Through an interactive timeline, take a deep dive into the complete history of the only cryptocurrency worth owning, Bitcoin.
Something handed down from a predecessor or from the past: synonym: heritage.
The most comprehensive timeline of significant Bitcoin events that have occurred from pre-inception to today. Let's dive in!
Skip the cue, choose a year:
Blind Signatures for Untraceable Payments is a paper written by David Chaum in 1982. It introduced the concept of blind signatures, a cryptographic technique that allows for the creation of untraceable digital transactions.
With blind signatures, a user can obtain a signature from a party without revealing the content of the message being signed. This makes it possible to conduct transactions without revealing the identities of the parties involved, providing a level of privacy and anonymity that was not previously possible in digital transactions.
The paper laid the groundwork for the development of anonymous digital currencies of the future - including Satoshi Nakamoto's Bitcoin in 2009.
Written by American programmer and mathematician Eric Hughes.
The manifesto highlighted the importance of privacy.
Hashcash was a proof-of-work algorithm that was used to prevent email spam and denial-of-service attacks. It was invented in 1997 by Adam Back, with the whitepaper following in 2002.
The algorithm works by requiring the sender of an email or the requester of a service to perform a certain amount of computational work, typically by computing a cryptographic hash function, in order to prove that they are not a spammer or an attacker.
Back is now the CEO and Founder of Blockstream, a company focused on blockchain technology.
Although his first comment was to tell us that our original description and dates were slightly off, we're still going to claim this one as a win! 🏆
No, not your favorite face-tattooed rapper, B-money was a digital currency proposal introduced by computer engineer Wei Dai in 1998, prior to the creation of Bitcoin. It outlined a decentralized currency system that would allow for secure and anonymous transactions through the use of cryptographic techniques.
While never implemented, b-money laid the foundation for many of the concepts that would later be used in the creation of Bitcoin and other cryptocurrencies.
"I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party."
Satoshi Nakamoto, in his first email to the Cryptography Mailing List.
The domain Bitcoin.org was registered at anonymousspeech.com, an anonymous domain registration service. It remains unclear who registered the domain, although it is widely believed that it was either Satoshi Nakamoto or an associate.
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, published the Bitcoin whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" on the cryptography mailing list (metzdowd.com).
The whitepaper outlined the concept of a decentralized digital currency that could be sent from one user to another without the need for intermediaries like banks or payment processors.
Satoshi Nakamoto registered the Bitcoin project on SourceForge, an open-source software development and collaboration platform. This allowed developers to access the Bitcoin source code and contribute to the development of the project.
Perry Mitzger established the Cryptography Mailing List as an alternative to the Cypherpunks Mailing List due to excessive spam and unfiltered content. This moderated mailing list aimed to facilitate discussions about cryptography, cryptocurrencies, and related subjects among individuals who were well-versed in the concepts, had programming knowledge, and shared a keen interest in the field. Consequently, Satoshi contacted members of this mailing list through a series of emails
The original Bitcoin logo was created by Satoshi Nakamoto shortly after the software's launch and featured the letters "BC" on a gold coin.
As this logo predates the popular Bitcoin Talk forum, little is known about its creation.
However, it is noteworthy that the logo imitated the appearance of a gold coin, referencing the monetary system of metallism.
Metallism is an ideal to which many Bitcoin enthusiasts subscribe, as it is a monetary system in which the value of money is derived from the exchange value of the commodity on which it is based, such as gold or silver.
Satoshi Nakamoto mined the Genesis Block of the Bitcoin blockchain, receiving a 50 BTC reward. This first Bitcoin block, also called Block 0 or the Genesis Block, featured a message that read "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," referencing a headline from The Times newspaper on the same day. This message underscored Bitcoin's mission to establish a decentralized financial system that did not depend on banks or centralized authorities.
The source code was shared exclusively through the Cryptography Mailing List, and this version was designed to function only on Windows.
"Total circulation will be 21,000,000 coins. It'll be distributed to network nodes when they make blocks, with the amount cut in half every 4 years.first 4 years: 10,500,000 coins next 4 years: 5,250,000 coins next 4 years: 2,625,000 coins next 4 years: 1,312,500 coins etc..."
Satoshi Nakamoto, in his email to Cryptography Mailing List subscribers, January 8, 2009.
Satoshi Nakamoto released the first version of the Bitcoin software, Bitcoin v0.1, on SourceForge. This marked the official launch of the Bitcoin network, allowing users to mine and transact with the cryptocurrency.
The first-ever Bitcoin transaction took place between Satoshi Nakamoto and Hal Finney, a developer and early cryptocurrency enthusiast. Satoshi sent 10 BTC to Hal's wallet address, demonstrating that the Bitcoin network was functional.
"When Satoshi announced the first release of the software, I grabbed it right away. I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to me as a test. I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them."
Hal Finney's blog post on BitcoinTalk.org, March 19, 2013.
Arguably the most popular Bitcoin-related tweet, from one of the absolute greats - Hal Finney.
Hal Finney's famous tweet in 2009 announced that he was "running Bitcoin," indicating that he was one of the first people to participate in the network. This tweet marked the official beginning of the Bitcoin network, as it represented the first time that the technology was used by more than one person. Finney's involvement with Bitcoin continued throughout his life, and he made significant contributions to the development of the technology.
The tweet is now considered an important moment in the history of Bitcoin and has become a symbol of the currency's origins.
New Liberty Standard (NLS) launched as the inaugural Bitcoin exchange service to establish a specific BTC price, valuing 1,309 BTC at $1 USD. The price was calculated based on the electricity expenses for mining Bitcoin at that time, marking the first-ever effort to assign a monetary value to the cryptocurrency. The exchange operated under the name "NewLibertyStandard" until December 28, 2009.
Bitcointalk.org, an online forum dedicated to discussing Bitcoin and related topics, was launched by Satoshi Nakamoto. The forum quickly became a hub for the Bitcoin community and played a significant role in the early development and adoption of the cryptocurrency.
Bitcoin v0.2 was launched in 2009, improving networking protocol, adding Command Line Interface (CLI), and introducing a new block version system, setting the foundation for the cryptocurrency's growth and innovation.
On February 24, 2010, Satoshi Nakamoto presented his vision for a redesigned Bitcoin logo to replace the original "BC" gold coin version. Nakamoto shared a post on the Bitcointalk forum showcasing various future images of the logo he created in different sizes.
In 2010, a BitcoinTalk Forum member known as "dwdollar" (ironcially, his real name was Dustin Dollar.)
Dollar was responsible for the creation of the first ever Bitcoin exchange known as Bitcoin Market.
“Hi everyone. I’m in the process of building an exchange. I have big plans for it, but I still have a lot of work to do. It will be a real market where people will be able to buy and sell Bitcoins with each other. In the coming weeks I should have a website with a basic framework set up. Please bear with me.”
Dwdollar's blog post on BitcoinTalk.org, January 15, 2010.
A screenshot of bitcoinmarket.com in August 2011, showing Bitcoin trades at $10 for 46.06 BTC (that is $0.25 a Bitcoin!!) 😭
Under the username "Laszlo" on BitcoinTalk, Lazslo Hanyecz (the man who famously spent 10,000 BTC on 2 pizzas in 2010), released the binary code he personally developed, which enabled Bitcoin mining on Mac OS X.
On a significant day in Bitcoin history, Laszlo and Jercos accomplished something unprecedented by exchanging 10,000 BTC for two Papa John's pizzas, making it the first-ever real-world transaction involving cryptocurrency and tangible goods.
This momentous event, affectionately known as "Bitcoin Pizza Day," marked a significant milestone for the Bitcoin community.
Laszlo posted the offer on BitcoinTalk, when BTC was valued at $41 USD at the time, while estimating the value of the pizzas to be $25-$30 USD. He openly shared his physical address on the forum and found a taker for the offer after 3 days.
"I'll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day.
If you're interested please let me know and we can work out a deal.
The infamous BitcoinTalk blog post from Laszlo Hanyecz, May 18, 2010.
A developer of Bitcoin, Gavin Andresen, creates a website where he distributed 5 bitcoins to users - signalling the first ever Bitcoin Faucet.
The release of Bitcoin v0.3 was announced on the technology news website Slashdot, resulting in a surge of interest and new users joining the network. This event led to a significant increase in the Bitcoin network's computing power and price.
In 2010, the first Bitcoin exchange, Mt. Gox, was launched, enabling users to trade Bitcoin for traditional currencies. Mt. Gox quickly became the dominant platform for Bitcoin trading, handling up to 70% of all transactions.
However, the exchange's rapid growth made it a target for hackers, and a series of high-profile security breaches culminated in the loss of 850,000 Bitcoins in 2014, leading to Mt. Gox's eventual collapse.
A major bug in the Bitcoin protocol caused the creation of an unprecedented 184 billion BTC, leading to a fork in the blockchain known as the Value Overflow Incident.
Fortunately, developers quickly resolved the issue by releasing a patched version of the software. The incorrect chain was abandoned, and the event underscored the significance of security and reliability in the Bitcoin protocol.
The flaw was initially discovered by BitcoinTalk user jgarzik, who raised the alarm about the first transaction of over 92 billion BTC in block #74638, marking the first significant hard fork in the history of Bitcoin.
Following multiple proposals and discussions, Bitcointalk users ultimately agreed that the Bitcoin symbol should have specific characteristics that allow it to be used in any size or proportions and fit any medium, ensuring its fungibility.
In November 2010, a user named Bitboy (not to be confused with the crypto influencer), shared his initial designs on the forum, humbly seeking feedback from the community.
Just under 2 years after launching, Bitcoin's marketcap hits $1 million. At this time, 1 BTC = $0.50.
Slush Pool, the first-ever Bitcoin mining pool, was launched by Marek Palatinus (also known as Slush). Mining pools allow miners to combine their computing power and share block rewards, increasing the likelihood of earning Bitcoin and stabilizing income for miners.
A user named ribuck sent 0.42 BTC to another user using a mobile device, marking the first recorded mobile Bitcoin transaction. This event demonstrated the potential for Bitcoin as a globally accessible digital currency that could be used across various devices.
Satoshi posts his final comment on BitcoinTalk. That was the last time Satoshi made a public post.
Silk Road was owned by Ross William Ulbricht as a platform to facilitate the trading of illegal goods and services with minimal government intervention.
To avoid detection, Ulbricht chose to use BTC as the primary means of payment on the website. This association with criminal activity in its early days caused BTC to be viewed with suspicion by many.
An early and significant achievement for Bitcoin, as it hits $1 per coin. Sadly, this milestone didn't last long and Bitcoin falls below the $1 mark pretty quickly after.
Bitcoin reaches another memorable milestone, when it was featured in a TIME Magazine article in 2011.
The article talks about Bitcoin's potential impact on Governments.
The very same day, BTC hit $1 again!
Room 77, situated in Kreuzberg, Berlin, made history by being the first physical store to accept cryptocurrency as payment for a pint of beer. Sadly, the establishment ceased operations in October 2022.
During a short, but intense rally, Bitcoin's price soars to $31 in less than a month.
After a month of bullish rallying, Bitcoin's price plummets below single digits again - only 4 days after hitting a record $31.
Mt. Gox becomes the first cryptocurrency exchange platform to fall victim to a hack. Over 25,000 BTC is syphoned from around 478 accounts. At the time, it was valued at around $400,000 USD (More than $700 million USD today - April 2023)
On June 14, 2011, Forbes reports that WikiLeaks is using Bitcoin to get around US sanctions imposed on them. Specifically, the banking blockade that had been imposed against the group.
This key moment in history signalled the possibility for Wikileaks supporters to give money without providing their names or going through banks.
Within a few days, Bitcoin's price experiences a significant drop from $31 to $2, considered a major price crash. The reasons behind this sudden decline are attributed to a combination of factors, including a hacking incident at Mt. Gox and negative media coverage. This event underscored Bitcoin's high volatility and the market's vulnerability to external influences.
Just 2 months after skyrocketing to $31 and the falling back down to single digits 4 days later, Bitcoin comes back from the dead and hits $10 a coin.
The Good Wife became the first TV show to reference Bitcoin as a main subject of an episode when it aired its 13th episode entitled “Bitcoin for Dummies” during the show’s third season.
Marking a milestone in Bitcoin media coverage and mainstream awareness. This milestone demonstrated the growing interest and investment in Bitcoin by the media industry, as well as the need for informative and educational resources for new users.
Also on March 1, the wallets of customers, including Gavin Andresen, Bitcoin's lead developer, were compromised in a hack of the private server network Linode, resulting in the theft of approximately 50,000 Bitcoins - OUCH!
Bitcoinica, a Bitcoin trading platform, suffers a security breach that leads to the loss of 18,547 BTC (worth over $200,000 at the time).
This milestone demonstrated the ongoing security risks and vulnerabilities of Bitcoin exchanges, as well as the need for stronger security measures and user protections.
On this day, The Bitcoin Foundation launches with the main aim of promoting the uptake of the new currency.
WordPress makes history by becoming the first major company in the world to accept Bitcoin as payment method.
Reducing the mining reward from 50 BTC to 25 BTC. This milestone demonstrated the pre-programmed scarcity of Bitcoin and the impact on mining profitability and supply.
BitPay, the global leader in bitcoin payment processing, begins spreading the influence of Bitcoin worldwide. In January, the company processed over 10,000 Bitcoin merchant transactions without a single incidence of payment fraud - take that Charlie Munger!
The U.S. Financial Crimes Enforcement Network (FinCEN) issues guidance stating that Bitcoin exchanges must register as money service businesses (MSBs) and comply with anti-money laundering (AML) regulations.
On block 225430, Bitcoin faced a technical crisis, when a bug caused a divergence in behavior between versions 0.7 and 0.8 of the software. This resulted in a fork in the blockchain, splitting it into two. The split lasted for 24 blocks (6 hours).
In South Carolina, an alleged drug dealer had 11.02 Bitcoins seized by the Drug Enforcement Administration, which, at the time, were valued at $814.22.
This marks the first time that the government has confiscated virtual currency as if it were physical property or cash.
Ross Ulbricht is arrested, and Silk Road is shut down. Any users attempting to access the site are met with an FBI announcement stating, ‘THIS HIDDEN SITE HAS BEEN SEIZED’
Ulbricht was convicted on all charges and received a sentence of two life imprisonments along with 40 years, to be served simultaneously without any possibility of parole.
China's central bank imposes a ban on Bitcoin and other cryptocurrencies, prohibiting financial institutions and payment companies from utilizing the currency.
The exchange giant claims that the halts are due to a bug in the Bitcoin software regarding transaction malleability.
Charlie Schem was arrested for allegedly laundering over $1 million in bitcoin through the now-defunct bitcoin marketplace, Silk Road.
Mt. Gox, the world's largest bitcoin exchange, declares bankruptcy, claiming to have lost nearly 850,000 bitcoinleading to a decline in the value of bitcoin from its peak of around $1,160 in December 2013 to below $400 in February 2014. The bankruptcy results in emptied wallets, legal action, and controversy that continues to this day.
On March 6, 2014, a Newsweek article claimed that the true identity of Bitcoin's founder had been found, and was a man named Dorian Prentice Satoshi Nakamoto, a Japanese-American systems engineer residing in California.
The article provided evidence of his computer engineering background and defence systems experience, suggesting he was the creator of Bitcoin.
When questioned about Bitcoin, Nakamoto said: "I am no longer involved in that and I cannot discuss it. It's been turned over to other people. They are in charge of it now. I no longer have any connection.” - HUH?!
However, in subsequent interviews, Nakamoto denied any involvement with Bitcoin and claimed to have no knowledge of it, stating that when he answered the interviewer's previous question, he thought she was referring to his work on classified defence projects.
Hal Finney was a computer scientist, cryptographer, and one of the earliest proponents of Bitcoin. He made significant contributions to the development of cryptography and digital currency, and was the recipient of the first-ever Bitcoin transaction.
In 2014, Finney passed away after a long battle with ALS (amyotrophic lateral sclerosis), a progressive neurodegenerative disease that affects nerve cells in the brain and spinal cord. Despite his illness, Finney continued to work on Bitcoin and remained optimistic about the future of digital currency.
His contributions to the field of cryptography and his impact on the development of Bitcoin are widely recognized and celebrated.
R.I.P to a Bitcoin King.
In January 2015, the exchange suffered a significant security breach, resulting in the loss of approximately 19,000 Bitcoin (BTC) worth around $5 million at the time. The incident was one of the largest security breaches in the history of cryptocurrency exchanges at that time.
Over 100,000 merchants worldwide, including Microsoft (MSFT), Dell (DELL), Wikipedia, Twitch, Greenpeace, Expedia (EXPE), and PayPal (PYPL), now accept Bitcoin.
This widespread adoption by retailers gives people the confidence that Bitcoin holds actual value as a currency, beyond being just a digital investment.
In 2015, the Bitcoin Foundation lost funding from major sponsors due to financial difficulties and controversies. This forced the foundation to downsize and cut back on activities, but it continued to operate. The incident highlighted the challenges faced by non-profits in the cryptocurrency industry and the importance of transparency and effective governance.
Bitfinex, one of the largest Bitcoin exchanges at the time, suffered a security breach resulting in the loss of approximately 1,500 Bitcoin worth around $350,000. The hackers were able to exploit a vulnerability in the exchange's multisignature wallet system, which allowed them to bypass the security measures and steal the funds.
The Winklevoss twins, known for their involvement in Facebook's early years, launched Gemini, a cryptocurrency exchange. The exchange was founded with a focus on security and regulatory compliance, and it quickly gained traction within the cryptocurrency community. Gemini allowed users to buy and sell Bitcoin and other cryptocurrencies using US dollars and other fiat currencies, with trading fees that were lower than many of its competitors.
In a dramatic departure, Mike Hearn, a Bitcoin Core developer who had previously launched a competing Bitcoin XT software, abandons the community and proclaims that "Bitcoin has failed." - Talk about the worst decision ever, jeez!
Written by Joseph Poon and Thaddeus (Tadge) Dryja, the Lightning Network is a second-layer protocol built on top of the Bitcoin blockchain that aims to address the scalability and speed limitations of Bitcoin. The Lightning Network protocol is a network of bidirectional payment channels that allows users to make transactions with each other without having to record every transaction on the blockchain.
Bitcoin Classic was a proposed software implementation for the Bitcoin network that aimed to increase the block size limit from 1 megabyte to 2 megabytes, with the intention of improving transaction processing capacity and reducing fees.
It was launched in February 2016 by a group of Bitcoin developers and enthusiasts, including Gavin Andresen, who was one of the earliest contributors to the Bitcoin codebase.
Despite gaining a small amount of support from the community, the proposal was ultimately not mass adopted.
In early 2016, the Japanese Cabinet recognized Bitcoin as a legal form of payment, acknowledging it as a currency similar to fiat money.
This was a significant step towards the legitimization of Bitcoin in Japan, which was already a major player in the cryptocurrency industry. The decision by the Japanese government allowed businesses to accept Bitcoin payments and allowed exchanges to operate legally, providing a regulatory framework for the industry.
Craig Wright, an Australian computer scientist, claimed to be the creator of Bitcoin, Satoshi Nakamoto.
Wright attempted to provide evidence in the form of digitally signed messages and posts on his blog, as well as to select members of the Bitcoin community. However, his claim was met with skepticism and controversy, as many in the community demanded more concrete evidence of his identity.
Ultimately, Wright failed to provide the necessary proof, and his claim was widely dismissed as a hoax.
The identity of Satoshi Nakamoto remains unknown to this day.
Bitcoin's second halving event occurred on July 9, 2016, as part of the cryptocurrency's built-in monetary policy.
The halving reduced the block reward from 25 BTC to 12.5 BTC per block, cutting in half the rate at which new Bitcoins were issued into circulation.
This event was significant as it signaled a decrease in the rate of Bitcoin's supply growth, which is fixed and finite.
Instead, Bitcoin Cash was created as a result of a disagreement within the Bitcoin community about how to improve the scalability of the Bitcoin network. Some members of the community believed that the block size limit should be increased to allow for more transactions to be processed per block, while others supported the implementation of SegWit, a technology that allows for more transactions to be processed by optimizing the use of block space.
On this day Segwit officially activated on the Bitcoin blockchain.
A hard fork of the Bitcoin blockchain occurred, resulting in the creation of a new cryptocurrency called Bitcoin Cash (BCH). This hard fork was a result of a disagreement within the Bitcoin community about the best way to address the scaling problem that was affecting the Bitcoin network. Bitcoin Cash aimed to increase the block size limit from 1 MB to 8 MB, which would allow for faster and more cost-effective transactions.
Bitcoin broke $10,000 USD for the first time on November 28, 2017. This was a significant milestone for Bitcoin, as it represented a tenfold increase in value from the beginning of the year.
The sudden surge in price was attributed to a combination of factors, including increased mainstream media coverage, the growing acceptance of Bitcoin as a legitimate asset class, and the anticipation of the launch of Bitcoin futures contracts on major exchanges.
Bitcoin futures trading started on December 10, 2017, when the Chicago Board Options Exchange (CBOE) launched the first Bitcoin futures contract. This allowed investors to speculate on the future price of Bitcoin, without actually owning any Bitcoin.
After a period of intense growth, Bitcoin came within spitting range of $20,000 per bitcoin, only to crash down hard in the next couple of days, triggering a multi-year bear run that saw the price go as low as $3,200.Bitcoin came close again a few times this November and December, but the price stopped short of $20,000, followed by some very intense drops.
On January 16, 2018, South Korea's Justice Minister announced plans to ban cryptocurrency trading in the country, citing concerns about money laundering and speculation. The announcement led to a sharp drop in the prices of cryptocurrencies, including Bitcoin.
However, after strong backlash from the public and the cryptocurrency industry, the South Korean government eventually softened its stance and instead implemented regulations to better monitor and control the industry.
Bitcoin 0.16.0, a significant new version, is released, resulting in a price increase of almost 8%.
On March 14, 2018, Google announced that it would be banning all advertising related to cryptocurrencies and initial coin offerings (ICOs) starting in June 2018.
The move was made in an effort to crack down on fraudulent and misleading ads that were commonly seen in the cryptocurrency space.
The Lightning Network for Bitcoin was launched on March 15, 2018. It is a second-layer protocol that enables faster and cheaper transactions on the Bitcoin network by creating payment channels between users that allow for off-chain transactions.
The Lightning Network was created to address the scalability issues of the Bitcoin network, which was experiencing slow transaction times and high fees due to its limited block size. With the Lightning Network, users can conduct near-instant and low-cost transactions, making Bitcoin more practical for day-to-day use.
Twitter announces a ban on crypto advertising, resulting in a price drop of 3.6%.
On April 2, 2018, the price of Bitcoin hit a yearly low of around $6,500, which was a significant drop from its all-time high of almost $20,000 in December 2017.
This price drop was attributed to various factors, including regulatory uncertainty, negative news coverage, and a general bearish sentiment in the market.
2018 wasn't the greatest year for Bitcoin, and August was another depressing month, with Bitcoin's price falling from $7,726 to $5,880 on August 14.
A decade has passed since the mysterious Satoshi Nakamoto mined the first genesis block on January 3, 2009, ushering in a tumultuous ten years of lawsuits, drug deals, feuds, forks, and unprecedented wealth creation for ordinary people worldwide.
As Bitcoin marks its 10th anniversary, its price reaches a daily peak of $3,893.40, which, while impressive, falls short of the stratospheric heights reached in 2017.
But don't worry, we're only just starting to get into the good stuff.
This Valentine's Day, Bitcoin spreads love worldwide by offering Bitcoin content in more than 25 languages.
The Token Taxonomy Act was introduced by U.S. lawmakers Warren Davidson and Darren Soto on April 9, 2019.
The proposed bill seeks to amend existing securities laws to exclude cryptocurrencies and other digital assets from being classified as securities.
Bitcoin inventor Satoshi Nakamoto registered his birthday as April 5th, 1975 on his P2P Foundation profile.
It is hard to be sure if this is his real birthday or one he made up, though given his history of privacy, it is unlikely this is actual his birth date or birth year, but is still nonetheless a day to remember as significant for the Bitcoin creator.
On May 7, 2019, the cryptocurrency exchange Binance suffered a security breach that resulted in the theft of 7,000 bitcoins, worth approximately $40 million at the time.
The company quickly suspended all deposits and withdrawals and launched an investigation into the incident.
Binance assured its users that their funds were insured and that no user funds would be affected.
The company also announced a reward of up to $250,000 for information leading to the arrest and prosecution of the hackers involved in the breach.
After a pretty dry past 12 months, Bitcoin rises back to $10K, and hits $13,880 on June 26 before sliding back down.
Trump shares his opinion on cryptocurrencies, and spoiler alert, he isn't a fan.
In a series of Trump-style tweets, he claims that Bitcoin and other cryptocurrencies are “based on thin air” and claims they encourage “unlawful behaviour.”
On September 27, 2019, the Bitcoin network's hash rate, which is a measure of the computing power being used to mine and process Bitcoin transactions, reached an all-time high of 114.34 million terahashes per second (TH/s).
This milestone reflected the growing interest and participation in the Bitcoin network by miners and investors around the world.
A higher hash rate is generally considered to be a positive sign for the network's security and resilience, as it makes it more difficult for attackers to launch a 51% attack.
On December 8, 2019, Bitcoin's price dropped to its yearly low of around $6,500 USD.
This drop was attributed to a combination of factors including regulatory concerns, a decline in global equity markets, and investor uncertainty.
The drop marked a significant decline from the cryptocurrency's peak of nearly $20,000 USD in late 2017.
January 3, 2020 marked 11 years since the creation of the first block on the Bitcoin blockchain, known as the "genesis block."
Bitcoin enters the mainstream as it receives its own emoji in February, unveiled by the CEO of Twitter, Jack Dorsey.
Ah, yes...Coronavirus. Remember that? 2020 was a wild time. Covidcrashes into our lives, and markets around the worldBitcoin doesn’t escape, falling by over 50% in less than a week as the world moves towards lockdown.
From March 12-13 2020, Bitcoin experienced a significant two-day price crash due to the coronavirus pandemic's impact on global financial markets.
The cryptocurrency's price dropped by more than 50% in just two days, falling from around $8,000 to $3,800 USD.
This was one of the most significant price drops in Bitcoin's history and caused widespread panic among investors. However, the price eventually stabilized, and Bitcoin recovered, reaching all-time highs in 2021.
Bitcoin's 3rd Halving occurred on May 11, 2020. The halving event reduced the block reward from 12.5 BTC to 6.25 BTC, meaning that miners would receive half the amount of bitcoin for verifying transactions.
This event was programmed into the Bitcoin network as a way to control the inflation rate and ensure that there is a finite supply of 21 million BTC.
On July 15, 2020, a massive Twitter hack occurred, targeting high-profile accounts of celebrities, politicians, and businesses, including Barack Obama, Elon Musk, and Apple.
The hackers tweeted a Bitcoin scam, urging followers to send Bitcoin to a specific address with the promise of doubling their money.
The hack resulted in over $118,000 worth of Bitcoin being sent to the scam address before Twitter was able to take control of the situation.
Bitcoin prices had been trading horizontally around $9,000 for a while, finally though, Bitcoin finally breaks out with an exciting 11% jump on July 27, taking it above $11,000.
MicroStrategy, a publicly-traded business intelligence firm, announced on August 11, 2020, that it had purchased 21,454 Bitcoin worth approximately $250 million.
This marked the first time a publicly-traded company had made a significant investment in Bitcoin, and it was seen as a major endorsement of the cryptocurrency's potential as a store of value.
The move also sparked renewed interest in Bitcoin from institutional investors and led to a significant increase in its price.
More than 18.5 million Bitcoin has been mined, totalling 88% of the 21 million maximum.
However, it will still take over a century for it to hit 100% due to the ongoing programmed halving events, with the final Bitcoin expected to be mined in 2140.
On October 7, 2020, Square Inc., a digital payments company founded by Jack Dorsey, announced its purchase of 4,709 bitcoins worth approximately $50 million.
This move by Square was seen as a significant endorsement of Bitcoin's long-term potential and sparked renewed interest in the cryptocurrency from investors. It also demonstrated the growing acceptance of Bitcoin among mainstream financial institutions.
On this day, Bitcoin reaches $15,770, a 24 hour increase of 10% and an increase of more than 100% since the start of 2020.
The bulls predicted it and the skeptics doubted it, but on this day, Bitcoin finally hit the $20K mark. And Bitcoin didn't stay to party - soaring to an all-time-high price of $21,576, marking its yearly again at 180%!
Bitcoin's price increased from around $7,200 at the beginning of the year to over $29,000 by the end of the year, representing a return of more than 300%.
Predictions of Bitcoin's future emerge, with popular social media influencer, PlanB, using a stock-to-flow model to predict a price of $288,000 per Bitcoin by the next Bitcoin halving in 2024.
Bitcoin finishes 2020 on an absolute high and continues its price pump into the new year. Viva la revolution!
On January 8, 2021, Bitcoin hit an all-time high of $41,941, surpassing its previous peak of $19,783 in December 2017.
This surge in price was driven by increasing institutional adoption and investor interest in Bitcoin as a store of value and hedge against inflation.
The COVID-19 pandemic and unprecedented levels of government stimulus also played a role in the growing interest in Bitcoin and other cryptocurrencies as an alternative asset class.
The milestone of Bitcoin reaching a new all-time high marked a significant moment for the cryptocurrency industry and its potential to revolutionize the global financial system.
Mars man, Elon Musk, adds the #bitcoin hashtag to his Twitter bio, causing the price to rise. Increasing almost 11% in a single day and a further 10% rise the following day. Thanks Elon.
With a yearly increase of 75% already, Bitcoin makes history by hitting $50,000 for the first time!
Did you know: If you bought $100 of Bitcoin back in 2010 when it was priced at around $0.10, those would now be worth more than $50 million today! Did you do buy then? Yeah, I didn't either...FFS!
On February 21, 2021, Tesla, a leading electric car manufacturer, announced that it had invested $1.5 billion in Bitcoin, marking the first major investment by a mainstream company in the world's largest cryptocurrency.
The company also stated that it would accept Bitcoin as a form of payment for its products in the future.
The news caused a surge in the price of Bitcoin, with the cryptocurrency reaching a new all-time high of over $58,000 in the days following the announcement.
On March 13, 2021, the price of Bitcoin experienced a sharp correction, dropping from around $58,000 to a low of around $47,000 in just a few hours.
The correction was attributed to a number of factors, including over leveraged long positions, rising bond yields, and concerns about the sustainability of Bitcoin's recent price rally.
After buying $1.5B worth of Bitcoin, Elon Musk announces that customers can now purchase a Tesla with BTC!
Coinbase, one of the largest cryptocurrency exchanges in the world, went public on April 14, 2021.
The company's initial public offering (IPO) was highly anticipated, with investors eager to see how the crypto industry would fare on the public markets.
Coinbase's listing on the NASDAQ exchange was seen as a significant milestone for the cryptocurrency industry, with some experts believing it could help legitimize digital assets in the eyes of traditional investors.
The company's shares opened at $381 and quickly climbed to a high of $429, giving the company a valuation of over $100 billion.
Bitcoin's highly-anticipated upgrade, the taproot soft fork, takes a big step forward with the release of version 0.21.1.
The upgrade, which had been in development for years, promises to make multi-signature transactions cheaper, easier, and more private.
For the first time in 3 months, Bitcoin rises back to $50K, after a few months of volatile action.
On September 7, 2021, El Salvador became the first country in the world to adopt Bitcoin as a legal tender.
The country's president, Nayib Bukele, announced that the government would begin using Bitcoin as a currency for various transactions, including taxes, salaries, and goods and services.
The move was aimed at increasing financial inclusion and reducing the country's dependence on the US dollar.
The decision was met with both excitement and criticism, with some applauding the move as a step towards Bitcoin adoption, while others raised concerns about the potential risks and lack of clarity surrounding the implementation.
On September 19, 2021, there were reports that China's Inner Mongolia region, a major cryptocurrency mining hub, had announced plans to ban all cryptocurrency mining projects by the end of April 2021.
This was part of a larger crackdown on cryptocurrency mining in China, as the country's government had expressed concerns about the energy consumption and environmental impact of mining activities.
As Bitcoin begins breaking records, achieving new all-time-high prices, the U.S. inflation rate hits a 31-year high - up 6.2% since the prior year.
Bitcoin finally breaks $50k again, just in time for Christmas!
Although an exciting time, not everyone is celebrating - Bitcoin has had a tough month and dips 2%.
Bitcoin’s market dominance hit a two month high of 42.6%, just two weeks after hitting its lowest point since 2018.
Let's see if you have been paying attention – the married couple behind the high profile 2016 Bitfinex hack have been arrested, along with $3.6bn in stolen Bitcoin.
On the plus side, the victims of the hack now get their precious Bitcoin back, at a 50X after being forced to HODL for 6 years!
The Bitcoin network hashrate jumped nearly 32% in one day to hit a fresh ATH last week.
Hashrates refer to the amount of computational power required to mine and validate transactions on a blockchain network. A higher hashrate implies a more secure network since it becomes more difficult for malicious actors to acquire sufficient computational power to compromise the network.
Bitcoin faces its largest price drop since March 2020, falling by more than 15% in one day.
CEO Elon Musk said the Bitcoin sale was only to maximize Tesla's cash position
More than 121k Bitcoin (nearly $2.4bn at the time) was sold on exchanges in the past 30 days, and 48k BTC (worth $940m) in one day on October 19.
The U.S. DOJ seized $3.36 billion worth of Bitcoin (50K BTC), that was stolen from a Silk Road hack, 10 years prior. This marks the 2nd largest asset-seizure in crypto history.
Bitcoin reaches its lowest price in almost 2 years, falling below $18K.
FTX filed shockingly for Chapter 11 bankruptcy in November, after a week of a liquidity crisis.
FTX experienced a collapse during a 10-day stretch in November 2022. The event was triggered by a CoinDesk report on November 2, which unveiled that Alameda Research, a quantitative trading firm also operated by Bankman-Fried, maintained a $5 billion position in FTT, FTX's native token.
The article further revealed that Alameda's investment base was also in FTT, the token created by its affiliated company, rather than in fiat currency or another cryptocurrency.
This revelation sparked widespread concern within the cryptocurrency community about the undisclosed leverage and solvency of Bankman-Fried's enterprises.
On January 21, 2023, the Ordinals protocol was launched on the Bitcoin blockchain, enabling users to directly create NFTs on the blockchain.
This marks a significant milestone, as it is the first time data has been added to the Bitcoin blockchain without the need for a token or side chain.
The official term for these NFTs is Ordinal Inscriptions, but they are commonly referred to as 'Ordinals' or 'Bitcoin NFTs.'
However, the introduction of Bitcoin NFTs has caused mixed feelings among Bitcoin enthusiasts, as the blockchain was originally intended for purely transactional purposes.
Independent developer Udi Wertheimer mined the largest Bitcoin block at 4MB, with his "Taproot Wizard" NFT.
Only 9 days prior, the number of Ordinal inscriptions on the Bitcoin blockchain was less than 10,000. In the time since then, there has been a remarkable surge of 1,434%, resulting in the number of inscriptions surpassing 100,000.
This caused block sizes averaging more than 3 MB and transaction fees skyrocketing more than 120%.
Interest in Bitcoin futures has been on the rise, with USD locked in futures contracts reaching a new yearly high of approximately $12bn.
The banking crisis contributed to the increased interest in Bitcoin, as investors view its principles of self-custody and decentralization as a safer alternative amid market uncertainty.
Microstrategy has acquired 6,455 BTC, spending approximately $150 million in the process. This purchase has increased the value of the company's total Bitcoin holdings to an impressive $4.14 billion, with an average purchase price of $23.2k.
In addition, Microstrategy has paid off a loan of $161 million that it previously received from now-defunct crypto-friendly bank Silvergate.
On April 6, 2023 it was discovered that the Bitcoin Whitepaper appears to be hidden in every Apple Mac computer running macOS Catalina or newer.
Bitcoin successfully surpassed the $30,000 milestone, a first since June 2022. The $30k threshold had presented a challenge for Bitcoin, as it struggled to bounce back from the previous year's decline, further exacerbated by the FTX collapse in November.
Bitcoin miners’ lifetime income is 40% higher than their average running costs, coming in at $50.2 billion income vs $36.6 billion in running costs.
The controversial BRC-20 token frenzy has continued, with the number of Ordinals inscriptions on the Bitcoin network soaring 92% in just eight days.
The Ordinals protocol was initially created to mint images as non-fungible tokens (NFTs) on the Bitcoin Blockchain. However, users began to realize that they could also use text-based inscriptions to create fungible tokens as well.
Due to the flood of Ordinal inscriptions, the average Bitcoin fee hit a record high of over $30 on May 8th.
The inscription type breakdown up to May 8, 2023 includes:
The average Bitcoin fee, which hit a record high of over $30 USD on May 8th, has dropped significantly.
As of May 15, the average Bitcoin transaction fee sits at about $3 USD down by more than 90% compared to only 7 days ago.
The rapid rise in Ordinal inscriptions this past week also created a substantial jump in Bitcoin's cumulative daily fees - which reached $17 million on May 8 – the highest since May 2021.