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Cryptocurrencies, or cryptocurrencies for short (from ancient Greek κρυπτός, kruptós, literally "secret, encrypted") are exchanges that use cryptography, a branch of mathematics, to secure transactions. It is a digital item intended to act as a tool. [1] [2] [3] Cryptocurrency is a kind of digital currency, alternative currency, virtual currency. Unlike centralized e-money and central banking systems, crypto assets are completely decentralized[4][5]. The decentralization of every cryptocurrency is done through a public database of transactions; blockchain acts as a distributed ledger [6].
A crypto currency is expected to have the following 6 features:[10] Decentralization, Transaction and owner records, New supply creation rules, Ownership can be proven by cryptographic techniques only by the owner, Money can only be changed by the owner's order, Only if more than one transaction is made for the same cryptocurrency at the same time. fulfillment of one. To generalize a little more: Cryptocurrency is basically an electronic money and it has the same general characteristics: Because it is believed to be valuable, and the security of its records, namely ledgers, which cannot be imitated, recorded, is provided by passwords that are almost impossible to crack, namely crypto. It is valuable because it is provided with techniques and there is little possibility of depreciating the value of the institution that prints the money by arbitrary practices or by accident. Electronic money is also called virtual money for the following reasons. Electronic money does not carry its value in grams like gold and silver coins, which do not lose value when melted, and it is not a document that has a gold equivalent somewhere. Electronic money is not a physical object, its properties are difficult to imitate, and everyone knows its details. Electronic money is not a public or legal medium of exchange (the government only provides the currency of the country it prints). So it can only be used within a certain group and even there. Legal transactions similar to commercial contracts or promissory notes. Cryptocurrency is also network money that can be digitally stored, transferred and spent electronically, especially over computer networks such as the internet. [11] For some cryptocurrencies, such as fiat currency (such as debit cards), their registration and guarantees are subject to the institution that "issues" the money. For these, the term center is used and the control is in the hands of the general directorate that does the accounting. Some other cryptocurrencies (Bitcoin, for example) are decentralized in that additional copies of the ledger are kept in many places, locked by other authorities with their own passwords, and updated continuously and simultaneously. The term "decentralized" or "decentralized" is used for these, and control is in the hands of those who manage all these ledgers to the extent that they can be determined collectively, otherwise they are inaccessible, including to the state. anyone. . Who issues decentralized cryptocurrencies and who will benefit first? Usually money is automatically printed according to a predetermined schedule, decentralized transactions are made, passwords are calculated, people who compare books with other copies are paid for proven work. The amount of work involved can respond to difficult calculations. The challenge this time is "Give it to me! It's supposed to prevent eternity in the form of a service blocker ("Denial of Service/DOS" in English). It has been criticized for consuming too much electricity. That's why not proven but proven cryptocurrencies are also being released. TREZOR hardware wallet records transactions initiated on your bank's website.
There were one million electronic hardware wallet users in the world in 2013, and 6 million in 2017, mostly for bitcoin.[12] It provides instant transaction and unlimited (cross-border) transfer of ownership (transfer). Some cryptocurrencies may be limited to use in certain communities, such as in an online game or social network.[13] Date of 1983: American David Chaum designed eCash.[14][15] 1995: American David Chaum performed eCash via digicash.[16] 1996: NSA in the USA published a statement titled "How to print anonymous cryptocurrencies".[17][18] 1998: Wei Dai published a paper describing the anonymous decentralized cryptocurrency called "b-money".[19] 1998: Nick Szabo created the anonymous decentralized cryptocurrency called bit-gold.[20] 1998: Hal Finney, inspired by Dai and Szabo, develops a "proven labor" mechanism that anyone can use. 2009: Satoshi Nakomoto (nickname used on the internet, original identity unknown) is the first semi-anonymous (who paid-paid is unknown, but anyone can see from which account anyone can see it) decentralized cryptocurrency using SHA-256-based "proven labor" mechanism and blockchain realized "bitcoin"[21][22] 2011: In April, decentralized DNS was implemented under the name Namecoin to prevent internet censorship. 2011: Anonymous decentralized cryptocurrency "litecoin" was launched, using "scrypt" instead of SHA-256 in October. Peercoin is the first anonymous decentralized cryptocurrency to use "proven right" instead of "proven labor". IOTA is the first anonymous decentralized cryptocurrency to use Tangle instead of blockchain.[23] [24] Virtual wallet using a private blockchain "DIVI" Project introduced a mechanism that enables the exchange of currency types and the recording of the owner's personal information for each transaction[25] [26] [27]. 2018: In March, the Marshall Islands issued a national electronic currency called “sovereign” and declared it the national legal tender[29]. 2018: Fidelity Digital, based in Boston (Massachusetts, USA). Assets launches Bitcoin and Ethereum institutional trading, advisory and advisory/management services[30] 2021: El Salvador becomes first country to adopt cryptocurrency as official currency[31].
The biggest criticism and threats came from traditional financial institutions and banks, who said decentralized cryptocurrencies are not really guaranteed and will burst like a bubble. This situation is likened to the tulip frenzy in Dutch history, a kind of pyramid scheme. There is a risk that cryptocurrencies will take over many functions of banks. For example, large money transfers that take days with traditional banks can be made almost instantly with cryptocurrencies. Non-cryptocurrency alternatives to remittances have already emerged and are starting to spread (Nigeria's first technology to use payment cards via SMS, PayPal, Apple Pay etc). States can use decentralized cryptocurrencies to make anonymous cross-border transfers for reasons such as terrorism, mafia, illegal gambling, hostage taking without being caught by cybercriminals, capital tax evasion and tax evasion, but this may not be the case in various situations. reason for opposition. The result is huge differences from country to country, and the situation is constantly changing in the light of the experience of each country: the absence of a centralized crypto money option under state control, the undesirableness of losing the market and technology development activities brought by cryptocurrencies to other countries, the very small remaining share of the event in the total economy, and cryptocurrencies. who uses the money forces them in the direction of changing policies from time to time.[28] China banned bitcoin trading in 2014 after a very rapid usage development.[32] It is illegal to trade in any currency other than rubles in Russia.[33] Some countries expressly allow it,[34] while in others different branches of the state take different attitudes. In South Korea, in the winter of 2017-2018, first the high value increase and the increase in the number of users, then the sudden depreciation and the fact that the people who lost money because of this, mostly young people, forced the state to set rules.[35] Recently, the use of decentralized cryptocurrencies in divorces to hide the marital joint property from justice has been the subject of news.[36][37] The objections of the criticizing investors are that the exchange rates of cryptocurrencies are unreliable due to the very unregulated rises and falls.[38] Another criticism is that the proven labor method to produce decentralized cryptocurrencies wastes energy. Especially in places where energy is artificially cheapened by the state for the benefit of poor people, it is seen as parasitism.[39]
Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group named Satoshi Nakamoto. It became available when it was released as open source software in 2009. [6]:ch.1[9] It is also known that Bitcoin is not dependent on a central bank or a single administrator. It is a decentralized digital currency that can be transferred from user to user on the Bitcoin network (blockchain) without the need for any middleman. Transactions are verified by nodes using cryptography and recorded on a public ledger called the blockchain. With a bill passed by the Senate on June 8, 2021, El Salvador declared Bitcoin as its official currency. Story Main article: History of Bitcoin Digital bitcoin wallet. Like all innovative technologies, Bitcoin has predecessors and sources that its creators mention in their articles. Wei Dai B-Cash, Nick Szabo BitGold, and David Chaum Digicash are the most primitive and government-blocked versions of the digital currency. Satoshi Nakamoto was able to keep his identity secret thanks to these negative experiences of his predecessors. The Bitcoin network went live on January 3, 2009. The author of the article is Satoshi Nakamoto. There is some debate as to whether this is his real name, his nickname, or the team's title. The maximum number of Bitcoins that can be created is limited to 21 million by the occurrence block. The first Bitcoin transfer took place between Satoshi Nakamatsu and the cryptographer Hal Finney, who helped create Bitcoin. The first purchase was made on May 22, 2010 with 10,000 Bitcoins for a pizza. [On] On July 22, 2013, the total amount of Bitcoin in circulation was $1.2 billion[11], while on July 26, 2020, this value was $182,967,290. The total amount of Bitcoin currently produced has reached 19,031,243[12].
Bitcoin is not generated by any center and exhibits point-to-point decentralized network functionality similar to the BitRent Network. Since payments made on this network will reach other points instantly, payments made from any address to any address will be recorded. For this reason, the collected records are in structures called blocks. By applying a hash algorithm that requires a large number of transactions in each block, we can find expressions that start with a certain number of zeros. The first user to make this trade (approximately every 10 minutes) will be rewarded with 0-50 BTC (currently 12.5 BTC). This encourages bitcoin issuance. Each block contains the hash of the last block before it. This creates a blockchain that is very hard to break (excluding 51% attacks). The goal is to avoid double spending and to keep track of submissions. The reward amount awarded is halved every 210,000 blocks (approximately every 4 years) (50, 25, 12, 5, ...). [13] The process of creating money is called mining. Mining is a general term for the process of using computational power and power to perform mathematical operations. A "miner" is a node on the Bitcoin network that downloads the provided Bitcoin software and performs computationally intensive operations on the hardware (usually a graphics card) to perform these operations. The first block of the system was called the "Genesis Block" and was produced on January 4, 2009. Therefore, the first transaction in the block is a special transaction initiated by the creator of the new currency block. This is a system that encourages miners to join the network and allows funds to flow into the system as needed, without the need for a central authority to print money. In this way, miners make a profit both by generating and injecting new bitcoins into the system, and by receiving bitcoins from the system in exchange for services to complete pending transactions. This is where the name mining comes from, as the regular addition of new money to the system is likened to gold miners finding and circulating gold. In the current process, miners continue to produce a predictable drop in the amount of Bitcoin in circulation each year. The system will continue production until a total of 21 million Bitcoins are in circulation, after which the production process will be stopped and miners will continue to be supported by transaction costs only. Some countries use Bitcoin as a means of payment and investment. It is possible to buy bitcoin for TL in Turkey. Bitcoin has value because it can be used like money, and some funds are known to show interest in this product with the expectation that its value will increase as it becomes popular in the future. Bitcoin's value is determined by market demand and supply. As demand increases, price increases, price decreases. There is a limited amount of Bitcoins in circulation, and there are limits and processes to generating new Bitcoins. The main threats to Bitcoin's market value are technical problems, legal changes resulting from national approaches to this currency, and negative changes in people's desire and trust in this currency. Most of the Bitcoins were designed by MIT professors. MIT professor uses math and cryptography to develop new Bitcoin technology. [citation needed]
Journalists,[14] economists[15][16] and the Estonian central bank[17] have expressed concerns that bitcoin is a Ponzi scheme. Eric Posner, a law professor at the University of Chicago, said in 2013 that "a real ponzi game is a fraud, whereas bitcoin, on the contrary, is like a collective delusion".[18] In 2014, reports by both the World Bank and the Swiss Federal Council reported that bitcoin and He examined the concerns over the Ponzi game and concluded that bitcoin is not a Ponzi game.[19]:7[20]:21 Value Predictions Finance journalists, analysts, economists and investors are trying to predict the possible future value of Bitcoin. "Bitcoin will eventually reach zero values, but it's impossible to say when," he said in 2013. A similar estimation was made by economist Kevin Dowd in November 2014.[21] Finance professor Mark T. Williams predicted in December 2013 that Bitcoin would fall below $10 by mid-2014.[22] However, the lowest value of Bitcoin in the specified period was $344 in April and $609 in July.[11][23] In December 2014, Williams said, "It's unlikely to succeed, but if it does it will be huge." "[24] In November 2014, David Yermack, Professor of Finance at New York University's Stern School of Business, stated that Bitcoin would be worthless in November 2015.[25] Bitcoin's lowest value in January during this period. $176.70 registered as $309.90 in November of the same year.[11] In May 2013, Bank of America FX and Rate Strategist David Woo predicted that a maximum of $1,300 per single Bitcoin would be reasonable.[26] Bitcoin investor Cameron Winklevoss stated in December 2013 that the value of Bitcoin could be $40,000.[27] Done postings There have been many reports that Bitcoin is over.[28] In early 2015, a journalist reported 29 news of Bitcoin's demise [28] Forbes magazine announced the end of bitcoin in June 2011,[29] Gizmodo Australia magazine followed this announcement in August 2011.[30] Wired magazine reported "expired" in December 2012.[ 31] Ouishare Magazine reported "game over, bitcoin" May 2013,[32] and New York Magazine reported "on the way to the grave" June 2013.[33] Reuters reported "obituary" January 2014,[34] Street Insider bitcoin" dead" in February 2014.[35] At the time of these reports, The Weekly Standard March 2014,[36] Salon March 2014,[37] Vice News March 2014,[38] Financial Times in September 2014[39] They have published news that bitcoin is over. In January 2015, USA Today reported that Bitcoin had "fallen into an ashtray"[40] and The Telegraph reported that "the Bitcoin experiment is over"[41]. Former Bitcoin developer Mike Hahn described Bitcoin as a "failed project" in January 2016[42]. "Bitcoin's ultimate advertising is overrated," said Peter Greenhill, head of e-business development at the Isle of Man[43].
While some economists view bitcoin positively, others are skeptical. François R. Velde, a senior economist at the Chicago Fed, described bitcoin as "an elegant way to create digital money."[44] Paul Krugman and Brad DeLong found errors on bitcoin when they questioned why it should be stable and its base value.[45] Economist John Quiggin has criticized bitcoin as "the latest confusion of the efficient market hypothesis." Free software movement activist Richard Stallman complained of a lack of anonymity and called for improved development.49 PayPal President David A. Marcus calls bitcoin "the perfect place to put savings" but has argued that it cannot become a currency until its value volatility subsides. .[50] Bill Gates, in an interview with Bloomberg LP, said of the cost of moving money from one place to another: "Bitcoin is exciting because it shows how cheap it can be."[51] Brazil,[52] Isle of Man,[53 Officials in countries such as Jersey,[54] United Kingdom,[55] and United States[56] have recognized bitcoin's ability to provide financial services.When used properly, bitcoins can prevent fraud, facilitate shopping transactions, and provide transparency It attracts the attention of politicians and deputies interested in financial fields within its skill. In 2015, the number of merchants accepting bitcoin exceeded 100,000.[60] (As of 2014) Some companies accept bitcoin payments.:[note 1] A Bitcoin ATM in Vienna Westbahnhof Alexa rank Site 33[62] PayPal[63] 41[64] Microsoft[65] 328[66] Dell[67 ] 329[68] Newegg[69] 505[70] Overstock.com[71] 512[72] Expedia[73] 1,981[74] TigerDirect[75] 5,674[76] Dish Network[77] 7,038[78] Zynga[ 79] 30.565[80] Time Inc.[81] 176,903[82] PrivateFly[83] 253,983[84] Virgin Galactic[85] 348,010[86] Dynamite Entertainment[87] 1,145,668[88] Clearly Canadian[89] n.a. Sacramento Kings[90] Bitcoin adoption by nonprofits The Electronic Frontier Foundation, Greenpeace,[91] Mozilla Foundation,[92] Wikimedia Foundation,[93] and Free Software Foundation.[94] accepted by Some American politicians, including New York Democratic Congressman Jeff Kurzon, have said they will accept donations made in bitcoin to their campaigns.[95] In late 2013, the University of Nicosia became the first university in the world to accept payment with bitcoin and launched a degree program in digital currencies.[96][97][98] Payment service providers Merchants like Dish Network that accept Bitcoin use the services of bitcoin payment service providers like BitPay or Coinbase. When a customer pays in bitcoin, the payment service provider accepts the payment on behalf of the merchant, sends the received amount to the merchant's bank account, and charges less than 1 percent of the amount for this service.[99] Due to Bitcoin's design for use in retail transactions, all retail value is an estimate only.[100] According to Tim Swanson, head of business development at a Hong Kong-based technology company, daily retail purchases with bitcoin in 2014 were worth approximately $2.3 million.[100] Again, according to Tim Swanson's estimates (as of February 2015), he stated that less than 5,000 bitcoins were used in retail purchases per day, and in 2014 "concluded that the increase in bitcoin's use in retail purchases was very small". General usage According to a study conducted by the University of Cambridge in 2017, between 2.9 million and 8 million users have digital currency wallets. The most widely used digital currency is Bitcoin. The number of active users has increased significantly since 2013. [101]
While some economists approach bitcoin positively, others are skeptical. François R. Velde, a senior economist at the Chicago Fed, described bitcoin as "an elegant way to create digital money."[44] Paul Krugman and Brad DeLong found mistakes when they questioned why bitcoin should be precise and its base value.[45] Economist John Quiggin has criticized bitcoin as "the latest confusion of the fertile market hypothesis." Free software movement activist Richard Stallman complained of a lack of anonymity and called for improved development.[49] PayPal President David A. Marcus calls bitcoin a "great place to collect savings", claiming it simply won't become a currency until its volatility subsides. .[50] In an interview with Bloomberg LP, Bill Gates said of the cost of moving money from place to place: "Bitcoin is exciting because it shows how cheap it can be."[51] Brazil,[52] Isle of Man,[53] ] Jersey,[54] United Kingdom,[55] and the United States of America[56] have recognized bitcoin's ability to provide financial services. It attracts the attention of politicians and national deputies related to financial fields due to its ability to provide financial services.[57][58][59] Using it in shopping In 2013, it was possible to shop with Bitcoin in a cafe in Delft, Netherlands. In 2015, the number of traders who decided on bitcoin exceeded 100,000.[60] (As of 2014) Some companies accept bitcoin payments.:[note 1] A Bitcoin ATM in Vienna Westbahnhof Alexa rank Site 33[62] PayPal[63] 41[64] Microsoft[65] 328[66] Dell[67 ] 329[68] Newegg[69] 505[70] Overstock.com[71] 512[72] Expedia[73] 1,981[74] TigerDirect[75] 5,674[76] Dish Network[77] 7,038[78] Zynga[ 79] 30.565[80] Time Inc.[81] 176,903[82] PrivateFly[83] 253,983[84] Virgin Galactic[85] 348,010[86] Dynamite Entertainment[87] 1,145,668[88] Clearly Canadian[89] n.a. Sacramento Kings[90] Bitcoin adoption by nonprofits The Electronic Frontier Foundation, Greenpeace,[91] Mozilla Foundation,[92] Wikimedia Foundation,[93] and Free Software Foundation.[94] accepted by. A number of American politicians, including New York Democratic Congressman Jeff Kurzon, have said they will accept donations made in bitcoin to their campaigns.[95] In late 2013, the University of Nicosia became the first university in life to decide to pay with bitcoin and launched a degree program on digital currencies.[96][97][98] Payment service providers Merchants like Dish Network, which decides on Bitcoin, use the services of bitcoin payment service providers such as BitPay or Coinbase. When a buyer pays in bitcoin, the payment service provider accepts the payment on behalf of the merchant, sends the fee to the seller's bank account, and charges less than 1 percent of the amount for this service.[99] Due to Bitcoin's design for use in retail transactions, its overall retail value is only an estimate.[100] According to Tim Swanson, head of business development at a Hong Kong-based technology company, daily retail purchases with bitcoin in 2014 averaged $2.3 million.[100] Again, according to Tim Swanson's estimates (as of February 2015), he stated that less than 5,000 bitcoins are used in retail purchases per day, and in 2014 "considered that the increase in the use of bitcoin in retail purchases is too small". General usage According to a study conducted by Cambridge University in 2017, between 2.9 million and 8 million users have digital currency wallets. The most widely used digital currency is Bitcoin. The number of active users has increased significantly since 2013. [101]
The use of Bitcoin by criminals has attracted the attention of financial regulators, legislatures, law enforcement and the media.[139] The FBI prepared an intelligence report on this subject,[140] the SEC issued a warning on investments in virtual currency,[139] and in November 2013 the US Senate held a hearing on virtual currencies.[56] There are many reports stating that the popularity of Bitcoin is due to its use in illegal transactions.[141][142] In 2014, researchers at the University of Kentucky showed that computer programmers and illegal activities were attracted to bitcoin, finding limited political and investment support.[131] Black market A CMU researcher in 2012 estimated that between 4.5 and 9% of all transactions on the world's stock markets take place in the web drug market, (Silk Road)[143] child porn with bitcoin, hitman[144] and It is claimed that arms[145] were traded. Due to the lack of centralized control and the anonymous nature, it is difficult to know whether these trades were made or just faked to buy bitcoin.[146] Several Deep Web black markets have been shut down by the authorities. In October 2013, Silk Road was closed by US law enforcement[147][148][149], resulting in a short-term decline in bitcoin's value.[150] In 2015, the site's founder was sentenced to prison.[151] Alternative sites were soon launched, and the Australian Broadcasting Corporation reported that the closure of Silk Road in early 2014 did not affect the number of Australians selling drugs online.[152] At the beginning of 2014, Dutch authorities shut down the online illegal trading site Utopia and confiscated 900 bitcoins.[153] In late 2014, 400 deep web sites were shut down and their bitcoins were confiscated by a joint European and American operation.[154] In December 2014, Charlie Shrem was sentenced to two years in prison for indirectly helping to send $1 million to deep web drug sites[155] and in February 2015 Silk Road founder Ross Ulbricht was sentenced to life imprisonment on drug dealing charges.[155] 156] Some Black Market sites have tried to steal bitcoin from customers.[157] At the beginning of 2014, the accounts of black market market owners, whose accounts were blocked, were hacked.[158] According to the Internet Watch Foundation, a UK charity, bitcoin can be used to purchase child pornography, and around 200 websites accept payment. Troels Oertling, head of the cybercrime unit at Europol, stated that bitcoin is not the only way to purchase child pornography online, adding that "Ukash and Paysafecard ... are used to pay for such material". However, the Internet Watch Foundation lists about 30 websites that accept Bitcoin. [159] Some of these websites have been shut down. [160] It has also been claimed that child pornography sites connect to the blockchain while shopping [161] [162].
Some malicious software can steal secret keys for bitcoin wallets, thus making bitcoin stealing. The most common type searches computers for digital currency wallets and uploads them to a remote server where it can be stolen.[163] Lots of malware logs keyboard usage, thus eliminating the need for key decryption. A different approach is when a bitcoin address is copied to the clipboard, it is detected and quickly replaced with a different one, so the user sends bitcoin to the wrong address.[164] This method is effective because bitcoin transactions are irreversible.[165]:57 A virus spread from the pony botnet stole $220,000 in digital currencies in February 2014, including bitcoins from 85 wallets.[166] Security firm Trustwave, which monitors the malware, recently reported that its version was able to steal 30 different types of digital currencies.[167] Bitvanity, a type of malware that was active in August 2013, emerged as a wallet address generator and managed to steal the secret keys of the other bitcoin client.[168] In February 2014, a variant trojan for the macOS operating system called Cointhief was reported, in charge of multiple bitcoin thefts.[168] This application is hidden inside digital currency applications such as Download.com and MacUpdate.[168] Ransom virus Another malware associated with bitcoin is Ransom virus. The program called CryptoLocker often infects the computer with a program that comes with legitimate-looking e-mail attachments. It encrypts the static drive of an infected computer, then stages a countdown timer and demands a ransom, often two bitcoins, to decrypt it.[169] Massachusetts police announced in November 2013 that they paid 2 bitcoins to decrypt one of its hard drives, at a time when it was worth more than $1,300 apiece.[170] Linkup is a ransomware and bitcoin mining program that emerged in February 2014. It disables the computer's web access and requests credit card information so that it can be opened again.[169] Unauthorized Mining In June 2011, Symantec warned of the possibility that botnets could secretly mine bitcoin.[171] The malware exploits the parallel processing capabilities of GPUs found in many civilized video cards.[172] An approximate PC with an integrated graphics processor will have no effect for bitcoin mining, but with thousands of personal computers accessed by mining malware, they can come to a conclusion.[173] In mid-August 2011, bitcoin mining botnets were detected.[174] and less than three months later, the unauthorized bitcoin-mining Trojan infected Mac OS X.[175] In April 2013, esports organization E-Sports Entertainment was accused of using 14,000 computers to mine bitcoin[176] German police arrested 2 individuals who privatized existing botnet software by mining bitcoin.[177] For four days in December 2013 and January 2014, Yahoo! Europe released an advertisement containing an unauthorized bitcoin-mining malware that infected an estimated two million computers.[178] The software called Sefnit first appeared in mid-2013 and was bundled with many software packages. Microsoft removes this harmful software with Microsoft Security Essentials and other security software.[179] There are reports that university staff and students are mining bitcoin on the computer for investigation.[180]
Bitcoin is not an ideal method for money laundering, as transactions are open.[181] Top authorities including the European Banking Authority,[119] the FBI,[140] and the G7 Financial Action Task Force have expressed concerns that bitcoin could be used for money laundering.[182] In early 2014, Charlie Shrem, an American bitcoin transfer operator, was arrested for money laundering.[183] Soon after, he was sentenced to two years in prison for "aiding and abetting money laundering."[155] The UK Treasury Department's report "The national risk assessment of money laundering and terrorist financing in the UK" (October 2015) found that out of the twelve money laundering methods examined, bitcoin had the lowest risk for money laundering and was the most common. It has been said that the laundering method is banking.[184] A company using the Ponzi scheme Bitcoin was offered a weekly interest rate of 7% to its investors.[185] In July 2013, the US Securities and Exchange Commission accused the company and its founder of "playing a Ponzi game about investor fraud" in 2013.[185] In September 2014, the judge fined this company $40 million for making a bitcoin Ponzi scheme.[186] Theft There have been many cases of bitcoin theft.[187] One of the methods of theft is by accessing a victim's bitcoin address[188] or the private key of an online wallet.[189] Once the secret key is stolen, all bitcoins in the compromised account can be transferred. In such a case, the network does not have any feature to identify the thief, stop the process for ongoing theft, or return the bitcoins to the legitimate owner.[114] Theft can also occur on sites where illegal goods are sold with bitcoin. In late November 2013, approximately $100 million worth of bitcoins were allegedly stolen from the online illegal Sheep Marketplace, which was shut down.[190] When users tried to cash out bitcoins, they received no response from the network and the criminals could not be identified.[190] During the outage of Silk Road 2.0 site in February 2014, $2.7 million worth of bitcoin was stolen.[158] Sites where users exchange bitcoin money are among the targets of thieves. Inputs.io, an Australian wallet service, was hacked twice in October 2013 and lost over $1 million worth of bitcoin as a result of these attacks.[191] In late February 2014, one of the largest virtual currency exchange centers in Tokyo, Mt. $350 million worth of bitcoin was stolen from Gox. Flexcoin, a Canadian-based bitcoin storage company, closed in March 2014, saying it discovered the theft of approximately $650,000.[192] Another digital currency conversion site, Poloniex, reported that it lost approximately $50,000 in value in March 2014.[193] In January 2015, the UK-based Bitstamp, the 3rd largest in the world, was hacked and lost $5 million [194] In February 2015, a Chinese company called BTER was damaged by hackers worth nearly $2 million [195]. About 120,000 bitcoins (about $60 million) were stolen from Bitfinex in 2016. The theft forced Bitfinex to suspend trading. Theft, Mount 2014 This was the second major heist after the Gox heist. Forbes reported the theft. Theft raises security concerns. "These thefts are evidence of infrastructure weakness in such a new industry," said Charles Hayter, founder of digital currency comparison site CryptoCompare. According to the April 2, 2014 hearing of the U.S. House of Representatives Small Business Committee, "These suppliers lack regulatory oversight, minimum capital standards, and do not offer consumer protection against loss or theft."[197]
Due to the use of Bitcoin as a payment system, real or theoretical attacks on the Bitcoin network are considered. The Bitcoin protocol includes several features that protect Bitcoin from some attacks such as fraudulent spending, double spending, replay attacks, and blockchain tampering. Other attacks, such as private key theft, require users to be careful. [198] [199] [200] [201] [202] [203] fraudulent spending Bitcoin implements public and private key encryption, which reduces fraudulent spending. For example; If Alice sends bitcoin to Bob, Bob becomes the new owner of the bitcoin. Eve, who is observing the transaction, might want to spend Bob's newly received money, but would never sign the transaction without knowing Bob's private key. Double spend One of the main problems Internet payment systems have to solve is double spend, where a user can pay the same money to two or more different recipients. An example of such a problem is when Eve sends Alice a bitcoin and then sends the same bitcoin to Bob. The Bitcoin network records all transfers on the blockchain for all users to see, preventing previously used bitcoins from being doubled. [198]:4 race attack Eve offers Alice bitcoins in exchange for her goods and signs the payment, but she also has the option to send the same bitcoins to Bob. Traditionally, however, only one transaction was allowed on the network. This is called a competitive attack because the first person to confirm the transaction wins the bitcoin. Alice can reduce the risk of racist attack by demanding Eve not to deliver the goods until the payment appears on the blockchain. [199] Another form of racist attack (named the Finney attack after Hal Finney) is carried out with the participation of miners. Instead of sending both payment requests to the network, Eve scrapes the block and sends Alice's payment request to the network, while sending the block to Bob on behalf of her accomplice Alice. Malicious miners may succeed before the network. In this case, the payment to Alice is declined. Alice can mitigate the risk of a Finney attack by waiting for payments to enter the blockchain. [200] date change At the beginning of the block containing a particular transaction, confirmation of that transaction is added to the blockchain. Providers and services that accept Bitcoin payments must wait for the payment to be distributed over the network before it is considered paid. The attack becomes difficult if the attacker cannot control more than half of the network because the provider is waiting for approval. It is said to be a 51 percent attack if more than half of the network is controlled. [201]
It is a strategy used in data mining where anonymous data is crossed with other data sources to redefine the data source. Along with transaction graph analysis[202] that can show links between Bitcoin addresses, there is a possible attack[203] associating a user's name with their IP address. If using Tor, the attack includes a method that separates Tor from the network and forces them to use real IP addresses for further processing. The cost of attacking the entire bitcoin network is less than 1500€ per month.[203] Data on the blockchain While it is possible to store any digital file on the blockchain, the larger the transaction size, the larger the associated fees.[204] Many resources have been added to the Bitcoin codes, including links to child pornography, pictures of Ben Bernanke.[205] Media & Entertainment Films There is "The Rise and Rise of Bitcoin" (2014), a documentary film featuring interviews with people like computer programmers and drug dealers using bitcoin.[206] Music A few joyful songs have been released for Bitcoin.[207] Art "Artist Rethinking Blockchain" (2017) describes the experiments that artists made with blockchain technology, similar to the early days of the web. Edited by Ruth Catlow, Marc Garrett, Nathan Jones and Sam Skinner, the book is written on an anthology of artworks on decentralized economic systems.[208]
Dogecoin (symbols ≤ and D, abbreviated DOGE) is a cryptocurrency invented by software developers Billy Marcus and Jackson Palmer, who decided to create an instant, fun and traditional banking payment system at no cost. Dogecoin has a Shiba Inu named Doge, whose logo and name include a popular internet meme. [1][2][3][4]Electronic currency based on Litecoin[5]. Founded on December 6, 2013, Dogecoin quickly developed its own Internet community and reached a market cap of $5.4 billion on January 28, 2021[6]. On May 8, 2021, Dogecoin's market cap exceeded $94 billion, its highest market cap ever. As of February 2, 2021, the r/dogecoin subreddit has reached a total of 781,000 followers. [7] Dogecoin translates to "Aya!" or "To the moon!" It means. This is called the slogan[8].
Dogecoin was invented by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer from Portland, Oregon, who set out to create a peer-to-peer cryptocurrency, in hopes of reaching a wider demographic than Bitcoin. Its creators also wanted to distance Dogecoin from the controversial history of other cryptocurrencies.[9] Dogecoin was officially launched on December 6, 2013, and over one million people visited Dogecoin.com in the first 30 days.[10] Palmer was working in the Marketing Department of Adobe Systems in Sydney at the time and is known for turning the idea of ​​Dogecoin into reality.[11] Palmer bought the Dogecoin.com domain name and added Dogecoin's logo to the homepage and chose to use Comic Sans. After seeing the site, Markus reached out to Palmer and began his efforts to develop this cryptocurrency. Markus had designed Dogecoin's protocol on the basis of the cryptocurrencies available at the time, Luckycoin and Litecoin[12] and these cryptocurrencies were using scrypt technology in their proof-of-work algorithms.[13] The use of scrypt meant that crypto miners could not use SHA-256 Bitcoin mining equipment and instead had to use specialized FPGAs and ASICs that are known to be more complex to manufacture.[14][15] On December 19, 2013, Dogecoin gained nearly 300 percent in 72 hours, rising from US$0.00026 to $0.00095 with a daily volume measured in billions.[16] This growth came at a time when Bitcoin and many other cryptocurrencies were shaken by China's decision to ban Chinese banks from investing in the Bitcoin economy.[12] Dogecoin suffered its first major crash three days later due to this event and due to large mining pools utilizing the small amount of computing power required to mine Dogecoin at the time, losing 80% in value.[17] In January 2021, the value of Dogecoin increased by over 800% in 24 hours as a result of interest from Reddit users. 'GameStop short squeeze' events and Elon Musk's references to Dogecoin also contributed to this increase.[18] It has been announced by Dogecoin developers that Elon Musk's interest and effort for Dogecoin is not related to Reddit or any other community, that the interest has existed since 2019 and that Elon Musk has seen Dogecoin as a project for a long time. Elon Musk said in a statement in 2021 that he has been working with Dogecoin developers on the network since 2019 to develop the network[19].
Ethereum is a decentralized, open-source blockchain that underpins many cryptocurrencies thanks to its ERC-20 code system. [1] The institutional cryptocurrency of the Ethereum Blockchain is Ether. [2] Ether is the cryptocurrency with the highest market capitalization after Bitcoin. [3] Ethereum was proposed as the next generation blockchain by cryptocurrency researcher and programmer Vitalik Buterin in late 2013. Funds for the development of Ethereum were raised through online crowdfunding in July and August 2014. Ethereum was launched on July 30, 2015 using the "pre-mining" method, which is equivalent to 11.9 million virtual units [4]. Ether (ETH for short) is a cryptocurrency produced by the Ethereum platform. Ether can be exchanged between crypto wallets and used for mining calculations. Ethereum enables the use of the Ethereum Virtual Machine (EVM), a distributed virtual Turing machine. This virtual machine can execute commands over international Internet networks. "Gas" is an independent pricing mechanism aimed at reducing the risk of spam and uploading resources to the internet. [Five] As a result of the end of the DAO project in 2016, Ethereum was split into two different blockchains. The newly created version is known as Ethereum (ETH). The initial version of the platform continued under the name Ethereum Classic (ETC). Ethereum market cap increased by 13,000% in 2017. [6] As of January 2016, the Ethereum protocol can handle 25 transactions per second. [7] On December 19, 2016, Ethereum surpassed 1 million daily transactions for the first time[8]. Ether (ETH), the native cryptocurrency and the second largest cryptocurrency of the Ethereum network, reached an all-time high of $4,366 on October 21, 2021[9].
Ethereum is an open-source, decentralized blockchain that underpins many cryptocurrencies thanks to its ERC-20 code system. [1] The institutional cryptocurrency of the Ethereum blockchain is Ether. [2] Ether is the cryptocurrency with the highest market capitalization after Bitcoin. [3] Ethereum was proposed as the next generation blockchain by cryptocurrency researcher and programmer Vitalik Buterin in late 2013. Ethereum development funding was provided through online crowdfunding in July and August 2014. Ethereum was launched on July 30, 2015 with 11.9 million virtual units using the “pre-mining” method [4]. Ether (abbreviated ETH) is a cryptocurrency created by the Ethereum platform. Ether can be exchanged between crypto wallets and used for mining calculations. Ethereum enables the use of the Ethereum Virtual Machine (EVM), a distributed virtual Turing machine. This virtual machine can execute commands over international Internet networks. "Gas" is an independent pricing mechanism aimed at reducing the risk of spam and uploading resources to the Internet. After [five] DAO projects ended in 2016, Ethereum split into two different blockchains. The newly created version is known as Ethereum (ETH). The initial version of the platform continued under the name Ethereum Classic (ETC). Ethereum's market cap increased by 13,000% in 2017. [6] As of January 2016, the Ethereum protocol can handle 25 transactions per second. [7] On December 19, 2016, Ethereum surpassed 1 million transactions per day for the first time[8]. Ether (ETH), the native cryptocurrency and the second largest cryptocurrency on the Ethereum network, reached an all-time high of $4,366[9] on October 21, 2021.
As with other cryptocurrencies, every Ether verification is done using a cryptographically secure blockchain. By design, blockchains are resilient to interception of data changes. The records of mutual transactions are kept open and examined. Unlike Bitcoin, Ethereum uses a method called state transitions to manage user accounts and funds. Comparison with Bitcoin In many ways, Ethereum is the second-largest market cap cryptocurrency after Bitcoin (as of January 2018). Differences between Bitcoin and Ethereum: Ethereum's block time is 14-15 seconds. 10 minutes for bitcoin. [18] In Ethereum mining, hard forks generate new coins that are usually fixed, although their rates vary. Bitcoin rate halves every 4 years. [18] Proof of Work uses the Ethash algorithm, which reduces the benefits of mining-specific ASICs (Application-Specific Integrated Circuits). Bitcoin transactions compete by transaction size in bytes, while transaction fees vary in complexity of calculation. They have different bandwidth usages and storage requirements (called "gas" in the system). [18] Each Ethereum gas unit has a price that can be set in a transaction. Usually this is measured in Gwei. Satoshi said that Bitcoin transactions usually charge per byte. Ethereum transaction fees are generally lower than Bitcoin. As of December 2017, Ethereum's average transaction fee was $0.33, while Bitcoin's average transaction fee was $23[19]. Ethereum uses an account system where the value of Wei is transferred from one account to another. There are plans to migrate Ethereum to Proof of Stake. Currently, Ethereum is a combination of Proof of Work and Proof of Stake. supply status The total Ethereum supply in January 2018 was Ξ98 million[20]. In 2017, Ethereum mining produced 9.2 million new Ethereum units, increasing the overall supply by 10% [21]. Casper FFG and CBC are expected to reduce inflation by 0.5% to 2%[22]. While there is currently no hardtop on the total Ethereum supply, this is expected to be phased out and deflation at some point.
Ethereum smart contracts are based on various computer languages ​​that developers use to program their functions. [24] A smart contract is a high-level programming abstraction compiled into ESM bytecode and implemented to run on the Ethereum blockchain. They can be crafted with Solidity, Serpent, LLL, and Mutan. In addition, a research language called Viper is under development [25]. Application Ethereum blockchain applications are often called DApps (Decentralized Applications) because they are based on decentralized Ethereum virtual machines and smart contracts. As of January 2018, there are more than 250 DApps and hundreds more are in development. [26] Ethereum fork Projects that act as hard forks, soft forks and sidechains to create new chains due to conflicts on the Ethereum blockchain: Ethereum Classic (ETC) Breadth[27] Ethereum Nebula[28] Etherzero[29]
Tether is a cryptocurrency founded by Tether Limited in July 2014. [1] The symbol of the vineyard is “₮”. Tether's original name was Realcoin. It was renamed Tether in November 2014. The New York State Attorney General has accused Bitfinex of using Tether funds to finance the $850 million deficit since mid-2018. Tether is called a stablecoin because it was originally designed to always be worth $1.00 and hold a reserve of $1.00 for each Tether issued. However, Tether Limited stated that bank holders lack contractual or other legal rights, warranties against the use of binding or dollar swapping.