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History of Bitcoin

history of bitcoin

History of Bitcoin

2008

October 2008

On October 31st, 2008, “Bitcoin: A Peer-to-Peer Electronic Cash System” was posted to a cryptography mailing list, published under the name “Satoshi Nakamoto”. The whitepaper outlined the foundation of how Bitcoin would operate

2009

January 2009

The first version of Bitcoin is created and shortly after BTC mining begins. This first block of mining is known as the ‘Genesis” block.

October 2009

Bitcoin gets its official USD FX rate of $1.00 = 1,309 BTC which was derived based on the cost of electricity used to mine the coins.

2010

May 2010

First time Bitcoin is used to make a purchase of a Pizza for 10,000 bitcoins for 2 pizza’s.

August 2010

Bitcoin vulnerability is exploited resulting in 184 Billion Bitcoins being created.

November 2010

Bitcoins reaches a value of $1 million in circulation.

December 2010

Bitcoins creator Nakamoto makes his last post and disappears. He stops contributing to Bitcoin altogether and the world still has no idea who he is.

2011

January 2011

An illicit drug marketplace (Silk Road) is created using Bitcoin as its untraceable payment system.

February 2011

Bitcoin price rises and reaches parity with the dollar. Parity refers to when purchasing power of 2 currencies is essentially equal.

2013

March 2013

Bitcoin reaches a market capitalization of $1 Billion.

June 2013

First major bitcoin theft occurs where the founder of Allinvain bitcoin forum has 25,000 BTC ($375,000) stolen from his digital wallet.

November 2013

The world’s first Bitcoin ATM is opened in downtown Vancouver Canada.

 

Bitcoins price reaches $700 USD and the U.S Senate hold first hearings on the digital currency. The Fed reserve chairman Ben Bernanke gives his blessing to Bitcoin.

December 2013

China’s central bank bans Chinese Financial Institutions from handling Bitcoin transactions as they believe Bitcoin poses a threat to their capital controls and financial stability. Despite this China is the worlds biggest bitcoin trading market with approx 80% of bitcoin transactions occurring from the chinese market.

2014

January 2014

Bitcoin Custodians are launched offering the world’s first insured Bitcoin storage service for Institutional Clients.

February 2014

HM Revenue & Customs UK classifies bitcoin as an asset class.

June 2014

U.S. Government auctions off more than 29,000 Bitcoins that were siezed from the illegal Silk Road online drug marketplace.

August 2014

Chancellor of the Exchequer buys some bitcoins and asks Bitcoin businesses to weight in on the risks and benefits of digital currencies.

December 2014

Microsoft begins accepting Bitcoin as payment to buy Microsoft products such as xbox games and windows phones or software.

2015

March 2015

UK Treasury call for information on digital currency is announced publicly.

2016

March 2016

Cabinet of Japan regonizes and ensorses the validity of digital currencies as being real currency.

September 2017

The number of Bitcoin ATMS increases to 771 ATMs worldwide.

2017

October 2017

Bitcoin hardfork occurs resulting in new crypto currency Bitcoin Gold. Hardfork is when a new code change is not backwards compatible resulting in 2 different systems.

November 2017

Bitcoin hardfork occurs resulting in new crypto currency Bitcoin Segwit2x.

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