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What is bitcoin?

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A new one is released every 10 minutes. When 21 million have been made, production will stop. Bitcoins are digital coins you can send through the internet.

Today, the brief history and meteoric rise of the crypto currency Bitcoin. Click on it actions, QR code, and I get this QR code, and then descend to the Bitcoins there, and I just hold up my phone to the screen and I can scan it and send my Bitcoins from my account to this account, and the transaction is instant. It's not backed by any particular government. It has defied expectations and is still around and has increased in value. Nor was it an immediate success.

It all began in San Francisco in the early s. Around this time, an antiestablishment radical group of computer programmers calling themselves the Cypherpunks were hatching ideas. New York Times writer Nathanial Popper has followed their story. You had this group called the Cypherpunks. These were the folks who were really abc rn bitcoin about what technology did to personal privacy.

That Cypherpunk movement was a abc rn bitcoin California Bay Area movement. Abc rn bitcoin was this strange cross between hippies and libertarians, people who thought technology was going to set abc rn bitcoin free, but abc rn bitcoin were very concerned about the way that technology could essentially compromise your privacy. When you start capturing your life in digital messages and abc rn bitcoin information, it's hard to erase abc rn bitcoin information and it's easy for various sorts of authorities to track you and get that information and know where you've been and what you're doing.

These people abc rn bitcoin are worried about privacy very quickly came to realise that one of the most compromising digital trails we leave is our financial data. Once we move away from using cash, which is very anonymous, you know, you can abc rn bitcoin cash to somebody without anyone knowing that the transfer happened, once you start using credit cards and bank accounts, there's this record of everywhere you spent money and who you gave the money to.

My name is Dominic Frisby and I'm a financial writer from London. The dream of the Cypherpunks was to abc rn bitcoin this system of money that was decentralised.

In other words, there was no central body overseeing all the transactions. If I send you an email or a picture or a video or any kind of digital code, you can copy and abc rn bitcoin that code and send it to one or 10 or a million different people.

And if you can do that with money…because all a Bitcoin is is a bit of digital code, but if you can just copy and paste it and send it to a million different people, pretty soon the money loses its value. And there was no way of solving this problem without having a centralised body abc rn bitcoin all the transactions in this currency. And in the end the dream was almost given up upon.

And this would have been in the late '90s. And so much so that it was all but forgotten. So it was a huge breakthrough for all the techies and the computer nerds, and all these people were incredibly abc rn bitcoin about it. Inwhen Satoshi Nakamoto released the paper for Bitcoin, these ideas got revived again.

My name is Andreas M Antonopoulos. I am a computer scientist, a technologist who focuses on digital currencies and specifically Bitcoin. I remember following a link and reading the white paper written by Bitcoin's creator Satoshi Nakamoto, and that's a spectacularly well written scientific paper, it's a nine-page abc rn bitcoin and simply put it blew my mind. It triggered all of these thoughts about distributed systems and some big challenges in distributed systems that scientists have been trying to solve for decades, and suddenly it all coalesced and I'm like, oh wow, this is not just a money, and it's certainly not just money for gambling, this is a very foundational technology in computer science and distributed systems, and this is going to have far reaching implications, and I just dropped everything I was doing and focused my career on Bitcoin.

That was five years ago, and I haven't really looked back since. Most people did not pay very much attention to this. This idea was released on a peripheral message board for cryptographers.

But there were abc rn bitcoin handful of people who thought maybe there is something that's just different enough about this new idea, this new Bitcoin software that can make it work. It was the blockchain that solved this problem of double spending.

What the blockchain is basically is an enormous database that records every transaction that takes place automatically, and when it records a transaction it basically approves the transaction. Abc rn bitcoin the difference is the blockchain is not held on one single computer but on multiple computers around the world, and he's created a system that is almost impossible to defraud.

Day one of Bitcoin there were zero Bitcoins in the world. There is no central repository of Bitcoins where Bitcoins are distributed. On day one there were zero, and the software was set so that every approximately 10 minutes a new block of 50 Bitcoins would be released to somebody who was supporting the network. By 'released' that doesn't mean that somebody had them and then gave them to somebody else, every 10 minutes everybody on the network would kind of agree, okay, this guy over here got this latest batch, we are all going to write on our ledger that that person at that address has 50 Bitcoins.

And that's how Bitcoins were created. And so 10 minutes in, the first block was created, and then thereafter other computers on the network, other people would join their computers into the networks, won the blocks. They were also in a abc rn bitcoin of computational race, and the winner of the race, the person who is keeping track of the records, essentially the abc rn bitcoin, wins each new block of Bitcoins. So there's an element of chance in it but a lot of it is just computational power.

And so now you need incredibly powerful computers to win that race. Abc rn bitcoin so people have dedicated real resources to that. People abc rn bitcoin new Bitcoin are called miners, and in these early days these electronic blocks were fairly easy to produce.

But Adrian Przelozny, who now runs a Sydney Bitcoin exchange, says the goalposts have moved markedly in the last eight years. Initially when Bitcoin was created in it was the territory of computer geeks and it was a very niche thing, not many people knew about it. Early on people were just mining Bitcoin abc rn bitcoin their laptops, but now people have whole data centres of specialised hardware for mining Bitcoin.

So it is I guess becoming quite difficult for just the normal individual to mine Bitcoin at home. They can still do it if they like but it's very unlikely that they will be able to actually mine any Bitcoin because they will be competing with these people with warehouses full of abc rn bitcoin servers that are specifically designed for the purpose of just mining Bitcoin.

They are made all over the world but I guess right now most Bitcoin mining happens in China, and that's largely because the electricity there is a little bit cheaper than everywhere else. The process of mining which the Bitcoin network needs is a very expensive process because of the hardware that you need to have, the electricity to run their hardware, the electricity to abc rn bitcoin the air conditioners to make sure the hardware works and all that kind of stuff.

So it's an expensive thing to do. So in order to provide people an incentive to actually do it, every 10 minutes on average a abc rn bitcoin mines a block, and as a reward for mining the block they get awarded And this award reduces over time, to ensure that there will never be more than 21 million Bitcoin in existence.

Every 10 minutes, new Bitcoins are abc rn bitcoin and that will continue happening until 21 million Bitcoin are in the world. And then there will be no more new Bitcoins created. So far it's only 16 million have been created, so there's 5 million left. It's big business now, but Bitcoin had its teething problems.

The year wastwo years after Satoshi Nakamoto's seminal White Paper, and still it wasn't quite grabbing the attention it deserved. There were a abc rn bitcoin of early people who were interested in Bitcoin and trying to get it to take off. And the reality abc rn bitcoin it didn't really take off for something like abc rn bitcoin and a half years after it was released.

You could join in, get some Bitcoins, but you couldn't do anything with them. Nobody wanted them, nobody would give you any money for them, they were useless.

Nobody was willing to take Bitcoin for anything. So for two years people were trying to think how do we find a abc rn bitcoin where people might want to use this kind of money and make it worth something? People tried a bunch of different things. These early guys, they would collect their Abc rn bitcoin and spend them, they'd say, will somebody send me a pizza for Bitcoins, or will somebody rent me some server space for Bitcoins? And the people who agreed to do this, they didn't have anything more to do with the Bitcoins when they got them than the original person, but they kind of wanted to experiment with it and so they would do it.

It caught the imagination abc rn bitcoin the techies and the computer coders and the programmers first. Bitcoin was a kind of reaction against that, and in fact in the very first transaction there was actually a title from the Times about the bailouts embedded in the code. So it was very political. So it caught the imagination of coders because, like I say, it had solved this problem of double spending. But it also caught the imagination of economists and libertarians and various other politically minded anarchists, various other abc rn bitcoin minded people, because here suddenly was an alternative system of money which worked and had nothing to do with central banks or governments.

And it's an incredibly liberating force. You abc rn bitcoin, one of the reasons that governments are so big and governments are so strong in the world in which we live today is that they control money. As soon as you take away that power, suddenly what a government is able to do is suddenly a lot more limited. Abc rn bitcoin is power, and here was an alternative, free, open source system abc rn bitcoin money.

In addition to that, embedded in the design, it was an inherently deflationary system of money. So with pounds or dollars or any euros, whatever currency you'd like to name, there is no limit on the amount of money that can be created.

And so they are inherently inflationary. However, with Bitcoin there is a fixed amount. So in that regard it was very similar to gold, when gold was used as money, because you can't print gold. Gold is hard to find, it's hard to mine, it's expensive to mine.

So there's a limit on how much money abc rn bitcoin be created. And so gold was a deflationary system of money in the sense that things got cheaper every year. If you think now things always seem to get more expensive, that's because we have an inflationary system of money, whereas gold, things got cheaper with gold. And so there was a limit embedded in the program of Bitcoin, there was a limit on how much money could be created. And so not only was it an alternative system of money, its design was completely different to pounds and dollars.

And what actually happened is because there's a limit on how many can be created, it created a sort of speculative frenzy, abc rn bitcoin speculative bubble, because it meant that the purchasing power of that abc rn bitcoin would grow and grow, and that's why you see these incredible price rises in Bitcoin because it's a finite abc rn bitcoin. Immediately it gave rise to online black markets because here was a way that illegal goods could trade hands without anyone else knowing about it.

But it was the illegal drug site Silk Road that eventually propelled it into the limelight in late It was a website set up by a kid in Texas to sell drugs.

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You can even bypass the banks and their fees. The underlying technology could revolutionise our financial system, but is this unregulated innovation worth the risk? I can hear a lot of noise coming from upstairs. The room is teeming with people.

They meet here every month to chat about Bitcoin and other cryptocurrencies. As I look around, I see men and women, young and old, huddled around laptops, looking at complicated graphs and spreadsheets. Others are sharing stories and having a laugh. It's as if they're all in on a secret. I've been avoiding it like the plague for eighteen months because I didn't know what it was all about and I thought it was some big scam and I thought it was network marketing and I ran away.

But that all changed when a friend encouraged Maggie to take a closer look. And she took me to a meeting on Monday night and I went, 'A-ha, eureka! Just because I got my head around it. Someone explained it to me and I took my blinkers off and I saw such huge potential. Maggie's friend Tina, who's also here tonight, is a Bitcoin success story.

She wasn't sure about it at first, but then the value of the cryptocurrency kept going up and up. Tina was afraid she was missing out on a great opportunity. So a few months ago, she sold her silver and gold bullions and put her money into Bitcoin. Cryptocurrencies like Bitcoin are digital money. There's no actual cash involved. The money is stored in a virtual wallet, which is kind of like an online banking account. Anyone with a mobile phone or computer can open one.

You don't even need ID. That may be a red flag for some, but cryptocurrencies are slowly becoming mainstream. You mostly spend them online, but even bricks and mortar businesses are showing interest.

At the pub tonight, people are shouting each other beers using Bitcoin. They tap and go using their phones in much the same way you would a debit card. I thought I was being really modern by paying with a smartwatch, and then these guys come up paying with Bitcoin, it was kind of unreal. As cryptocurrencies become more popular, they're also becoming more valuable. I don't have to drive for Uber anymore. I only drove for Uber to feed the machine, the Bitcoin machine.

Her husband is very ill, very ill. And he's in New Zealand at the moment having treatment. She couldn't have afforded that except for her understanding and her investment in cryptocurrency, and that stuff warms my heart, that she's been able to afford that and look after him, which she couldn't have done if she'd stuck in it a bank. She regrets ever doubting Tina's enthusiasm for cryptocurrencies. Oh, Godfather, I wish I'd listened to her eighteen months ago, yes.

After hearing this story, I decide to conduct an experiment, albeit on a much smaller scale. On my mobile phone, I download a digital wallet, which is used to store cryptocurrencies. I then withdraw a hundred bucks from a regular ATM at the pub. I put that money into a Bitcoin ATM, which converts my dollars to the cryptocurrency. The machine then scans my mobile phone and the cryptocurrency appears in my digital wallet.

The process is super easy and fast. I'll let you know whether my very modest investment pays off a little later. But the true believers at the pub are sure it will. Tina reckons the price of Bitcoin will keep rising for a while yet.

For at least five years and beyond, because it's new, no one knows about it. I work in a law firm and no one knows about it. There's a couple of reasons why many people don't know much about it. Cryptocurrencies can be hard to explain. Even those who live and breathe this stuff struggle to break it down for me. Simon, have you got a really quick and simple analogy because this is something that I've…. We've been fighting for three years to try to figure out how to explain this because it's very hard to get past all the jargon and move through all the weeds.

Another potential barrier to some people getting involved in cryptocurrencies is the fear of the unknown. Cryptocurrencies exist outside of our traditional financial system. And that can be scary for the uninitiated. But for advocates, the complete absence of banks is a big part of its appeal. If you want to pay a friend using Bitcoin, for example, you can send it to them directly.

There are no financial institutions processing transactions and getting in the way. Instead, a global network of computers does the job.

That noise you can hear is the sound of two of these computers at work. And when I say computers, I don't mean your typical laptop or desktop. They look more like a row of hard drives linked together. These ones belong to Chris Freeman, who lives in Sydney's south-west. The IT worker has installed them on shelves in his garage.

The machines, as Chris calls them, are busy processing cryptocurrency transactions. So people are sending Bitcoin, Ethereum, all cryptocurrencies to one another and instead of a bank processing those transactions, you have machines like this.

Each time the machines complete this task, Chris is paid a small amount in cryptocurrency. Although he's making money, Chris says you won't find many people doing this in Australia. The machines aren't easy to set up or run and they consume heaps of power. The machines also generate a lot of heat, which is why Chris moved them to the garage after initially installing them in his house.

During wintertime where it got to nearly one degree, the temperature inside my office was about 30 degrees, so it is quite hot to run inside the house and it's also quite noisy. Most of these machines are kept in huge warehouses in places like northern China, Mongolia, and Iceland, where electricity is cheaper and the weather is much cooler.

Although the conditions in Australia are far from ideal, Chris Freeman says he'll continue pursuing this hobby for as long as his partner lets him.

The missus thinks the house is going to blow up one day because of obviously the heat and the electricity usage but I think once she understands what the technology is around it and the benefits of what this technology is about, she understands it. Every transaction processed by Chris's machines is logged on what's called a blockchain. A blockchain is a record of every payment involving a particular cryptocurrency.

It's public so you can go online and take a look. It's almost as if everybody's bank statements were rolled into one and put on display. The key difference being the identities of those involved are hidden.

But other details like the amount being transferred and the time are shown. Blockchains are updated every few minutes, so you can refresh the page to see the latest transactions.

The technology is very secure. Blockchains are even being trialled by some of the major banks and the Australian Stock Exchange. The underlying technology is really quite clever and works extremely well. That's Dr PJ Radcliffe. He says the blockchain technology is robust. It is incredibly hard to forge and nobody's managed to do it as yet. Dr Radcliffe thinks blockchains are a wonderful innovation. But he warns some people use it for the wrong reasons.

The technology is there but like most systems, humanity is the weak point, the way humans work. While transactions on a blockchain are public, the names of the buyers and sellers are private. That means Bitcoin users can exchange funds anonymously. This is what allowed the infamous online black market Silk Road to flourish.

The platform was hugely popular with criminals who bought and sold illegal drugs using Bitcoin. Dr Radcliffe says the job of police and law enforcement agencies is made so much harder because of this secrecy. I'm not in favour of it at all and that makes me somewhat unpopular in the cryptocurrency world because here I am saying this is a problem, criminals can take advantage of this, and it's not a message which a lot of the cryptocurrency advocates really want to hear.

The anonymity of blockchains increases the potential for money laundering and even financing of terrorism. In , Jared Taggart from the Australian Federal Police appeared before a Senate inquiry, warning this could become a significant problem. The main challenge for the AFP operationally is the anonymity associated with Bitcoins and the lack of regulation.

Operationally whilst they may not be something that is a significant issue for us at the moment, it's more in the future space that could become an issue if there wasn't an ability for us to understand the true ownership behind Bitcoins.