Bitcoin: History and Timeline Part 1 (2007 to 2010)

 


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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