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In January 2009, the bitcoin network was made when Nakamoto mined the first block of the chain, known as the genesis block.1920 Embedded in the coinbase of the cube was the following text:"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. "10 This note has been interpreted as both a timestamp and a comment on the instability caused by fractional-reserve banking.21:18.

The recipient of the initial bitcoin transaction was cypherpunk Hal Finney, who made the first reusable proof-of-work system (RPOW) in 2004.22 Finney downloaded the bitcoin software on its launch , and on 12 January 2009 obtained ten bitcoins out of Nakamoto.2324 Other early cypherpunk fans were creators of bitcoin predecessors: Wei Dai, creator of b-money, and Nick Szabo, founder of bit gold.25 In 2010, the earliest known business transaction using bitcoin occurred when programmer Laszlo Hanyecz bought two Papa John's pizzas for 10,000 bitcoin.26.

Nakamoto is estimated to have mined one million bitcoins27 before disappearing in 2010, when he handed the network alert key and control of this code over Gavin Andresen. Andresen afterwards became lead programmer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This abandoned opportunity for controversy to grow over the future development path of bitcoin.3029.

After early"proof-of-concept" transactions, the first important consumers of bitcoin were black markets, such as Silk Road. During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting 9.9 million in bitcoins, value roughly $214 million.31:222

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In 2011, the price started at $0.30 each bitcoin, growing to $5.27 for year. The cost rose to $31.50 on 8 June. Within a month that the price fell to $11.00. The next month it dropped to $7.80, and in another month to $4.77.32

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Litecoin, an early bitcoin spin-off or altcoin, appeared in October 2011.33 Many altcoins have been created since then.34

In 2012, bitcoin their explanation prices began at $5.27 growing to $13.30 for the calendar year.32 By 9 January the cost had risen to $7.38, but then crashed by 49 percent to $3.80 over the next 16 days. The cost then rose to $16.41 on 17 August, but fell by 57% to $7.10 within the next three days.35.

In March 2013 that the blockchain briefly split into two independent chains with different rules. The two blockchains operated simultaneously for six hours, each with its own version of the transaction history. Normal operation was restored when the majority of the network downgraded to version 0.7 of their bitcoin software.37 The Mt.

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Gox experienced processing delays because of insufficient capacity44 resulting in the bitcoin price dropping from $266 to $76 before returning to $160 within six hours.45 The bitcoin cost rose to $259 on 10 April, but then dropped by 83% to $45 over the next 3 days.35 On 15 May 2013, US authorities seized accounts associated with Mt.

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881.48 This marked the first time a government agency had captured bitcoin.4950 The FBI seized about 26,000 bitcoins in October 2013 from the dark web website Silk Road during the arrest of Ross William Ulbricht.515253 Bitcoin's cost climbed to $755 on 19 November and crashed by 50 percent to $378 the same day.

In 2014, prices began at $770 and fell to $314 for the year.32 In February 2014 that the Mt. Gox exchange, the largest bitcoin exchange at the moment, said that 850,000 bitcoins had been stolen from its own customers, amounting to almost $500 million. Bitcoin's price fell by almost half, from $867 to $439 (a 49% drop).

In 2015. Prices started at $314 and rose to $434 for year. In 2016 prices climbed to $998 on 1 January 2017.32

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Prices started at $998 in 2017 and rose to $13,412.44 on 1 January 2018.32 On 17 December bitcoin's cost attained an all-time high of $19,666.35

China banned trading in bitcoin, with the first steps taken in September 2017, and also a complete ban starting 1 February 2018. Bitcoin prices then dropped from $9,052 to $6,914 on 5 February 2018.35 The percentage of bitcoin trading in renminbi fell from over 90% in September 2017 to less than 1 percent in June.58.

During the remaining first half of 2018, bitcoin's price fluctuated between $11,480 and $5,848. On 1 July 2018 bitcoin's cost was 6,469.5960

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Bitcoin costs were negatively influenced by numerous hacks or thefts from cryptocurrency exchanges, including thefts from Coincheck in January 2018, Coinrail and Bithumb in June, and Bancor in July. For its first six months of 2018, $761 million value of cryptocurrencies was stolen out of exchanges.61 Bitcoin's cost was changed even though additional cryptocurrencies were stolen at Coinrail and Bancor, as investors concerned about the safety of cryptocurrency exchanges.626364.