Chicago fed letter bitcoin

Chicago fed letter bitcoin

Further”, Northwestern University Working Paper. Velde, François R. (2013), “Bitcoin: A Primer”, Chicago Fed Letter, vol. 317, December 2013. Wallace, Neil (1993), “A Legal Restriction Theory of the Demand for Money and the Role of. Monetary Policy”, Federal Reserve Bank of Minneapolis Quarterly Review, Winter 1983. buy bitcoins with netspend card Bitcoin breaks US$20,000 as it steps into the big leagues on the I am compiling a list of publicly available Bitcoin reports done by banks. Did I miss any? **Central banks** *Reports* * European Central Bank Publications. Bitcoin: A Peer-to-Peer Electronic Cash System (Original paper by Satoshi Nakamoto - 2008); Virtual Currency Schemes (European Central Bank - October 2012); Chicago Fed Letter - Bitcoin: A primer (Publication by the Federal Reserve Bank of Chicago - December 2013). SwissBank; SEPA; Bitcoin 

Understanding Bitcoin: Cryptography, Engineering and Economics - Google Books Result

17 Oct 2017 Former Federal Reserve (Fed) Chairman Ben Bernanke's recent comments about bitcoin and its network add to his growing list of hardening stances In that 2013 letter to the Department of Homeland Security (DHS), he then-described bitcoin as perhaps holding “long-term promise, particularly if the Texas Orders Suspected Cryptocurrency Bank Scam To Leave State does bitcoin make money chicago fed letter bitcoin micropayment channel bitcoin bitcoin qt wallet security litecoin faucet review obpp bitcoin node js bitcoin exchange. bitcoin faucets that pay 23 Jan 2018 This easy to navigate app provides links to the latest news releases, . , research Federal Reserve Bank Of Chicago Bitcoin Primer 2018 Bitcoin: a primer. Francois Velde org. Chicago Fed Letter, 2013, No 317. , issue Dec Abstract: Bitcoin is a digital currency that was launched in 2009, , it has attracted much  bitcoin transaction map vor 4 Tagen Spekulationsobjekt: Welche Konsequenzen sind für das aktuelle Geldsys- tem zu erwarten?«, ifo Schnelldienst 70(22), 2017, 3–20. Tullock, G. (1967), »The Welfare Costs of Tariffs, Monopolies, and Theft«,. Western Economic Journal 5, 224–232. Velde, F.R. (2013), »Bitcoin: A Primer«, Chicago Fed Letter 

3 Nov 2015 ENDNOTES 1 I have over-simplified the technical aspects of Bitcoin. For a more detailed description, the best I have found is: Chicago Fed Letter, The Federal Reserve Bank of Chicago, December 2013, No. 317. 2 Wisconsin Department of Revenue, Sales and Use Tax Report, Issues 1-14, March 2014.10 Dec 2017 The Cboe Futures Exchange in Chicago will open trading in bitcoin futures at 01:00 CAT on Sunday. The Futures Industry Association, which includes some of the world's biggest derivatives brokerages, criticised the CFTC's move in a letter to the regulator, saying contracts are being rushed through  is bitcoin legal in india 2016 13 Jun 2016 Chicago Fed Letter, December. Warriner A.B., Kuperman V., Brysbaert M. (2013). Norms of valence, arousal, and dominance for 13,915 English lemmas. Behavior research methods, 45(4), 1191-1207. Weber B. (2016). Bitcoin and the legitimacy crisis of money. Cambridge Journal of Economics, 40(1),  how to make bitcoins with computer 7 Nov 2017 "Bitcoin: A Primer" Chicago Fed Letter, No. 317, December 2013. I like to think of it as a call option on the technology itself, perhaps view it as the internet in the early nineties. Bitcoin exists as an open source distributed, decentralized and anonymous electronic ledger. Society is moving toward digitalization  genesis mining can t buy bitcoin 15 Apr 2015 Chicago Fed Letter 317: 1–4. 8. Bornholdt S, Sneppen K (2014) Do Bitcoins make the world go around? on the dynamics of competing crypto-currencies. arXiv:14036378: 1–5. 9. Kondor D, Posfai M, Csabai I, Vattay G (2014) Do the rich get richer? an empirical analysis of the Bitcoin transaction network 

2 Sep 2014 roughly $600, the total value of bitcoins in circulation was just .. Chicago Federal Reserve, concluded his discussion of .. Chicago. Fed Letter 317. - cations/chicago_fed_letter/2013/ Villar, Ruairidh, Sophie Knight, and Brett Wolf. 2014. “Bitcoin 26 Oct 2017 A Biryukov, D Khovratovich, I Pustogarov. 2014. Proceedings of the 2014 ACM …. 86 cites. “How to use bitcoin to design fair protocols“. I Bentov, R Kumaresan. 2014. Springer International Cryptology Conference. 85 cites. “Bitcoin: A primer“. F Velde. 2013. Chicago Fed Letter. bitcoin mining macbook pro retina Бинарные опционы в норвегии :: Chicago fed letter Bitcoin wiki bitcoin red airdrop Fed Letter, Federal Reserve Bank of Chicago, December. 2013, Number 317. “Virtual Currency Schemes.” (2012). European Central. Bank, Eurosystem, October 2012. Yermack, David. (2013). “Is Bitcoin Really a Currency?” Southern Finance Association 2013 Annual Meeting,. Fajardo, Puerto Rico, November 22, 2013. how many hashes for a bitcoin Sieroń: Czym jest Bitcoin?mises.pl

(2014, May) Virtual currencies. Washington DC: United States General Accountability Office. Velde, F. (2013, December). Bitcoin: A primer. Chicago FED letter. Federal Reserve Bank of Chicago, Chicago. Yermack, D. (2013, December). Is Bitcoin a real currency?NBER Working Paper Series, n. 19747. Yermack, D. (2015).1 Dec 2013 Articles from FED, news papers, etc. Overview of Today's Lecture. Intro to BitCoins (non-technical); Cryptographic Hashes; Public key crypto and digital signature; Technical overview of BitCoins; The practice of mining BitCoins (system's perspectives). Size of the BitCoin Economy. Number of BitCoins in  bitcoin withdrawal fee 11 Oct 2007 For those who have been wondering, this Chicago Fed Letter explains the role of securitization in mortgage markets, what terms such as MBS, CDO, and SIV mean, and how these financial assets are structured: The role of securitization in mortgage mining bitcoin how to pilgrims society takeover of bitcoin! - Silver - Gold Prices bitcoin usb asic miner 2.6 gh s 7 Dec 2017 However, the planned launch in the next 10 days of futures contracts by the Chicago exchanges CME Group and CBOE Global Markets, given a green The FT confirms that it was seen a draft of the FIA's letter in which the latter states that the introduction of Bitcoin futures “did not allow for proper public 

Economic Outlook Symposium: Summary of 2017 results and 2018 forecasts. FRB Chicago – Fed Letter – January 2018 – 7 pages. -fed-letter/2018/391. “According to participants in the Chicago Fed's annual Economic Outlook Symposium, the U.S. economy is forecasted to 19 Sep 2017 Bio: Former Federal Reserve chairman. In a 2013 letter to Congress Bernanke said digital currencies “may hold long-term promise, particularly if the innovations promote a faster, more secure, and more efficient payment system.” Later, however, in a 2015 interview with Quartz, he outlined serious  canadian bitcoin exchange reddit 23 Dec 2013 On the flat lava plain of Reykjanesbaer, Iceland, near the Arctic Circle, you can find the Bitcoin mines. | The Federal Reserve moved HOW JPMORGAN EXPANDED IN ELECTRICITY | “The good news arrived in a confidential letter from the Federal Reserve Board in Washington. The nation's biggest bank,  bitcoin trinidad 20 Nov 2013 Fed Chairman Ben Bernanke, who isn't testifying Monday, said in a letter to the Senate committee that while virtual currencies 'may pose risks related to law someone from the U.S. Treasury, an executive director from the Bitcoin Foundation, and a senior economist from the Federal Reserve of Chicago. bitcoin imagenes BitLicense Comment Letters And Advocacy .. Federal Reserve Chair Janet Yellen's Letter to Representative Mick Mulvaney on Bitcoin (September 4, 2015) OCC, Speech by Comptroller Thomas Curry to the Federal Home Loan Bank of Chicago (discussing how new financial technologies, such as virtual currency, are 

The spectacular rise late last year in the price of bitcoin, the dominant virtual currency, has attracted much public attention as well as scholarly interest. This policy brief discusses how some features of bitcoin, as designed and executed to date, have hampered its ability to perform the functions required of a fiat money-as a Download bitcoin pdf bitcoin usd correlation 22 Jul 2015 Chicago Fed Letter No. 317. The Federal Reserve Bank of Chicago. Wesner N (2014) The Time Value of a Digital Currency: Bitcoin Interest Rates. Dynamics. Retrieved from =2432367. Wilson M, Yelowitz A (2014) Characteristics of Bitcoin Users: An Analysis of. Google Search Data. bitcoin virus news Trading signals can you change bitcoin to cash Per the analysis by the Federal Reserve of Chicago, the Bitcoin approach to digital currency is unique because. “Bitcoin system solves two key challenges of digital money – controlling its creation and avoiding its duplication – at once”. (Velde, 2013). The “blockchain” is the decentralized public ledger that records all bitcoin 

chicago fed letter bitcoin pcie risers bitcoin theta chi iota lambda

7 Dec 2017 Davies also warned major US exchanges against launching trading in bitcoin, just as the Chicago Mercantile Exchange prepares to offer banks and hedge pushing back against the launch of bitcoin into the mainstream financial system, warning in a letter to US regulators that the system was ill-prepared.20 Aug 2013 BITCOIN. A Primer for Policymakers. BY JERRY BRITO AND ANDREA CASTILLO A Primer” (Essays on Issues, Number 317, Federal. Reserve Bank of Chicago, December 2013), dix of that report contains a letter from IRS Deputy Commissioner. Steven T. Miller, who  buy bitcoins using western union 19 Jul 2014 EE324 Distributed Systems. L24-BitCoin and Security. Reading. Chicago Fed Letter Bitcoin : A primer by François R. Velde , senior economist A casual reading (much less technical) bitcoin mining details 20. Jan. 2014 Das Chicago-Fed, eine Zweigstelle der US-Notenbank, lehnt sich am weitesten aus dem Fenster. In einer kürzlich veröffentlichten Studie zu Bitcoins kommt sie zum Schluss, die virtuelle Währung sei «eine bemerkenswerte konzeptuelle und technische Errungenschaft, die von bestehenden Finanzinstituten  is it easy to sell bitcoin on coinbase 29 Nov 2017 Last month the Chicago Mercantile Exchange, the world's largest derivatives exchange, announced it will allow investors to trade and short bitcoin. In 2013 then Federal Reserve Chairman Ben Bernanke wrote in a letter to Congress that bitcoin "may hold long-term promise, particularly if the innovations 

Bitcoin Issues. Bennett T. McCallum. Carnegie Mellon University. Shadow Open Market Committee Meeting. New York, New York. November 3, 2014 development in the area of monetary institutions, namely, the appearance of the Bitcoin system, which . Velde, F.R. (2013) Bitcoin: A Primer, Chicago Fed Letter, No. 317.10. Jerry Brito and Andrea Castillo, Bitcoin: A Primer for Policymakers, Mercatus. Center at George Mason University, 2013, p. 16. 11. François Velde, “Bitcoin: A Primer,” Chicago Fed Letter, Federal Reserve Bank of Chicago, December 2013, p. 4. 12. Richard Cebula and Edgar L. Feige, “America's Underground Economy:. mining bitcoin cz accounts profile 15 May 2015 Reuters. Retrieved from http : //-cyprus- parliament - idUSBRE92G03I20130330. [41] Velde, F.R., (2013): Bitcoin: A primer, Chicago Fed Letter. Retrieved from http : // assets/publications/chicago fed letter/2013/cfldecember. 2013   bitcoin miner online buy bitcoin elektronisessa liiketoiminnassa – haasteet - JYX front page bitcoin poker review StreetInsider.com

Briefcase: Stocks rise; Bitcoin stumbles | Business | postandcourier 9 Nov 2013 A recent Chicago Fed Letter () suggests that the maximum velocity of a bitcoin is once per hour; it also suggests that the maximum number of bitcoins will be permanently capped at about 21 million, which suggests some  heliacal net solar bitcoin pizza 10 May 2017 Sveriges Riksbank Economic Review, 2014, 1–7. Velde, François R., 'Bitcoin - A Primer', Chicago Fed Letter, 2013, 1–4. <?direct=true&db=bth&AN=92563197&site=ehost- live>. Yu, Kelly Y, 'Bitcoin : Currency of the Future or Investment Property', 2015. Yusof, Nazuha  one bitcoin in inr differences in inequality of skills. -fed-letter/2015/330 . the micro-structure of the Bitcoin transaction process and highlight the use of cryptography for the purposes of with usage by Satoshi Dice, the largest online gambling service using Bitcoin as the method of payment. bittrex bitcoin exchange Bitcoin transaction note : Wikipedia bitcoin mining hardware

Bitcoin A Primer Chicago Fed - Free download Ebook, Handbook, Textbook, User Guide PDF files on the internet quickly and easily.21 Jul 2017 Electronic copy available at: =2516754. 5. Velde, F. R. (2013). Bitcoin: A primer. Chicago Fed Letter, (317). 6. Wallace, B. (2014). The rise and fall of Bitcoin. Wired Magazine. 7. 8. 9. explain like i m five bitcoin Chicago Fed Letter, No 317, December 2013 Bitcoin A Primer By Franois Velde Bitcoin is a digital currency that was launched in 2009, and it has attracted much attention recently This article reviews the mechanics of the currency and offers some thoughts on its characteristicsBitcoin a primer Francois Velde fveldefrbchiorg  excel bitcoin price Bitcoin Foundation Reply to California Department of Financial Institutions Cease and Desist Letter (July 1, 2013) · New York State Department of Financial Services – Notice of Inquiry on Virtual Currencies (August 12, 2013) · New York State Department of Financial Services – Notice of Intent to Hold Hearing on Virtual  how much time to make a bitcoin 10 Oct 2017 The Federal Reserve Bank of San Francisco launched a fintech portal in May to help companies navigate the regulatory system and show them where In the letter, the CFPB declined to initiate supervision or enforce any action on Upstart Network, a company that uses alternative data in making credit and 

Even during her final news conference as chairwoman of the Federal Reserve, Janet L. Yellen last month stuck to the careful approach that helped her guide the central bank through a pivotal period. Asked if she “This letter is to inform you that for the Second Quarter of Fiscal Year 2018, the Bureau is requesting $0,” he.Todd, P. (2014c) Tree-chains Preliminary Summary. 32142133/. Varian, H. (2003) The Economics of Information Technology. Velde, F. (2013) Bitcoin A Primer. Chicago Fed Letter. - tions/chicago_fed_letter/2013/cfldecember2013_317. bitcoin over 7000 9 Dec 2017 Cboe Global Markets, which owns what was formerly the Chicago Board Options Exchange, rolls out bitcoin futures trades tomorrow evening, while the The apprehension about bitcoin was raised by Futures Industry Association chief Walt Lukken, in a letter to United States Commodity Futures Trading  bitcoin mining macbook pro retina Chicago fed letter Bitcoin wallet / Waar veilig Bitcoins kopen. bitcoin expected value 2018 CBOE CME futures manipulating BTC price to kill crypto

O ideal de Bitcoin e o Cripto-Anarquismo - FGV-EESPCME FUTURES Does Wall Street have any clue what they are getting how much did bitcoins cost in 2009 The Federal Reserve Bank of Chicago (informally the Chicago Fed) is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of  how to transfer bitcoins to bitcoin wallet 23 Jan 2015 Lecture of Sergey Troshin, Ph.D., Director at EXANTE, covers history, technology and market of bitcoin, an innovative payment network and a new kind of money, … Francois R. Velde, senior economist (Chicago Fed Letter) Yep, sounds like the dollar. Reddit commentor; 19. Questions? Gatis Eglitis  bitcoin transaction fees high 10 ноя 2015 BBSU2013. Simon Barber, Xavier Boyen, Elaine Shi, Ersin Uzun. Bitter to Better — How to Make Bitcoin a Better Currency. Security and Privacy in Social Networks Volume 7397 of the series Lecture Notes in Computer Science. pp. 399-414. На главную страницу раздела 

Bitcoin: A primer by François R. Velde, senior economist. Bitcoin is a digital currency that was launched in 2009, and it has attracted much attention recently. This article reviews the mechanics of the currency and offers some thoughts on its characteristics. Chicag o Fed Letter. ESSAYS ON ISSUES.Free Bitcoin Trading Next Week | Economy and Markets double your bitcoins in 90 days Fed Makes Rate Hike Despite Lack of Inflation - Newser bitcoin news mtgox 13 Oct 2015 at -primer-policymakers; and Federal Reserve Bank of Chicago, Chicago Fed. Letter, Bitcoin: A Primer, 2013, available at 2013/; and the Bank of England, The  how to mine bitcoins linux SEC Staff Letter to SIFMA and ICI : Engaging on Fund. One in 5 consumers buy bitcoin with credit haven't paid off the debt, a new survey finds. Prior to Citi, Rajeev was a policy advisor and business economist at the Federal Reserve Bank of Chicago, where he contributed to the Federal Reserve's position on public 

Fed hikes rates by a quarter point | New York Post

“Peak Crypto" - Agora FinancialThere They Go Again . . . Again - Oaktree Capital convert bitcoin cash to bitcoin Chicago Fed Letter, No. 317, December 2013. Bitcoin: A Primer. By François Velde. Bitcoin is a digital currency that was launched in 2009, and it has attracted much attention recently. This article reviews the mechanics of the currency and offers some thoughts on its characteristics. bitcoin debit cards review Chicago Association for Business Economics bitcoin gold price fork 7 Jan 2015 With the African American community, Colas sees the currency filling a significant financial-services void. As support, he cites a Senate committee letter written in 2013 by then-Federal Reserve chairman Ben Bernanke, along with a Bitcoin primer published by the Chicago Fed. Neither offered any official 

CBOEs XBT IS NOT BTC - Kromi28 Aug 2013 William Bergman, a 14 year veteran at the Chicago Federal Reserve Bank, was fired in 2004 abruptly after asking too many questions, actually for asking The letter made a point of reminding the regional banks that the review of Suspicious Activity Reports (SARs) assists in the identification of potential  bitcoin cash deposit walmart In: Chicago Fed Letter December No. 317. Weber, B. 2013. Ordoliberale Geldreform als Antwort auf die Krise? Bitcoin und Vollgeld im. Vergleich. In: DIW Vierteljahreshefte für Wirtschaftsforschung 82(4). 73–88. Weber B. 2015. Bitcoin and the Legitimacy Crisis of Money. In: Cambridge Journal of Economics. Forthcoming. bitcoin every hour Francois Velde of the Federal Reserve Bank of Chicago has estimated that, as of late 2013, the average volume of bitcoin trans- actions per minute totaled less than four-tenths of 1 percent of average dollar transactions per minute—actually, not total dollar transactions but only the subset conducted by means of Visa credit. bitcoin mining details 6 Nov 2013 Bitcoin is a digital currency that was launched in 2009, and it has attracted much attention recently. This article reviews the mechanics of the currency and offers some thoughts on its characteristics. .

Bitcoin: a primer. F Velde. Chicago Fed Letter, 2013. 94, 2013. A model of commodity money, with applications to Gresham's law and the debasement puzzle. FR Velde, WE Weber, R Wright. Review of Economic Dynamics 2 (1), 291-323, 1999. 89, 1999. The debasement puzzle: an essay on medieval monetary history.12 Dec 2017 The Chicago Mercantile Exchange (CME) plans to open its own bitcoin futures next Monday, Dec. 18. Lest you are unaware of the subtle arts of finance, futures trading allows investors to wager on the future price of an asset. Futures are agreements to buy and sell a certain product at a certain date  bitcoin live roulette “Economics of Bitcoin: Is Bitcoin an Alternative to Fiat. Currencies and Gold?” Master's thesis. Vienna University of Economics and Business. The Paypers. 2014. Cross-Border Ecommerce Report Canada. Velde, F. R. 2013. “Bitcoin: A Primer.” Chicago Fed Letter. Number 317. (December). Federal Reserve Bank of Chicago  how much in bitcoin 19 May 2014 Fed Chairman Ben Bernanke: Letter to Congress: ”Bitcoin and other virtual currencies may hold long-term promise…” December 2013 (document actually created same day Ben Bernanke's letter went out). Chicago Fed: Bitcoin A primer: “Bitcoin solves two challenges of digital money— controlling its  bitcoin mining cpu calculator Download bitcoin pdf - eFM Live

9 Nov 2017 JJL. ++++. Wednesday's Top Three Yesterday's top story was from the Chicago Fed, a paper called Blockchain and Financial Market Innovation. Second went to Business Insider's Bitcoin trading matures as institutions pour in. Third went to the announcement from CME Coming Soon: Bitcoin Futures. ++++ 27 Apr 2016 The Clearing House – the high value clearing network for the larger banks – has announced a letter of intent with Vocalink to develop a new real-time system. Judging by the Chicago Payments Symposium hosted by the Chicago Fed last month, there is still nothing like consensus on the “right” outcome,  bitcoin wallet source code 12 Jul 2017 - 194 minBuy Bitcoin. I HAVE SENT LETTERS TO YOU AND OTHER FEDERAL REGULATORS. THEY bitcoin solo mining 2017 Tag: bitcoin futures Chicago Fed President Charles Evans, a Fed dissenter, speaks today at 8:00 and Wholesale Inventories are at 9:00. . for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. neptune bitcoin 31 Aug 2017 Bitcoin – the largest and best-known digital currency – and its peers pose a threat to the established money system by effectively circumventing it. . fewer merchants," said Sumit Agarwal of Georgetown University, who was previously a senior financial economist at the Federal Reserve Bank of Chicago.

25 Apr 2016 Takemoto, Y., & Knight, S. (2014). “Mt. Gox files for bankruptcy, blames hackers for losses.” Reuters, February 28. Velde, F. (2013). “Bitcoin: A Primer.” Chicago Fed Letter #317, December. Yermack, D. (2013). “Is Bitcoin a Real Currency?” National Bureau of Economic Research (NBER) Working Papers.The Federal Reserve Bank of New York's territory includes parts of the states of New Jersey and Connecticut, as well as the entire state of New York. Bank notes printed by Federal Reserve Bank of New York are denoted by the mark "B2", which represents the second district ("B" is also the second letter of the alphabet). exchange bitcoin for ethereum coinbase Gold Wins in Three out of Four Scenarios, Says Macquarie Strategist do you have to be 18 to use bitcoin 12.3 million Bitcoins in circulation. Maximum total number will be 21 million. Trading right now around $900 per bitcoin. Total market cap is about $11 billion. New Bitcoins are added only for “mining”. About 3,600 Bitcoins are added each day. (halved in 11-2012); (about 100,000 each month). This will decrease  bitcoin is gonna crash REx”:'''Ila': fift" Chicago Fed Letter Bitcoin: A primer by Prairai, R. W.'', senior runninist Bitcoin is an elegant implementation of a digital currency, but can it truly rival Or replace existing currencies? In this Chicago lette, I explain the stigial currency called hitcoil. The cur. rent minimber of hirrawiniiniis is arrillian 11.8 millisii, and 

Chicago Fed Letter. As one of its most important properties and a key selling point, Bitcoin is not controlled by any government, (central) bank or is the Bitcoin miners who provide the computational machinery who are then compensated in the actual currency, from transaction fees and newly minted Bitcoin Bitcoins use cryptography to secure and safeguard against counterfeiting. Unlike U.S. dollars and other currencies, a bitcoin is not government issued and does not have a physical coin or bill associated with its circulation, such as a Federal Reserve note. Bitcoin has grown in popularity since its introduction and is the most  martin armstrong on bitcoin The difference, as the Chicago Fed has pointed out, is that unlike minerals, bitcoins have no intrinsic value. “Once created, the bitcoin has no value other than in exchange, contrary to a gold coin.”4 Not all volunteers are rewarded; only those who can verify the transaction and solve a complex computational problem (to  costco bitcoin IDENTIFIER: oclc: 16402000. Metadata (XML) Metadata (JSON). Save & Share. less. Federal Reserve Bank of Chicago. Research Department and Federal Reserve Bank of Chicago. Chicago Fed Letter. Federal Reserve Bank of Chicago, 1987-2016. , accessed on January 3, 2018. bitcoin fomo ESSAYS ON ISSUES THE FEDERAL RESERVE BANK DECEMBER 2013 OF CHICAGO NUMBER 317 Chicago Fed Letter Bitcoin: A primer by François R. Velde, senior economist Bitcoin is a digital currency that was launched in 2009, and it has attracted much attention recently. This article reviews the mechanics of the