Notes

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Preventing double spending

An example of a double-spend attack is a counterfeiting scheme, where two parties attempt to spend the same bitcoin multiple times. This is prevented by the bitcoin protocol's rule that each bitcoin can be used only once. An example: Alice wants to transfer one bitcoin to Bob. First Bob receives the bitcoin, records the receipt in the blockchain, then immediately transfers the bitcoin to Charlie, the second recipient. Now Alice transfers the same bitcoin to Bob and records it in the blockchain; as transfers of bitcoin are irreversible, the second Bob will be unable to spend the funds, as he will have already transferred them. Note that this attack only applies to fully decentralized systems like bitcoin, and does not apply to systems that use a central authority. A merchant in a checkout system could theoretically reassign the same bitcoin twice, but this would be detectable if the customer compared the total spending at the checkout with the total amount received, and the merchant's bank would block further spending of the double-spent bitcoin.

History

History of bitcoin

With the network first being launched at around March 2009 by creator Satoshi Nakamoto as a proof of concept, the first widely recognized use of bitcoin was by the online poker website Full Tilt in April 2011. They used bitcoin as a way to eliminate skimming by internet bad actors. The site's owner, Howard Saidman, stated that bitcoin gave him the ability to fight back against these attacks.

At first, the value of a bitcoin was fixed at 1.0 unit, and this eventually increased to 2.0 units. With the price, though, the number of bitcoins in existence and in circulation rose exponentially. In 2011, around 1000 bitcoins were created. By September 2011, this number was around 10,000, and by August 2012 it had risen to 100,000. In November 2012, fewer than one million bitcoins were created. At the end of 2017, the number of bitcoins had risen to more than 20 million bitcoins, forming a total supply of 21 million. The last units of bitcoin are estimated to be created in the year 2140. The number of transactions in the blockchain, as of November 2018, is well over 500,000,000. This number of transactions has been steadily growing, with an average rate of approximately 15,000 new transactions per day.

In a paper published by the Federal Reserve Bank of San Francisco, published on January 28, 2014, it was estimated that, on December 31,
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