmy-all}}</ref> Ang papel na mga wallet ay isang simpleng  nai-printang  papel.

Ang isa pang uri ng wallet na tinatawag na ''hardware wallet'' nagtatago ng mga kredensyal sa offline na habang na pinapadali ang pakikipag-transaksyon.<ref>{{cite news|last1=Roberts|first1=Daniel|title=How to send bitcoin to a hardware wallet|url=https://finance.yahoo.com/news/send-bitcoin-hardware-wallet-140141385.html|accessdate=17 February 2018|work=Yahoo Finance|date=15 December 2017|archive-url=https://web.archive.org/web/20180217142235/https://finance.yahoo.com/news/send-bitcoin-hardware-wallet-140141385.html|archive-date=17 February 2018|url-status=live}}</ref>

=== Implementasyon ===
Ang unang wallet program, na simpleng pinangalanang ''Bitcoin'', at minsan tinutukoy din bilang ''Satoshi client'', na inilabas ng taong 2009 ni Satoshi Nakamoto bilang open-source software. Sa bersyong 0.5 ang client ay inilipat mula sa wxWidgets user interface toolkit sa Qt, at ang buong bundle ay tinutukoy bilang ''Bitcoin-Qt''.<ref name="Bitcoin Clients">{{Cite thesis|url=http://publications.theseus.fi/bitstream/handle/10024/47166/Skudnov_Rostislav.pdf?sequence=1|first=Rostislav|last=Skudnov|title=Bitcoin Clients|type=Bachelor's Thesis|year=2012|publisher=[[Turku University of Applied Sciences]]|accessdate=16 January 2014|url-status=live|archiveurl=https://web.archive.org/web/20140118104507/http://publications.theseus.fi/bitstream/handle/10024/47166/Skudnov_Rostislav.pdf?sequence=1|archivedate=18 January 2014|df=dmy-all}}</ref> Matapos ang release ng bersyon 0.9, ang software na bundle ay pinalitan ng pangalan na ''Bitcoin Core'' upang magpakilala ng kanyang sarili mula sa mga kalakip na mga network.<ref>{{cite web|title=Bitcoin Core version 0.9.0 released|url=https://bitcoin.org/en/release/v0.9.0|website=bitcoin.org|accessdate=8 January 2015|url-status=live|archiveurl=https://web.archive.org/web/20150227213613/https://bitcoin.org/en/release/v0.9.0|archivedate=27 February 2015|df=dmy-all}}</ref><ref>{{cite news|last1=Metz|first1=Cade|title=The Bitcoin Schism Shows the Genius of Open Source|url=https://www.wired.com/2015/08/bitcoin-schism-shows-genius-open-source/|accessdate=3 July 2016|work=Wired|publisher=Condé Nast|date=19 August 2015|url-status=live|archiveurl=https://web.archive.org/web/20160630230101/http://www.wired.com/2015/08/bitcoin-schism-shows-genius-open-source|archivedate=30 June 2016|df=dmy-all}}</ref>

==== Mga Fork ====
Ang Bitcoin Core ay, marahil, ang pinakamahusay na kilala sa implemetasyon o client. Ang mga alternatibong mga kliyente (fork ng Bitcoin Core) na inilabas, tulad ng Bitcoin XT, Bitcoin Unlimited,<ref name="breakingup">{{cite news|last1=Vigna|first1=Paul|title=Is Bitcoin Breaking Up?|url=https://www.wsj.com/articles/is-bitcoin-breaking-up-1453044493|accessdate=8 November 2016|work=The Wall Street Journal|date=17 January 2016|url-status=live|archiveurl=https://web.archive.org/web/20160820144312/http://www.wsj.com/articles/is-bitcoin-breaking-up-1453044493|archivedate=20 August 2016|df=dmy-all}}</ref> at Parity Bitcoin.<ref>{{cite news|last1=Allison|first1=Ian|title=Ethereum co-founder Dr Gavin Wood and company release Parity Bitcoin|url=http://www.ibtimes.co.uk/ethereum-co-founder-dr-gavin-wood-company-release-parity-bitcoin-1619025|accessdate=28 April 2017|work=International Business Times|date=28 April 2017|url-status=live|archiveurl=https://web.archive.org/web/20170428032027/http://www.ibtimes.co.uk/ethereum-co-founder-dr-gavin-wood-company-release-parity-bitcoin-1619025|archivedate=28 April 2017}}</ref>

Ng ika-1 buwan ng Agosto taong 2017, hard fork ng bitcoin ang nalikha, na kilala bilang Bitcoin Cash.<ref name="bsit">{{Cite news|url=http://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html|title=Bitcoin split in two, here's what that means|author=Selena Larson|accessdate=2 April 2018|date=1 August 2017|work=CNN Tech|publisher=Cable News Network|archive-url=https://web.archive.org/web/20180227214042/http://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html|archive-date=27 February 2018|url-status=live}}</ref> Ang Bitcoin Cash na merong isang mas malaking block ng mga limitasyon ng laki at nagkaroon ng mga magkakahawig na mga blockchain sa mga oras ng fork. Ng ika-24 buwan ng Oktubre taong 2017 isa pang hard fork, ang Bitcoin Gold, ang nalikha. Ang Bitcoin Gold binago ang proof-of-work algorithm na ginagamit sa pagmimina, bilang mga developer na nadama na ang pagmimina ay naging masyadong espesyal.<ref>{{cite web|title=Bitcoin Gold, the latest Bitcoin fork, explained|url=https://arstechnica.com/tech-policy/2017/11/bitcoin-gold-the-latest-bitcoin-fork-explained/|website=Ars Technica|accessdate=29 December 2017|url-status=live|archiveurl=https://web.archive.org/web/20171229172206/https://arstechnica.com/tech-policy/2017/11/bitcoin-gold-the-latest-bitcoin-fork-explained/|archivedate=29 December 2017}}</ref>

=== Desentralisasyon at sentralisasyon ===

==== Desentralisasyon ====
Ang Bitcoin ay hindi magkaroon ng isang sentral na awtoridad at ang bitcoin network ay [[desentralisasyon|desentralisado]]:

* Walang sentro na server, ang bitcoin network ay peer-to-peer.{{r|NY2011}}
* Walang sentrong imbakan, ang bitcoin ledger ay ipinamamahagi.<ref name="DLT">{{cite news|last1=Meola|first1=Andrew|title=How distributed ledger technology will change the way the world works|url=https://www.businessinsider.com/blockchain-distributed-ledgers-2017-10|accessdate=26 July 2018|work=Business Insider|date=5 October 2017|archive-url=https://web.archive.org/web/20180427142806/http://www.businessinsider.com/blockchain-distributed-ledgers-2017-10|archive-date=27 April 2018|url-status=live}}</ref>
* Ang ledger ay publiko, kahit sino ay maaaring mag-imbak nito sa kanilang mga kompyuter.{{r|Antonopoulos2014|page=ch. 1}}
* Walang iisang administrator,{{r|JSC}} ang ledger ay pinananatili sa pamamagitan ng isang network ng mga pantay-pantay na pribilehiyo ang mga minero.{{r|Antonopoulos2014|page=ch. 1}}
* Kahit sino ay maaaring maging isang minero.{{r|Antonopoulos2014|page=ch. 1}}
* Ang mga karagdagan sa ledger ay pinananatili sa pamamagitan ng kumpetisyon. Hanggang sa isang bagong block ay naidagdag sa ledger, ito ay hindi makikilala kung sinong minero ang lumikha ng mga block.{{r|Antonopoulos2014|page=ch. 1}}
* Ang pamamahagi ng bitcoins ay desentralisado. Ang mga ito ay ibinigay bilang isang gantimpala para sa paglikha ng isang bagong block.{{r|bloombergvance111413}}
* Kahit sino ay maaaring lumikha ng isang bagong bitcoin address (isang bitcoin kamukhang-mukha ng isang account sa bangko) nang hindi nangangailangan ng anumang pag-apruba.{{r|Antonopoulos2014|page=ch. 1}}
* Kahit sino ay maaaring magpadala ng isang transaksyon sa network nang hindi nangangailangan ng anumang pag-apruba, ang network lamang nag-kukumpirma na ang transaksyon ay lehitimo.<ref name="primer">{{cite web|url=http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf|title=Bitcoin: A Primer for Policymakers|publisher=[[George Mason University]]|work=Mercatus Center|year=2013|accessdate=22 October 2013|author1=Jerry Brito|author2=Andrea Castillo|lastauthoramp=yes|url-status=live|archiveurl=https://web.archive.org/web/20130921060724/http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf|archivedate=21 September 2013|df=dmy-all}}</ref>{{rp|32}}

==== Ang kalakaran ay patungo nasa sentralisasyon ====
Ang mga mananaliksik ay sinabing "ang kalakaran ay patungo na sa [[sentralisasyon]] (trend towards centralization)". Kahit ang bitcoin ay maaaring maipadala nang direkta sa bitcoin network, sa pagsasanay ng mga tagapamagitan na malawak na ginamit.{{r|JEP|page=220–222}} Ang mga mineron ng Bitcoin ay sumali sa mga malalaking mining pool upang i-minimize ang pagkaka-iba ng mga kanilang kita.<ref name="JEP">{{cite web|url=https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.29.2.213|title=Bitcoin: Economics, Technology, and Governance|journal=[[Journal of Economic Perspectives]]|work=|year=2015|accessdate=21 July 2018|author1=Rainer Böhme|author2=Nicolas Christin|author3=Benjamin Edelman|author4=Tyler Moore|url-status=live|archiveurl=|df=dmy-all}}</ref>{{rp|215, 219–222}}<ref name="ieeesurvey">{{cite journal|last1=Tschorsch|first1=Florian|last2=Scheuermann|first2=Björn|title=Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies|journal=IEEE Communications Surveys & Tutorials|volume=18|issue=3|pages=2084–2123|url=http://ieeexplore.ieee.org/document/7423672/?reload=true|accessdate=24 October 2017|url-status=live|archiveurl=https://web.archive.org/web/20171024161444/http://ieeexplore.ieee.org/document/7423672/?reload=true|archivedate=24 October 2017|df=dmy-all|doi=10.1109/comst.2016.2535718|year=2016}}</ref>{{rp|3}}<ref>{{Cite journal|last=Beikverdi|first=A.|last2=Song|first2=J.|date=June 2015|title=Trend of centralization in Bitcoin's distributed network|url=http://ieeexplore.ieee.org/abstract/document/7176229/?reload=true|journal=2015 IEEE/ACIS 16th International Conference on Software Engineering, Artificial Intelligence, Networking and Parallel/Distributed Computing (SNPD)|pages=1–6|doi=10.1109/SNPD.2015.7176229|url-status=live|archiveurl=https://web.archive.org/web/20180126125601/http://ieeexplore.ieee.org/abstract/document/7176229/?reload=true|archivedate=26 January 2018|isbn=978-1-4799-8676-7}}</ref> Dahil ang mga transaksyon sa network ay nakumpirma sa pamamagitan ng mga minero, ang desentralisasyon ng network ay nangangailangan na walang isang minero o mining pool na kukunin ang 51% ng hashing power, na kung saan ay papayagan ang mga itong i-dobleng-igastos ang mga coin, pigilan ang mga transaksyon mula sa pagsuri at pigilan ang mga iba pang mga minero na kumita.Ng taong 2013  anim lamang sa mga mining pool ang kumukontrol sa 75% ng pangkalahatang bitcoin hashing power. Ng taong 2014 ang mining pool na Ghash.io ay nakuha ang 51% ng hashing ang power na kung saan ito ay kontrobersiyal na patungkol sa  kaligtasan ng mga network. Ang pool ay kusang-loob na nalimitahan ng kanilang hashing power sa 39.99% at hiniling ang iba pang mga pool na kumilos nang responsable para sa mapakinabangan ang buong network.<ref>{{Cite news|url=https://techcrunch.com/2014/07/16/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco/|title=Popular Bitcoin Mining Pool Promises To Restrict Its Compute Power To Prevent Feared ‘51%’ Fiasco|last=Wilhelm|first=Alex|work=TechCrunch|accessdate=25 January 2018|url-status=live|archiveurl=https://web.archive.org/web/20171205042008/https://techcrunch.com/2014/07/16/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco/|archivedate=5 December 2017}}</ref>{{as of|2013}}

Ayon sa mga mananaliksik, ang iba pang mga bahagi ng ecosystem ay  "kinokontrol sa pamamagitan ng isang maliit na hanay ng mga entity", kapansin-pansin ang pagpapanatili ng opisyal na client software, mga online na wallet at simplified payment verification (SPV) na kliyente.<ref name=":0">{{cite web|last1=Gervais|first1=Arthur|last2=Karame|first2=Ghassan O.|last3=Capkun|first3=Vedran|last4=Capkun|first4=Srdjan|title=Is Bitcoin a Decentralized Currency?|url=https://www.infoq.com/articles/is-bitcoin-a-decentralized-currency/|accessdate=11 October 2016|website=InfoQ|publisher=InfoQ & [[IEEE Computer Society]]|url-status=live|archiveurl=https://web.archive.org/web/20161010042659/https://www.infoq.com/articles/is-bitcoin-a-decentralized-currency/|archivedate=10 October 2016|df=dmy-all}}</ref>

=== Pagsasarilinan ===
Ang Bitcoin ay [[Alyas|pseudonymous]], ibig sabihin na ang mga pondo ay hindi nakatali sa mga real-world entities ngunit sa halip ang bitcoin address. Ang mga may-ari ng mga bitcoin address ay hindi malinaw ang pagkakakilanlan, ngunit ang lahat ng mga transaksyon sa blockchain ay naka publiko. Sa karagdagan, ang mga transaksyon ay maaaring mai-ugnay sa mga indibidwal at mga kumpanya sa pamamagitan ng "idioms use" (halimbawa., ang mga transaksyon na gumastos ng coin mula sa maramihang mga input nanagpahiwatig na ang mga input ay maaaring magkaroon ng isang karaniwang may-ari) at suportang pampublikong data ng transaksyon na may kilalang mga impormasyon sa mga may-ari ng mga tiyak na address.<ref>{{cite web|url=http://www.technologyreview.com/news/518816/mapping-the-bitcoin-economy-could-reveal-users-identities/|title=Mapping the Bitcoin Economy Could Reveal Users’ Identities|work=MIT Technology Review|date=5 September 2013|accessdate=2 April 2014|author=Simonite, Tom|archive-date=3 Abril 2015|archive-url=https://web.archive.org/web/20150403214425/http://www.technologyreview.com/news/518816/mapping-the-bitcoin-economy-could-reveal-users-identities/|url-status=dead}}</ref> Bukod pa rito, ang bitcoin exchanges, na kung saan ang bitcoins ay kinakalakal sa mga tradisyonal na mga pera, ay maaaring kinakailangan sa pamamagitan ng batas na mangolekta ng personal na impormasyon.<ref name="5facts">{{cite news|url=https://www.washingtonpost.com/blogs/the-switch/wp/2013/08/21/five-surprising-facts-about-bitcoin-2/|title=Five surprising facts about Bitcoin|publisher=The Washington Post|date=21 August 2013|accessdate=2 April 2014|author=Lee, Timothy|url-status=live|archiveurl=https://web.archive.org/web/20131012035053/http://www.washingtonpost.com/blogs/the-switch/wp/2013/08/21/five-surprising-facts-about-bitcoin-2/|archivedate=12 October 2013|df=dmy-all}}</ref>

Upang magpahigit ang mga pinansiyal na mga patakaran, ang isang bagong bitcoin address ay maaaring mabuo sa bawat transaksyon.<ref>{{cite web|url=https://www.wired.co.uk/news/archive/2013-06/06/bitcoin-retail|title=How Bitcoin lets you spy on careless companies|publisher=Conde Nast|work=wired.co.uk|date=6 June 2013|accessdate=2 April 2014|author=McMillan, Robert|url-status=dead|archiveurl=https://web.archive.org/web/20140209202222/http://www.wired.co.uk/news/archive/2013-06/06/bitcoin-retail|archivedate=9 February 2014|df=dmy-all}}</ref> Halimbawa, hierarchical deterministic wallets na bumubuo ng pseudorandom "rolling address" para sa bawat transaksyon mula sa isang seed, habang nangangailangan lamang ng isang solong passphrase upang matandaan para mabawi ang lahat ng mga kaukulang mga pribadong key.<ref>{{cite web|url=https://airbitz.co/go/mastering-bitcoin-privacy/|title=Mastering Bitcoin Privacy|publisher=Airbitz|date=31 July 2015|accessdate=23 February 2016|author=Potts, Jake|url-status=live|archiveurl=https://web.archive.org/web/20150810042927/https://airbitz.co/go/mastering-bitcoin-privacy/|archivedate=10 August 2015|df=dmy-all}}</ref> Ang mga mananaliksik sa [[Pamantasang Stanford|Stanford]] at [[Pamantasan ng Concordia|Concordia universities]] na nakita na ang bitcoin exchanges at iba pang mga entity ay maaaring patunayan na ari-arian, pangangailangan, at kakayahan sa pagbabayad ng utang nang hindi inilalantad ang kanilang mga address gamit ang zero-knowledge proofs.<ref>{{cite web|url=https://eprint.iacr.org/2015/1008.pdf|title=Provisions: Privacy-preserving proofs of solvency for Bitcoin exchanges|publisher=[[International Association for Cryptologic Research]]|date=26 October 2015|accessdate=23 February 2016|author1=Gaby G. Dagher|author2=Benedikt Bünz|author3=Joseph Bonneau|author4=Jeremy Clark|author5=[[Dan Boneh]]|url-status=live|archiveurl=https://web.archive.org/web/20160310104206/http://eprint.iacr.org/2015/1008.pdf|archivedate=10 March 2016|df=dmy-all}}</ref> Ang "Bulletproofs," isang bersyon ng Kumpidensyal na mga Transaksyon na iminungkahi ni Greg Maxwell, na sinubukan ni Propesor Dan Boneh ng Stanford.<ref>{{cite web|url=https://bitcoinmagazine.com/articles/how-bulletproofs-could-make-bitcoin-privacy-less-costly/|publisher=bitcoin magazine|date=20 December 2017|accessdate=22 February 2018|author1=Michiel Mulders|title=How Bulletproofs Could Make Bitcoin Privacy Less Costly|df=dmy-all|archive-url=https://web.archive.org/web/20180222230306/https://bitcoinmagazine.com/articles/how-bulletproofs-could-make-bitcoin-privacy-less-costly/|archive-date=22 February 2018|url-status=live}}</ref> Ang iba pang mga solusyon tulad ng Merkelized Abstract Syntax Treeso (MAST), pay-to-script na-hash (P2SH) sa MERKLE--BRANCH-VERIFY, at ang "Tail Call Execution Semantics", na  iminungkahi upang suportahan ang pribadong smart contract.

=== Fungibility ===
Ang wallets at mga katulad na software na teknelidad na pina-pangasiwaan ang lahat ng mga bitcoins bilang mag katumbas, sa pagtatatag ng mga pangunahing mga antas ng fungibility. Ang mga mananaliksik sinabing ang  kasaysayan ng bawat bitcoin ay nakarehistro at magagamit ng publiko sa blockchain ledger, at na ang ilang mga gumagamit ay maaaring tanggihan para tanggapin ang mga bitcoins na nanggaling mula sa mga kontrobersyal na mga transaksyon, na kung saan ay makapinsala sa bitcoin's fungibility.<ref>{{cite web|first1=Eli|last1=Ben-Sasson|first2=Alessandro|last2=Chiesa|first3=Christina|last3=Garman|first4=Matthew|last4=Green|first5=Ian|last5=Miers|first6=Eran|last6=Tromer|first7=Madars|last7=Virza|work=2014 IEEE Symposium on Security and Privacy|title=Zerocash: Decentralized Anonymous Payments from Bitcoin|url=http://zerocash-project.org/media/pdf/zerocash-oakland2014.pdf|date=2014|accessdate=31 October 2014|publisher=IEEE computer society|url-status=live|archiveurl=https://web.archive.org/web/20141014012438/http://zerocash-project.org/media/pdf/zerocash-oakland2014.pdf|archivedate=14 October 2014|df=dmy-all}}</ref>

=== Scalability ===
Ang mga block sa blockchain ay orihinal na limitado sa 32 megabytes na laki. Ang block na limitado sa laki ng isa megabyte ay ipinakilala ni Satoshi Nakamoto ng taong 2010. Sa kalaunan ang mga block na limitado sa laki ng isa megabyte na lumikha ng mga problema para sa pagproseso ng mga transaksyon, tulad ng pagtaas ng mga bayarin sa transaksyon at naantala ang pagproseso ng transaksyon.<ref>{{cite news|last1=Orcutt|first1=Mike|title=Leaderless Bitcoin Struggles to Make Its Most Crucial Decision|url=https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/|accessdate=22 June 2017|work=MIT Technology Review|date=19 May 2015|archive-url=https://wayback.archive-it.org/all/20171018075515/https://www.technologyreview.com/s/537486/leaderless-bitcoin-struggles-to-make-its-most-crucial-decision/|archive-date=18 October 2017|url-status=live|df=dmy-all}}{{cite news|title=Bitcoin Transaction Fees Are Pretty Low Right Now: Heres Why|url=https://bitcoinmagazine.com/articles/bitcoin-transaction-fees-are-pretty-low-right-now-heres-why/|date=31 January 2018|access-date=14 May 2018|archive-url=https://web.archive.org/web/20180515112419/https://bitcoinmagazine.com/articles/bitcoin-transaction-fees-are-pretty-low-right-now-heres-why/|archive-date=15 May 2018|url-status=live|df=dmy-all}}</ref>

Ng petsa ika-24 ng Agosto taong 2017 (sa block 481,824), ang Segregated Witness (SegWit) ay gumana. Ang mga transaksyon na naglalaman ng ilang mga data na kung saan ay ginagamit lamang upang suriin ang transaksyon, at hindi nakaka-epekto sa paggalaw ng mga coin. Ang SegWit ay ipinakilala ng isang bagong porma ng transaksyon  na inilipat ang data na ito sa isang bagong isang paurong na makatugmang mga paraan. Ang segregated data, ay tinatawag na mga ''saksi'', na hindi na ipinadala sa mga hindi SegWit na mga node at samakatuwid ay hindi porma na bahagi ng blockchain tulad ng nakikita sa pamamagitan ng legacy ng mga node. Binababa  ang laki ng karaniwang  mga transaksyon sa mga tulad ng mga node' view, sa gayong paraan ang pagtaas ng laki ng block nang walang implementasyong ng hard fork na ipinahiwatig sa pamamagitan ng iba pang mga panukala para sa mga pagtaas ng laki ng block. Kaya, ang computer scientist nasi Jochen Hoenicke, ang aktwal na block ay depende sa kapasidad sa rasyo ng mga SegWit na transaksyon sa block, at sa rasyo ng mga lagda ng data. Batay sa kanyang  pagtatantya, kung ang rasyo ng transaksyon ng SegWit  ay 50%, ang kapasidad ng block ay maaaring maging 1.25 megabytes. Ayon kaysa Hoenicke, kung nitibong address na SegWit na mula sa Bitcoin Core na bersyon 0.16.0 ay ginagamit, at ang SegWit ay naaangkop na umabot sa 90% hangang sa 95%, ang isang block na may laki ng hanggang sa 1.8 megabytes ay posible.{{citation needed|date=July 2018}}

== Ideolohiya ==
Sinaad ni Satoshi Nakamoto sa kanyang whitepaper na: "Ang ugat ng problema sa mga kombensyonal na mga pera ay ayon sa tiwala na kinakailangan upang gumawa itong trabaho na ito. Ang central bank ay dapat pagkatiwalaan hindi na hindi papababain ang halaga ng pera, ngunit ang kasaysayan ng fiat na pera ay puno ng mga paglabag sa tiwala."<ref name="BitIdeo">{{cite news|last1=Feuer|first1=Alan|title=The Bitcoin Ideology|url=https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html|accessdate=1 July 2018|publisher=New York Times|date=14 December 2013|archive-url=https://web.archive.org/web/20180701222302/https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html|archive-date=1 July 2018|url-status=live}}</ref>

=== Ang mga Austrian economic ===
Ayon sa  European Central Bank, ang desentralisasyon ng pera na inaalok sa pamamagitan ng bitcoin ay may theoretical roots ayon sa Austrian school of economics, lalo na kay Friedrich von Hayek sa kanyang aklat na ''Denationalisation of Money: The Argument Refined'',<ref>{{cite book|title=Denationalisation of Money: The Argument Refined|date=October 1976|publisher=The institute of economic affairs|location=2 Lord North Street, Westminster, London SWIP 3LB|isbn=0-255-36239-0|url=http://nakamotoinstitute.org/static/docs/denationalisation.pdf|format=PDF|author=[[Friedrich von Hayek]]|accessdate=10 September 2015|archive-url=https://web.archive.org/web/20160304040915/http://nakamotoinstitute.org/static/docs/denationalisation.pdf|archive-date=4 March 2016|url-status=live}}</ref> kung saan siya ay tagapagtaguyod ng isang buong [[Malayang pamilihan|libreng merkado]] sa produksyon, pamamahagi at pamamahala ng pera upang tapusin ang monopolyo ng [[Bangko sentral|mga sentral na mga bangko]].<ref name="ECB">{{cite book|title=Virtual Currency Schemes|date=October 2012|publisher=European Central Bank|location=Frankfurt am Main|isbn=978-92-899-0862-7|url=http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf|format=PDF|author=European Central Bank|url-status=live|archiveurl=https://web.archive.org/web/20121106053452/http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf|archivedate=6 November 2012}}</ref>{{rp|22}}

=== Anarkista at teoryang libertarian ===
Ayon sa ''The New York Times'', ang mga libertarian at [[Anarkismo|anarkista]] ay naaakit sa ideyang ito. Isa sa mga unang taga suporta ng bitcoin nasi Roger Ver sinabi: "At first, almost everyone who got involved did so for philosophical reasons. We saw bitcoin as a great idea, as a way to separate money from the state." ( "Sa una , halos lahat na nasangkot ay ginawa lamang sa pilosopiko na mga dahilan . Nakita namin ang bitcoin bilang isang mahusay na ideya, bilang isang paraan upang paghiwalayin ang pera mula sa estado.")Ang ''The Economist'' ay nilarawan ang bitcoin bilang "isang techno-anarchist na proyekto upang lumikha ng isang online na bersyon ng cash, isang paraan para sa mga tao upang humarap nang walang ang posibilidad na sagabal mula sa mga nakakahamak na pamahalaan o mga bangko".

Si Nigel Dodd nakipag-talakan  sa  The Social Life of Bitcoin na ang kakayahan ng ideolohiya ng bitcoin  ay upang alisin ang pera mula sa mga social, pati na rin sa pamahalaan, na kontrolado.<ref name="DoddLSE">{{cite web|last1=Dodd|first1=Nigel|title=The social life of Bitcoin|url=http://eprints.lse.ac.uk/69229/1/Dodd_The%20social%20life%20of%20Bitcoin_author_2017%20LSERO.pdf|website=LSE Research Online|accessdate=1 July 2018|date=2017|archive-url=https://web.archive.org/web/20180701222330/http://eprints.lse.ac.uk/69229/1/Dodd_The%20social%20life%20of%20Bitcoin_author_2017%20LSERO.pdf|archive-date=1 July 2018|url-status=live}}</ref> Dodd sinabi sa  isang [[YouTube]] video, na kasama sina  Roger Ver, Jeff Berwick, Charlie Shrem, Andreas Antonopoulos, Gavin Wood, Trace Meyer at iba pang tagapagtaguyod ng bitcoin sa pagbabasa ''ng The Declaration of Bitcoin's Independence. '' Ang deklarasyon ay nagsasama ng isang mensahe ng crypto-anarkismo sa salitang: "Ang Bitcoin ay likas na anti-establishment, anti-system,at anti-state. Ang Bitcoin ay ang magpapahina sa pamahalaan at umaantala sa institusyon dahil ang bitcoin ay makatao."<ref name="DecInd">{{cite web|last1=Tourianski|first1=Julia|title=The Declaration Of Bitcoin's Independence|url=https://archive.org/details/DECLARATION_201508|website=Archive.org|accessdate=1 July 2018}}</ref>

Si David Golumbia sinabing ang ideyang ito ay nag-iimpluwensya sa mga bitcoin advocates na lumitaw mula sa right-wing extremist movements tulad nila Liberty Lobby at John Birch Society at ang anti-Central Bank rhetoric, o, na mas kamakailan, si Ron Paul at ang Tea Party-style libertarianism. Si Steve Bannon, na may-ari ng "good stake" sa bitcoin, Isinasaalang-alang ito bilang "disruptive populism. Na kinukuha ang kontrol mula sa mga sentral na awtoridad"

Gayunpaman, ang mga mananaliksik ay naghahanap upang alisan ang mga dahilan para sa interes sa bitcoin na hindi mahanap ang mga katibayan  sa Google ang data na ito ay naka-ugnay sa libertarianism.

== Economics ==
Ang Bitcoin ay isang digital asset na dinisenyo upang gumana sa peer-to-peer na mga transaksyon bilang isang [[Pananalapi (yunit ng palitan)|pera]].Gayunpaman, ng taong 2015 ang gamit ng bitcoin ay higit pa sa isang payment processor kaysa bilang isang pera.

Ang mga ekonomista ay tinukoy ang [[Salapi|pera]] ay bilang isang imbakan ng halaga,  isang medium ng exchange, at isang yunit ng account.<ref name="econ315">{{cite news|title=Free Exchange. Money from nothing. Chronic deflation may keep Bitcoin from displacing its rivals.|url=https://www.economist.com/news/finance-and-economics/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money|accessdate=25 March 2014|newspaper=The Economist|date=15 March 2014|url-status=live|archiveurl=https://web.archive.org/web/20140325085119/http://www.economist.com/news/finance-and-economics/21599053-chronic-deflation-may-keep-bitcoin-displacing-its-fiat-rivals-money|archivedate=25 March 2014|df=dmy-all}}</ref> Ayon sa The Economist ng taong 2014, ang pinakamahusay na gamit ng bitcoin bilang isang medium ng exchange. Gayunpaman, ito ay debate parin,<ref>{{Cite news|url=https://www.wsj.com/articles/it-was-meant-to-be-the-better-bitcoin-its-down-nearly-90-1535115600|title=It Was Meant to Be the Better Bitcoin. It’s Down Nearly 90%|last=Osipovich|first=Alexander|date=24 August 2018|work=Wall Street Journal|access-date=12 September 2018|language=Ingles|issn=0099-9660}}</ref> at ng taong 2018 ang pagsusuri ng ''The Economist'' nakita na ang cryptocurrencies ay hindi naabot ang tatlong pamantayan.<ref name="30082018Economist">{{cite news|title=Bitcoin and other cryptocurrencies are useless|url=https://www.economist.com/leaders/2018/08/30/bitcoin-and-other-cryptocurrencies-are-useless|accessdate=4 September 2018|publisher=The Economist|date=30 August 2018|quote=Lack of adoption and loads of volatility mean that cryptocurrencies satisfy none of those criteria. That does not mean they are going to go away (though scrutiny from regulators concerned about the fraud and sharp practice that is rife in the industry may dampen excitement in future). But as things stand there is little reason to think that cryptocurrencies will remain more than an overcomplicated, untrustworthy casino.}}</ref>
[[Talaksan:Estimated-transaction-volume-usd.svg|thumb|Pagkatubig (tinantyang, USD/taon, logarithmic scale).]]
Ayon sa pananaliksik ng [[Unibersidad ng Cambridge|Cambridge University]], sa pagitan ng 2.9 milyong at 5.8 milyong na natatanging user na gumagamit ng wallet pansalaping kripto sa taong 2017, ang karamihan ng mga ito ay sa bitcoin. Ang bilang ng mga gumagamit ay lumago mula sa taong 2013, na mayroong 300,000 sa 1.3 milyong mga gumagamit.

=== Ang pagtanggap ng mga merchant ===
Ang mayorya ng mga transaksyon ng bitcoin ay nagaganap sa mga palitan ng salaping kripto, sa halip na ginagamit sa mga transaksyon ng mga mangangalakal. Ang mga pagkaantala sa pagpoproseso ng pagbabayad sa blockchain na umaabot sa sampung minuto na ang paggamit ng bitcoin ay napakahirap sa isang retail na pagtakda. Ang mga presyo ay hindi karaniwang sinipi sa mga yunit ng bitcoin at maraming mga kalakal na sangkot ay sa isa, o kung minsan dalawan, ang mga palitan ng kombesyonal na pera. Ang mga merchant na tumatanggap ng bitcoin bilang bayad ay gumagamit ng payment service providers upang isagawa ang palitan.<ref>{{Cite web|url=http://www.bizjournals.com/atlanta/blog/atlantech/2014/09/atlanta-based-bitpay-hooks-up-with-paypal-to.html|title=Atlanta-based BitPay hooks up with PayPal to expand bitcoin adoption|date=23 September 2014|accessdate=|website=Atlanta Business Chronicle|publisher=|last=Karkaria|first=Urvaksh|archive-url=https://web.archive.org/web/20141026224207/http://www.bizjournals.com/atlanta/blog/atlantech/2014/09/atlanta-based-bitpay-hooks-up-with-paypal-to.html|archive-date=26 October 2014|url-status=live|df=dmy-all}}</ref>

Ng taong 2017 at 2018 ang pagtanggap sa bitcoin sa mga pangunahing mga online retailer na kasama lamang ang tatlong nasa top 500 US online na mga mangangalakal, na bumaba mula sa lima sa taong 2016.<ref name="FT08062018">{{cite news|last1=Murphy|first1=Hannah|title=Who really owns bitcoin now?|url=https://www.ft.com/content/29259448-69b3-11e8-b6eb-4acfcfb08c11|accessdate=10 June 2018|publisher=Financial Times|date=8 June 2018|archive-url=https://web.archive.org/web/20180610051316/https://www.ft.com/content/29259448-69b3-11e8-b6eb-4acfcfb08c11|archive-date=10 June 2018|url-status=live}}</ref> Ang mga dahilan sa pagtanggi na ito ay ang mataas na mga bayarin sa transaksyon dahil sa isyu sa bitcoin's scalability  at mahabang paghihintay sa mga transaksyon.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-and-getting-lower|title=Bitcoin Acceptance Among Retailers Is Low and Getting Lower|last=Katz|first=Lily|publisher=Bloomberg|date=12 July 2017|accessdate=25 January 2018|url-status=live|archiveurl=https://web.archive.org/web/20180125204553/https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-and-getting-lower|archivedate=25 January 2018}}</ref>

''Inulat ng Bloomberg'' na ang pinakamalaking sa 17 na crypto merchant-processing na serbisyo na hinahawakan ang $ 69 milyon sa petsa ng hunyo 2018, na bumaba mula sa $411 milyon noong buwan ng Setyembre taong 2017. Ang Bitcoin ay "hindi tunay na kapaki-pakinabang" para sa mga retail na mga transaksyon dahil sa malaking gastos at ang kawalan ng kakayahan upang iproseso ang mga chargeback, ayon kay Nicholas Weaver, isang tagapagpananaliksik na sinabi sa ''Bloomberg''. Ang mataas na pagbabago ng presyo at ang mga bayarin sa transaksyon na bayad para sa bilihin sa small retail na gamit ang bitcoin ay hindi praktikal, ayon sa  ekonomistang si Kim Grauer. Gayunpaman, ang bitcoin ay patuloy parin na gagamitin para sa mga malalaking-item na binili sa mga site tulad ng Overstock.com, at para sa cross-border na pagbayad sa mga freelancers at iba pang mga vendor.<ref name="impractical">{{cite news|last1=Kharif|first1=Olga|title=Bitcoin's Use in Commerce Keeps Falling Even as Volatility Eases|url=https://www.bloomberg.com/news/articles/2018-08-01/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases|accessdate=2 August 2018|publisher=Bloomberg|date=1 August 2018|archive-url=https://web.archive.org/web/20180802073219/https://www.bloomberg.com/news/articles/2018-08-01/bitcoin-s-use-in-commerce-keeps-falling-even-as-volatility-eases|archive-date=2 August 2018|url-status=live}}</ref>

=== Pinansiyal na institusyon ===
Ang Bitcoins ay maaaring mabili sa mga digital currency exchanges.

Hindi nakakuha ng pagtanggap ang bitcoin para sa paggamit sa pang-internasyonal na remittances sa kabila ng mataas na mga bayarin na sisingilin sa pamamagitan ng mga bangko at [[Western Union|ng Western Union]] na makipagkumpetensya sa merkado na ito. Hindi tulad ng bitcoin, ang mga kakumpitensya ay tumatanggap at naglalabas ng cash at hindi nangangailangan ng paggamit ng Internet na kung saan ay isang natatanging kalamangan sa mga bansang mababa ang kita .

Ng taong 2014, ang National Australia Bank ay sinarado ang mga account ng mga negosyo na may kaugnayan sa bitcoin,<ref>{{cite web|url=https://www.theguardian.com/world/2014/apr/10/bitcoin-dumped-by-national-australia-bank-as-too-risky|title=Bitcoin firms dumped by National Australia Bank as 'too risky'|publisher=The Guardian|work=Australian Associated Press|date=10 April 2014|accessdate=23 February 2015|url-status=live|archiveurl=https://web.archive.org/web/20150223011000/http://www.theguardian.com/world/2014/apr/10/bitcoin-dumped-by-national-australia-bank-as-too-risky|archivedate=23 February 2015|df=dmy-all}}</ref> at ang HSBC ay tumanging maghatid ng isang hedge fund na may mga kaugnayan sa bitcoin.<ref>{{cite web|url=https://www.bbc.com/news/world-europe-jersey-30261976|title=HSBC severs links with firm behind Bitcoin fund|publisher=BBC|work=bbc.com|date=1 December 2014|accessdate=9 January 2015|author=Weir, Mike|url-status=live|archiveurl=https://web.archive.org/web/20150203210318/http://www.bbc.com/news/world-europe-jersey-30261976|archivedate=3 February 2015|df=dmy-all}}</ref> Ang mga Australian na mga bangko ng pangkalahatan ay iniulat ang pagsasara ng mga bank account ng mga operator ng negosyo na kinasasangkutan ng  perang ito.<ref name="afr.com">{{Cite web|title=ACCC investigating why banks are closing bitcoin companies' accounts|url=http://www.afr.com/technology/accc-investigating-why-banks-are-closing-bitcoin-companies-accounts-20151018-gkc5iv|website=Financial Review|accessdate=28 January 2016|url-status=live|archiveurl=https://web.archive.org/web/20160211070834/http://www.afr.com/technology/accc-investigating-why-banks-are-closing-bitcoin-companies-accounts-20151018-gkc5iv|archivedate=11 February 2016|df=dmy-all}}</ref>

Ang mga plano ay inihayag upang isama ang isang bitcoin futures na pagpipilian sa Chicago Mercantile Exchange sa taong 2017.<ref>{{cite web|url=https://cointelegraph.com/news/bitcoin-shatters-7k-barrier-after-futures-trading-announcement-by-cme-group|title=Bitcoin Shatters $7k Barrier After Futures Trading Announcement by CME Group|publisher=|url-status=live|archiveurl=https://web.archive.org/web/20171102153354/https://cointelegraph.com/news/bitcoin-shatters-7k-barrier-after-futures-trading-announcement-by-cme-group|archivedate=2 November 2017|df=dmy-all}}</ref> Ang kalakalan sa bitcoin futures ay inihayag na sisimulan sa ika-10 buwan ng Disyembre taong 2017.

=== Bilang isang investment ===
Ang Winklevoss twins ay bumili ng bitcoin. Sa  taong 2013 ''Ang Washington Post'' ay iniulat na inanangkin na sila ay nag mamay-ari ng 1% ng lahat ng mga bitcoins sa panahong iyan.<ref>{{cite news|last1=Lee|first1=Timothy B.|title=The $11 million in bitcoins the Winklevoss brothers bought is now worth $32 million|url=https://www.washingtonpost.com/news/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million/|accessdate=11 August 2017|work=The Switch|publisher=The Washington Post|url-status=live|archiveurl=https://web.archive.org/web/20170706111658/https://www.washingtonpost.com/news/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million/|archivedate=6 July 2017|df=dmy-all}}</ref>

Ang iba pang mga paraan ng pamumuhunan ay ang  bitcoin funds . Ang unang na regulasyon na bitcoin funds ay itinatag sa [[Jersey]] ng buwan ng hulyo taong 2014 at naaprubahan ng Jersey Financial Services Commission.<ref name="BitcoinJersey">{{cite news|title=Jersey approve Bitcoin fund launch on island|url=https://www.bbc.com/news/world-europe-jersey-28247796|date=10 July 2014|accessdate=10 July 2014|publisher=BBC news|url-status=live|archiveurl=https://web.archive.org/web/20140710211917/http://www.bbc.com/news/world-europe-jersey-28247796|archivedate=10 July 2014|df=dmy-all}}</ref>

Ng taong  2013 at 2014, ang European Banking Authority<ref name="ebawarn">{{cite web|url=http://www.eba.europa.eu/documents/10180/16136/EBA+Warning+on+Virtual+Currencies.pdf|archiveurl=https://www.webcitation.org/6MCBOsSXG?url=http://www.eba.europa.eu/documents/10180/16136/EBA+Warning+on+Virtual+Currencies.pdf|archivedate=28 December 2013|title=Warning to consumers on virtual currencies|publisher=European Banking Authority|date=12 December 2013|accessdate=23 December 2013|url-status=dead|df=dmy}}</ref> at ang Financial Industry Regulatory Authority (FINRA), na  United States self-regulatory organization,<ref name="finrawarn">{{cite news|url=https://www.reuters.com/article/2014/03/11/us-bitcoin-finra-idUSBREA2A1OJ20140311|title=Beware Bitcoin: US brokerage regulator.|author=Jonathan Stempel|date=11 March 2014|accessdate=14 March 2014|publisher=reuters.com|url-status=live|archiveurl=https://web.archive.org/web/20140315093640/http://www.reuters.com/article/2014/03/11/us-bitcoin-finra-idUSBREA2A1OJ20140311|archivedate=15 March 2014|df=dmy-all}}</ref> na nag babala na ang pamumuhunan sa bitcoins ay nagdadala ng mga malaking mga panganib. Ang ''Forbes'' ay pinangalanan ang  bitcoin ay ang pinakamahusay na pamumuhunan sa taong 2013.<ref>{{Cite news|url=https://www.forbes.com/sites/kashmirhill/2013/12/26/how-you-should-have-spent-100-in-2013-hint-bitcoin/|title=How You Should Have Spent $100 In 2013 (Hint: Bitcoin)|last=Hill|first=Kashmir|date=|work=Forbes|accessdate=16 February 2015|url-status=live|archiveurl=https://web.archive.org/web/20150219043444/http://www.forbes.com/sites/kashmirhill/2013/12/26/how-you-should-have-spent-100-in-2013-hint-bitcoin/|archivedate=19 February 2015}}</ref> Ng taong 2014, ang Bloomberg pinangalanganang ang bitcoin ay isa ng ang pinaka-di-ayon na pamumuhunan ng taon.<ref name="worst">{{cite news|url=https://www.bloomberg.com/news/2014-12-22/the-best-and-worst-investments-of-2014.html|title=The Best and Worst Investments of 2014|publisher=Bloomberg LP|work=bloomberg.com|date=23 December 2014|accessdate=9 January 2015|author=Steverman, Ben|url-status=live|archiveurl=https://web.archive.org/web/20150109122649/http://www.bloomberg.com/news/2014-12-22/the-best-and-worst-investments-of-2014.html|archivedate=9 January 2015|df=dmy-all}}</ref> Ng taong 2015, ang bitcoin ay nanguna sa Bloomberg currency tables..<ref>{{cite news|last1=Gilbert|first1=Mark|title=Bitcoin Won 2015. Apple ... Did Not|url=http://www.bloombergview.com/articles/2015-12-29/bitcoin-won-in-2015-but-apple-lost-big|accessdate=29 December 2015|publisher=Bloomberg|date=29 December 2015|url-status=live|archiveurl=https://web.archive.org/web/20151229200002/http://www.bloombergview.com/articles/2015-12-29/bitcoin-won-in-2015-but-apple-lost-big|archivedate=29 December 2015|df=dmy-all}}</ref>

Ayon sa bitinfocharts.com, sa  taong 2017 merong mga  9,272 bitcoin wallet na may higit sa $1 milyong halaga ng bitcoins.<ref>{{Cite web|url=https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html|title=Top 100 Richest Bitcoin Addresses and Bitcoin distribution|website=bitinfocharts.com|accessdate=14 October 2017|url-status=live|archiveurl=https://web.archive.org/web/20171015082601/https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html|archivedate=15 October 2017}}</ref> Ang eksaktong bilang ng mga bitcoin millionaires ay hindi tiyak bilang isang persona ay maaaring magkaroon ng higit sa isang bitcoin wallet.

=== Venture capital ===
Ang Venture Capitalists , tulad ng Peter Thiel's Founders Fund, , na kung saan namuhunan ng US$3 milyon sa BitPay, na hindi bumili ng bitcoins sa kanilang sarili, ngunit sa halip pinondohan ang bitcoin na imprastraktura na nagbibigay ng mga sistema ng pagbabayad sa mga merchant, exchanges, wallet na mga serbisyo, atbp.<ref name="mtr20130612">{{cite news|url=http://www.technologyreview.com/news/515391/bitcoin-millionaires-become-investing-angels/|title=Bitcoin Millionaires Become Investing Angels|work=Computing News|publisher=[[MIT Technology Review]]|date=12 June 2013|accessdate=13 June 2013|author=Simonite, Tom|archive-date=14 June 2013|archive-url=https://web.archive.org/web/20130614032358/http://www.technologyreview.com/news/515391/bitcoin-millionaires-become-investing-angels/|url-status=dead}}</ref> Sa taong 2012, isang incubator para sa nakatuon sa bitcoin na mga start-ups ay itinatag ni Adam Draper, sa tulong na pinansyal ng kaniyang ama, venture kapitalista na si  Tim Draper, isa sa pinakamalaking may hawak ng bitcoin pagkatapos manalo sa isang auction ng 30,000 bitcoins,<ref name="wsj1214">{{cite news|author1=Robin Sidel|title=Ten-hut! Bitcoin Recruits Snap To|url=https://www.wsj.com/news/articles/SB21659981523255993497704580305120918936264|accessdate=9 December 2014|work=Wall Street Journal|publisher=Dow Jones & Company|date=1 December 2014|url-status=live|archiveurl=https://web.archive.org/web/20150227214546/http://www.wsj.com/news/articles/SB21659981523255993497704580305120918936264|archivedate=27 February 2015|df=dmy-all}}</ref> sa panahong iyan tinatawag siyang "mystery buyer".<ref name="guard714">{{cite news|title=Silk Road's legacy 30,000 bitcoin sold at auction to mystery buyers|author=Alex Hern|url=https://www.theguardian.com/technology/2014/jul/01/silk-road-bitcoin-auction|publisher=The Guardian|date=1 July 2014|accessdate=31 October 2014|url-status=live|archiveurl=https://web.archive.org/web/20141023190952/http://www.theguardian.com/technology/2014/jul/01/silk-road-bitcoin-auction|archivedate=23 October 2014|df=dmy-all}}</ref> Ang layunin ng kumpanya ay pondohan ang 100 bitcoin na mga negosyo sa loob ng 2-3 taon na may $10,000 hangang sa $20,000 para sa isang 6% na istaka. Ang namumuhunan ay namuhunan sa bitcoin mining.<ref>{{cite news|url=http://www.redherring.com/finance/coinseed-raises-7-5m-invests-5m-in-bitcoin-mining-hardware-investment-round-up/|title=CoinSeed raises $7.5m, invests $5m in Bitcoin mining hardware – Investment Round Up|work=Red Herring|date=24 January 2014|accessdate=9 March 2014|url-status=live|archiveurl=https://web.archive.org/web/20140309042510/http://www.redherring.com/finance/coinseed-raises-7-5m-invests-5m-in-bitcoin-mining-hardware-investment-round-up/|archivedate=9 March 2014|df=dmy-all}}</ref> Ayon sa taong 2015 sa isang pag-aaral ni Paolo Tasca, abg bitcoin startup ay nakukuha halos $1 bilyon sa loob ng tatlong taon (Q1 2012 – Q1 2015).<ref>{{cite journal|last1=Tasca|first1=Paolo|title=Digital Currencies: Principles, Trends, Opportunities, and Risks|date=7 September 2015|ssrn=2657598|publisher=Social Science Research Network}}</ref>

=== Presyo at volatility ===
<div class="thumb tmulti tright"><div style="width:408px;max-width:408px" id="619" class="thumbinner"><div style="float:left;margin:1px;width:223px;max-width:223px" id="620" class="tsingle"><div style="height:100px;overflow:hidden" id="621" class="thumbimage">[[File:Bitcoin-bubble-chart-history-2017.png|alt=|221x221px]]</div><div style="clear:left" id="622" class="thumbcaption">Bitcoin presyo ng mga bula sa 2011, 2013 at 2017</div></div><div style="float:left;margin:1px;width:181px;max-width:181px" id="624" class="tsingle"><div style="height:100px;overflow:hidden" id="625" class="thumbimage">[[File:Bitcoin price usd logarithmic.svg|alt=|179x179px]]</div><div style="clear:left" id="626" class="thumbcaption">Presyo(left y-axis, logarithmic scale) and volatility (right y-axis)</div></div></div></div>Ang presyo ng bitcoins ay gumagalaw sa pamamagitan ng mga pag-ikot ng pagpapahalaga at pamumura ay tinutukoy sa pamamagitan ng ilang bilang bubbles at busts.<ref>{{cite web|url=https://www.theguardian.com/commentisfree/2013/apr/03/bitcoin-currency-bubble-crash-not-rocking-financial-markets|title=Confused about Bitcoin? It's 'the Harlem Shake of currency'|publisher=The Guardian|work=theguardian.com|date=3 April 2013|accessdate=2 May 2014|author=Moore, Heidi|url-status=live|archiveurl=https://web.archive.org/web/20140301083816/http://www.theguardian.com/commentisfree/2013/apr/03/bitcoin-currency-bubble-crash-not-rocking-financial-markets|archivedate=1 March 2014|df=dmy-all}}</ref> Sa taong 2011, ang halaga ng isang bitcoin ay mabilis na luago mula sa US$0.30 sa US$32 bago bumalik sa US$2.<ref name="Leebubble">{{cite news|url=https://www.washingtonpost.com/blogs/the-switch/wp/2013/11/05/when-will-the-people-who-called-bitcoin-a-bubble-admit-they-were-wrong|title=When will the people who called Bitcoin a bubble admit they were wrong|publisher=The Washington Post|date=5 November 2013|accessdate=10 January 2014|author=Lee, Timothy|url-status=live|archiveurl=https://web.archive.org/web/20140111011839/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/05/when-will-the-people-who-called-bitcoin-a-bubble-admit-they-were-wrong/|archivedate=11 January 2014|df=dmy-all}}</ref> Sa huling kalahati ng taong 2012 at sa panahon ng 2012–13 Cypriot financial crisis, ang presyo ng bitcoin ay nagsimulang tumaas,<ref>{{cite web|last=Liu|first=Alec|url=http://motherboard.vice.com/blog/cyprus-spain-when-governments-take-your-money-bitcoin-looks-really-good|title=When Governments Take Your Money, Bitcoin Looks Really Good|publisher=Motherboard|date=19 March 2013|accessdate=7 January 2014|url-status=dead|archiveurl=https://web.archive.org/web/20140207194506/http://motherboard.vice.com/blog/cyprus-spain-when-governments-take-your-money-bitcoin-looks-really-good|archivedate=7 February 2014|df=dmy-all}}</ref> na umaabot sa taas ng US$266 sa taong 10 abril 2013, bago ang pagbagsak sa US$50.<ref>{{cite news|url=https://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/|title=An Illustrated History Of Bitcoin Crashes|publisher=Forbes|date=11 April 2013|accessdate=7 January 2014|first=Timothy B.|last=Lee|url-status=live|archiveurl=https://wayback.archive-it.org/all/20150920154402/http://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/|archivedate=20 September 2015|df=dmy-all}}</ref> Ng ika-29 buwan ng Nobyembre taong 2013, ang presyo ng isang bitcoin at tumaas sa US$1,242.<ref>{{cite news|url=http://money.cnn.com/2013/11/29/investing/bitcoin-gold/index.html|title=Bitcoin worth almost as much as gold|author=Ben Rooney|date=29 November 2013|publisher=CNN|accessdate=31 October 2014|url-status=live|archiveurl=https://web.archive.org/web/20141026213248/http://money.cnn.com/2013/11/29/investing/bitcoin-gold/index.html|archivedate=26 October 2014|df=dmy-all}}</ref> Sa  taong 2014, ang presyo ay bumagsak, at ng buwan ng Abril ay nanatiling nalumbay ng kaunti sa kalahati ng taong 2013 ang presyo. Ng taong 2014 ay ito ay sa ilalim ng US$600. Sa panahon na iyon bilang bitcoin developers, si Gavin Andresen at si Mike Hearn nagbabala sa bubbles na nangyayari

Ayon kay Mark T. Williams, ng taong 2014, ang bitcoin ay may volatility ng pitong beses na mas malaki kaysa sa ginto, walong beses na mas malaki kaysa sa ang S&P 500, at 18 beses na mas malaki kaysa sa US dollar.<ref>{{cite web|url=http://management.bu.edu/files/2014/10/Wlliams-World-Bank-10-21-2014.pdf|title=Virtual Currencies – Bitcoin Risk|publisher=[[Boston University]]|work=World Bank Conference Washington DC|date=21 October 2014|accessdate=11 November 2014|author=Williams, Mark T.|url-status=live|archiveurl=https://web.archive.org/web/20141111095526/http://management.bu.edu/files/2014/10/Wlliams-World-Bank-10-21-2014.pdf|archivedate=11 November 2014|df=dmy-all}}</ref>{{as of|2014|lc=y}}

== Legal na katayuan, buwis at mga regulasyon ==
Dahil ang bitcoin ay desentralisado na likas at sa pangangalakal nito sa online exchanges na matatagpuan sa maraming mga bansa, ang mga regulasyon ng bitcoin ay naging mahirap. Gayunman, ang paggamit ng bitcoin ay maaaring maging criminalized, at pagsara ng mga exchange at ng peer-to-peer na ekonomiya sa isang  bansa na bumubuo ng isang [[De facto|de facto na]] ban.<ref>{{cite web|title=China May Be Gearing Up to Ban Bitcoin|url=https://www.pastemagazine.com/articles/2017/09/china-may-be-gearing-up-to-ban-bitcoin.html|website=pastemagazine.com|accessdate=6 October 2017|quote=The decentralized nature of bitcoin is such that it is impossible to “ban” the cryptocurrency, but if you shut down exchanges and the peer-to-peer economy running on bitcoin, it’s a de facto ban.|url-status=live|archiveurl=https://web.archive.org/web/20171003224721/https://www.pastemagazine.com/articles/2017/09/china-may-be-gearing-up-to-ban-bitcoin.html|archivedate=3 October 2017|df=dmy-all}}</ref> Ang legal na katayuan ng bitcoin ay nag-iiba mula sa bansa sa bansa at ito ay  hindi natukoy  o pagbabago sa mga ito. Ang mga regulasyon at mga pagbabawal na mag-aplay sa bitcoin ay na i-extend sa mga katulad na mga salaping kripto na mga sistema.<ref>{{cite journal|last1=Tasca|first1=Paolo|title=Digital Currencies: Principles, Trends, Opportunities, and Risks|date=7 September 2015|doi=|ssrn=2657598|publisher=Social Science Research Network}}</ref>

Ayon sa Library of Congress, ang isang "absolute ban" sa kalakalan o paggamit ng cryptocurrencies na nalalapat sa walong mga bansa: Algeria, Bolivia, Egypt, Iraq, Morocco, Nepal, Pakistan, at United Arab Emirates. Ang "implicit ban" na ito ay nalalapat sa isa pang 15 na mga bansa, na kinabibilangan ng Bahrain, Bangladesh, Tsina, Kolombya, Republikang Dominikano, Indonesia, Iran, Kuwait, Lesotho, Lithuania, Macau, Oman, Qatar, Saudi Arabia at Taiwan.<ref name="RCAWJune2018LOC">{{cite web|title=Regulation of Cryptocurrency Around the World|url=https://www.loc.gov/law/help/cryptocurrency/cryptocurrency-world-survey.pdf|website=Library of Congress|publisher=The Law Library of Congress, Global Legal Research Center|accessdate=15 August 2018|date=June 2018|pages=4–5}}</ref>

Ang labimpito na mga bansa na may katulad sa AML na  kinakailangan. Ng taong 2018 ang US FinCEN ay nakatangap ng higit sa 1,500 SARs sa bawat buwan na kinasasangkutan ng cryptocurrencies.<ref name="fincen">{{cite web|title=Prepared Remarks of FinCEN Director Kenneth A. Blanco, delivered at the 2018 Chicago-Kent Block (Legal) Tech Conference|url=https://www.fincen.gov/news/speeches/prepared-remarks-fincen-director-kenneth-blanco-delivered-2018-chicago-kent-block|website=FinCEN|publisher=U.S. Department of the Treasury|accessdate=13 August 2018|date=9 August 2018}}</ref>{{as of|2018}}

=== Mga babala ng regulasyon ===
Ang U.S. Commodity Futures Trading Commission ay nag isyu ng apat na "Customer Advisories" para sa bitcoin at mga kaugnay na mga pamumuhunan.<ref name="CFTC bitcoin">{{cite web|title=Bitcoin|url=https://cftc.gov/Bitcoin/index.htm|website=U.S. Commodity Futures Trading Commission|accessdate=17 July 2018|archive-url=https://web.archive.org/web/20180701150718/https://www.cftc.gov/Bitcoin/index.htm|archive-date=1 July 2018|url-status=live}}</ref> Ng buwan ng Hulyo 2018 binigyang-diin ang babala  na ang kalakalan sa anumang salaping kripto ay pagisipan, at merong peligro ng pagnanakaw mula sa pagha-hack, at pandaraya.<ref name="JulyCFTC">{{cite web|title=Customer Advisory: Use Caution When Buying Digital Coins or Tokens|url=https://www.cftc.gov/sites/default/files/2018-07/customeradvisory_tokens0718.pdf|website=U.S.Commodity Futures Trading Commission|accessdate=17 July 2018|archive-url=https://web.archive.org/web/20180717071031/https://www.cftc.gov/sites/default/files/2018-07/customeradvisory_tokens0718.pdf|archive-date=17 July 2018|url-status=live}}</ref> Ng buwan ng Pebrero 2018  ang advisory ay nag-babala laban sa pamumuhunan ang isang IRA na pondo sa virtual na pera.<ref name="IRAcryptos">{{cite web|title=Customer Advisory: Beware "IRS Approved" Virtual Currency IRAs|url=https://www.cftc.gov/sites/default/files/idc/groups/public/%40customerprotection/documents/file/customeradvisory_irs020218.pdf|website=U.S Commodity Futures Trading Commission|accessdate=17 July 2018|archive-url=https://web.archive.org/web/20180413200944/https://www.cftc.gov/sites/default/files/idc/groups/public/@customerprotection/documents/file/customeradvisory_irs020218.pdf|archive-date=13 April 2018|url-status=live}}</ref> Ng buwan ng Disyembre 2017 ang dvisory nagbigay ng babala na ang mga virtual na pera na ito ay peligroso, dahil:

* ang exchanges ay hindi kinokontrol o supervised ng isang ahensiya ng pamahalaan
* ang exchanges ay maaaring mag-kulang sa seguridad ng sistema at  proteksyon sacustomer 
* malaking pag-ugoy ngpresyo  at "mabilisang pagbagsak"
* pagmamanipula sa merkado 
* pagnanakaw at pag-hack
* sariling-pagharap sa exchanges<ref name="RisksCFTC">{{cite web |url=https://www.cftc.gov/sites/default/files/idc/groups/public/@customerprotection/documents/file/customeradvisory_urvct121517.pdf |title=Customer Advisory: Understand the Risks of Virtual Currency Trading |website=U.S. Commodity Futures Trading Commission |accessdate=17 July 2018}}</ref>

Ang  U.S. Securities and Exchange Commission ay nagbigay din ng babala. Ng buwan ng Mayo 2014  ang"Investor Alert" na binigyan ng babala na ang mga pamumuhunan na kinasasangkutan ng mga bitcoin ay maaaring magkaroon ng mataas na rasyo ng pandaraya, at na ang mga mamumuhunan ay maaaring makuha sa mga site ng social media site.<ref name="SECMay2014">{{cite web|title=Investor Alert: Bitcoin and Other Virtual Currency-related Investments|url=https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-bitcoin-other-virtual-currency|website=Investor.gov|publisher=[[U.S. Securities and Exchange Commission]]|accessdate=17 July 2018|date=7 May 2014|archive-url=https://web.archive.org/web/20180630224256/https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-bitcoin-other-virtual-currency|archive-date=30 June 2018|url-status=live}}</ref> Ng maaga "Investor Alert" binigyan ng babala tungkol sa paggamit ng bitcoin sa Ponzi scheme.<ref name="SEC2">{{cite web|title=Ponzi schemes Using virtual Currencies|url=https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf|website=sec.gov|publisher=[[U.S. Securities and Exchange Commission]]|accessdate=17 July 2018|archive-url=https://web.archive.org/web/20180616111648/https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf|archive-date=16 June 2018|url-status=live}}</ref>

Ang  European Banking Authority  nagbigay ng babala ng taong 2013 na tumututok sa kakulangan ng mga regulasyon ng bitcoin, ang pagkakataon na ma-hackang exchanges, volatility ng presyo ng bitcoin, at sa pangkalahatang panloloko.

Ang  self-regulatory organization FINRA at ang North American Securities Administrators Association na magkaroon ng parehong pag-isyu sa mamumuhunan ng mga alerto tungkol sa bitcoin.<ref>{{cite web|title=Investor Alerts Don’t Fall for Cryptocurrency-Related Stock Scams|url=http://www.finra.org/investors/alerts/dont-fall-cryptocurrency-related-stock-scams|website=FINRA.org|publisher=Financial Industry Regulatory Authority|accessdate=23 July 2018|date=21 December 2017|archive-url=https://web.archive.org/web/20180701195236/http://www.finra.org/investors/alerts/dont-fall-cryptocurrency-related-stock-scams|archive-date=1 July 2018|url-status=live}}</ref><ref>{{cite web|title=Informed Investor Advisory: Cryptocurrencies|url=http://www.nasaa.org/44848/informed-investor-advisory-cryptocurrencies/|publisher=North American Securities Administrators Association|accessdate=23 July 2018|date=April 2018|archive-url=https://web.archive.org/web/20180723182210/http://www.nasaa.org/44848/informed-investor-advisory-cryptocurrencies/|archive-date=23 July 2018|url-status=live}}</ref>

=== Pagsisiyasat sa manipulasyon ng presyo  ===
Isang opisyal na pagsisiyasat sa mangangalakal ng bitcoin ay iniulat ng Mayo 2018.<ref name="Times05252018">{{cite news|last1=Dean|first1=James|title=Bitcoin investigation to focus on British traders, US officials examine manipulation of cryptocurrency prices|url=https://www.thetimes.co.uk/article/bitcoin-investigation-to-focus-on-british-traders-c58brwn60|accessdate=25 May 2018|publisher=The Times|date=25 May 2018}}</ref> Ang US Justice Department  inilunsad ang isang pagsisiyasat sa mga posibleng manipulasyon sa presyo , kabilang ang mga pamamaraan ng panggagaya at wash trades.<ref name="chloeFT">{{cite news|last1=Cornish|first1=Chloe|title=Bitcoin slips again on reports of US DoJ investigation|url=https://www.ft.com/content/5d8f06f2-5f3a-11e8-9334-2218e7146b04|accessdate=24 May 2018|publisher=Financial Times|date=24 May 2018|archive-url=https://web.archive.org/web/20180524222527/https://www.ft.com/content/5d8f06f2-5f3a-11e8-9334-2218e7146b04|archive-date=24 May 2018|url-status=live}}</ref><ref name="Bloom052418">{{cite news|last1=Robinson|first1=Matt|last2=Schoenberg|first2=Tom|title=U.S. Launches Criminal Probe into Bitcoin Price Manipulation|url=https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe|accessdate=24 May 2018|publisher=Bloomberg|date=24 May 2018|archive-url=https://web.archive.org/web/20180524082123/https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe|archive-date=24 May 2018|url-status=live}}</ref><ref name="USAT05242018">{{cite news|last1=McCoy|first1=Kevin|title=Bitcoin value gyrates amid report of Department of Justice manipulation investigation|url=https://www.usatoday.com/story/money/2018/05/24/bitcoin-value-gyrates-after-report-department-justice-probe/640289002/|accessdate=25 May 2018|publisher=[[USA Today]]|date=24 May 2018|archive-url=https://web.archive.org/web/20180524205443/https://www.usatoday.com/story/money/2018/05/24/bitcoin-value-gyrates-after-report-department-justice-probe/640289002/|archive-date=24 May 2018|url-status=live}}</ref> Mga negosyante sa US, ang U. K, South Korea, at posibleng iba pang mga bansa ay nagsiyasat. Si Brett Redfearn, pinuno ng U.S. Securities and Exchange Commission's Division of Trading and Markets, ay kinilala ang ilang pagmamanipula ng pamamaraan ay nakaka-pag-aalala ng Marso 2018.

Ang U.S. federal investigation ay 
sinenyasan ng mga alalahanin ng may posibleng manipulasyon sa panahon ng futures settlement dates. Ang huling pag-areglo sa  presyo ng CME bitcoin futures ay natutukoy sa  presyo sa apat na palitan, Bitstamp, Coinbase, itBit at Kraken. Ang sumusunod sa unang paghahatid sa petsa enero 2018, ang CME ay hiniling ng malawak na detalyadong impormasyon ng kalakalan ngunit ilang mga  exchanges  ay tumangging magbigay ng mga ito at ibinigay lamang ang limitadong data. Ang  Commodity Futures Trading Commission  ay na subpoenaed ang data mula sa mga exchanges.<ref name="MWmanipulation">{{cite news|last1=Rubin|first1=Gabriel T.|last2=Michaels|first2=Dave|last3=Osipovich|first3=Alexander|title=U.S. regulators demand trading data from bitcoin exchanges in manipulation probe|url=https://www.marketwatch.com/story/us-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-2018-06-08|accessdate=9 June 2018|publisher=MarketWatch|date=8 June 2018|archive-url=https://web.archive.org/web/20180608214458/https://www.marketwatch.com/story/us-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-2018-06-08|archive-date=8 June 2018|url-status=live}} Note:this is a short open access version of a Wall Street Journal article</ref><ref name="WSJmanipulation">{{cite news|last1=Rubin|first1=Gabriel T.|last2=Michaels|first2=Dave|last3=Osipovich|first3=Alexander|title=U.S. regulators demand trading data from bitcoin exchanges in manipulation probe|url=https://www.wsj.com/articles/u-s-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-1528492835|accessdate=9 June 2018|publisher=Wall Street Journal|date=8 June 2018|archive-url=https://web.archive.org/web/20180608233342/https://www.wsj.com/articles/u-s-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-1528492835|archive-date=8 June 2018|url-status=live}} (paywalled)</ref>

Ang Estado at ng provincial securities regulators, nag koordinasyon sa  North American Securities Administrators Association, ay  nagsiyasat sa "bitcoin scam" at ICOs sa 40 mga saklaw ng mga batas.<ref name="WaPo52118">{{cite news|last1=Fung|first1=Brian|title=State regulators unveil nationwide crackdown on suspicious cryptocurrency investment schemes|url=https://www.washingtonpost.com/news/the-switch/wp/2018/05/21/state-regulators-unveil-nationwide-crackdown-on-suspicious-cryptocurrency-investment-schemes/|accessdate=27 May 2018|publisher=Washington Post|date=21 May 2018|archive-url=https://web.archive.org/web/20180527081727/https://www.washingtonpost.com/news/the-switch/wp/2018/05/21/state-regulators-unveil-nationwide-crackdown-on-suspicious-cryptocurrency-investment-schemes/|archive-date=27 May 2018|url-status=live}}</ref><ref>{{cite web|title=Forex Trading|url=https://www.cmtrading.com/forex-trading/|website=CMTrading.com|accessdate=8 January 2015|archivedate=27 February 2015|df=dmy-all}}</ref>


Ang akademikong pananaliksik na inilathala sa Journal of Monetary Economics ay nagwakas na ang pagmamanipula sa presyo ay naganap sa panahon ng pagnanakaw sng bitcoin sa Mt Gox at ang merkado ay nananatiling mahina sa pagmamanipula. Ang kasaysayan ng mga hacks, pandaraya at pagnanakaw na kinasasangkutan ng bitcoin ay bumalik sa hindi bababa sa taong 2011.

Ang pananaliksik ni John M. Griffin at Amin Shams ng taong 2018 ay nagmumungkahi na ang mga kalakalan na nauugnay sa pagtaas ng halaga ng salaping kripto na Tether at na kaugnay sa kalakalan sa Bitfinex exchange account na halos sa kalahati ng presyo na pagtaas ng bitcoin sa huling taong 2017.<ref name="untethered">{{cite journal|last1=Griffin|first1=John M.|last2=Shams|first2=Amin|title=Is Bitcoin Really Un-Tethered?|journal=Social Science Research Network|date=13 June 2018|url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066|accessdate=13 June 2018|archive-url=https://web.archive.org/web/20180613153221/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066|archive-date=13 June 2018|url-status=live}}</ref><ref name="Artynyt">{{cite news|last1=Popper|first1=Nathaniel|title=Bitcoin’s Price Was Artificially Inflated Last Year, Researchers Say|url=https://www.nytimes.com/2018/06/13/technology/bitcoin-price-manipulation.html|accessdate=13 June 2018|publisher=New York Times|date=13 June 2018|archive-url=https://web.archive.org/web/20180613100732/https://www.nytimes.com/2018/06/13/technology/bitcoin-price-manipulation.html|archive-date=13 June 2018|url-status=live}}</ref>

Si J. L. van der Velde, CEO ng  Bitfinex at Tether, tinanggihan ang pagsangkot sa pagmamanipula ng presyo: Ang "Bitfinex o ang Tether ay, o ay kailanman,  nakikibahagi sa anumang uri ng merkado o manipulasyon ng presyo . Ang 
pamamahagi ng Tether  ay hindi maaaring gamitin upang itaas ang presyo ng bitcoin o anumang iba pang mga barya/token sa Bitfinex."<ref name="WaPoVdV">{{cite news|last1=Shaban|first1=Hamza|title=Bitcoin’s astronomical rise last year was buoyed by market manipulation, researchers say|url=https://www.washingtonpost.com/news/the-switch/wp/2018/06/14/bitcoins-astronomical-rise-last-year-was-buoyed-by-market-manipulation-researchers-say/|accessdate=14 June 2018|publisher=Washington Post|date=14 June 2018|archive-url=https://web.archive.org/web/20180615111336/https://www.washingtonpost.com/news/the-switch/wp/2018/06/14/bitcoins-astronomical-rise-last-year-was-buoyed-by-market-manipulation-researchers-say/|archive-date=15 June 2018|url-status=live}}</ref>

== Panunuring pampanitikan ==
Ang  Bank for International Settlements ibinuod ang  ilang mga kritismo ng bitcoin sa Kabanata V ng kanilang 2018 taunang ulat. Ang mga kritismo ay isnma ang kakulangan ng katatagan sa presyo ng bitcoin, ang mataas na pagkonsumo ng enerhiya, mataas at pabagu-bago sa bayad na mga transaksyon , ang mga mahinang  seguridad at pandaraya sa palitan ng salaping kripto, kahinaan sa kalidad (mula sa forking), at ang impluwensiya ng mga minero.<ref name="bis report">{{cite news|last1=Janda|first1=Michael|title=Cryptocurrencies like bitcoin cannot replace money, says Bank for International Settlements|url=http://www.abc.net.au/news/2018-06-18/cryptocurrencies-cannot-replace-money-bis/9879448|accessdate=18 June 2018|publisher=ABC (Australia)|date=18 June 2018|archive-url=https://web.archive.org/web/20180618072225/http://www.abc.net.au/news/2018-06-18/cryptocurrencies-cannot-replace-money-bis/9879448|archive-date=18 June 2018|url-status=live}}</ref><ref name="chapterV">{{cite web|last1=Hyun Song Shin|title=Chapter V. Cryptocurrencies: looking beyond the hype|url=https://www.bis.org/publ/arpdf/ar2018e5.pdf|website=BIS 2018 Annual Economic Report|publisher=Bank for International Settlements|accessdate=19 June 2018|date=June 2018|quote=Put in the simplest terms, the quest for decentralised trust has quickly become an environmental disaster.|archive-url=https://web.archive.org/web/20180618080358/https://www.bis.org/publ/arpdf/ar2018e5.pdf|archive-date=18 June 2018|url-status=live}}</ref><ref name="LATHiltzik">{{cite news|last1=Hiltzik|first1=Michael|title=Is this scathing report the death knell for bitcoin?|url=http://www.latimes.com/business/hiltzik/la-fi-hiltzik-bitcoin-bank-20180618-story.html|accessdate=19 June 2018|publisher=Los Angeles Times|date=18 June 2018|archive-url=https://web.archive.org/web/20180618233532/http://www.latimes.com/business/hiltzik/la-fi-hiltzik-bitcoin-bank-20180618-story.html|archive-date=18 June 2018|url-status=live}}</ref>

Ang ''The Economist ''ay nagsulat noong 2015 na ang mga kritisismo ay hindi makatarungan, wsa nakararami dahil sa malisyosong na mga imahe ay maaaring pilitin ang mga gumagamit na malabanan ang kakayahan ng teknolohiya ng blockchain, ngunit dahil din sa katotohanang ang volatility ng bitcoin ay nagbabago kada oras.

=== Pagkakakilanlan bilang isang teorya bubble ===
Ang Bitcoin at iba pang mga cryptocurrencies  ay nakilala bilang  economic bubbles sa  hindi bababa sa walong  Nobel Memorial Prize in Economic Sciences na konoranahan, kabilang sila Robert Shiller,<ref>{{cite news|last=Shiller|first=Robert|title=In Search of a Stable Electronic Currency|url=https://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html|publisher=New York Times|date=1 March 2014|accessdate=31 October 2014|url-status=live|archiveurl=https://web.archive.org/web/20141024120222/http://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html|archivedate=24 October 2014|df=dmy-all}}</ref> Joseph Stiglitz,<ref name="Stiglitz">{{cite news|last1=Costelloe|first1=Kevin|title=Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stiglitz Says|url=https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd|accessdate=5 June 2018|publisher=Bloomberg|date=29 November 2017|quote=It doesn’t serve any socially useful function.|archive-url=https://web.archive.org/web/20180612224313/https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd|archive-date=12 June 2018|url-status=live}}</ref> at Richard Taler.<ref name="Thaler">{{cite news|title=Economics Nobel prize winner, Richard Thaler: "The market that looks most like a bubble to me is Bitcoin and its brethren"|url=https://econews.pt/2018/01/22/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren/|accessdate=7 June 2018|publisher=ECO Portuguese Economy|date=22 January 2018|archive-url=https://web.archive.org/web/20180612140603/https://econews.pt/2018/01/22/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren/|archive-date=12 June 2018|url-status=live}}</ref><ref name="4Nobels">{{cite news|last1=Wolff-Mann|first1=Ethan|title='Only good for drug dealers': More Nobel prize winners snub bitcoin|url=https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html|accessdate=7 June 2018|publisher=Yahoo Finance|date=27 April 2018|archive-url=https://web.archive.org/web/20180612141128/https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html|archive-date=12 June 2018|url-status=live}}</ref> Nabanggit ni Keyensian ekonomista Paul Krugman na sinulat  sa kanyang New York Times column pag-kritiko sa bitcoin, tinawag ito ng isang bubble at isang pandaraya;<ref name="NYTKrugman1">{{cite news|last1=Krugman|first1=Paul|title=Bubble, Bubble, Fraud and Trouble|url=https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html|accessdate=7 June 2018|publisher=New York Times|date=29 January 2018|archive-url=https://web.archive.org/web/20180604124251/https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html|archive-date=4 June 2018|url-status=live}}</ref> at si propesor Nouriel Roubini ng [[Unibersidad ng New York|New York University]] na tinatawag na ang bitcoin ang "ina ng lahat ng mga bula."<ref>{{Cite web|url=https://www.theguardian.com/technology/2018/feb/02/bitcoin-biggest-bubble-in-history-says-economist-who-predicted-2008-crash|title=Bitcoin biggest bubble in history, says economist who predicted 2008 crash|last=|first=|date=|website=|archive-url=https://web.archive.org/web/20180612141424/https://www.theguardian.com/technology/2018/feb/02/bitcoin-biggest-bubble-in-history-says-economist-who-predicted-2008-crash|archive-date=12 June 2018|url-status=live|access-date=}}</ref> Ang mga Central bankers, kabilang ang mga dating Federal Reserve Chairman Alan Greenspan,<ref name="Kearns">{{cite news|url=https://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html|title=Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value|publisher=Bloomberg LP|work=bloomberg.com|date=4 December 2013|accessdate=23 December 2013|author=Kearns, Jeff|url-status=live|archiveurl=https://web.archive.org/web/20131229054844/http://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html|archivedate=29 December 2013|df=dmy-all}}</ref> mamumuhunan tulad ni Warren Buffett,<ref>{{Cite web|url=https://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html|title=Bitcoin? Here's what Warren Buffett is saying|last=Crippen|first=Alex|date=14 March 2014|website=CNBC|access-date=11 January 2017|url-status=live|archiveurl=https://web.archive.org/web/20170113070447/http://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html|archivedate=13 January 2017|df=dmy-all}}</ref><ref name="Buffet and Dimon">{{cite news|last1=Cheng|first1=Evelyn|title=Warren Buffett and Jamie Dimon on bitcoin: Beware|url=https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html|accessdate=7 June 2018|publisher=CNBC|date=7 June 2018|archive-url=https://web.archive.org/web/20180609122312/https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html|archive-date=9 June 2018|url-status=live}}</ref> at George Soros<ref name="GnMSoros">{{cite news|last1=Porzecanski|first1=Katia|title=George Soros: Bitcoin is a bubble, Trump is a 'danger to the world'|url=https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/|accessdate=7 June 2018|agency=Bloomberg News|publisher=Globe and Mail|date=25 January 2018|archive-url=https://web.archive.org/web/20180609071424/https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/|archive-date=9 June 2018|url-status=live}}</ref> na ipinahayag mag katulad na mga tingin, tulad ng mga executive ng negosyo tulad ni Jamie Dimon at Jack Ma.<ref name="Yang Ma">{{cite news|last1=Yang|first1=Yingzhi|title=There’s a bitcoin bubble, says Alibaba executive chairman Jack Ma|url=http://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma|accessdate=10 June 2018|publisher=South China Morning Post|date=18 May 2018|archive-url=https://web.archive.org/web/20180610214759/http://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma|archive-date=10 June 2018|url-status=live}}</ref>

=== Pagkonsumo ng enerhiya ===
Ang Bitcoin ay na-kritiko  sa halaga ng konsumong koryente ng pagmimina. Na taong 2015, ang ''The Economist'' ay tinatayang na kahit na ang lahat ng mga minero ay gumamit modernong kagamitan, ang pinagsamang pagkonsumo ng koryente ay  166.7 megawatts (1.46 terawatt-oras bawat taon).
Sa dulo ng taong 2017, ang pandaigdigang aktibidad ng pagmimina ng bitcoin ay tinatantyang na magkokonsumo sa  pagitan ng isa at apat na gigawatts ng koryente.<ref>{{Cite news|url=https://www.washingtonpost.com/news/energy-environment/wp/2017/12/19/why-the-bitcoin-craze-is-using-up-so-much-energy|title=Why the bitcoin craze is using up so much energy|last1=Mooney|first1=Chris|last2=Mufson|first2=Steven|date=19 December 2017|newspaper=The Washington Post|accessdate=11 January 2018|url-status=live|df=dmy-all|quote=several experts told The Washington Post that bitcoin probably uses as much as 1 to 4 gigawatts, or billion watts, of electricity, roughly the output of one to three nuclear reactors.|archiveurl=https://web.archive.org/web/20180109212301/https://www.washingtonpost.com/news/energy-environment/wp/2017/12/19/why-the-bitcoin-craze-is-using-up-so-much-energy/|archivedate=9 January 2018}}</ref> Nabanggit  sa ''Politico'' na kahit high-end na ang pagtatantya sa bitcoin sa kabuuang pagkonsumo ng  antas ng halaga ay sa 6% lamang ng kabuuang pagkonsumo ng enerhiya ng global banking sektor, at kahit na kung ang bitcoin ng pagkonsumo ng antas ay nadagdagan sa 100-fold mula sa mga antas ngayon, ang  pagkonsumo sa bitcoin ay magkakaroon lamang ng halaga sa halos 2% ng global power consumption.<ref name="politico201804">{{cite news|last1=Roberts|first1=Paul|title=This Is What Happens When Bitcoin Miners Take Over Your Town - Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving.|url=https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230|accessdate=16 March 2018|work=Politico|date=9 March 2018|df=dmy-all|archive-url=https://web.archive.org/web/20180309124201/https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230|archive-date=9 March 2018|url-status=live}}</ref>{{as of|2015}}

Upang mapababa ang mga gastos, ang mga minero ng bitcoin ay nag-set up sa mga lugar tulad ng Iceland kung saan may [[Enerhiyang heotermal|heotermal na enerhiya]] na mura at libreng malamig na hangin mula sa [[Artiko]].<ref name="dh150613">{{cite news|last1=O'Brien|first1=Matt|title=The scam called Bitcoin|url=http://www.dailyherald.com/article/20150613/business/150619551/|accessdate=20 September 2016|work=Daily Herald|date=13 June 2015|url-status=live|archiveurl=https://web.archive.org/web/20150616000405/http://www.dailyherald.com/article/20150613/business/150619551|archivedate=16 June 2015|df=dmy-all}}</ref> Ang mga minero ng Bitcoin ay kilala sa paggamit ng [[Hidroelektrisidad|enerhiyang hidroelektriko]] sa [[Tibet]], [[Québec|Quebec]], [[Washington (estado)|Washington|estado ng Washington]], at [[Austria]] upang mabawasan ang mga gastos sa koryente.<ref name="cryptocoinnews20160914">{{cite news|last1=Maras|first1=Elliot|title=China’s Mining Dominance: Good Or Bad For Bitcoin?|url=https://www.cryptocoinsnews.com/chinas-mining-dominance-good-or-bad-for-bitcoin/|accessdate=25 November 2016|work=Cryptocoin News|date=14 September 2016|url-status=live|archiveurl=https://web.archive.org/web/20161126064550/https://www.cryptocoinsnews.com/chinas-mining-dominance-good-or-bad-for-bitcoin/|archivedate=26 November 2016|df=dmy-all}}</ref><ref name="CBC20171115">{{cite news|last1=|first1=|title=Montreal entrepreneur banking on province's largest bitcoin 'mining' operation|url=http://www.cbc.ca/news/canada/montreal/montreal-bitcoin-mine-operation-1.4400985|accessdate=7 January 2018|work=Cryptocoin News|date=15 November 2017|url-status=live|archiveurl=https://web.archive.org/web/20180110191438/http://www.cbc.ca/news/canada/montreal/montreal-bitcoin-mine-operation-1.4400985|archivedate=10 January 2018|df=}}</ref><ref name="verge20171221">{{cite news|last1=Potenza|first1=Alessandra|title=Can renewable power offset bitcoin's massive energy demands?|url=https://www.theverge.com/2017/12/21/16806772/bitcoin-cryptocurrency-energy-consumption-renewables-climate-change|accessdate=12 January 2018|work=TheVerge News|date=21 December 2017|url-status=live|archiveurl=https://web.archive.org/web/20180112155940/https://www.theverge.com/2017/12/21/16806772/bitcoin-cryptocurrency-energy-consumption-renewables-climate-change|archivedate=12 January 2018|df=}}</ref> ang mga minero ay naaakit sa mga supplier tulad ng Hydro Quebec na may energy surpluses.<ref name="hydro2018">{{cite news|last1=Lampert|first1=Allison|title=Chinese bitcoin miners eye sites in energy-rich Canada|url=https://www.reuters.com/article/us-canada-bitcoin-china/chinese-bitcoin-miners-eye-sites-in-energy-rich-canada-idUSKBN1F10BU|accessdate=14 January 2018|work=Reuters|date=12 January 2018|url-status=live|archiveurl=https://web.archive.org/web/20180114001018/https://www.reuters.com/article/us-canada-bitcoin-china/chinese-bitcoin-miners-eye-sites-in-energy-rich-canada-idUSKBN1F10BU|archivedate=14 January 2018|df=}}</ref> Ayon sa pag-aaral ng [[Unibersidad ng Cambridge|University of Cambridge]] , halos ng pagmimina ng bitcoin ay na sa China, kung saan ang koryente ay sa gobyerno.<ref>{{cite news|title=Bitcoin is literally ruining the earth, claim experts|url=https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-environment-green-energy-power-global-warming-climate-change-a8094661.html|accessdate=23 January 2018|work=The Independent|date=6 December 2017|url-status=live|archiveurl=https://web.archive.org/web/20180119145633/http://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-environment-green-energy-power-global-warming-climate-change-a8094661.html|archivedate=19 January 2018}}</ref><ref>{{cite news|title=The Hard Math Behind Bitcoin's Global Warming Problem|url=https://www.wired.com/story/bitcoin-global-warming/|accessdate=23 January 2018|work=WIRED|date=15 December 2017|url-status=live|archiveurl=https://web.archive.org/web/20180121095259/https://www.wired.com/story/bitcoin-global-warming/|archivedate=21 January 2018}}</ref>

=== Alalahanin sa ponzi scheme at mga pyramid scheme  ===
Ang iba ' t-ibang mga mamamahayag,<ref>{{cite news|last1=Braue|first1=David|title=Bitcoin confidence game is a Ponzi scheme for the 21st century|url=http://www.zdnet.com/article/bitcoin-confidence-game-is-a-ponzi-scheme-for-the-21st-century/|accessdate=5 October 2016|publisher=ZDNet|date=11 March 2014|url-status=live|archiveurl=https://web.archive.org/web/20161006050933/http://www.zdnet.com/article/bitcoin-confidence-game-is-a-ponzi-scheme-for-the-21st-century/|archivedate=6 October 2016|df=dmy-all}}</ref> ekonomista,<ref>{{cite web|url=https://www.cnbc.com/id/101479123|title=Roubini launches stinging attack on bitcoin|publisher=[[CNBC]]|date=10 March 2014|accessdate=2 July 2014|author=Clinch, Matt|url-status=live|archiveurl=https://web.archive.org/web/20141006074352/http://www.cnbc.com/id/101479123|archivedate=6 October 2014|df=dmy-all}}</ref><ref name="dd">{{cite web|url=http://www.dailydot.com/opinion/why-bitcoin-ponzi-scheme/|title=Bitcoins: The second biggest Ponzi scheme in history|publisher=The Daily Dot|date=3 December 2013|accessdate=23 May 2016|author=North, Gary|author-link=Gary North (economist)|url-status=live|archiveurl=https://web.archive.org/web/20160617002042/http://www.dailydot.com/opinion/why-bitcoin-ponzi-scheme/|archivedate=17 June 2016|df=dmy-all}}</ref> at ang central bank ng Estonia<ref name="Ott Ummelas and Milda Seputyte">{{cite news|url=https://www.bloomberg.com/news/2014-01-30/bitcoin-ponzi-scheme-worry-sparks-estonia-central-bank-caution.html|title=Bitcoin ‘Ponzi’ Concern Sparks Warning From Estonia Bank|publisher=Bloomberg|work=bloomberg.com|date=31 January 2014|accessdate=1 April 2014|author1=Ott Ummelas|author2=Milda Seputyte|lastauthoramp=yes|url-status=live|archiveurl=https://web.archive.org/web/20140329214501/http://www.bloomberg.com/news/2014-01-30/bitcoin-ponzi-scheme-worry-sparks-estonia-central-bank-caution.html|archivedate=29 March 2014|df=dmy-all}}</ref> ay tininigan ang mga alalahanin na ang bitcoin ay isang Ponzi scheme. Ng taong 2013, si Eric Posner, isang propesor ng batas sa University of Chicago, sinaad na "ang isang tunay na Ponzi scheme ay kapag tumagal ay magiging pandaraya; ang bitcoin, sa kaibahan, ay tila higit pa tulad ng isang kolektibong ng maling akala."<ref name="Posner, Eric">{{cite web|url=http://www.slate.com/articles/news_and_politics/view_from_chicago/2013/04/bitcoin_is_a_ponzi_scheme_the_internet_currency_will_collapse.html|title=Bitcoin is a Ponzi scheme—the Internet's favorite currency will collapse.|work=Slate|date=11 April 2013|accessdate=1 April 2014|author=Posner, Eric|authorlink=Eric Posner|url-status=live|archiveurl=https://web.archive.org/web/20140326185128/http://www.slate.com/articles/news_and_politics/view_from_chicago/2013/04/bitcoin_is_a_ponzi_scheme_the_internet_currency_will_collapse.html|archivedate=26 March 2014|df=dmy-all}}</ref> Ng taong 2014 inulat ng [[World Bank]] sinabing ang bitcoin ay hindi isang sinadyang Ponzi scheme.<ref>{{cite web|title=Ponzis: The Science and Mystique of a Class of Financial Frauds|url=http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/07/16/000112742_20140716115536/Rendered/PDF/WPS6967.pdf|author=Kaushik Basu|publisher=[[World Bank Group]]|date=July 2014|accessdate=30 October 2014|url-status=live|archiveurl=https://web.archive.org/web/20141031043236/http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/07/16/000112742_20140716115536/Rendered/PDF/WPS6967.pdf|archivedate=31 October 2014|df=dmy-all}}</ref>{{rp|7}} Ang Swiss Federal Council<ref name="FC20140625">{{cite web|publisher=[[Swiss Confederation]]|title=Federal Council report on virtual currencies in response to the Schwaab (13.3687) and Weibel (13.4070) postulates|work=[[Federal Council (Switzerland)]]|date=25 June 2014|accessdate=28 November 2014|url=http://www.news.admin.ch/NSBSubscriber/message/attachments/35355.pdf|url-status=live|archiveurl=https://web.archive.org/web/20141205182453/http://www.news.admin.ch/NSBSubscriber/message/attachments/35355.pdf|archivedate=5 December 2014|df=dmy-all}}</ref>{{rp|21}} ay siniyasat ang mga alalahanin na ang bitcoin ay maaaring maging isang pyramid scheme; itoy sinabi na, "Dahil sa kaso ng bitcoin ang mga tipikal na mga pangako ng kita ay kulang sa panahon, ito ay hindi maaaring ipagpalagay na ang bitcoin ay isang pyramid scheme." Ng hulyo 2017, ang bilyunaryong si Howard Mark tinutukoy na ang bitcoin ay isang pyramid scheme.<ref>{{cite web|title=This Billionaire Just Called Bitcoin a 'Pyramid Scheme'|url=http://fortune.com/2017/07/27/howard-marks-bitcoin-pyramid-scheme/|accessdate=23 September 2017|url-status=live|archiveurl=https://web.archive.org/web/20170924045918/http://fortune.com/2017/07/27/howard-marks-bitcoin-pyramid-scheme/|archivedate=24 September 2017|df=dmy-all}}</ref>

=== Mga isyu sa seguridad ===
Ang bitcoin ay mahina laban sa pagnanakaw sa pamamagitan ng mga phishing, scamming at hacking. Ng Disyembre {{Asof|2017|12}}, halos 980,000 bitcoins ang ninakaw mula sa mga palitan ng salaping kripto.

=== Ginagamit sa mga ilegal na transaksyon ===
Sa paggamit ng bitcoin ng mga kriminal ay naaakit ang pansin ng mga pinansiyal na regulators, legislative bodies, law enforcement, at ang media.<ref name="Lavin, Tim">{{cite news|url=http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-|title=The SEC Shows Why Bitcoin Is Doomed|publisher=Bloomberg LP|work=bloomberg.com|date=8 August 2013|accessdate=20 October 2013|author=Lavin, Tim|url-status=live|archiveurl=https://web.archive.org/web/20140325214514/http://www.bloombergview.com/articles/2013-08-08/did-the-sec-just-validate-bitcoin-no-|archivedate=25 March 2014|df=dmy-all}}</ref> Sa Estados Unidos, ang FBI ay naghanda ng isang intelligence assessment,<ref name="fbi_report">{{cite news|url=https://www.wired.com/images_blogs/threatlevel/2012/05/Bitcoin-FBI.pdf|title=Bitcoins Virtual Currency: Unique Features Present Challenges for Deterring Illicit Activity|publisher=FBI|work=Cyber Intelligence Section and Criminal Intelligence Section|date=24 April 2012|accessdate=2 November 2014|url-status=live|archiveurl=https://web.archive.org/web/20141014180733/http://www.wired.com/images_blogs/threatlevel/2012/05/Bitcoin-FBI.pdf|archivedate=14 October 2014|df=dmy-all}}</ref> ang SEC ay nag isyu ng isang  babala tungkol sa mga investment scheme na gamit ang mga virtual na pera, at ang [[Senado ng Estados Unidos|Senado ng estados UNIDOS]] nagganap ng isang pagdinig sa virtual na pera ng petsa Nobyembre 2013.<ref name="USoff">{{cite news|url=https://www.washingtonpost.com/news/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/#|title=Here's how Bitcoin charmed Washington|date=21 November 2013|first=Timothy B.|last=Lee|work=The Washington Post|accessdate=10 October 2016|url-status=live|archiveurl=https://web.archive.org/web/20170101144528/https://www.washingtonpost.com/news/the-switch/wp/2013/11/21/heres-how-bitcoin-charmed-washington/|archivedate=1 January 2017|df=dmy-all}}</ref> Ang pamahalaan ng US sinabing na ang bitcoin ay ginagamit upang pangasiwaan ang mga pagbabayad na may kaugnayan sa Russian interference in the 2016 United States elections.<ref name="nytspy2018">{{cite news|last1=Popper|first1=Nathaniel|title=How Russian Spies Hid Behind Bitcoin in Hacking Campaign|url=https://www.nytimes.com/2018/07/13/technology/bitcoin-russian-hacking.html|accessdate=14 July 2018|publisher=NYT|date=13 July 2018|archive-url=https://web.archive.org/web/20180714110954/https://www.nytimes.com/2018/07/13/technology/bitcoin-russian-hacking.html|archive-date=14 July 2018|url-status=live}}</ref>

Ang ilang mga outlet ng balita ay iginiit na ang kasikatan ng bitcoins ay nababatay sa kakayahan na gamitin ang mga ito upang bumili ng mga ilegal na kalakal.<ref name="Monetarists">{{cite news|url=http://www.economist.com/node/21563752|title=Monetarists Anonymous|publisher=The Economist Newspaper Limited|work=The Economist|date=29 September 2012|accessdate=21 October 2013|url-status=live|archiveurl=https://web.archive.org/web/20131020192331/http://www.economist.com/node/21563752|archivedate=20 October 2013|df=dmy-all}}</ref><ref>{{cite web|url=https://www.theguardian.com/world/2013/mar/22/silk-road-online-drug-marketplace|title=Silk Road: the online drug marketplace that officials seem powerless to stop|publisher=Guardian News and Media Limited|work=theguardian.com|date=22 March 2013|accessdate=20 October 2013|author=Ball, James|url-status=live|archiveurl=https://web.archive.org/web/20131012012106/http://www.theguardian.com/world/2013/mar/22/silk-road-online-drug-marketplace|archivedate=12 October 2013|df=dmy-all}}</ref> Nobel-prize winning economist Joseph Stiglitz sinabi na ang  bitcoin's anonymity ay naghihikayat sa money laundering at iba pang mga krimen, "Kung ikaw ay magbubukas ng isang butas tulad ng bitcoin, pagkatapos ang lahat ng mga karumal-dumal na aktibidad ay pumunta sa butas ito, at walang pamahalaan ay maaaring payagan ang mga iyon." Sinabi niya rin na kung "kapag kinontrol mo ito  kaya ikaw ay hindi maaaring makisali sa money laundering at lahat ng mga iba pang [mga krimen], wala ng pangangailangan para sa Bitcoin. Sa pagkontrol ng pang-aabuso, 
iyong aalisin ito mula sa pag-iral. Itoy umiiral dahil sa pang-aabuso."<ref name="Hammer">{{cite news|last1=Montag|first1=Ali|title=Nobel-winning economist: Authorities will bring down 'hammer' on bitcoin|url=https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html|accessdate=11 July 2018|publisher=CNBC|date=9 July 2018|archive-url=https://web.archive.org/web/20180711200915/https://www.cnbc.com/2018/07/09/nobel-prize-winning-economist-joseph-stiglitz-criticizes-bitcoin.html|archive-date=11 July 2018|url-status=live}}</ref><ref name="FN">{{cite news|last1=Newlands|first1=Chris|title=Stiglitz, Roubini and Rogoff lead joint attack on bitcoin|url=https://www.fnlondon.com/articles/stiglitz-roubini-and-rogoff-lead-joint-attack-on-bitcoin-20180709|accessdate=11 July 2018|publisher=[[Financial News]]|date=9 July 2018|archive-url=https://web.archive.org/web/20180711200500/https://www.fnlondon.com/articles/stiglitz-roubini-and-rogoff-lead-joint-attack-on-bitcoin-20180709|archive-date=11 July 2018|url-status=live}}</ref>

Ng taong 2014, ang mga mananaliksik sa  [[Unibersidad ng Kentucky|University of Kentucky]] natagpuan na "ang matatag na katibayan na computer programming at mga taong mahilig sa mga ilegal na aktibidad ay nagdadala ng interes sa bitcoin, at humanap ng limitado o walang suporta  sa pampulitika at pamumuhunan na motibo".<ref name="uok">{{cite journal|ssrn=2518603|title=Characteristics of Bitcoin Users: An Analysis of Google Search Data|author1=Matthew Graham Wilson|author2=Aaron Yelowitz|lastauthoramp=yes|journal=Social Science Research Network|date=November 2014|volume=Working Papers Series}}</ref> Ang mga Australian na mananaliksik ay tinatayang na ang 25% ng lahat ng mga gumagamit ng bitcoin at 44% ng lahat ng mga transaksyon ng bitcoin ay nauugnay sa iligal na aktibidad ng bilang ng Abril{{as of|2017|April|lc=y}}. Mayroong  tinatayang 24 milyong bitcoin na mga gumagamit lalo na sa paggamit ng bitcoin sa mga iligal na aktibidad. Sila ay humahawak ng $8 bilyon na halaga ng bitcoin, at gumawa ng 36 milyong mga transaksyon na nagkakahalaga ng $72 bilyon.<ref name="SDB1">{{cite news|last1=Foley|first1=Sean|last2=Karlsen|first2=Jonathan R.|last3=Putniņš|first3=Tālis J.|title=Sex, drugs, and bitcoin: How much illegal activity is financed through cryptocurrencies?|url=https://www.law.ox.ac.uk/business-law-blog/blog/2018/02/sex-drugs-and-bitcoin-how-much-illegal-activity-financed-through|accessdate=11 June 2018|agency=Oxford Business Law Blog|publisher=University of Oxford Faculty of Law|date=19 February 2018|archive-url=https://web.archive.org/web/20180610034340/https://www.law.ox.ac.uk/business-law-blog/blog/2018/02/sex-drugs-and-bitcoin-how-much-illegal-activity-financed-through|archive-date=10 June 2018|url-status=live}}</ref><ref name="SDB2">{{cite journal|last1=Foley|first1=Sean|last2=Karlsen|first2=Jonathan R.|last3=Putniņš|first3=Tālis J.|title=Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed Through Cryptocurrencies?|journal=Social Science Research Network|date=30 January 2018|url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102645|accessdate=11 June 2018|archive-url=https://web.archive.org/web/20180712200902/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102645|archive-date=12 July 2018|url-status=live}}</ref> Isang grupo ng mga mananaliksik na pinag-aralan ang transaksyon ng bitcoin sa taong 2016 at dumating sa isang konklusyon na "ang ilang mga kamakailang mga alalahanin tungkol sa paggamit ng bitcoin sa mga ilegal na transaksyon sa kasalukuyan maaaring sobra".<ref>{{cite news|url=http://fintechnews.ch/blockchain_bitcoin/evolution-bitcoin-economy-analyzing-network-payment-relationships/11490/|title=The Evolution of the Bitcoin Economy and Analyzing the Network of Payment Relationships|date=9 August 2017|accessdate=11 July 2018|archive-url=https://web.archive.org/web/20180712083930/http://fintechnews.ch/blockchain_bitcoin/evolution-bitcoin-economy-analyzing-network-payment-relationships/11490/|archive-date=12 July 2018|url-status=live}}</ref>

=== Advertising bans ===
Ang Bitcoin at iba pang mga salaping kripto ng mga advertisement ay naka-ban sa [[Facebook]],<ref name="wiredface">{{cite news|last1=Matsakis|first1=Louise|title=Cryptocurrency scams are just straight-up trolling at this point|url=https://www.wired.com/story/cryptocurrency-scams-ico-trolling/|accessdate=2 April 2018|publisher=[[Wired (magazine)|Wired]]|date=30 January 2018|archive-url=https://web.archive.org/web/20180401171434/https://www.wired.com/story/cryptocurrency-scams-ico-trolling/|archive-date=1 April 2018|url-status=live}}</ref> [[Google|sa Google]], [[Twitter]],<ref name="ToISW">{{cite news|last1=Weinglass|first1=Simona|title=European Union bans binary options, strictly regulates CFDs|url=https://www.timesofisrael.com/european-union-bans-binary-options-strictly-regulates-cfds/|accessdate=2 April 2018|publisher=[[Times of Israel]]|date=28 March 2018|archive-url=https://web.archive.org/web/20180401084746/https://www.timesofisrael.com/european-union-bans-binary-options-strictly-regulates-cfds/|archive-date=1 April 2018|url-status=live}}</ref> Bing,<ref name="bing51418">{{cite web|last1=Alsoszatai-Petheo|first1=Melissa|title=Bing Ads to disallow cryptocurrency advertising|url=https://advertise.bingads.microsoft.com/en-us/blog/post/may-2018/bing-ads-to-disallow-cryptocurrency-advertising?feed=blogposts|publisher=Microsoft|accessdate=16 May 2018|date=14 May 2018|archive-url=https://web.archive.org/web/20180517152920/https://advertise.bingads.microsoft.com/en-us/blog/post/may-2018/bing-ads-to-disallow-cryptocurrency-advertising?feed=blogposts|archive-date=17 May 2018|url-status=live}}</ref> Snapchat, LinkedIn, at MailChimp.<ref name="3key">{{cite news|last1=French|first1=Jordan|title=3 Key Factors Behind Bitcoin's Current Slide|url=https://www.thestreet.com/story/14541510/1/whats-behind-bitcoin-price-slump.html|accessdate=2 April 2018|publisher=theStreet.com|date=2 April 2018|ref=`|archive-url=https://web.archive.org/web/20180403051718/https://www.thestreet.com/story/14541510/1/whats-behind-bitcoin-price-slump.html|archive-date=3 April 2018|url-status=live}}</ref> Ang Chinese internet platform Baidu, Tencent, at Weibo ay ipinagbabawal din ang advertisement ng bitcoin . Ang Japanese platform na Line at ang Russian platform na Yandex ay may katulad na probisyon.<ref>{{cite news|last1=Wilson|first1=Thomas|title=Twitter and LinkedIn ban cryptocurrency adverts – leaving regulators behind|url=https://www.independent.co.uk/news/business/analysis-and-features/twitter-ban-cryptocurrency-adverts-regulators-bitcoin-facebook-social-media-a8277176.html|accessdate=3 April 2018|agency=[[Reuters]]|publisher=Independent|date=28 March 2018|archive-url=https://web.archive.org/web/20180404074502/https://www.independent.co.uk/news/business/analysis-and-features/twitter-ban-cryptocurrency-adverts-regulators-bitcoin-facebook-social-media-a8277176.html|archive-date=4 April 2018|url-status=live}}</ref>

== Sa kulturang popular ==

=== Panitikan ===
Sa mala-agham na nobelang [[Piksiyong siyensiya|piksiyon]] ni Charles Stross noong 2013, ''Neptune's Brood'', ang unibersal na  interstellar na sistema ng pagbabayad ay kilala bilang "bitcoin" at  napapatakbo sa paggamit ng [[kriptograpiya]].<ref>{{cite book|last1=Stross|first1=Charles|title=Neptune's Brood|date=2013|publisher=Penguin Group USA|location=New York|isbn=978-0-425-25677-0|edition=First|quote=It’s theft-proof too – for each bitcoin is cryptographically signed by the mind of its owner.}}</ref> Si Stross ay nag-blog na ang reperensya ay intensyonal, na nagsasabi "sinulat ko ang Neptune Brood ng taong 2011. Ang Bitcoin ay nakatago sa likod nito, at naisip ko na may sapat na pagkilala ng pangalan upang maging isang kapaki-pakinabang na mga termino sa isang interstellar pera: ito ay isang bakas sa mga tao  na ito ay isang network ng mga digital na pera.<ref>{{cite web|title=Crib Sheet: Neptune's Brood – Charlie's Diary|url=http://www.antipope.org/charlie/blog-static/2014/09/crib-sheet-neptunes-brood.html|website=www.antipope.org|accessdate=5 December 2017|quote=I wrote Neptune's Brood in 2011. Bitcoin was obscure back then, and I figured had just enough name recognition to be a useful term for an interstellar currency: it'd clue people in that it was a networked digital currency.|url-status=live|archiveurl=https://web.archive.org/web/20170614175136/http://www.antipope.org/charlie/blog-static/2014/09/crib-sheet-neptunes-brood.html|archivedate=14 June 2017}}</ref>

=== Pelikula ===
Ang 2014 na dokumentaryong'' The Rise and Rise of Bitcoin'' nilarawan ang pagkakaiba-iba ng mga motibo sa likod ng paggamit ng bitcoin sa pamamagitan ng pakikipanayam sa mga tao na gamitin ito. Kabilang dito ang isang computer programmer at isang drug dealer.<ref>{{cite news|url=https://www.nytimes.com/2014/10/03/movies/the-rise-and-rise-of-bitcoin-from-nicholas-mross.html|title=Financial Wild West|newspaper=The New York Times|date=2 October 2014|accessdate=8 May 2015|author=Kenigsberg, Ben|url-status=live|archiveurl=https://web.archive.org/web/20150518232516/http://www.nytimes.com/2014/10/03/movies/the-rise-and-rise-of-bitcoin-from-nicholas-mross.html|archivedate=18 May 2015|df=dmy-all}}</ref> Ang 2016 na dokumentaryo ng ''Banking sa Bitcoin'' ay isang panimula sa bitcoin at ang ideya sa likod ng salaping kripto ngayon.<ref>{{cite web|last1=Michel|first1=Lincoln|title=What the Hell Is Bitcoin? Let This Documentary on Netflix Explain|url=https://www.gq.com/story/what-the-hell-is-bitcoin-let-this-documentary-on-netflix-explain|website=GQ|accessdate=10 October 2018|language=Ingles|date=16 December 2017}}</ref>

=== Academia ===
Noong Setyembre 2015, ang pagtatatag ng ''peer-reviewed academic journal'' ''Ledger'' ({{ISSN|2379-5980}}ISSN{{ISSN|2379-5980}}) ay inanunsyo. Sinasaklaw nito ang mga pag-aaral ng mga salaping kripto at mga kaugnay na teknolohiya, at na-publish ng University of Pittsburgh.<ref>{{cite web|url=http://motherboard.vice.com/read/introducing-ledger-the-first-bitcoin-only-academic-journal|title=Introducing Ledger, the First Bitcoin-Only Academic Journal|author=|date=|work=Motherboard|url-status=live|archiveurl=https://web.archive.org/web/20170110172807/http://motherboard.vice.com/read/introducing-ledger-the-first-bitcoin-only-academic-journal|archivedate=10 January 2017|df=dmy-all}}</ref> Hinihikayat ng journal ang mga may-akda na mag-sign sa digital sa isang file na hash ng naisumite na mga papeles, na kung saan ay magiging timestamped sa bitcoin blockchain. Ang mga may-akda ay hiniling din na isama ang isang personal na bitcoin address sa unang pahina ng kanilang mga papel.<ref>{{cite web|url=http://ledgerjournal.org/ojs/index.php/ledger/about/editorialPolicies#custom-0|title=Editorial Policies|author=|date=|work=ledgerjournal.org|url-status=live|archiveurl=https://web.archive.org/web/20161223135741/http://www.ledgerjournal.org/ojs/index.php/ledger/about/editorialPolicies#custom-0|archivedate=23 December 2016|df=dmy-all}}</ref><ref>{{Cite journal|last=|first=|date=2015|title=How to Write and Format an Article for Ledger|url=http://ledger.pitt.edu/ojs/public/journals/1/AuthorGuide.pdf|journal=[[Ledger (journal)|Ledger]]|volume=|issue=|doi=10.5195/LEDGER.2015.1|pmid=|accessdate=|via=|url-status=live|archiveurl=https://web.archive.org/web/20150922190603/http://ledger.pitt.edu/ojs/public/journals/1/AuthorGuide.pdf|archivedate=22 September 2015|doi-broken-date=18 March 2018}}</ref>

== Mga tala ==
{{Notelist|30em}}

== Mga sanggunian ==
{{Reflist|30em|refs=
<ref name="Antonopoulos2014">{{cite book |author = Antonopoulos, Andreas M. |date = Abril 2014 |isbn = 978-1-4493-7404-4 |publisher = O'Reilly Media |title = Mastering Bitcoin: Unlocking Digital Crypto-Currencies |url = https://archive.org/details/masteringbitcoin0000anto |author-link = }}</ref>

<ref name="JSC">{{cite web |url = https://www.fincen.gov/sites/default/files/2016-08/20131118.pdf |title = Statement of Jennifer Shasky Calvery, Director Financial Crimes Enforcement Network United States Department of the Treasury Before the United States Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on National Security and International Trade and Finance Subcommittee on Economic Policy |publisher = Financial Crimes Enforcement Network |work = fincen.gov |date = 19 Nobyembre 2013 |accessdate = 1 Hunyo 2014 |url-status=live |archiveurl = https://web.archive.org/web/20161009183700/https://www.fincen.gov/sites/default/files/2016-08/20131118.pdf |archivedate = 9 Oktubre 2016 |df = dmy-all }}</ref>
}}

[[Kategorya:Salaping kripto]]