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Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto [11] and released as open-source software in Bitcoins are created as a reward for a process known as mining.

They can be exchanged for other currencies, [13] products, and services. As of Februaryovermerchants and vendors accepted bitcoin as payment.

The word bitcoin first occurred and was defined financial times front page bitcoin wikipedia the white paper [5] that was published on 31 October There is no uniform convention for bitcoin capitalization.

Some sources use Bitcoincapitalized, to refer to the technology and network and bitcoinlowercase, to refer to the unit of account.

The unit of account of the bitcoin system is a bitcoin. Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0. As with most new symbols, font support is very limited. Typefaces supporting it include Horta.

On 18 Augustthe domain name "bitcoin. In Januarythe bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block. This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking. The receiver of the first bitcoin transaction was cypherpunk Hal Finneywho created the first reusable proof-of-work system RPOW in In the early days, Nakamoto is estimated to have mined 1 million bitcoins.

So, if I get hit by a bus, it would be clear that the project would go on. Over the history of Bitcoin there have been several spins offs and deliberate hard forks that have lived on as separate blockchains. These have come to be known as "altcoins", short for alternative coins, since Bitcoin was the first blockchain and these are derivative of it.

These spin offs occur so that new ideas can be tested, when the scope of that idea is outside that of Bitcoin, or when the community is split financial times front page bitcoin wikipedia merging such changes.

Since then there have been numerous forks of Bitcoin. See list of bitcoin forks. The blockchain is a public ledger that records bitcoin transactions. A novel solution accomplishes this without any trusted central authority: The blockchain is a distributed database — to financial times front page bitcoin wikipedia independent verification of the chain of ownership of any and every bitcoin amount, each network node stores its own copy of the blockchain.

This allows bitcoin software to determine when a particular bitcoin amount has been spent, which is necessary in order to prevent double-spending in an environment without central oversight. Whereas a conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions.

Transactions are defined using a Forth -like scripting language. When a user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output.

To prevent double spending, each input must refer to a previous unspent output in the blockchain. Since transactions can have multiple outputs, users can send bitcoins to multiple recipients in one transaction. As in a cash transaction, the sum of inputs coins used to pay can exceed the intended sum of payments. In such a case, an additional output financial times front page bitcoin wikipedia used, returning the change back to the payer.

Paying a transaction fee is optional. Because the size of mined blocks is capped by the network, miners choose transactions based on the fee paid relative to their storage size, not the absolute amount of money paid as a fee. The size of transactions is dependent on the number of inputs used to create the transaction, and the number of outputs. In the blockchain, bitcoins are financial times front page bitcoin wikipedia to bitcoin addresses. Creating a bitcoin address is nothing more than picking a random valid private key and computing the corresponding bitcoin address.

This computation can be done in a split second. But the reverse computing the private key of a given bitcoin address is mathematically unfeasible and so users can tell others and make public a bitcoin address without compromising its corresponding private key. Moreover, the number of valid private keys is so vast that it is extremely unlikely someone will compute a key-pair that is already in use and has funds.

The vast number of valid private keys makes it unfeasible that brute force could be used for that. To be able to spend the bitcoins, the owner must know the corresponding financial times front page bitcoin wikipedia key and digitally sign the transaction.

The network verifies the signature using the public key. If the private key is financial times front page bitcoin wikipedia, the bitcoin network will not recognize any other evidence of ownership; [9] the coins are then unusable, and effectively lost.

Mining is a record-keeping service done through the use of computer processing power. To be accepted by the rest of the network, a new block must contain a so-called proof-of-work PoW. Every 2, blocks approximately 14 days at roughly 10 min per blockthe difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time between new blocks at ten minutes.

In this way the system automatically adapts to the total financial times front page bitcoin wikipedia of mining power on the network. The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted. Computing power is often bundled together or "pooled" to reduce variance in miner income.

Individual mining rigs often have to wait for long periods to confirm a block of transactions and receive payment. In a pool, all participating miners get paid every time a participating server solves a block.

This payment depends on the amount of work an individual miner contributed to help find that block. The financial times front page bitcoin wikipedia miner finding the new block is rewarded with newly created bitcoins and transaction fees. To claim the reward, a special transaction called a coinbase is included with the processed payments.

The bitcoin protocol specifies that the reward for adding a block will be halved everyblocks approximately every four years. Eventually, financial times front page bitcoin wikipedia reward will decrease to zero, and the limit of 21 million bitcoins [f] will be reached c. Their numbers are being released roughly every ten minutes and the rate at which they are generated would drop by half every four years until all were in circulation.

A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold [60] or store bitcoins, [61] due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A better way to describe a wallet is something that "stores the digital credentials for your bitcoin holdings" [61] and allows one to access and spend them.

Bitcoin uses public-key cryptographyin which two cryptographic keys, one public and one private, are generated. There are three modes which wallets can operate in. They have an inverse relationship with regards to trustlessness and computational requirements. Third-party internet services called online wallets offer similar functionality but may be easier to use. In this case, credentials to access funds are stored with the online wallet provider rather than on the user's hardware.

A malicious provider financial times front page bitcoin wikipedia a breach in server security may cause entrusted bitcoins to be stolen. An example of such a security breach occurred with Mt. Physical wallets store offline the credentials necessary to spend bitcoins. Another type of wallet called a hardware wallet keeps credentials offline while facilitating transactions. The first wallet program — simply named "Bitcoin" — was released in by Satoshi Nakamoto as open-source code.

While a decentralized system cannot have an "official" implementation, Bitcoin Core is considered by some to be bitcoin's preferred implementation.

Bitcoin was designed not to need a central authority [5] and the bitcoin network is considered to be decentralized. In mining pool Ghash. The pool has voluntarily capped their hashing power at Bitcoin is pseudonymousmeaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain financial times front page bitcoin wikipedia public.

In addition, transactions can be linked to individuals and companies through financial times front page bitcoin wikipedia of use" e. To heighten financial privacy, a new bitcoin address can be generated for each transaction. Wallets and similar software technically handle all bitcoins as equivalent, establishing the basic level of fungibility. Researchers have pointed out that the history of each bitcoin is registered and publicly available in the blockchain ledger, and that some users may refuse to accept bitcoins coming from controversial transactions, which would harm bitcoin's fungibility.

The blocks in the blockchain were originally limited to 32 megabyte in size. The block size limit of one megabyte was introduced by Satoshi Nakamoto inas an anti-spam measure. On 24 August at block, Segregated Witness SegWit went live, introducing a new transaction format where signature data is separated and known as the witness.

The upgrade replaced the block size limit with a limit financial times front page bitcoin wikipedia a new measure called block weightwhich counts non-witness data four times as much as witness data, and allows a maximum weight of 4 megabytes. Bitcoin is a digital asset designed by its inventor, Satoshi Nakamoto, to work as a currency. The question whether bitcoin is a currency or not is still disputed. According to research produced by Cambridge Universitythere were between 2.

The number of users has grown significantly sincewhen there wereto 1. Inthe number of merchants accepting bitcoin exceededReasons for this fall include high transaction fees due to bitcoin's scalability issues, long transaction times and a financial times front page bitcoin wikipedia in value making consumers unwilling to spend it. Merchants accepting bitcoin ordinarily use the services of bitcoin payment service providers such as BitPay or Coinbase.

When a customer pays in bitcoin, the payment service provider accepts the bitcoin on behalf of the merchant, converts financial times front page bitcoin wikipedia to the local currency, and sends the obtained amount to merchant's bank account, charging a fee for the service. Bitcoins can be bought on digital currency exchanges. According to Tony Gallippia co-founder of BitPay"banks are scared to deal with bitcoin companies, even if they really want to".

In a report, Bank of America Merrill Lynch stated that "we believe bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers. Plans were announced to include a bitcoin futures option on the Chicago Mercantile Exchange in Some Argentinians have bought bitcoins to protect their savings against high inflation or the possibility that governments could confiscate savings accounts.

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It began in under the title The Daily Universal Register , adopting its current name on 1 January The Times and The Sunday Times do not share editorial staff, were founded independently, and have only had common ownership since In , the historian of journalism Allan Nevins analysed the importance of The Times in shaping the views of events of London's elite:.

For much more than a century The Times has been an integral and important part of the political structure of Great Britain.

Its news and its editorial comment have in general been carefully coordinated, and have at most times been handled with an earnest sense of responsibility. While the paper has admitted some trivia to its columns, its whole emphasis has been on important public affairs treated with an eye to the best interests of Britain.

To guide this treatment, the editors have for long periods been in close touch with 10 Downing Street. The Times is the first newspaper to have borne that name, lending it to numerous other papers around the world, such as The Times of India and The New York Times.

In countries where these other titles are popular, the newspaper is often referred to as The London Times [4] [5] [6] [7] [8] or The Times of London , [9] although the newspaper is of national scope and distribution. The Times is the originator of the widely used Times Roman typeface, originally developed by Stanley Morison of The Times in collaboration with the Monotype Corporation for its legibility in low-tech printing.

The Times was printed in broadsheet format for years, but switched to compact size in in an attempt to appeal more to younger readers and commuters using public transport.

The Sunday Times remains a broadsheet. The Times had an average daily circulation of , in December ; [10] in the same period, The Sunday Times had an average daily circulation of , A complete historical file of the digitised paper, up to , is online from Gale Cengage Learning.

Walter had lost his job by the end of after the insurance company where he was working went bankrupt because of the complaints of a Jamaican hurricane. Being unemployed, Walter decided to set a new business up. It was in that time when Henry Johnson invented the logography, a new typography that was faster and more precise three years later, it was proved that it was not as efficient as had been said. Walter bought the logography's patent and to use it, he decided to open a printing house, where he would produce a daily advertising sheet.

Unhappy because people always omitted the word Universal , Ellias changed the title after editions on 1 January to The Times. Walter Sr had spent sixteen months in Newgate Prison for libel printed in The Times , but his pioneering efforts to obtain Continental news, especially from France, helped build the paper's reputation among policy makers and financiers.

The Times used contributions from significant figures in the fields of politics, science, literature, and the arts to build its reputation. For much of its early life, the profits of The Times were very large and the competition minimal, so it could pay far better than its rivals for information or writers. Beginning in , the paper was printed on the new steam-driven cylinder press developed by Friedrich Koenig. Thomas Barnes was appointed general editor in In the same year, the paper's printer James Lawson, died and passed the business onto his son John Joseph Lawson — Under the editorship of Barnes and his successor in , John Thadeus Delane , the influence of The Times rose to great heights, especially in politics and amongst the City of London.

The increased circulation and influence of the paper was based in part to its early adoption of the steam-driven rotary printing press. Distribution via steam trains to rapidly growing concentrations of urban populations helped ensure the profitability of the paper and its growing influence.

The Times was the first newspaper to send war correspondents to cover particular conflicts. Russell , the paper's correspondent with the army in the Crimean War , was immensely influential [18] with his dispatches back to England. In other events of the nineteenth century, The Times opposed the repeal of the Corn Laws until the number of demonstrations convinced the editorial board otherwise, and only reluctantly supported aid to victims of the Irish Potato Famine.

It enthusiastically supported the Great Reform Bill of , which reduced corruption and increased the electorate from , people to , people still a small minority of the population. During the American Civil War , The Times represented the view of the wealthy classes, favouring the secessionists, but it was not a supporter of slavery. The third John Walter , the founder's grandson, succeeded his father in The paper continued as more or less independent, but from the s The Times was beginning to suffer from the rise in competition from the penny press , notably The Daily Telegraph and The Morning Post.

During the 19th century, it was not infrequent for the Foreign Office to approach The Times and ask for continental intelligence, which was often superior to that conveyed by official sources. Due to legal fights between the Britannica's two owners, Hooper and Walter Montgomery Jackson , The Times severed its connection in and was bought by pioneering newspaper magnate, Alfred Harmsworth , later Lord Northcliffe.

What are these 'Protocols'? If so, what malevolent assembly concocted these plans and gloated over their exposition? If so, whence comes the uncanny note of prophecy, prophecy in part fulfilled, in part so far gone in the way of fulfillment? The following year, when Philip Graves , the Constantinople modern Istanbul correspondent of The Times , exposed The Protocols as a forgery, The Times retracted the editorial of the previous year. The paper gained a measure of notoriety in the s with its advocacy of German appeasement ; editor Geoffrey Dawson was closely allied with those in the government who practised appeasement, most notably Neville Chamberlain.

Candid news reports by Norman Ebbut from Berlin that warned of warmongering were rewritten in London to support the appeasement policy. Kim Philby , a double agent with primary allegiance to the Soviet Union , was a correspondent for the newspaper in Spain during the Spanish Civil War of the late s.

Philby was admired for his courage in obtaining high-quality reporting from the front lines of the bloody conflict. Between and , the left-wing British historian E. Carr was Assistant Editor. Carr was well known for the strongly pro-Soviet tone of his editorials.

On 3 May it resumed printing news on the front page — previously the front page had been given over to small advertisements, usually of interest to the moneyed classes in British society. Also in , the Royal Arms , which had been a feature of the newspaper's masthead since its inception, was abandoned.

An industrial dispute prompted the management to shut the paper for nearly a year from 1 December to 12 November The Thomson Corporation management were struggling to run the business due to the energy crisis and union demands.

Management sought a buyer who was in a position to guarantee the survival of both titles, and had the resources and was committed to funding the introduction of modern printing methods.

Several suitors appeared, including Robert Maxwell , Tiny Rowland and Lord Rothermere ; however, only one buyer was in a position to meet the full Thomson remit, Australian media magnate Rupert Murdoch.

The Royal Arms was reintroduced to the masthead at about this time, but whereas previously it had been that of the reigning monarch, it would now be that of the House of Hanover , who were on the throne when the newspaper was founded. After 14 years as editor, William Rees-Mogg resigned upon completion of the change of ownership. Between March and May , following agreement with print unions, the hot-metal Linotype printing process used to print The Times since the 19th century was phased out and replaced by computer input and photo-composition.

However, direct input of text by journalists "single-stroke" input was still not achieved, and this was to remain an interim measure until the Wapping dispute of , when The Times moved from New Printing House Square in Gray's Inn Road near Fleet Street to new offices in Wapping. Robert Fisk , [34] seven times British International Journalist of the Year, [35] resigned as foreign correspondent in over what he saw as "political censorship" of his article on the shooting-down of Iran Air Flight in July He wrote in detail about his reasons for resigning from the paper due to meddling with his stories, and the paper's pro-Israel stance.

In June The Times ceased its policy of using courtesy titles "Mr", "Mrs", or "Miss" prefixes for living persons before full names on first reference, but it continues to use them before surnames on subsequent references. The more formal style is now confined to the "Court and Social" page, though "Ms" is now acceptable in that section, as well as before surnames in news sections.

In November , News International began producing the newspaper in both broadsheet and tabloid sizes. On 13 September , the weekday broadsheet was withdrawn from sale in Northern Ireland.

Since 1 November , the paper has been printed solely in tabloid format. On 6 June , The Times redesigned its Letters page, dropping the practice of printing correspondents' full postal addresses. Published letters were long regarded as one of the paper's key constituents.

According to its leading article "From Our Own Correspondents", the reason for removal of full postal addresses was to fit more letters onto the page.

In a meeting with the House of Lords Select Committee on Communications, which was investigating media ownership and the news, Murdoch stated that the law and the independent board prevented him from exercising editorial control. In May printing of The Times switched from Wapping to new plants at Waltham Cross in Hertfordshire , and Merseyside and Glasgow, enabling the paper to be produced with full colour on every page for the first time.

On 26 July , to coincide with the official start of the London Olympics and the issuing of a series of souvenir front covers, The Times added the suffix "of London" to its masthead. In March , the paper dropped its rolling digital coverage for a series of 'editions' of the paper at 9am, midday and 5pm on weekday. The sport section is at the end of the main paper. The Times 's main supplement, every day, is the times2 , featuring various lifestyle columns. It was discontinued on 1 March but reintroduced on 11 October after discontinuation was criticised.

Its regular features include a puzzles section called Mind Games. Its previous incarnation began on 5 September , before which it was called T2 and previously Times 2. Regular features include columns by a different columnist each weekday.

There was a column by Marcus du Sautoy each Wednesday, for example. The back pages are devoted to puzzles and contain sudoku , " Killer Sudoku ", " KenKen ", word polygon puzzles, and a crossword simpler and more concise than the main "Times Crossword".

During the summer where there is no international tournament there are no editions of this feature and the transfer window highlights are in the daily Sports section. The Saturday edition of The Times contains a variety of supplements. These supplements were relaunched in January as: Sport , Weekend including travel and lifestyle features , Saturday Review arts, books, TV listings and ideas , The Times Magazine columns on various topics , and Playlist an entertainment listings guide.

The Times Magazine features columns touching on various subjects such as celebrities, fashion and beauty, food and drink, homes and gardens or simply writers' anecdotes. The Times and The Sunday Times have had an online presence since March , originally at the-times. There are also iPad and Android editions of both newspapers. The Times Digital Archive — is freely accessible via Gale databases to readers affiliated with subscribing academic , public , and school libraries.

John Walter , the founder of The Times. At the time of Harold Evans' appointment as editor in , The Times had an average daily sale of , copies in comparison to the 1. In contrast The Sun , the highest-selling "tabloid" daily newspaper in the United Kingdom, sold an average of 2,, copies in March , [49] and the Daily Mail , the highest-selling "middle market" British daily newspaper, sold an average of 1,, copies in the period.

In a national readership survey The Times was found to have the highest number of ABC1 25—44 readers and the largest numbers of readers in London of any of the "quality" papers. They were a suite of types originally made by Miller and Co.

When The Times began using Monotype and other hot-metal machines in , this design was remade by Monotype for its equipment. As near as I can tell, it looks like Monotype Series no. In , The Times started using the Monotype Modern typeface. Morison used an older font named Plantin as the basis for his design, but made revisions for legibility and economy of space. Times New Roman made its debut in the issue of 3 October The Times stayed with Times New Roman for 40 years, but new production techniques and the format change from broadsheet to tabloid in have caused the newspaper to switch font five times since