The number of new bitcoins created each year is automatically halved over time until bitcoin issuance halts completely with a total of 21 million bitcoins in existence. At this point, Bitcoin miners will probably be supported exclusively by numerous small transaction fees. Why do bitcoins have value? Aug 19, · Of that 21 million, 17 million Bitcoins have already been mined. That leaves only four million left up for grabs by miners. If you’re wondering what this limited supply of Bitcoin means, then you’ll want to explore Bitcoin further. Here’s a hint: Bitcoin’s prices are expected to rise in the future. How many Bitcoins will be Created? The block reward started at 50 bitcoins per block, and halves every , blocks. This means that each block up until block , will reward 50 bitcoins, but block , will reward just The Bitcoin difficulty makes sure .
How many bitcoins are already createdWhat Happens to Bitcoin After All 21 Million Are Mined?
Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless. Bitcoins are created each time a user discovers a new block. The rate of block creation is adjusted every blocks to aim for a constant two week adjustment period equivalent to 6 per hour. The result is that the number of bitcoins in existence is not expected to exceed 21 million. Posted on January 15, - AM 1.
The reasons behind that are a little complex , but suffice it to say, the closer we get to the 21 million maximum number of bitcoins mined, the harder it gets and weve just hit the 80 percent milestone. Even if youre only just coming to grips with this whole cryptocurrency phenomenon, or have been trading them since the days where they were worth just a few dollars each, bitcoin has been mined for far longer.
Its creator, the pseudonymous Satoshi Nakamoto, mined the first bitcoin block in its blockchain back in , rewarding him with 50 bitcoins. Earlier this month, miners extracted the 16,,th bitcoin, which is significant, because it means there are only 20 percent of all the bitcoin there will ever be to go. The self-imposed scarcity of bitcoin is one of the reasons it has become so valuable in recent months and proponents of the flagship cryptocurrency believe that that will help propel it to new heights over the next few years.
Although there are many detractors of bitcoin, claiming that its scaling issues and ballooning transaction costs make it a difficult cryptocurrency to support long-term, it has proven to be the best store of value of all 1,plus coins so far, as per Bitcoin. Other cryptocurrencies that are in vogue, like ethereum, have no cap on their number, meaning that new Ether and similar will be produced as long as people see it as a worthwhile practice to pour their computational cycles into making it.
Considering thats also required for transactions to be completed, its important that it continues into the future. Bitcoin is deflationary, meaning that mined coins arefinite.
Once miners unearth 21 million Bitcoins, that will be the total number of Bitcoins that will ever exist. But due to lost and forgotten wallets, the number of active Bitcoins will be far lower than that and theres really no way to tell the exact number. Bitcoins can be lost due to irrecoverable passwords, forgotten wallets from when Bitcoin was worth little, from hardware failure or because of the death of the bitcoin owner.
Its extremely improbable and effectively impossible to recover lost coins. This is a pretty important concept to understand in order to fully understand when the last Bitcoin will be mined. Every four years or so, the amount of new bitcoin created and earned by miners with each newblock of transactionsis cut in half.
This is part of bitcoins predictable, transparent monetary policy , which can be verified in the source code available on the Bitcoin Core GitHub repository. Currently we are in reward era number 3 and there is approximately just under three more years to go until the mining reward is lowered by half. As you can see in the chart above, there will be a total of 34 reward eras. Originally, 50 bitcoins were earned as a reward for mining a block.
Then it dropped 25 bitcoins, and then to In , itll drop to 6. Cryptocurrencies, tech, long-term horizon Bitcoin has a controlled supply, meaning that the amount of coins that can be mined are finite.
The amount of Bitcoin actually in circulation is far lower than the amount of Bitcoin in existence, due to accidental loss or willful destruction. Bitcoin has a controlled supply , meaning that amount of coins that can be created are finite. The Bitcoin protocol is designed in such a way that new Bitcoins are created at a decreasing and predictable rate.
The number of new Bitcoins created each year is automatically halved over time until Bitcoin issuance halts completely with a total of 21 million Bitcoins in existence. As of June 20, , Bitcoin has reached a total circulation amount of The theoretical total number of Bitcoin, 21 million, should not be confused with the total spendable supply. The total spendable supply is always lower than the theoretical total supply, and is subject to accidental loss as well as willful destruction.
As a side note, while the number of Bitcoin in existence will never exceed 21 million, the money supply of Bitcoin can exceed 21 million due to fractional-reserve banking. So how much Bitcoin exactly has been lost? It's a pretty tough question considering there is no definitive metric for finding the answer. Here's an answer Though, on an average, By design, at some point in future, the generation of anymore bitcoins will not be practically feasible Currently, 16,, bitcoins are in circulation, and on an average every 10 minutes, Bitcoins are generated on a socially accepted contract proposed by its mysterious inventor s Satoshi Nakamoto.
But how many bitcoins will there be eventually? The answer is 21 million. According to the contract which every miner or stakeholder called nodes within the bitcoin network agrees to, every block created in a blockchain introduces a certain number of bitcoins which halves every , blocks.
So, by design, the first , blocks added 50 bitcoins per block to the network. The next , blocks added 25 bitcoins, currently, Logically, as the number is getting shorter after every , blocks, it will eventually reach very close to zero. However, it will never reach zero. So theoretically, the mining or generation of bitcoins will never cease. But, at some point, it will not be practical to mine any more bitcoins as generating a ridiculously low amount of bitcoin will no longer be profitable.
How Are New Bitcoins Created? A Brief Guide to Bitcoin Mining Bitcoin mining: what is it, what are its purposes and pitfalls to avoid? Bitcoin is often compared with gold, and one of the chief factors of similarity it the way theyre both obtained. Similarly to gold, new Bitcoins are created via the process called mining. In fact, Bitcoin mining has a two-fold purpose : it allows for the creation of new coins and facilitates the processing of transactions in the network.
Another parallel with the precious metal is that theres a limited amount of Bitcoins that can ever be mined: no more than 21 mln coins. As of , nearly 17 mln Bitcoins have already been mined. Mining can be quite a competitive task as new Bitcoins are created at a predictable and fixed rate. Those rates have been defined by Satoshi Nakamoto, the creator of Bitcoin, in the white paper published in The more miners join the network, the more difficult it becomes to make a profit for each of them.
Because of that, miners have to remain highly competitive to keep receiving Bitcoins as a reward for validating the transactions. Bitcoin mining is the process of adding records of a new transaction to the Blockchain - the public ledger of all transactions that have ever taken place in the Bitcoin network.
New transactions are added in batches called blocks roughly every 10 minutes, hence the name Blockchain. The ledger is needed for the nodes of the Bitcoin network to always be able to confirm valid transactions. In order to become a Bitcoin miner, a person first needs a computer and mining software - like the GUIMiner. This program uses the computers resources to perform complex mathematical calculations.
As most people are well aware of, the amount of bitcoins being mined every day is much compared to a few years ago. What is even more intriguing is how the vast majority of BTC has been mined already. A significant milestone that should not be overlooked by any means. It is quite interesting to think about how far bitcoin has come since its inception. With a hard limit of 21 million BTC to be generated by , a lot of people assume there are still a lot of coins to be mined for the next few years.
Said milestone will take place roughly days from now. It remains a bit unclear as to what this will mean for the price per individual BTC, though. Asa mining becomes more difficult and less profitable unless continuous new investments take place, the price per existing bitcoin should go up in value.
Moreover, with only 4. However, neither of these factors are a given, as the cryptocurrency market does not operate like more traditional models. We have seen some major mining difficulty spikes over the past few weeks, and that trend will continue for quite some time. There is a finite supply of bitcoin 21 million altogether and at least That means roughly 4. The I. How many bitcoins will there eventually be?
Since bitcoins are being regularly rewarded to miners , will the number of bitcoins continue to grow indefinitely, or will there be a maximum total number of bitcoins in existence? And if there is some kind of limit, what is it and how is it enforced?
Every block introduces 50 new coins in the system. This quantity 50 halves every , blocks. So, getting the limit of coins it is possible to generate is quite easy : it's the sum of a geometric series. Also, note that this is an upper bound ; the actual quantity will probably be a bit lower due to rounding issues BTC has a finite number of decimals, 8.
Artefact, yes but that is not the theoretical limit The limit of 21 million bitcoins is "hard-wired" in to the protocol, and there will never be more bitcoins than this: Note that there are some assumptions built into the timing and unless the protocol is changed, they will actually be mined a bit earlier than this chart suggests. David Schwartz Aug 31 '11 at Or later--if the value drops precipitously and difficulty takes a while to get low enough again.
But the graph is a good rough approximation. Even if there are a few precipitous drops, I think that will be outweighed by the overall trend of increasing hashing power and they'll be followed be precipitous drops in difficulty. But, yes, that is possible. David Schwartz Aug 31 '11 at I think saying "hard wired" is a bit misleading.
Last updated on December 12th, at pm There are only 21 million Bitcoins available for mining. Once all of those Bitcoins have been mined, no more new Bitcoins will ever be created. This stands in stark contrast to national currencies, which are constantly expanding.
Governments like to encourage inflation, so they generally increase the money supply. This leads to the devaluing of currencies, however, and in practice, it can reduce the wealth held by individuals and families.
For Bitcoin, there is no parallel devaluation. If anything, Bitcoins should become more valuable over time as the number of Bitcoins entering the system decreases. Not only is the total supply of Bitcoins capped at 21 million, but the flow of new Bitcoins into the market has also been tapering off.
Roughly every four years, the number of Bitcoins awarded for mining a block is cut in half. When Bitcoin miners mine a new block of transactions they are rewarded freshly minted Bitcoins. Originally, 50 Bitcoins were earned for mining a block. Then it dropped 25 Bitcoins, and then to Thus, while a government may constantly increase its money supply, Bitcoin has built-in features that encourage the exact opposite.
The decreasing flow of new Bitcoins and the 21 million cap will help ward off inflationary pressures. The Bitcoin protocol is designed in such a way that new bitcoins are created at a fixed rate. This makes Bitcoin mining a very competitive business. When more miners join the network, it becomes increasingly difficult to make a profit and miners must seek efficiency to cut their operating costs. No central authority or developer has any power to control or manipulate the system to increase their profits.
Every Bitcoin node in the world will reject anything that does not comply with the rules it expects the system to follow. Bitcoins are created at a decreasing and predictable rate. The number of new bitcoins created each year is automatically halved over time until bitcoin issuance halts completely with a total of 21 million bitcoins in existence.
At this point, Bitcoin miners will probably be supported exclusively by numerous small transaction fees. Bitcoins have value because they are useful as a form of money. Bitcoin has the characteristics of money durability, portability, fungibility, scarcity, divisibility, and recognizability based on the properties of mathematics rather than relying on physical properties like gold and silver or trust in central authorities like fiat currencies.
In short, Bitcoin is backed by mathematics. With these attributes, all that is required for a form of money to hold value is trust and adoption. In the case of Bitcoin, this can be measured by its growing base of users, merchants, and startups. As with all currency, bitcoin's value comes only and directly from people willing to accept them as payment. The price of a bitcoin is determined by supply and demand.
When demand for bitcoins increases, the price increases, and when demand falls, the price falls. There is only a limited number of bitcoins in circulation and new bitcoins are created at a predictable and decreasing rate, which means that demand must follow this level of inflation to keep the price stable. Because Bitcoin is still a relatively small market compared to what it could be, it doesn't take significant amounts of money to move the market price up or down, and thus the price of a bitcoin is still very volatile.
Bitcoin price over time:. History is littered with currencies that failed and are no longer used, such as the German Mark during the Weimar Republic and, more recently, the Zimbabwean dollar.
Although previous currency failures were typically due to hyperinflation of a kind that Bitcoin makes impossible, there is always potential for technical failures, competing currencies, political issues and so on.
As a basic rule of thumb, no currency should be considered absolutely safe from failures or hard times. Bitcoin has proven reliable for years since its inception and there is a lot of potential for Bitcoin to continue to grow. However, no one is in a position to predict what the future will be for Bitcoin.
A fast rise in price does not constitute a bubble. An artificial over-valuation that will lead to a sudden downward correction constitutes a bubble. Choices based on individual human action by hundreds of thousands of market participants is the cause for bitcoin's price to fluctuate as the market seeks price discovery. Reasons for changes in sentiment may include a loss of confidence in Bitcoin, a large difference between value and price not based on the fundamentals of the Bitcoin economy, increased press coverage stimulating speculative demand, fear of uncertainty, and old-fashioned irrational exuberance and greed.
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money, or the money paid by subsequent investors, instead of from profit earned by the individuals running the business. Ponzi schemes are designed to collapse at the expense of the last investors when there is not enough new participants.
Bitcoin is a free software project with no central authority. Consequently, no one is in a position to make fraudulent representations about investment returns. Like other major currencies such as gold, United States dollar, euro, yen, etc.
This leads to volatility where owners of bitcoins can unpredictably make or lose money. Beyond speculation, Bitcoin is also a payment system with useful and competitive attributes that are being used by thousands of users and businesses.
Some early adopters have large numbers of bitcoins because they took risks and invested time and resources in an unproven technology that was hardly used by anyone and that was much harder to secure properly. Many early adopters spent large numbers of bitcoins quite a few times before they became valuable or bought only small amounts and didn't make huge gains. There is no guarantee that the price of a bitcoin will increase or drop. This is very similar to investing in an early startup that can either gain value through its usefulness and popularity, or just never break through.
Bitcoin is still in its infancy, and it has been designed with a very long-term view; it is hard to imagine how it could be less biased towards early adopters, and today's users may or may not be the early adopters of tomorrow. Bitcoin is unique in that only 21 million bitcoins will ever be created. However, this will never be a limitation because transactions can be denominated in smaller sub-units of a bitcoin, such as bits - there are 1,, bits in 1 bitcoin.
Bitcoins can be divided up to 8 decimal places 0. The deflationary spiral theory says that if prices are expected to fall, people will move purchases into the future in order to benefit from the lower prices. That fall in demand will in turn cause merchants to lower their prices to try and stimulate demand, making the problem worse and leading to an economic depression.
Although this theory is a popular way to justify inflation amongst central bankers, it does not appear to always hold true and is considered controversial amongst economists. Consumer electronics is one example of a market where prices constantly fall but which is not in depression. Similarly, the value of bitcoins has risen over time and yet the size of the Bitcoin economy has also grown dramatically along with it.
Because both the value of the currency and the size of its economy started at zero in , Bitcoin is a counterexample to the theory showing that it must sometimes be wrong. Notwithstanding this, Bitcoin is not designed to be a deflationary currency. It is more accurate to say Bitcoin is intended to inflate in its early years, and become stable in its later years. The only time the quantity of bitcoins in circulation will drop is if people carelessly lose their wallets by failing to make backups.
With a stable monetary base and a stable economy, the value of the currency should remain the same. This is a chicken and egg situation. For bitcoin's price to stabilize, a large scale economy needs to develop with more businesses and users. For a large scale economy to develop, businesses and users will seek for price stability. Fortunately, volatility does not affect the main benefits of Bitcoin as a payment system to transfer money from point A to point B. It is possible for businesses to convert bitcoin payments to their local currency instantly, allowing them to profit from the advantages of Bitcoin without being subjected to price fluctuations.
Since Bitcoin offers many useful and unique features and properties, many users choose to use Bitcoin. With such solutions and incentives, it is possible that Bitcoin will mature and develop to a degree where price volatility will become limited.
Only a fraction of bitcoins issued to date are found on the exchange markets for sale. Bitcoin markets are competitive, meaning the price of a bitcoin will rise or fall depending on supply and demand. Additionally, new bitcoins will continue to be issued for decades to come. Therefore even the most determined buyer could not buy all the bitcoins in existence.
This situation isn't to suggest, however, that the markets aren't vulnerable to price manipulation; it still doesn't take significant amounts of money to move the market price up or down, and thus Bitcoin remains a volatile asset thus far.
That can happen. For now, Bitcoin remains by far the most popular decentralized virtual currency, but there can be no guarantee that it will retain that position. There is already a set of alternative currencies inspired by Bitcoin. It is however probably correct to assume that significant improvements would be required for a new currency to overtake Bitcoin in terms of established market, even though this remains unpredictable.
Bitcoin could also conceivably adopt improvements of a competing currency so long as it doesn't change fundamental parts of the protocol. Receiving notification of a payment is almost instant with Bitcoin.
However, there is a delay before the network begins to confirm your transaction by including it in a block. A confirmation means that there is a consensus on the network that the bitcoins you received haven't been sent to anyone else and are considered your property.
Once your transaction has been included in one block, it will continue to be buried under every block after it, which will exponentially consolidate this consensus and decrease the risk of a reversed transaction. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer. Every user is free to determine at what point they consider a transaction sufficiently confirmed, but 6 confirmations is often considered to be as safe as waiting 6 months on a credit card transaction.
Transactions can be processed without fees, but trying to send free transactions can require waiting days or weeks. Although fees may increase over time, normal fees currently only cost a tiny amount.
By default, all Bitcoin wallets listed on Bitcoin. Transaction fees are used as a protection against users sending transactions to overload the network and as a way to pay miners for their work helping to secure the network. The precise manner in which fees work is still being developed and will change over time.
Because the fee is not related to the amount of bitcoins being sent, it may seem extremely low or unfairly high. Instead, the fee is relative to the number of bytes in the transaction, so using multisig or spending multiple previously-received amounts may cost more than simpler transactions.
If your activity follows the pattern of conventional transactions, you won't have to pay unusually high fees. This works fine. The bitcoins will appear next time you start your wallet application. Bitcoins are not actually received by the software on your computer, they are appended to a public ledger that is shared between all the devices on the network. If you are sent bitcoins when your wallet client program is not running and you later launch it, it will download blocks and catch up with any transactions it did not already know about, and the bitcoins will eventually appear as if they were just received in real time.
Your wallet is only needed when you wish to spend bitcoins. Long synchronization time is only required with full node clients like Bitcoin Core. Technically speaking, synchronizing is the process of downloading and verifying all previous Bitcoin transactions on the network.
For some Bitcoin clients to calculate the spendable balance of your Bitcoin wallet and make new transactions, it needs to be aware of all previous transactions. This step can be resource intensive and requires sufficient bandwidth and storage to accommodate the full size of the block chain. For Bitcoin to remain secure, enough people should keep using full node clients because they perform the task of validating and relaying transactions.
Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network.
This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins.
Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.
Anybody can become a Bitcoin miner by running software with specialized hardware. Mining software listens for transactions broadcast through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Bitcoin miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created bitcoins issued into existence according to a fixed formula.
For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes.
As a result, mining is a very competitive business where no individual miner can control what is included in the block chain. The proof of work is also designed to depend on the previous block to force a chronological order in the block chain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks.
When two blocks are found at the same time, miners work on the first block they receive and switch to the longest chain of blocks as soon as the next block is found.
This allows mining to secure and maintain a global consensus based on processing power. Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol.
Consequently, the network remains secure even if not all Bitcoin miners can be trusted. Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of Bitcoin entails processing costs. Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. Although unlike Bitcoin, their total energy consumption is not transparent and cannot be as easily measured.
Bitcoin mining has been designed to become more optimized over time with specialized hardware consuming less energy, and the operating costs of mining should continue to be proportional to demand. When Bitcoin mining becomes too competitive and less profitable, some miners choose to stop their activities. Furthermore, all energy expended mining is eventually transformed into heat, and the most profitable miners will be those who have put this heat to good use.
An optimally efficient mining network is one that isn't actually consuming any extra energy. While this is an ideal, the economics of mining are such that miners individually strive toward it. Mining creates the equivalent of a competitive lottery that makes it very difficult for anyone to consecutively add new blocks of transactions into the block chain.
This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions. This also prevents any individual from replacing parts of the block chain to roll back their own spends, which could be used to defraud other users. Mining makes it exponentially more difficult to reverse a past transaction by requiring the rewriting of all blocks following this transaction.
In the early days of Bitcoin, anyone could find a new block using their computer's CPU. As more and more people started mining, the difficulty of finding new blocks increased greatly to the point where the only cost-effective method of mining today is using specialized hardware.
You can visit BitcoinMining. The Bitcoin technology - the protocol and the cryptography - has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world. Bitcoin's most common vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost or stolen.
This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.
The rules of the protocol and the cryptography used for Bitcoin are still working years after its inception, which is a good indication that the concept is well designed. However, security flaws have been found and fixed over time in various software implementations. Like any other form of software, the security of Bitcoin software depends on the speed with which problems are found and fixed.
The more such issues are discovered, the more Bitcoin is gaining maturity. There are often misconceptions about thefts and security breaches that happened on diverse exchanges and businesses. Although these events are unfortunate, none of them involve Bitcoin itself being hacked, nor imply inherent flaws in Bitcoin; just like a bank robbery doesn't mean that the dollar is compromised.
However, it is accurate to say that a complete set of good practices and intuitive security solutions is needed to give users better protection of their money, and to reduce the general risk of theft and loss. Over the course of the last few years, such security features have quickly developed, such as wallet encryption, offline wallets, hardware wallets, and multi-signature transactions.
It is not possible to change the Bitcoin protocol that easily. Any Bitcoin client that doesn't comply with the same rules cannot enforce their own rules on other users. As per the current specification, double spending is not possible on the same block chain, and neither is spending bitcoins without a valid signature.
Therefore, it is not possible to generate uncontrolled amounts of bitcoins out of thin air, spend other users' funds, corrupt the network, or anything similar. However, powerful miners could arbitrarily choose to block or reverse recent transactions. A majority of users can also put pressure for some changes to be adopted.
Because Bitcoin only works correctly with a complete consensus between all users, changing the protocol can be very difficult and requires an overwhelming majority of users to adopt the changes in such a way that remaining users have nearly no choice but to follow.
As a general rule, it is hard to imagine why any Bitcoin user would choose to adopt any change that could compromise their own money. Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don't yet exist and probably won't for a while. In the event that quantum computing could be an imminent threat to Bitcoin, the protocol could be upgraded to use post-quantum algorithms.
Given the importance that this update would have, it can be safely expected that it would be highly reviewed by developers and adopted by all Bitcoin users. You can find more information and help on the resources and community pages or on the Wiki FAQ. Make a donation. Frequently Asked Questions Find answers to recurring questions and myths about Bitcoin. View All General What is Bitcoin? Who created Bitcoin? Who controls the Bitcoin network?
How does Bitcoin work? Is Bitcoin really used by people? How does one acquire bitcoins? How difficult is it to make a Bitcoin payment? What are the advantages of Bitcoin? What are the disadvantages of Bitcoin? Why do people trust Bitcoin?
Can I make money with Bitcoin? Is Bitcoin fully virtual and immaterial? Is Bitcoin anonymous? What happens when bitcoins are lost?
Can Bitcoin scale to become a major payment network? Legal Is Bitcoin legal? Is Bitcoin useful for illegal activities? Can Bitcoin be regulated? What about Bitcoin and taxes? What about Bitcoin and consumer protection?