What is Bitcoin?
Bitcoin is a payment system invented in 2008 and released as open-source software the following year. It is described as the first decentralized digital currency and is presently the largest of its kind in terms of total market value. Here's a look at how Bitcoin started and some highlights in its history.
2007: Satoshi Nakamoto started working on the Bitcoin concept
August 15, 2008: An application for an encryption patent is filed by Neal Kin, Vladimir Oksman, and Charles Bry. They deny any connection with Nakamoto.
August 18, 2008: Bitcoin.org is registered at anonymousspeech.com, which allows users to anonymously register domain names.
October 31, 2008: Nakamoto describes the Bitcoin currency in a white paper and provides steps to prevent the currency from being copied.
November 09, 2008: The Bitcoin project is registered on Sourceforge.net
January 03, 2009: At 18:15:05 UTC, Nakamoto generated Bitcoins' first block of transactions - Block #0. Called the Genesis Block, it is the foundation of all subsequent blocks in the bitcoins blockchain.
January 09, 2009: Bitcoin Version 0.1 is released, compiled through Microsoft's Visual Studio for Windows.
January 12, 2009: The first Bitcoin currency transaction takes place in block 170, between Nakamoto and Hal Finney.
October 05, 2009: A Bitcoin exchange rate is established by New Liberty Standard pegging the value of a Bitcoin at US$1 = 1309.03 BTC.
December 16, 2009: Bitcoin Version 0.2 is released.
February 6, 2010: The Bitcoin Market is established with Bitcoin as a currency exchange.
February 1, 2010: The encryption patent application that was filed on August 15, 2008, was approved.
May 22, 2010: Florida programmer Laszlo Hanyecz offers to pay 10,000 Bitcoin for a pizza on the Bitcoin Forum marking the first real-world transaction.
July 07, 2010: Bitcoin Version 0.3 is released.
July 12, 2010: Over a five-day period beginning on July 12, the exchange value of Bitcoin increased tenfold from US$0.008/BTC to 0.08/BTC.
July 17, 2010: The MtGOX Bitcoin currency exchange market is established by Jed McCaleb.
August 15, 2010: A vulnerability in the Bitcoin system is discovered and exploited, resulting in the generation of 184 billion Bitcoins.
November 06, 2010: Bitcoins Market cap exceeds $1 million USD. Price on MtGox reaches $0.5/BTC.
December 07, 2010: The Bitcoind program is written for the Nokia N900 mobile computer.
December 08, 2010: First mobile Bitcoin transaction occurs using Bitcoind.
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