Heres a0 fede ai ailee orm -yetaad: ‘cris cea Mmapies Sole te cigar Bey ite ciel ash protocol that can be used fo payment of goods’ and sery- ies, o to_exchange for fas currencies". ke the US dollar: Unlike fat ‘currencies however, there is ne national authority which issues bteoin (called 2 cryptocurrency due co” is Internet ex- istence and coding), meaning that itis rot restricted’ to certain borders and benefit korzyse to conduet | orzeprm ‘common currency | wscoinaljecna wal rodzie sig w “issuing authority | wartascionych badd drockow patniczyes) Universally accessible | pos ostepny * goods | produity te exchange sth for sth | wymené cos na 40 ausiness English Magazine therefore has the potential for universal use. The cryptographic technology pro: vides” individual* security” and near stant” verification of payments or trans- fers, without the need for an international banking infrastructure or any manner of ‘mxation® (or formalized regulation) The program and network were un. veiled in 2009, by a progeammer fiat curreney | pieriatwans (paperous} ‘ue to | z pow existence |isnen'e fitujame security| bezpeczetstao ear-instant | prawenalychmiasiowy ‘any manner of sth | okxoiiekrodz5 egos 8 Oe neta ieee erie eri supposedly’ called Satoshi Nakamo. to. whe is shrouded in_mystery. The peer-to-peer nature of the network provided an advantage” over previous attempts at an online currency because it eliminated any need of central authority to regu- late purchasas”. This is similar to other sorts of online business in- teraction markets (like Amazon's “taxation | opndatkowanie to unveil odione odkyé ‘supposedly | soon ‘shrouded in mystery okt tiemnica eerto-peer | P2P, set Lb ushiga lacaaca yom bezposredio (be utzahy advantage {plus preewaga to olminate | rikwidowce. usuraé {u-ezynie (np. miepetreeonym) © purchase |nabtekMarketplace”) — users are_rated on the quality of their transaction and inherent” trustworthiness” The original program also con- trols through an algorithm the to- tal number of Biteoins in existence, dishing out” 50 Bitcoins at a time through 2 lottery held ax_cegular intervals”, until a total of 21 million is reached” in.a decade's time”. To- day the total number in circulation” stands.at” lust over 10 million BTC. Using Bitcoins Bitcoins’ usage is entirely anony- mous: it only requires 9 user's own username and password, along with 1 valid® email address. There are any number of sites thac provide Bitcoin exchange services. Formerly, one of the faxamost” was a site called Trade- hillcom that is now defunct. Tradehill closed its doors at the beginning of this year and subsequentiy® sued” one of its competitors. Owella, for unfair and inconsistent business, peacsices" That case is stil pending”, and Dwolla is sul open and doing a great deal of business, as is Mt.Gox, which claims te be the worlds largest Bitcoin marketplace | yeh, mejsce handy user | uzytiounic “to be rated on sth |by¢ oceniany wediug [akiegs kytrum, byésiasyfkonanym na podstawie czesos ‘inherant | przyoszony, wavy (komus) “trustworthiness | warygodnose, soidnost todish out| wydawas. adawae “to hold |exganizowat, praeprowodzaé "at regular intervals | w requaryen costepach czas to reach | osiagnaé Ina decade's time | zo czeset is ‘in ereulation | w obrco= to stand at | wynose “usemame | nazwa v2ythownk2 ald | wa2ny (np. paszor “formerly | 1s cawmie egos foremost) czoiowy. zoey ‘defunct | nesinesacy. zikaowsny to close one's doors | zaman podwoe, kwidowat dzaiarote “subsequently | nastepnie. pie) Depending on users” record keeping and Internet habits, Bitcoin accounts are tually impossible for governments to locate and confiscate. exchange. These websites and many others are easy to use and simple to find with a basic Google search": ‘Afver creating an account". one’s Bit- ccoin address is public, but the associ- ated~ email address (and therefore the to sue jpozwaé (co sau) ‘competitor rywa,konkuert ‘“ineonsistent | riskonsokworiny, iespojy business practices |sooscb prowadzen'a lanes gospodstcrs| “spending | ok, taiary a great deal of sth| duza ios? czagos ‘oclaim | tier ‘search |: sesia wyszukiania, wysztivanie(u ysaukierce) "account| Konto “associated | powiazany toremain|parosiawae ‘to protec fromlagains sth | chroniépraea ays, brani o czego$ targeting | tu kanlesstowy skerowany to dane gupy spolecrny'zawodowe} (np. reklama) ‘unlawful nelegany, bezprany ty | strona (np, w kowrakcie) ‘depending on | zalezrokl oo ‘racord keeping | rowadzerie ewsenc)/ okumentach user) romaine secret. This protects users against™ any sorts of targeting”, elther by unlawful» or lawful parties” depsnding on users’ record keeping” and Internet habits", Bitcoin accounes are virtually’ impossible for govern- ments to locate and confiscate”. As raul. Bitcoins have allegedly be- come a favorite” of those dealing in ilegal drugs”. partly” due to the sys- tems anonymous nature Potential Problems Beyond this reputation, doing business {in BTC also presents” problems in the volatility” of its exchange rates®. In ‘early October of this year. | Bitcoin ‘was worth approximately” USD 12,00, yer just three months earlier that ex- change rate was roughly” half, with | BTC trading for USD 6.50. Yee this fluctuation” is not nearly as sxsreme” as has been seen in the Mfe (of Bitcoin: early last year, the price of ‘one Biccoin stood at USD 7.00, but af- ter a story broke" about the crypto- currency allegedly being used by drug dealers ts popularity soared. as did the price, reaching as high as USD 23.00. > “habit 2120) italy | eaktyeznie ‘to locate | okalzowas to.confseate | przeae, skonfskowaé ‘8a result | w rozutaci, wolekcie allegedly | podosno zekoma ‘favorite | fawn, ubionarzecz ‘to dea in sth | zaynowat sig coyms,parat Se ceymd drugs | tu narketys partly | ezeciowo, po c2es0 fo present sth | starowé 008 00 orobler) Volatility | nestainos! exchange rate kutsnalutowy approximately | preyizeiy roughiy | 2 g7ube2a. pryblteniu fluctuation | fuktuacia, wahamne (urs) “extreme | srany. ckstomaley to break a story | publikower meter? ‘drug dealer | handiarenaretykar ‘ta sear] (gratownie wzrastae ersacyiny business English sagazine 41This settled at around USD 18, be- fore dropping to less than USO | per* Bitcoin at the revelation” of malware” designed to steal Bitcoins and ene user claiming a theft” of Bitcoins worth up: wards of* USD 500,000. That leads to the great weakness” of Bitcoin’s anonymous structure: despite the user's very public declaration” of being robbed", there was no central- ized authority wo appeal to” and no way to verify" how many BTC the user actually held that were removed” without their knowledge The exist- ence of thousands, if nox millions, of dollars existing only inthe cloud is 2 target that is all too. appealing” to ‘many thieves and hackers, particularly since many hackers possess" the tech- nical knowshow" to use Bitcoins in ayariety of" avenues” that your aver- age user would not. Ilcit™ program- mers have also devised” ‘botnets which ‘mine Biccoins using compu ter resources to artificial” create Bitcoins - for example, last summer an employee of the Australian Broad- sasting® Corporation was caught" generating” Bitcoins on the company’s “to set | uspokoi sie, myrounaé ie ‘perX|naX,coX “revelation | uaarienie malware |ZoSlve opregrsmowanie theft kradzez upwards of| 201920) ‘weakness | siabose weds "declaration | oswiadczene “to be robbed | zostt oorabouaryn) ‘okradionym "fe appeal to sb | apelowar do kayos (0208), ‘2odyé mnioseh/skarge do hogos to verity |znerykowae, sprawazié ‘ta remove | usuna “inthe cloud | tna seraer2e 2dalnyet ~alltoo appealing | a zanadto ociagaiacy “partculrly | srczegoinie "Ho possess | pos adac ™ know-how | wiedza praktycen, know-how © in avatety of sth | nszmejseyon X, w ‘oumalych X avenue |: mozios. spose ile rilegany. potajemay AZ aus The existence of thousands, if not millions, of dollars existing only in the cloud is a target that is all too appealing to many thieves and hackers. ‘The Future Ichas become an accepted fact that thousands of Bit- coins have been mined, bringing the total BTC in circulation above the amount that Nakamoto’s original program had projectee”’ for this pe- riod, a fact that is worrying for the long-term’ viablity of Bitcoins. Yer the market capitalization" of Bitcoins currently stands at over USD 121 min, according 10" Bitcoinwatch.com: that is a great deal of value” created from nothing by Nakamoto and the oth- ers who contribused to™ this open: source” network. Forbes has even created 2 ‘Bit- coin Riches’ list, which shows the “to devise | opracowat,zaprojehiowat. vayrysié © botnet | sie komputer-zore vaykonuiacyeakieszacane bez weday waxthounkow ~ to mine |wydbywae, tu: 2eobywae ra asowa shale resources | 23500) « artificially | setucerie * to broadcast | radana¢ radio, TV to be caught doing sth | zostaé revapanym na rcbiew czegos "to gonerate | generowac, vaya ~ accepted }r2yanany.w2nany to project | orzowaywat: planowae worrying | iepokojacy Yong-tem | chgoternnany ability | zéolnose wtzymanna se oplacanose ‘market capitalization (market cap) aptelizaia rykona, stan ogdiny (np. aky ku) * according 1 | zoodhie * value | wares. cona addresses with the largest BTC hold- ings’, wich the address at che very top. "a balance™ of over 400,000 Bitcoins currently worth over USD 5 min, Despite the fact that the list is anonymous, so we have no idea who any of the addresses on the list belong to” it is kelling™ that cer- tain investors have such confidence to continue to tig up such yast sums in che erypto- currency. In just dhree-years since ics inception’. Bitcoin has grown into 2 cottage industry” with dozens of sites devoted to» the exchange and monitoring of BTC. One of the mast trafficked is Blockchaininfo, which resembles" the resources of 2 more traditional banking entity track: ing market cap, number of transac- tions and many other such numbers If Bicoin continues to become more and more professional and trusted" as a currency, we are sure to eee it in more and more places, both online and off . to contribute to sth | przyczyi sie do zagos * open-source |octarym eda! dae zon prgamu, dostpry, ‘rs eowary ozprouaceary swboeie -»haldings | pot, zaseby to boat | dc) i pochwate cays balance | bians, stan konts “to belong te sb |raieze do xogos ing zany a exeges) * confidence | zavfano,pewnost “to Ye up money in sth | ozyéw cos eiadze, zimwesionad w oS (np. wale) ogy, zr “incepbon | posta. czpoczese » cottage industry | chaivpictwo te cochodowo le barczeakyune rozwiane bby sozen | tzu voted to sth patwigcony czamus “most traficked | noczesce oowieezany (0 trie ifereton, ba serwisi) to resemble | n2ypominat “ aniy|istea, 1: iste to track] sedzi pnowat inp. ne bezaco) “trusted natygodny zatany