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- propagate transactions and 2 - validate them before the next block. Frankfurt am Main : European Central Bank, October 2012. . How bitcoin is moving money in Africa.

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As deflation happens the incentive to hold bitcoins and not spend them increases. Chronic deflation may keep Bitcoin from displacing its rivals. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. The Bitcoin Bubble and a Bad Hypothesis, The National Interest. In Search of a Stable Electronic Currency, New York Times . When will the people who called Bitcoin a bubble admit they were wrong, The Washington Post (5 November 2013).

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