^ Jump up to: a b c d e Joshua A. Kroll; Ian C. Davey; Edward W. Felten (11–12 June 2013). "The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries" (PDF). The Twelfth Workshop on the Economics of Information Security (WEIS 2013). Archived (PDF) from the original on 9 May 2016. Retrieved 26 April 2016. A transaction fee is like a tip or gratuity left for the miner.
Ethereum's blockchain uses Merkle trees, for security reasons, to improve scalability, and to optimize transaction hashing.[61] As with any Merkle tree implementation, it allows for storage savings, set membership proofs (called "Merkle proofs"), and light client synchronization. The Ethereum network has at times faced congestion problems, for example, congestion occurred during late 2017 in relation to Cryptokitties.[62]
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.[123] For example, in 2012, Mt. Gox froze accounts of users who deposited bitcoins that were known to have just been stolen.[124]

البيتكوين عملة رقمية ذات مجهولية، حيث أن عملية التحويل عبرها يتطلب فقط معرفة رقم محفظة الشخص المحول إليه ويتم تخزين عملية التحويل في سلسلة الكتل برقم تسلسلي خاص ولا يتضمن هذا اسم المرسل او المتلقي او اي بيانات اخرى خاصة بهما، مما يجعل منها فكرة رائجة لدى كل من المدافعين عن الخصوصية، أو بائعي البضائع غير المشروعة (مثل المخدرات) عبر الإنترنت على حد سواء.[9]
Ethereum blockchain applications are usually referred to as DApps (decentralized application), since they are based on the decentralized Ethereum Virtual Machine, and its smart contracts.[46] Many uses have been proposed for Ethereum platform, including ones that are impossible or unfeasible.[47][33] Use case proposals have included finance, the internet-of-things, farm-to-table produce, electricity sourcing and pricing, and sports betting. Ethereum is (as of 2017) the leading blockchain platform for initial coin offering projects, with over 50% market share.
Ethereum's blockchain uses Merkle trees, for security reasons, to improve scalability, and to optimize transaction hashing.[61] As with any Merkle tree implementation, it allows for storage savings, set membership proofs (called "Merkle proofs"), and light client synchronization. The Ethereum network has at times faced congestion problems, for example, congestion occurred during late 2017 in relation to Cryptokitties.[62]

While another less aggressive soft fork solution was put forth, the Ethereum community and its founders were placed in a perilous position. If they didn’t retrieve the stolen investor money, confidence in Ethereum could be lost. On the other hand, recovering investor money required actions that went against the core ideas of decentralization and set a dangerous precedent.


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.[97] As a result, the user must have complete trust in the online wallet provider. A malicious provider or a breach in server security may cause entrusted bitcoins to be stolen. An example of such a security breach occurred with Mt. Gox in 2011.[98]
^ "Crib Sheet: Neptune's Brood – Charlie's Diary". www.antipope.org. Archived from the original on 14 June 2017. Retrieved 5 December 2017. I wrote Neptune's Brood in 2011. Bitcoin was obscure back then, and I figured had just enough name recognition to be a useful term for an interstellar currency: it'd clue people in that it was a networked digital currency.
Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While the Bitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running the programming code of any decentralized application.
The price of bitcoins has gone through cycles of appreciation and depreciation referred to by some as bubbles and busts.[159] In 2011, the value of one bitcoin rapidly rose from about US$0.30 to US$32 before returning to US$2.[160] In the latter half of 2012 and during the 2012–13 Cypriot financial crisis, the bitcoin price began to rise,[161] reaching a high of US$266 on 10 April 2013, before crashing to around US$50. On 29 November 2013, the cost of one bitcoin rose to a peak of US$1,242.[162] In 2014, the price fell sharply, and as of April remained depressed at little more than half 2013 prices. As of August 2014 it was under US$600.[163] During their time as bitcoin developers, Gavin Andresen[164] and Mike Hearn[165] warned that bubbles may occur.
In Charles Stross' 2013 science fiction novel, Neptune's Brood, the universal interstellar payment system is known as "bitcoin" and operates using cryptography.[227] Stross later blogged that the reference was intentional, saying "I wrote Neptune's Brood in 2011. Bitcoin was obscure back then, and I figured had just enough name recognition to be a useful term for an interstellar currency: it'd clue people in that it was a networked digital currency."[228]
Though transaction fees are optional, miners can choose which transactions to process and prioritize those that pay higher fees.[77] Miners may choose transactions based on the fee paid relative to their storage size, not the absolute amount of money paid as a fee. These fees are generally measured in satoshis per byte (sat/b). The size of transactions is dependent on the number of inputs used to create the transaction, and the number of outputs.[7]:ch. 8
As can be seen from the data on this page, Ethereum’s price has been enormously volatile and therefore highly unpredictable over the short-term. However, longer-term trends are easier to predict, with fundamental metrics such as the total number of developers, community discussion and GitHub pull requests indicating a more accurate future price trend. Other methods to predict the price of Ethereum include metrics such as Network Value to Transaction ratio (NVT ratio) and the relative prices between coins. The method that we find most interesting is in that of the Ethereum-based prediction market, Augur. These predictions source the “wisdom of the crowd” to determine the likelihood of an outcome occurring and provide a significant level of insight into the market sentiment.
We are always looking for feedback on the platform and user suggestions are regularly included in future releases of this price tracking software. The website is currently undergoing development to include price data from all ERC20 tokens as well order book data, blockchain usage data and more. We endeavour to keep the site simple to use with clear data visualizations that help investors stay abreast of the latest Ethereum price movements. We are determined to keep this webapp free from intrusive advertising; please share this website and its content!

Every 2,016 blocks (approximately 14 days at roughly 10 min per block), the 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 amount of mining power on the network.[7]:ch. 8 Between 1 March 2014 and 1 March 2015, the average number of nonces miners had to try before creating a new block increased from 16.4 quintillion to 200.5 quintillion.[86]

Every 2,016 blocks (approximately 14 days at roughly 10 min per block), the 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 amount of mining power on the network.[7]:ch. 8 Between 1 March 2014 and 1 March 2015, the average number of nonces miners had to try before creating a new block increased from 16.4 quintillion to 200.5 quintillion.[86]
Lightweight clients consult full clients to send and receive transactions without requiring a local copy of the entire blockchain (see simplified payment verification – SPV). This makes lightweight clients much faster to set up and allows them to be used on low-power, low-bandwidth devices such as smartphones. When using a lightweight wallet, however, the user must trust the server to a certain degree, as it can report faulty values back to the user. Lightweight clients follow the longest blockchain and do not ensure it is valid, requiring trust in miners.[96]
A demo account is intended to familiarize you with the tools and features of our trading platforms and to facilitate the testing of trading strategies in a risk-free environment. Results achieved on the demo account are hypothetical and no representation is made that any account will or is likely to achieve actual profits or losses similar to those achieved in the demo account. Conditions in the demo account cannot always reasonably reflect all of the market conditions that may affect pricing and execution in a live trading environment.
“A DAO consists of one or more contracts and could be funded by a group of like-minded individuals. A DAO operates completely transparently and completely independently of any human intervention, including its original creators. A DAO will stay on the network as long as it covers its survival costs and provides a useful service to its customer base” Stephen Tual, Slock.it Founder, former CCO Ethereum. 

بروتوكول التوجيه بين البوابات (BGP)   بروتوكول التهيئة الآليّة للمضيفين (DHCP) بروتوكول التطبيقات المقيدة (CoAP) نظام أسماء النطاقات (DNS) بروتوكول نقل النصّ الفائق (HTTP) بروتوكول الوصول إلى رسائل الإنترنت (IMAP) بروتوكول النفاذ إلى الدليل البسيط (LDAP) برتوكول نقل أخبار الشبكة (NNTP) بروتوكول التوقيت في الشبكة (NTP) بروتوكول مكتب البريد (POP) بروتوكول معلومات التوجيه (RIP) بروتوكول التدفق في الزمن حقيقي (RTSP) بروتوكول وصف الجلسة (SDP) بروتوكول بدء جلسة (SIP) بروتوكول نقل الملفات (FTP) بروتوكول نقل الملفات البسيط (TFTP) بروتوكول إرسال البريد البسيط (SMTP) بروتوكول إدارة الشبكات البسيط (SNMP) بروتوكول الاتصال الآمن (SSH) بروتوكول تل نت (Telnet) سبيدي (SPDY) مزيد ..
• لا حرج من دفع عمولات تحويل العملات: كما هو شائع بالنسبة للبعض أن دفع العُمولات عبر شبكات الإنترنت مقابل خدمات تحويل أو شراء عُملات البيتكوين يُعد شكل من أشكال الربا غير المسموح بها. لكن إستناداُ إلى ما تم ذكره بحسب الفتوى رقم 259576 أن لا هناك أى حرج على دفع مثل هذه العمولات. حيث إنك تدفع مُقابل حصولك على خدمة معينة بما فيها خدمات تحويل وشراء عُملات البيتكوين الإفتراضية.
الجدير بالذكر بأن بعض المواقع كانت تنشر سابقا تقديرا لمقدار الخسارة/ الربح الذي يُسجله المنقبون لكن يبدو بأنهم توقفوا عن القيام بذلك لأسباب نجهلها. قد يعتقد البعض بأنه لم يكن بالإمكان إعطاء تقدير دقيق لمقدار الخسارة أو الربح الذي يُسجله المنقبون، ولذلك تم التخلص من ذلك. إلا أنه من المُمكن جدا أنه تم التخلص من ذلك لكيلا يتم تنفير المُنقبين من عمليات التنقيب.

Several news outlets have asserted that the popularity of bitcoins hinges on the ability to use them to purchase illegal goods.[135][222] Nobel-prize winning economist Joseph Stiglitz says that bitcoin's anonymity encourages money laundering and other crimes, "If you open up a hole like bitcoin, then all the nefarious activity will go through that hole, and no government can allow that." He's also said that if "you regulate it so you couldn't engage in money laundering and all these other [crimes], there will be no demand for Bitcoin. By regulating the abuses, you are going to regulate it out of existence. It exists because of the abuses."[223][224]
^ Iansiti, Marco; Lakhani, Karim R. (January 2017). "The Truth About Blockchain". Harvard Business Review. Harvard University. Retrieved 17 January 2017. The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
بروتوكول اكتشاف الجيران (NDP) بروتوكول حل العناوين (ARP) بروتوكولات نفقيّة (بروتوكول الأنفاق في الطبقة الثانية) بروتوكول الربط بين نقطتين (PPP) بروتوكول الشجرة المُتفرعة (STP) الواجهة البينية للبيانات الموزعة بالألياف (FDDI) تبديل الأطر الإيثرنت (IEEE 802.3). الشبكات المحليّة اللاسلكيّة (IEEE 802.11) الشبكات الشخصية اللاسلكية (IEEE 802.15) البلوتوث (IEEE 802.15.1) الشبكات الشخصية اللاسلكية منخفضة المعدل (IEEE 802.15.4) مزيد ..
Ethereum-based customized software and networks, independent from the public Ethereum chain, are being tested by enterprise software companies.[48] Interested parties include Microsoft, IBM, JPMorgan Chase,[33][49] Deloitte,[50] R3,[51] Innovate UK (cross-border payments prototype).[52] Barclays, UBS and Credit Suisse are experimenting with Ethereum blockchain to automate Markets in Financial Instruments Directive (MiFID) II requirements.
Venture capitalists, such as Peter Thiel's Founders Fund, which invested US$3 million in BitPay, do not purchase bitcoins themselves, but instead fund bitcoin infrastructure that provides payment systems to merchants, exchanges, wallet services, etc.[154] In 2012, an incubator for bitcoin-focused start-ups was founded by Adam Draper, with financing help from his father, venture capitalist Tim Draper, one of the largest bitcoin holders after winning an auction of 30,000 bitcoins,[155] at the time called "mystery buyer".[156] The company's goal is to fund 100 bitcoin businesses within 2–3 years with $10,000 to $20,000 for a 6% stake.[155] Investors also invest in bitcoin mining.[157] According to a 2015 study by Paolo Tasca, bitcoin startups raised almost $1 billion in three years (Q1 2012 – Q1 2015).[158]
Physical wallets can also take the form of metal token coins[102] with a private key accessible under a security hologram in a recess struck on the reverse side.[103]:38 The security hologram self-destructs when removed from the token, showing that the private key has been accessed.[104] Originally, these tokens were struck in brass and other base metals, but later used precious metals as bitcoin grew in value and popularity.[103]:80 Coins with stored face value as high as ₿1000 have been struck in gold.[103]:102–104 The British Museum's coin collection includes four specimens from the earliest series[103]:83 of funded bitcoin tokens; one is currently on display in the museum's money gallery.[105] In 2013, a Utahn manufacturer of these tokens was ordered by the Financial Crimes Enforcement Network (FinCEN) to register as a money services business before producing any more funded bitcoin tokens.[102][103]:80
We are always looking for feedback on the platform and user suggestions are regularly included in future releases of this price tracking software. The website is currently undergoing development to include price data from all ERC20 tokens as well order book data, blockchain usage data and more. We endeavour to keep the site simple to use with clear data visualizations that help investors stay abreast of the latest Ethereum price movements. We are determined to keep this webapp free from intrusive advertising; please share this website and its content!

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.[97] As a result, the user must have complete trust in the online wallet provider. A malicious provider or a breach in server security may cause entrusted bitcoins to be stolen. An example of such a security breach occurred with Mt. Gox in 2011.[98]
Researchers have pointed out at a "trend towards centralization". Although bitcoin can be sent directly from user to user, in practice intermediaries are widely used.[32]:220–222 Bitcoin miners join large mining pools to minimize the variance of their income.[32]:215, 219–222[115]:3[116] Because transactions on the network are confirmed by miners, decentralization of the network requires that no single miner or mining pool obtains 51% of the hashing power, which would allow them to double-spend coins, prevent certain transactions from being verified and prevent other miners from earning income.[117] As of 2013 just six mining pools controlled 75% of overall bitcoin hashing power.[117] In 2014 mining pool Ghash.io obtained 51% hashing power which raised significant controversies about the safety of the network. The pool has voluntarily capped their hashing power at 39.99% and requested other pools to act responsibly for the benefit of the whole network.[118] Between 2017 and 2019 over 70% of the hashing power and 90% of transactions were operating from China.[119]
Ethereum enables developers to build and deploy decentralized applications. A decentralized application or Dapp serve some particular purpose to its users. Bitcoin, for example, is a Dapp that provides its users with a peer to peer electronic cash system that enables online Bitcoin payments. Because decentralized applications are made up of code that runs on a blockchain network, they are not controlled by any individual or central entity. 

In 2016 a decentralized autonomous organization called The DAO, a set of smart contracts developed on the platform, raised a record US$150 million in a crowdsale to fund the project.[25] The DAO was exploited in June when US$50 million in ether were taken by an unknown hacker.[26][27] The event sparked a debate in the crypto-community about whether Ethereum should perform a contentious "hard fork" to reappropriate the affected funds.[28] As a result of the dispute, the network split in two. Ethereum (the subject of this article) continued on the forked blockchain, while Ethereum Classic continued on the original blockchain.[29] The hard fork created a rivalry between the two networks.


If the private key is lost, the bitcoin network will not recognize any other evidence of ownership;[32] the coins are then unusable, and effectively lost. For example, in 2013 one user claimed to have lost 7,500 bitcoins, worth $7.5 million at the time, when he accidentally discarded a hard drive containing his private key.[78] About 20% of all bitcoins are believed to be lost. They would have a market value of about $20 billion at July 2018 prices.[79]
The U.S. federal investigation was prompted by concerns of possible manipulation during futures settlement dates. The final settlement price of CME bitcoin futures is determined by prices on four exchanges, Bitstamp, Coinbase, itBit and Kraken. Following the first delivery date in January 2018, the CME requested extensive detailed trading information but several of the exchanges refused to provide it and later provided only limited data. The Commodity Futures Trading Commission then subpoenaed the data from the exchanges.[181][182]

To be accepted by the rest of the network, a new block must contain a proof-of-work (PoW).[75] The system used is based on Adam Back's 1997 anti-spam scheme, Hashcash.[85][4] The PoW requires miners to find a number called a nonce, such that when the block content is hashed along with the nonce, the result is numerically smaller than the network's difficulty target.[7]:ch. 8 This proof is easy for any node in the network to verify, but extremely time-consuming to generate, as for a secure cryptographic hash, miners must try many different nonce values (usually the sequence of tested values is the ascending natural numbers: 0, 1, 2, 3, ...[7]:ch. 8) before meeting the difficulty target.
J. P. Morgan Chase is developing JPM Coin on a permissioned-variant of Ethereum blockchain dubbed "Quorum".[53] It's designed to toe the line between private and public in the realm of shuffling derivatives and payments. The idea is to satisfy regulators who need seamless access to financial goings-on, while protecting the privacy of parties that don't wish to reveal their identities nor the details of their transactions to the general public.[54]

• غطاء تمويلى للمنظمات الإرهابية: قامت دار الإفتاء المصرية بتصريح أن عمليات الإستثمار والتداول في البيتكوين تُعتبر عمليات مُحرمة من قبل الدين والشرع حيث إنها تعمل كغطاء لتمويل المنظمات الإرهابية وعصابات المُخدرات. كما لعدم وجود هيئات حكومية وبنوك مركزية كان لذلك آثر رهيب على استخدام إستثمارات البيتكوين في عمليات غسيل الأموال والتى بالطبع نهانا الرسول عنها، بل ويُحاسب عليها القانون أيضاً.
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.[92]
Bitcoin (BTC) is known as the first open-source, peer-to-peer, digital cryptocurrency that was developed and released by a group of unknown independent programmers named Satoshi Nakamoto in 2008. Cryptocoin doesn’t have any centralized server used for its issuing, transactions and storing, as it uses a distributed network public database technology named blockchain, which requires an electronic signature and is supported by a proof-of-work protocol to provide the security and legitimacy of money transactions. The issuing of Bitcoin is done by users with mining capabilities and is limited to 21 million coins. Currently, Bitcoin’s market cap surpasses $138 billion and this is the most popular kind of digital currency. Buying and selling cryptocurrency is available through special Bitcoin exchange platforms or ATMs. 

Ethereum’s core innovation, the Ethereum Virtual Machine (EVM) is a Turing complete software that runs on the Ethereum network. It enables anyone to run any program, regardless of the programming language given enough time and memory. The Ethereum Virtual Machine makes the process of creating blockchain applications much easier and efficient than ever before. Instead of having to build an entirely original blockchain for each new application, Ethereum enables the development of potentially thousands of different applications all on one platform.
Though transaction fees are optional, miners can choose which transactions to process and prioritize those that pay higher fees.[77] Miners may choose transactions based on the fee paid relative to their storage size, not the absolute amount of money paid as a fee. These fees are generally measured in satoshis per byte (sat/b). The size of transactions is dependent on the number of inputs used to create the transaction, and the number of outputs.[7]:ch. 8
Ethereum's smart contracts are based on different computer languages, which developers use to program their own functionalities. Smart contracts are high-level programming abstractions that are compiled down to EVM bytecode and deployed to the Ethereum blockchain for execution. They can be written in Solidity (a language library with similarities to C and JavaScript), Serpent (similar to Python, but deprecated), LLL (a low-level Lisp-like language), and Mutan (Go-based, but deprecated). There is also a research-oriented language under development called Vyper (a strongly-typed Python-derived decidable language).
To be accepted by the rest of the network, a new block must contain a proof-of-work (PoW).[75] The system used is based on Adam Back's 1997 anti-spam scheme, Hashcash.[85][4] The PoW requires miners to find a number called a nonce, such that when the block content is hashed along with the nonce, the result is numerically smaller than the network's difficulty target.[7]:ch. 8 This proof is easy for any node in the network to verify, but extremely time-consuming to generate, as for a secure cryptographic hash, miners must try many different nonce values (usually the sequence of tested values is the ascending natural numbers: 0, 1, 2, 3, ...[7]:ch. 8) before meeting the difficulty target.
نيمكوين : مليون هو مجموع عملة ال نيمكوين وهذا يعني أن ال نيمكوين ستكون نادرة نسبيا، بالضبط نفس مستوى ندرة ال بيتكوين . هذا وتساعد ال نيمكوين على إنشاء الإنترنت الغير خاضعة للرقابة، وتنكر السيطرة الحكومية. وهي منصة متعددة الاستخدامات يمكن استخدامها لنظام أسماء النطاقات الغير مركزي والغير منظم، نوع من الإنترنت الخاصة بها. ويمكن أيضا أن تستخدم لإرسال الرسائل، والتصويت، ونظام تسجيل الدخول.

Though transaction fees are optional, miners can choose which transactions to process and prioritize those that pay higher fees.[77] Miners may choose transactions based on the fee paid relative to their storage size, not the absolute amount of money paid as a fee. These fees are generally measured in satoshis per byte (sat/b). The size of transactions is dependent on the number of inputs used to create the transaction, and the number of outputs.[7]:ch. 8


The successful miner finding the new block is allowed by the rest of the network to reward themselves with newly created bitcoins and transaction fees.[88] As of 9 July 2016,[89] the reward amounted to 12.5 newly created bitcoins per block added to the blockchain, plus any transaction fees from payments processed by the block. To claim the reward, a special transaction called a coinbase is included with the processed payments.[7]:ch. 8 All bitcoins in existence have been created in such coinbase transactions. The bitcoin protocol specifies that the reward for adding a block will be halved every 210,000 blocks (approximately every four years). Eventually, the reward will decrease to zero, and the limit of 21 million bitcoins[f] will be reached c. 2140; the record keeping will then be rewarded solely by transaction fees.[90]
تُعتبر بيتكوين عُملة معمّاة (بالإنجليزية: cryptocurrency) ويُقصد بذلك أنها تعتمد بشكل أساسي على مبادئ التشفير في جميع جوانبها، كما أنها تُعتبر أيضا العُملة الأولى من نوعها والأكثر شهرة وانتشارًا لكن رغم ذلك ليست العُملة التشفيرية الوحيدة الموجودة على شبكة الإنترنت حاليًا. حيث يتوفر ما يزيد عن 60 عُملة تشفيرية مُختلفة[6] منها 6 عُملات يُمكن وصفها بالرئيسية [7] وذلك اعتمادًا على عدد المُستخدمين وبنية كل شبكة، إضافة إلى الأماكن التي يُمكن استبدال وشراء هذه العُملات التشفيرية مُقابل عُملات أخرى. جميع العُملات التشفيرية الحالية مبنية على مبدأ عمل عُملة بيتكوين نفسها باستثناء عُملة Ripple [8]، وبما أن عُملة بيتكوين مفتوحة المصدر فإنه من المُمكن استنساخها وإدخال بعض التعديلات عليها ومن ثم إطلاق عُملة جديدة.
Ethereum’s core innovation, the Ethereum Virtual Machine (EVM) is a Turing complete software that runs on the Ethereum network. It enables anyone to run any program, regardless of the programming language given enough time and memory. The Ethereum Virtual Machine makes the process of creating blockchain applications much easier and efficient than ever before. Instead of having to build an entirely original blockchain for each new application, Ethereum enables the development of potentially thousands of different applications all on one platform.
According to the European Central Bank, the decentralization of money offered by bitcoin has its theoretical roots in the Austrian school of economics, especially with Friedrich von Hayek in his book Denationalisation of Money: The Argument Refined,[127] in which Hayek advocates a complete free market in the production, distribution and management of money to end the monopoly of central banks.[128]:22 
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