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99-926: For the cryptocurrency unit, see Bitcoin § Units and divisibility . For the Satoshi cruise ship, see Satoshi (ship) . Satoshi Pronunciation Satoshi Gender Male Origin Word/name Japanese Region of origin Japanese Other names Related names Japanese Satoshi ( さとし, サトシ ) is a generally masculine Japanese given name . Possible writings [ edit ] 哲, "intelligent, philosophy, clear" 悟, " bodhi , enlightenment, apprehension" 敏, "quick, sharp" 智, "knowledge, wisdom" 聡, "intelligent, clever, bright" 慧, "bright, intelligent" 訓, "teach, instruct" 諭, "teach, to lead" People with

198-419: A decentralized system, bitcoin operates without a central authority or single administrator, so that anyone can create a new bitcoin address and transact without needing any approval. This is accomplished through a specialized distributed ledger called a blockchain that records bitcoin transactions. The blockchain is implemented as an ordered list of blocks . Each block contains a SHA-256 hash of

297-635: A non-peer-reviewed study by the Cambridge Centre for Alternative Finance (CCAF) estimated that bitcoin mining represented 0.4% of global electricity consumption . Another 2022 non-peer-reviewed commentary published in Joule estimated that bitcoin mining was responsible for 0.2% of world greenhouse gas emissions. About half of the electricity used is generated through fossil fuels . Moreover, mining hardware's short lifespan results in electronic waste . The amount of electrical energy consumed, and

396-469: A payment system than as a currency. In 2014, economist Robert J. Shiller wrote that bitcoin has potential as a unit of account for measuring the relative value of goods, as with Chile's Unidad de Fomento , but that "Bitcoin in its present form... doesn't really solve any sensible economic problem". François R. Velde, Senior Economist at the Chicago Fed , described bitcoin as "an elegant solution to

495-538: A stablecoin , and the Celsius Network , a cryptocurrency loan company. In 2023, ordinals— non-fungible tokens (NFTs)—on bitcoin, went live. In January 2024, the first 11 US spot bitcoin ETFs began trading, offering direct exposure to bitcoin for the first time on American stock exchanges. As of June 2023, River Financial estimated that bitcoin had 81.7 million users, about 1% of the global population. At

594-478: A store of value , a medium of exchange , and a unit of account . According to The Economist in 2014, bitcoin functions best as a medium of exchange. In 2015, The Economist noted that bitcoins had three qualities useful in a currency: they are "hard to earn, limited in supply and easy to verify". However, a 2018 assessment by The Economist stated that cryptocurrencies met none of these three criteria. Per some researchers, as of 2015 , bitcoin functions more as

693-557: A treasury reserve asset , Square, Inc. , $ 50 million, and MassMutual , $ 100 million. In November 2020, PayPal added support for bitcoin in the US. In February 2021, bitcoin's market capitalization reached $ 1 trillion for the first time. In November 2021, the Taproot soft-fork upgrade was activated, adding support for Schnorr signatures , improved functionality of smart contracts and Lightning Network . Before, bitcoin only used

792-662: A "pure bubble" as its intrinsic value is zero. According to him, some bubbles are long-lasting such as gold and fiat currencies, and it's impossible to predict whether bitcoin will collapse like other financial bubbles or become the new gold. According to research published in the International Review of Financial Analysis in 2018, bitcoin as an asset is highly volatile and does not behave like any other conventional asset. According to one 2022 analysis published in The Journal of Alternative Investments , bitcoin

891-556: A 1-2 finish in the GT-R's Super GT debut at the opening round at Suzuka. They followed that up with a win at Okayama International Circuit, taking back-to-back wins to open the year. Though they struggled through the next few rounds with heavy success ballast, Motoyama and Tréluyer won their third race of the year at Autopolis, and went on to win the championship - making Motoyama the first three-time GT500 champion. Motoyama and Tréluyer won twice in 2009 , at Fuji and at Sugo. The victory at Sugo

990-461: A 2024 Nashville Bitcoin conference, Republican presidential candidate Donald J. Trump announced he was an energetic supporter of the industry and would make the country a "crypto capital of the planet". The unit of account of the bitcoin system is the bitcoin . It is most commonly represented with the symbol ₿ and the currency code BTC. However, the BTC code does not conform to ISO 4217 as BT

1089-571: A GT500 driver on November 11, 2018, at Twin Ring Motegi, finishing 9th. On 10 February, 2019, Motoyama announced his retirement as a Nissan GT500 driver. He became an Executive Advisor to Nissan's factory GT500 programme that same year. Motoyama made his debut in the Formula Nippon Championship in 1996, driving for first-year team owner Aguri Suzuki and the new Funai Super Aguri team. He scored his first podium finish in

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1188-527: A best finish of 12th at Suzuka Circuit in 2021. Motoyama returned to Team LeMans for the 2022 season, and achieved a breakthrough fifth-place finish to start the season at Okayama. But his contract was terminated prior to the second round at Fuji Speedway, and he was replaced by Roberto Merhi . Motoyama has competed at the 24 Hours of Le Mans four times, making his debut in 1998 with NISMO and Tom Walkinshaw Racing in one of four factory Nissan R390 GT1s . Motoyama, Masami Kageyama, and Takuya Kurosawa drove

1287-820: A collective delusion ". A 2014 World Bank report also concluded that bitcoin was not a deliberate Ponzi scheme. Satoshi Motoyama Born in Tokyo, Japan, Motoyama began his karting career at 13 years old in 1984. He won the A1 class All-Japan Karting Championship in 1986, and the A2 class titles in 1987 and 1989. Motoyama graduated from karts in 1990, taking part in the All-Japan Formula Three Championship . Motoyama enjoyed only limited success over his first three seasons, and in 1993 and 1994 he struggled to secure sponsorship and raced only part-time in

1386-619: A custom elliptic curve with the ECDSA algorithm to produce signatures . In September 2021, bitcoin became legal tender in El Salvador , alongside the US dollar. In October 2021, the first bitcoin futures exchange-traded fund (ETF), called BITO, from ProShares was approved by the SEC and listed on the CME . In May and June 2022, the bitcoin price fell following the collapses of TerraUSD ,

1485-418: A customer Nissan GT-R NISMO GT3 for Tairoku Racing with B-Max Engineering , and finished 2nd overall. Motoyama was expected to enter that year's Intercontinental GT Challenge Suzuka 10 Hours later that year, but health issues forced team president Tairoku Yamaguchi to suspend his team's operations for the rest of 2019. Motoyama was expected to return to the team for the 2020 Super Taikyu Series, but their entry

1584-476: A full copy of the blockchain to check the validity of mined blocks, or lightweight clients, just to send and receive transactions without a local copy of the entire blockchain. Third-party internet services called online wallets store users' credentials on their servers, making them susceptible of hacks. Cold storage protects bitcoins from such hacks by keeping private keys offline, either through specialized hardware wallets or paper printouts. Nakamoto limited

1683-600: A growing use of bitcoin, alongside cash and cards, was reported in restaurant business. In September 2021, the Bitcoin Law made bitcoin legal tender in El Salvador , alongside the US dollar. The adoption has been criticized both internationally and within El Salvador. In particular, in 2022, the International Monetary Fund (IMF) urged El Salvador to reverse its decision. As of 2022 ,

1782-749: A man attempting to use them to buy illegal substances. This marked the first time a government agency had seized bitcoins. The FBI seized about ₿30,000 in October 2013 from Silk Road, following the arrest of its founder Ross Ulbricht . In December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoin. After the announcement, the value of bitcoin dropped, and Baidu no longer accepted bitcoins for certain services. Buying real-world goods with any virtual currency had been illegal in China since at least 2009. Research produced by

1881-830: A member of Lum's Stormtroopers Satoshi Hojo ( 北条 悟史 ) , in Higurashi no Naku Koro ni media Satoshi Omiya ( 大宮 智史 ) , a racer in Initial D series Satoshi Fukube ( 福部 里志 ) , in Hyōka Satoshi Mochida ( 持田 哲志 ) , in the Corpse Party series Satoshi Isshiki ( 一色 慧 ) , in the Food Wars: Shokugeki no Soma Satoshi Tsuchida ( 土田 聡史 ) , in the Kuroko's Basketball [REDACTED] Name list This page or section lists people that share

1980-570: A new address for each transaction. In the bitcoin network, each bitcoin is treated equally, ensuring basic fungibility . However, users and applications can choose to differentiate between bitcoins. While wallets and software treat all bitcoins the same, each bitcoin's transaction history is recorded on the blockchain. This public record allows for chain analysis , where users can identify and potentially reject bitcoins from controversial sources. For example, in 2012, Mt. Gox froze accounts containing bitcoins identified as stolen. Bitcoin wallets were

2079-507: A new block can collect transaction fees from the included transactions and a set reward in bitcoins. To claim this reward, a special transaction called a coinbase is included in the block, with the miner as the payee. All bitcoins in existence have been created through this type of transaction. This reward is halved every 210,000 blocks until ₿21 million, with new bitcoin issuance slated to end around 2140. Afterward, miners will only earn from transaction fees. These fees are determined by

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2178-885: A presumed pseudonym of the creator of bitcoin, a digital currency; written in Japanese as サトシ・ナカモト Satoshi Nakamura ( 中村 哲 , born 1958) , Japanese computer scientist Satoshi Ohno ( 大野 智 , born 1980) , Japanese actor and musician Satoshi Ōmura ( 大村 智 , born 1935) , biochemist, a winner of the 2015 Nobel Prize in Physiology or Medicine Satoshi Sato (skier) ( 佐藤 智 , born 1962) , Japanese cross-country skier Satoshi Shiki ( 士貴 智志 , born 1970) , Japanese manga artist Satoshi Shimizu ( 清水 聡 , born 1986) , Japanese boxer Satoshi Shingaki ( 新垣 諭 , born 1964) , Japanese professional boxer Satoshi Sumida ( 隅田 敏司 , born 1962) , Japanese swimmer Satoshi Sumita ( 澄田 智 , 1916–2008) , Japanese businessman, banker, and

2277-410: A previous unspent output in the blockchain. Using multiple inputs is similar to using multiple coins in a cash transaction. As in a cash transaction, the sum of inputs can exceed the intended sum of payments. In such a case, an additional output can return the change back to the payer. Unallocated input satoshis in the transaction become the transaction fee. Losing a private key means losing access to

2376-575: A pseudonym of Kouji Miura (b. 1995), a Japanese manga artist Fictional characters [ edit ] Ash Ketchum (known as Satoshi (サトシ) in Japan), the main character in the Pokémon television series Satoshi Himuro ( 氷室 聡 ) , in the Red River universe Satoshi Hiwatari ( 日渡 怜 ) or Satoshi Hikari (氷狩 怜), in D.N.Angel media Satoshi (Urusei Yatsura) (サトシ), also known as Megane,

2475-481: A race, Motoyama and Krumm's consistency in the #23 Xanavi Skyline GT-R was enough for them to become GT500 champions, clinching the championship with a third-place finish at Suzuka. By winning his first JGTC title, and the Formula Nippon title earlier in the year, Motoyama became only the second driver to win both championships in the same calendar year, joining 1997 "double champion" Pedro de la Rosa. Motoyama

2574-426: A random private key and then computing the corresponding address. This process is almost instant, but the reverse (finding the private key for a given address) is nearly impossible. Publishing a bitcoin address does not risk its private key, and it is extremely unlikely to accidentally generate a used key with funds. To use bitcoins, owners need their private key to digitally sign transactions, which are verified by

2673-507: A second career win at Miné in the penultimate round of the year. He once again finished third in the championship with co-driver Hoshino. In 2002 , Motoyama moved back to Nismo having won his second Formula Nippon title. His new co-driver was German driver Michael Krumm . Motoyama and Krumm renewed their partnership in 2003 after a disappointing 2002 season, scoring points in all seven rounds that year, and podium finishes at TI Circuit Aida, Sugo, Fuji, and Suzuka Circuit . Despite not winning

2772-513: A second win at the Autopolis circuit, Motoyama won back-to-back GT500 championships with Nismo. Motoyama won one race in each of the next three seasons, and continued to compete for championships in 2005 and in 2006 , finishing third and sixth in the standings respectively. 2008 saw the introduction of the new R35 Nissan GT-R as Nissan's GT500 challenger, and Motoyama continued on with Nismo, with new co-driver Benoît Tréluyer . The duo led

2871-426: A week after Kato died of his injuries, Motoyama took his third consecutive win of the season at Miné. Motoyama took another victory in the sixth round at Sugo, and despite a late surge from his Impul teammate Benoît Tréluyer, Motoyama was able to clinch his third championship with a second-place finish in the penultimate round at Motegi. He joined his mentor Kazuyoshi Hoshino and former F1 driver Satoru Nakajima as only

2970-399: Is achieved using a computationally intensive process based on proof of work , called mining , that secures the bitcoin blockchain. Mining consumes large quantities of electricity and has been criticized for its environmental impact . Based on a free market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto , an unknown person. Use of bitcoin as a currency began in 2009, with

3069-410: Is different from Wikidata All set index articles Bitcoin#Units and divisibility Bitcoin (abbreviation: BTC ; sign : ₿ ) is the first decentralized cryptocurrency . Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger , called a blockchain , without central oversight. Consensus between nodes

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3168-435: Is difficult. However, the use of bitcoin can be criminalized, and shutting down exchanges and the peer-to-peer economy in a given country would constitute a de facto ban. The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, and law enforcement. Nobel-prize winning economist Joseph Stiglitz says that bitcoin's anonymity encourages money laundering and other crimes. This

3267-449: Is the country code of Bhutan, and ISO 4217 requires the first letter used in global commodities to be 'X'. XBT, a code that conforms to ISO 4217 though not officially part of it, is used by Bloomberg L.P. No uniform capitalization convention exists; some sources use Bitcoin , capitalized, to refer to the technology and network , and bitcoin , lowercase, for the unit of account. The Cambridge Advanced Learner's Dictionary and

3366-580: Is the main justification behind bitcoin bans. As of November 2021 , nine countries applied an absolute ban (Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia) while another 42 countries had an implicit ban. Bitcoin is only legal tender in El Salvador . As of 2018 , bitcoin is rarely used in transactions with merchants, but it is popular to purchase illegal goods online. Prices are not usually quoted in bitcoin and trades involve conversions into fiat currencies. Commonly cited reasons for not using bitcoin include high costs,

3465-608: The Journal of Monetary Economics concluded that price manipulation occurred during the Mt. Gox bitcoin theft and that the market remained vulnerable to manipulation. Research published in The Journal of Finance also suggested that trading associated with increases in the amount of the Tether cryptocurrency and associated trading at the Bitfinex exchange accounted for about half of

3564-510: The Oxford Advanced Learner's Dictionary use the capitalized and lowercase variants without distinction. One bitcoin is divisible to eight decimal places. Units for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to 1 ⁄ 1000 bitcoin, and the satoshi (sat), representing 1 ⁄ 100 000 000 (one hundred millionth) bitcoin, the smallest amount possible. 100,000 satoshis are one mBTC. As

3663-510: The Central Bank of Iran , allowing the central bank to use it for imports. Some constituent states also accept tax payments in bitcoin, including Colorado ( US ) and Zug ( Switzerland ). As of 2023, the US government owned more than $ 5 billion worth of seized bitcoin. As of 2018 , the overwhelming majority of bitcoin transactions took place on cryptocurrency exchanges . Since 2014, regulated bitcoin funds also allow exposure to

3762-538: The European Central Bank , the decentralization of money offered by bitcoin has its theoretical roots in the Austrian school of economics , especially with Friedrich Hayek 's The Denationalisation of Money , in which he advocates a complete free market in the production, distribution and management of money to end the monopoly of central banks . Sociologist Nigel Dodd argues that the essence of

3861-628: The Japanese Grand Prix at Suzuka Circuit. On December 10, 2003, Motoyama was given a chance to test with the Renault F1 Team at Circuito de Jerez in Spain. He completed 69 laps and was only two seconds off the fastest lap recorded by Renault ace driver Fernando Alonso . Ultimately, Motoyama was unable to secure a drive for the 2004 season, and soon thereafter abandoned his pursuit of a Formula One drive. In 1999, Motoyama won

3960-603: The Le Mans Fuji 1000km at Fuji Speedway, driving the same Nissan R391 that he competed with at Le Mans that year. Motoyama has competed in the Super Taikyu Series (formerly the N1 Endurance Series), most recently in 2023 in a one-off entry in the 2023 Fuji Super TEC 24 Hours, driving a Porsche 718 Cayman GT4 RS Clubsport for Porsche Team EBI Waimarama. He ran the 2019 Fuji 24 Hours, driving

4059-731: The Sagamihara stabbings Satoshi Urushihara ( 漆原 智志 , born 1966) , manga artist and artist Satosi Watanabe ( 渡辺 慧 , 1910–1993) , Japanese theoretical physicist Satoshi Watanabe (beach volleyball) ( 渡辺 聡 , born 1975) , Japanese beach volleyball player Satoshi Yagisawa ( 八木澤 教司 , born 1975) , Japanese composer Satoshi Yamamoto ( 山本 サトシ , born 1965) , illustrator of Pokémon Adventures starting in volume 10 Satoshi Yanagisawa ( 柳澤 哲 , born 1971) , Japanese race walker Satoshi Yoshida ( 吉田 智志 , born 1990) , Japanese footballer Satoshi Yuki ( 結城 聡 , born 1972) , Japanese professional Go player Satoshi Yūki ( 結城 智史 ) ,

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4158-698: The University of Cambridge estimated that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet , most of them using bitcoin. In August 2017, the SegWit software upgrade was activated. Segwit was intended to support the Lightning Network as well as improve scalability . SegWit opponents, who supported larger blocks as a scalability solution, forked to create Bitcoin Cash , one of many forks of bitcoin . In December 2017,

4257-429: The hashing power , it would allow them to censor transactions and double-spend coins. In 2014, mining pool Ghash.io reached 51% mining power, causing safety concerns, but later voluntarily capped its power at 39.99% for the benefit of the whole network. A few entities also dominate other parts of the ecosystem such as the client software, online wallets, and simplified payment verification (SPV) clients. According to

4356-489: The #33 JOMO R390 GT1 to a tenth-place overall finish, ninth in the GT1 category. Motoyama returned the following year in 1999 with NISMO, driving the new Nissan R391 Le Mans prototype. Motoyama and co-drivers Érik Comas and Michael Krumm ran as high as fourth place overall in the #22 R391, before retiring after 110 laps with an electrical issue. After thirteen years away from Le Mans, Motoyama made his return in 2012 , driving

4455-495: The 1980s. The idea that solutions to computational puzzles could have some value was first proposed by cryptographers Cynthia Dwork and Moni Naor in 1992. The concept was independently rediscovered by Adam Back who developed Hashcash , a proof-of-work scheme for spam control in 1997. The first proposals for distributed digital scarcity-based cryptocurrencies came from cypherpunks Wei Dai (b-money) and Nick Szabo ( bit gold ) in 1998. In 2004, Hal Finney developed

4554-502: The 1998 season, partnering up with Aguri Suzuki and the new Autobacs Racing Team Aguri squad and co-driver Takeshi Tsuchiya. Motoyama finished 11th in the 1997 standings, and 12th in 1998. In 1999, Motoyama, who had just won his first Formula Nippon championship, was promoted to the reigning champions at Nismo, driving the Pennzoil Skyline GT-R alongside defending series champion and Formula 1 veteran Érik Comas . In

4653-662: The 2016 season, and the duo scored a podium finish on debut at Okayama, and another podium finish that year in the Suzuka 1000 km, with Mitsunori Takaboshi replacing an injured Chiyo. At the fourth round of the 2017 season at Sugo, Motoyama took his final Super GT podium finish with a second place, notable for Motoyama's battle on the final corners of the final lap with Kohei Hirate . Motoyama and Chiyo remained together for 2018, this time driving for NDDP Racing with B-Max, who took over MOLA's entry in GT500. Motoyama drove his final race as

4752-812: The 25th Governor of the Bank of Japan Satoshi Suzuki ( 鈴木 智 ) , Japanese screenwriter Satoshi Tajiri ( 田尻 智 , born 1965) , creator of Pokémon Satoshi Takayanagi ( 高柳 慧 , born 1938) , Japanese long jumper Satoshi Takano ( 高野 智史 , born 1993) , Japanese shogi player Satoshi Takeda ( 武田 聡 , born 1968) , Japanese swimmer Satoshi Tanaka ( 田中 聡 , born 2002) , Japanese footballer Satoshi Tomiie ( 富家 哲 , born 1966) , Japanese DJ and electronic music producer Satoshi Tomiura ( 冨浦 智嗣 , born 1991) , Japanese actor Satoshi Tsumabuki ( 妻夫木 聡 , born 1980) , Japanese actor and singer Satoshi Tsunami ( 都並 敏史 , born 1961) , Japanese football player Satoshi Uematsu ( 植松 聖 , born c. 1990) , perpetrator of

4851-636: The All-Japan GT Championship in the third round of the 1996 season at Sendai Hi-Land Raceway , driving a GT300 class Nissan Silvia S14 owned by Kazuyoshi Hoshino . He took GT300 class pole position in his debut race, and also scored pole position in the fifth round at Sportsland Sugo . For the 1997 season, Motoyama stepped up to the premier GT500 class, driving alongside Hoshino in the Calsonic Nissan Skyline GT-R for Team Impul . Motoyama switched teams for

4950-510: The DeltaWing, as his Nissan mechanics stood behind the spectator fencing to give instructions. Ultimately, he was forced to abandon the car and retire from the race. Motoyama's last Le Mans outing to date was in 2014 , driving yet another Nissan experimental vehicle, the all-electric ZEOD RC , with Nissan GT Academy graduates Lucas Ordoñez and Wolfgang Reip. Shortly after the ZEOD completed

5049-719: The GT500 championship. The win at Autopolis was notable for Motoyama sprinting from 12th on the grid to the lead of the race in just 26 laps, in a race that they needed to win in order to keep their championship hopes alive going into the Motegi finale. After switching from Nismo to two-time reigning GT500 champions MOLA in 2013, Motoyama claimed his last victory in the 2015 Buriram Super GT Race held at Chang International Circuit . At Sugo, he took his final career pole position. Reigning Blancpain GT Series Endurance Cup champion Katsumasa Chiyo joined Motoyama at MOLA for

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5148-500: The JGTC. Motoyama finished a distant third in the championship behind Toranosuke Takagi, taking one win, two poles, and four podiums in the final four races. The 2001 season started with Motoyama taking three pole positions through the first four rounds, and a victory at Miné, but two retirements and a non-scoring finish saw him trail championship leader Naoki Hattori by 22 points after four races. However, Motoyama took victories in three of

5247-651: The Nissan-powered DeltaWing experimental prototype for Highcroft Racing alongside Krumm and Marino Franchitti . With six hours elapsed in the race, Motoyama was racing in heavy traffic after a safety car restart when he was hit by the Toyota TS030 Hybrid of Kazuki Nakajima in the Porsche Curves, sending him crashing into the concrete barriers. In one of the race's most memorable moments, Motoyama spent two hours trying to repair

5346-637: The US Financial Crimes Enforcement Network (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as money services businesses , subject to registration and other legal obligations. In May 2013, US authorities seized the unregistered exchange Mt. Gox . In June 2013, the US Drug Enforcement Administration seized ₿11.02 from

5445-534: The asset or to futures as an investment. Bitcoin is used as a store of value : individuals and companies such as the Winklevoss twins and Elon Musk 's companies SpaceX and Tesla have massively invested in bitcoin. Bitcoin wealth is highly concentrated, with 0.01% holding 27% of in-circulation currency, as of 2021. As of September 2023 , El Salvador had $ 76.5 million worth of bitcoin in its international reserves . In 2018, research published in

5544-440: The basis of bitcoin's consensus mechanism . The difficulty of generating a block is deterministically adjusted based on the mining power on the network by changing the difficulty target, which is recalibrated every 2,016 blocks (approximately two weeks) to maintain an average time of ten minutes between new blocks. The process requires significant computational power and specialized hardware . Miners who successfully find

5643-528: The bitcoin ideology is to remove money from social, as well as governmental, control. The Economist describes bitcoin as "a techno-anarchist project to create an online version of cash, a way for people to transact without the possibility of interference from malicious governments or banks". These philosophical ideas initially attracted libertarians and anarchists . Economist Paul Krugman argues that cryptocurrencies like bitcoin are only used by bank skeptics and criminals. Money serves three purposes:

5742-561: The bitcoins, with no other proof of ownership accepted by the protocol . For instance, in 2013, a user lost ₿7,500, valued at US$ 7.5 million, by accidentally discarding a hard drive with the private key. It is estimated that around 20% of all bitcoins are lost. The private key must also be kept secret as its exposure, such as through a data breach , can lead to theft of the associated bitcoins. As of December 2017 , approximately ₿980,000 had been stolen from cryptocurrency exchanges . The mining process in bitcoin involves maintaining

5841-423: The block size to one megabyte . The limited block size and frequency can lead to delayed processing of transactions, increased fees and a bitcoin scalability problem . The Lightning Network , second-layer routing network, is a potential scaling solution. Research shows a trend towards centralization in bitcoin as miners join pools for stable income. If a single miner or pool controls more than 50% of

5940-402: The blockchain across all nodes without central oversight. This process tracks bitcoin spending, ensuring each bitcoin is spent only once . Unlike a traditional ledger that tracks physical currency, bitcoins exist digitally as unspent outputs of transactions . In the blockchain, bitcoins are linked to specific addresses that are hashes of a public key . Creating an address involves generating

6039-454: The blockchain through computer processing power . Miners group and broadcast new transactions into blocks, which are then verified by the network. Each block must contain a proof of work (PoW) to be accepted, involving finding a nonce number that, combined with the block content, produces a hash numerically smaller than the network's difficulty target . This PoW is simple to verify but hard to generate, requiring many attempts. PoW forms

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6138-435: The championship - his worst result since 1997. For 2005, Motoyama secured a transfer back to Team Impul, and returned to championship form by winning three races at Sugo, Suzuka, and in the penultimate round at Motegi, a win which clinched his fourth Formula Nippon championship, ahead of his Impul teammate Yuji Ide. Motoyama remained with Impul in 2006, but failed to win a race for the first time since 1997 as he finished fifth in

6237-418: The championship by just two points to Ralph Firman . The 2003 season began with success and tragedy. Motoyama won the opening round at Suzuka Circuit, and won the following round at Fuji. Motoyama was unable to celebrate his win at Fuji, however, after he learned of his childhood friend Daijiro Kato suffering critical injuries in a crash during the 2003 MotoGP World Championship round at Suzuka . On April 27,

6336-442: The championship with four podiums. Motoyama returned to winning form in 2007, winning all three of the season's races held at Suzuka Circuit. His victory in the final round at Suzuka was the 27th win of his Formula Nippon career, and it would turn out to be his last. Motoyama returned to Team LeMans, the team for whom he won his first championship, for the 2008 season. He finished eleventh in the championship, with one podium finish in

6435-612: The date and headline of an issue of The Times newspaper. Nine days later, Hal Finney received the first bitcoin transaction: ten bitcoins from Nakamoto. Wei Dai and Nick Szabo were also early supporters. On May 22, 2010, the first known commercial transaction using bitcoin occurred when programmer Laszlo Hanyecz bought two Papa John's pizzas for ₿10,000, in what would later be celebrated as "Bitcoin Pizza Day". Blockchain analysts estimate that Nakamoto had mined about one million bitcoins before disappearing in 2010 when he handed

6534-635: The e-waste generated, is comparable to that of Greece and the Netherlands, respectively. Bitcoin is pseudonymous , with funds linked to addresses, not real-world identities. While the owners of these addresses are not directly identified, all transactions are public on the blockchain. Patterns of use, like spending coins from multiple inputs, can hint at a common owner. Public data can sometimes be matched with known address owners. Bitcoin exchanges might also need to collect personal data as per legal requirements. For enhanced privacy , users can generate

6633-429: The eighth round of the season, and clinched his first Formula Nippon championship with a second-place finish in the penultimate round at Fuji. Motoyama returned to Team LeMans the following year in 1999, taking another three victories and three pole positions. He went on to finish second in the championship standings to Tom Coronel . In 2000, Motoyama changed teams to Team Impul, driving for Kazuyoshi Hoshino as he did in

6732-578: The first cryptocurrency wallets , enabling users to store the information necessary to transact bitcoins. The first wallet program, simply named Bitcoin , and sometimes referred to as the Satoshi client , was released in 2009 by Nakamoto as open-source software . Bitcoin Core is among the best known clients . Forks of Bitcoin Core exist such as Bitcoin Unlimited . Wallets can be full clients, with

6831-805: The first futures on bitcoin was introduced by the Chicago Mercantile Exchange (CME). In February 2018, the price crashed after China imposed a complete ban on bitcoin trading. The percentage of bitcoin trading in the Chinese renminbi fell from over 90% in September 2017 to less than 1% in June 2018. During the same year, bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges. In 2020, some major companies and institutions started to acquire bitcoin: MicroStrategy invested $ 250 million in bitcoin as

6930-618: The first all-electric lap at the Circuit de la Sarthe , the car was forced to retire after just five laps. After becoming JGTC and Formula Nippon champion in 2003, and motivated after the death of his childhood friend Daijiro Kato, Motoyama began to pursue opportunities to race in the Formula One World Championship . On October 10, 2003, Motoyama was given a Friday test drive for the Jordan F1 Team prior to

7029-399: The first blockchain. Nakamoto's paper was not peer reviewed and was initially ignored by academics, who argued that it could not work. On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the genesis block . Embedded in this block was the text "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks ", which is

7128-494: The first currency based on reusable proof of work. These various attempts were not successful: Chaum's concept required centralized control and no banks wanted to sign on, Hashcash had no protection against double-spending , while b-money and bit gold were not resistant to Sybil attacks . The domain name bitcoin.org was registered on 18 August 2008. On 31 October 2008, a link to a white paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System

7227-427: The following four rounds, taking the championship lead as Hattori began to struggle, and eventually clinching his second Formula Nippon title with a second-place finish at Motegi. In 2002, the first year in which Formula Nippon went to a spec chassis, Motoyama had another fantastic season, winning five out of the ten races that season. Despite winning more races than any other driver that year, Motoyama would end up losing

7326-664: The fourth round of the season, Motoyama scored his first career GT500 victory at the Central Park Miné Circuit . Motoyama scored four podium finishes in total, and finished third in the Drivers' Championship as Comas went on to win his second straight GT500 title. Motoyama only missed the second round of the 1999 season at Fuji Speedway, as he was participating in a pre-qualifying session for the 24 Hours of Le Mans that same day. Motoyama moved back to Calsonic Team Impul in 2000, and had another solid year that included

7425-490: The governor of Kagoshima Prefecture Satoshi Miyagi ( 宮城 聰 , born 1959) , Japanese theatre director Satoshi Mizukami ( 水上 悟志 , born 1980) , Japanese manga artist Satoshi Mori (basketball) ( 森 哲 , born 1949) , Japanese basketball player Satoshi Mori (skier) (born 1971), Japanese Nordic combined skier Satoshi Morimoto ( 森本 敏 , born 1941) , Japanese scholar Satoshi Motoyama ( 本山 哲 , born 1971) , Japanese race car driver Satoshi Nakamoto (born 1975),

7524-422: The greatest amount of effort to produce. To tamper or censor the ledger, one needs to control the majority of the global hashrate . The high cost required to reach this level of computational power secures the bitcoin blockchain. Bitcoin mining's environmental impact is controversial and has attracted the attention of regulators, leading to restrictions or incentives in various jurisdictions . As of 2022 ,

7623-509: The inability to process chargebacks , high price volatility , long transaction times, and transaction fees (especially for small purchases). Bloomberg reported that bitcoin was being used for large-item purchases on the site Overstock.com and for cross-border payments to freelancers . As of 2015 , there was little sign of bitcoin use in international remittances despite high fees charged by banks and Western Union who compete in this market. Despite associated risks and costs, in 2022,

7722-625: The inaugural 1973 All-Japan Formula 2000 Championship, Motoyama is second all-time in career victories to Kazuyoshi Hoshino, who won 39 races from 1974 to 1996. Nearly nine years after his final race, Motoyama tested the Dallara SF14 at Sportsland Sugo on September 27, 2017. In March 2018, Motoyama became the team director of B-Max Racing Team in the Super Formula Championship . B-Max Racing won its first race under Motoyama's leadership when driver Nobuharu Matsushita won

7821-1637: The name [ edit ] Satoshi Arai ( 荒井 聰 , born 1946) , Japanese politician Satoshi Furukawa ( 古川 聡 , born 1964) , Japanese surgeon and astronaut Satoshi Hamada ( 浜田 聡 , born 1977) , Japanese politician Satoshi Hashimoto ( 橋本 さとし , born 1966) , Japanese actor and voice actor Satoshi Hatakeyama ( 畠山 智之 , born 1958) , Japanese journalist Satoshi Hino ( 日野 聡 , born 1978) , Japanese voice actor Satoshi Ishii ( 石井 慧 , born 1986) , Japanese judoka and mixed martial artist Satoshi Inoue (musician) ( 井上 智 , born 1959) , Japanese jazz guitarist Satoshi Inoue (politician) ( 井上 哲士 , born 1958) , Japanese politician Satoshi Kamiya ( 神谷 哲史 , born 1981) , Japanese origami master Satoshi Kanazawa (born 1962), American-British evolutionary psychologist Satoshi Kawata ( 河田 聡 , born 1951) , Japanese scientist Satoshi Kinsui ( 金水 敏 , born 1956) , Japanese linguist Satoshi Kitamura ( きたむら さとし , born 1956) , Illustrator Satoshi Kojima ( 小島 聡 , born 1970) , Japanese professional wrestler Satoshi Komatsu ( 小松 聖 , born 1981) , Japanese baseball player Satoshi Kon ( 今 敏 , 1963–2010) , film director, animator, screenwriter and manga artist Satoshi Kuribayashi ( 栗林 慧 , born 1939) , Japanese photographer Satoshi Maruya ( 丸谷 里志 , born 1947) , Japanese swimmer Satoshi Matsuda ( 松田 悟志 , born 1978) , Japanese actor Satoshi Matsuoka ( 松岡 聡 ) , Japanese computer scientist Satoshi Mikami ( 三上 哲 , born 1968) , Japanese actor and voice actor Satoshi Mitazono ( 三反園 訓 , born 1958) , Japanese journalist and

7920-733: The network alert key and control of the code repository over to Gavin Andresen . Andresen later became lead developer at the Bitcoin Foundation , an organization founded in September 2012 to promote bitcoin. After early " proof-of-concept " transactions, the first major users of bitcoin were black markets , such as the dark web Silk Road . During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting ₿9.9 million, worth about $ 214 million. In March 2013,

8019-402: The network using the public key, keeping the private key secret. Bitcoin transactions use a Forth -like scripting language , involving one or more inputs and outputs. When sending bitcoins, a user specifies the recipients' addresses and the amount for each output. This allows sending bitcoins to several recipients in a single transaction. To prevent double-spending, each input must refer to

8118-440: The previous block, chaining them in chronological order. The blockchain is maintained by a peer-to-peer network. Individual blocks, public addresses, and transactions within blocks are public information, and can be examined using a blockchain explorer. Nodes validate and broadcast transactions, each maintaining a copy of the blockchain for ownership verification. A new block is created every 10 minutes on average, updating

8217-601: The price increase in bitcoin in late 2017. Bitcoin, along with other cryptocurrencies, has been described as an economic bubble by several economists, including Nobel Prize in Economics laureates, such as Joseph Stiglitz , James Heckman , and Paul Krugman . Another recipient of the prize, Robert Shiller , argues that bitcoin is rather a fad that may become an asset class . He describes its price growth as an "epidemic", driven by contagious narratives . In 2024, Jean Tirole , also Nobel laureate, described bitcoin as

8316-646: The problem of creating a digital currency". David Andolfatto, Vice President at the Federal Reserve Bank of St. Louis , stated that bitcoin is a threat to the establishment, which he argues is a good thing for the Federal Reserve System and other central banks , because it prompts these institutions to operate sound policies. The legal status of bitcoin varies substantially from one jurisdiction to another. Because of its decentralized nature and its global presence, regulating bitcoin

8415-467: The release of its open-source implementation . In 2021, El Salvador adopted it as legal tender . It is mostly seen as an investment and has been described by some scholars as an economic bubble . As bitcoin is pseudonymous , its use by criminals has attracted the attention of regulators, leading to its ban by several countries as of 2021 . Before bitcoin, several digital cash technologies were released, starting with David Chaum 's ecash in

8514-635: The same given name . If an internal link led you here, you may wish to change that link to point directly to the intended article. References [ edit ] ^ ja:サトシ・ナカモト Retrieved from " https://en.wikipedia.org/w/index.php?title=Satoshi&oldid=1256333217 " Categories : Given names Japanese masculine given names Masculine given names Hidden categories: Articles containing Japanese-language text All articles lacking reliable references Articles lacking reliable references from April 2022 Articles with short description Short description

8613-503: The season-ending race at Fuji Speedway was marred by controversy, when after he was hit by championship rival Osamu Nakako , Motoyama returned to the track and intentionally spun Nakako out and into the protective sponge barriers at the 100R corner. Motoyama was suspended for the final round of that year's Formula Nippon championship and the JGTC All-Star Race at Twin Ring Motegi, and fined ¥500,000. Motoyama made his debut in

8712-597: The second leg of a double-header round at Suzuka. On February 18, 2009, Motoyama announced on his website that he would not race in the 2009 Formula Nippon Championship, bringing an end to his career in Japanese top formula racing. His four championships, 27 wins, and 21 pole positions are the most of any driver in the Formula Nippon/Super Formula era from 1996 to the present day. In the overall history of Japanese Top Formula racing, dating back to

8811-567: The second tier of Japanese single-seater racing for the first time since 1995. On 30 January, 2021, Motoyama announced that he would return to full-time Super GT competition in the GT300 class. Motoyama partnered with Team LeMans, the team for whom he won his first Formula Nippon Championship, to form Team LeMans with Motoyama Racing. The team fielded an Audi R8 LMS GT3 Evo for himself and former All-Japan Formula 3 National Class Champion, Yoshiaki Katayama . Team LeMans with Motoyama Racing recorded

8910-565: The series. In 1995, Motoyama signed with Dome Racing and finished second in the championship to Pedro de la Rosa , winning one race as De la Rosa took victories in the other eight races that season. Motoyama raced in the Japanese Touring Car Championship (JTCC) from 1995 to 1997 during the Super Touring era. In 1997, Motoyama won three races and finished third in the championship driving for Nismo. But

9009-496: The sixth round of the season at Sportsland Sugo , and started on the front row in the final round at Fuji Speedway before he was involved in a multi-car pileup on the first lap. He finished 10th in the championship in 1996 and 11th in 1997. For 1998, Motoyama moved to Team LeMans. He took his first career win at the second round at Central Park Miné Circuit, and his second win in the following round at Fuji, where he also recorded his first pole position. He won his third race at Miné in

9108-463: The third driver to win three or more Japanese top formula championships, and was the first driver in the Formula Nippon era to win three championships. After testing for the Renault and Jordan Formula 1 teams in hopes of landing a race set, Motoyama returned to Formula Nippon in 2004, switching teams to Team 5ZIGEN. Motoyama only won once, in the sixth round of the season at Sugo, and finished sixth in

9207-676: The third round of the 2022 Super Formula Championship at Suzuka. Motoyama remained semi-active in racing after retiring from GT500 driving duties. In December 2020, Motoyama returned to single-seater racing, competing in the final round of the Formula Regional Japanese Championship at Autopolis in a car entered by Team Goh Motorsports . He entered the final round of the Super Formula Lights Championship at Fuji Speedway, driving for B-Max Racing. This marked Motoyama's return to

9306-407: The transaction's size and the amount of data stored, measured in satoshis per byte. The proof of work system and the chaining of blocks make blockchain modifications very difficult, as altering one block requires changing all subsequent blocks. As more blocks are added, modifying older blocks becomes increasingly challenging. In case of disagreement, nodes trust the longest chain, which required

9405-708: The use of Bitcoin in El Salvador remains low: 80% of businesses refused to accept it despite being legally required to. In April 2022, the Central African Republic (CAR) adopted bitcoin as legal tender alongside the CFA franc , but repealed the reform one year later. Bitcoin is also used by some governments. For instance, the Iranian government initially opposed cryptocurrencies, but later saw them as an opportunity to circumvent sanctions . Since 2020, Iran has required local bitcoin miners to sell bitcoin to

9504-552: Was Motoyama's 12th career GT500 win, moving him ahead of Yuji Tachikawa for the all-time wins record. In 2010, Motoyama and Tréluyer failed to win a race for the first time, coming as close as two second-place finishes at Sepang, and at the Suzuka Summer Special in August. In the final year of Motoyama and Tréluyer's partnership at Nismo, they won three races, at Fuji, Autopolis, and Motegi, and finished runner-up in

9603-569: Was given a new car for his 2004 title defense, the new Nissan Fairlady Z33 , which succeeded the Skyline GT-R as Nissan's flagship GT500 car. He also had a new co-driver in Richard Lyons . In their first race together at Nismo, and the first race for the new Nissan Z, Motoyama ended a four-year winless drought by winning the opening round at TI Circuit. Taking podium finishes at Sepang International Circuit and Twin Ring Motegi , plus

9702-613: Was less volatile than oil , silver , US Treasuries , and 190 stocks in the S&;P 500 during and after the 2020 stock market crash . The term hodl was created in December 2013 for holding bitcoin rather than selling it during periods of volatility. Economists, investors, and the central bank of Estonia have described bitcoin as a potential Ponzi scheme . Legal scholar Eric Posner disagrees, however, as "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like

9801-560: Was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open-source code and released it in January 2009. Nakamoto's identity remains unknown. According to computer scientist Arvind Narayanan , all individual components of bitcoin originated in earlier academic literature. Nakamoto's innovation was their complex interplay resulting in the first decentralized, Sybil resistant, Byzantine fault tolerant digital cash system, that would eventually be referred to as

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