Lesson 9


Milestones of Bitcoin

Milestones of Bitcoin

VIDEO: A Brief History of Bitcoin

Timeline of Bitcoin

  • 2008
  1. August 18: The domain name Bitcoin.org is registered at anonymousspeech.com, a site that allows users to anonymously register domain names;
  2. October 31: Satoshi Nakamoto publishes the white paper 'Bitcoin: A Peer-to-Peer Electronic Cash System'  that describes the Bitcoin currency and solves the problem of double spending so as to prevent the currency from being copied: 

    "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network."

    It is believed that Satoshi Nakamoto is the pseudonymous person or group of people who designed and created the original Bitcoin software.

  3. October 31: The Bitcoin project is registered on SourceForge.net, a community collaboration website focused the development and distribution of open source software. 

 

  • 2009 
  1. January 3: The Genesis Block is mined. Block 0, the genesis block, is established at 18:15:05 GMT;
  2. January 9: First Bitcoin client (bitcoind version 0.1) is released. It includes a Bitcoin generation system that would create a total of 21 million Bitcoins through the year 2140;
  3. January 12: The first transaction of Bitcoin currency, in block 170, takes place between Satoshi and Hal Finney, a developer and cryptographic activist;
  4. October 5: New Liberty Standard publishes a bitcoin exchange rate that establishes the value of a bitcoin at US$1 = 1,309.03 BTC, using an equation that includes the cost of electricity to run a computer that generated bitcoins.
  5. October 9: The #bitcoin-dev channel is registered on freenode IRC, a discussion network for free and open source development communities;
  6. December 16: Version 0.2 of Bitcoin is released;
  7. December 30: The first difficulty increase occurs (from 1.00 to 1.8289953 - Block #32,256).

 

  • 2010
  1. February 6: First bitcoin currency exchange site (Bitcoin Market) is established; 
  2. February 18: The encryption patent application that was filed on August 15, 2008 by Neal Kin, Vladimir Oksman, and Charles Bry was published;
  3. May 22: 10,000 BTC spent on pizza! The first, real-world transaction using Bitcoins takes place when a Jacksonville, Florida, programmer, Laszlo Hanyecz, offers to pay 10,000 Bitcoins for a pizza on the Bitcoin Forum. At the time, the exchange rate put the purchase price for the pizza at around US$25;
  4. July 7: Version 0.3 of Bitcoin is released;
  5. July 11: Mention of Bitcoin v0.3 on slashdot brings in a large number of new Bitcoin users;
  6. July 12: Over a five day period beginning on July 12, the exchange value of Bitcoin increases ten times from US$0.008/BTC to US$0.080/BTC;
  7. July 17: The MtGox Bitcoin currency exchange market is established by Jed McCaleb. By 2013 it processed 70% of all bitcoin transactions;
  8. July 18: ArtForz establishes an OpenGL GPU hash farm and generates his first Bitcoin block. GPU mining begins;
  9. August 15: A vulnerability in the Bitcoin system that causes Bitcoins to be improperly verified is discovered and exploited, resulting in the generation of 184 billion Bitcoins. Bug is quickly fixed;
  10. September 14: An offer is made by jgarzik, in the name of the Bitcoin Store, to puddinpop to open source their Windows-based CUDA client. The offer was in the form of 10,000 BTC which, at the time, was valued at around US$600 to US$650;
  11. September 14: Split allocation of the generation reward used to mine Block 79,764;
  12. September 18: Puddinpop released source to their windows-based CUDA client under MIT license;
  13. September 18: Pooled mining begins. Bitcoin Pooled Mining (operated by slush), a method by which several users work collectively to mine Bitcoins and share in the benefits, mines its first block;
  14. September 29: A microtransactions exploit is discovered by kermit, precipitating the release of Version 0.3.13;
  15. October: FATF report 'Money Laundering Using New Payment Methods'. The Financial Action Task Force, an inter-governmental group that develops and promotes policies to prevent money laundering and funding of terrorists, publishes Money Laundering Using New Payment Methods, to warn about the use of digital currencies to finance terrorist groups;
  16. October 1: The first public version of an OpenCL miner is released;
  17. October 7: The Bitcoin exchange rate, stalled at US$0.06/BTC for several months, begins to climb;
  18. October 16: Bitcoin Forum members Diablo-D3 and nanotube conduct the first recorded escrow trade of Bitcoins with theymos as escrow;
  19. October 17: The #bitcoin-otc trading channel is registered on freenode IRC as a marketplace for over-the-counter trading of Bitcoins;
  20. October 28: Facilitated by #bitcoin-otc, the first recorded short sale of Bitcoins is initiated in the form of a 100 BTC loan from nanotube to kiba;
  21. November 6: Market cap exceeds $1 million USD. Calculated by multiplying the number of Bitcoins in circulation by the last trade on MtGox, the Bitcoin economy exceeds US$1 million. The price on MtGox reached US$0.50/BTC;
  22. December 7: Bitcoind was compiled for the Nokia N900 mobile computer by doublec. The following day, ribuck sent him 0.42 BTC in the first portable-to-portable Bitcoin transaction;
  23. December 9: Difficulty increases. The generation difficulty exceeds 10,000;
  24. December 9: First call option contract sold. The first call option contract for Bitcoins is sold on the #bitcoin-otc market. The transaction occurs between nanotube and sgomick.

 

  • 2011
  1. January: Silk Road, a Bitcoin marketplace, launches an illicit marketplace for drug deals, called the eBay for drugs;
  2. January 2: Tonal Bitcoin, designed for those who prefer the Tonal number system, standardizes its units;
  3. January 8: Slush's Mining Pool reaches 10,000 Mhash/s;
  4. January 27: The largest Bitcoin trade to date occurs on #bitcoin-otc. Three Zimdollars (Zimbabwe notes that are worth one-hundred trillion dollars each) are traded for 12 BTC;
  5. January 28: With the generation of Block 105000, 5.25 million Bitcoins have been generated, totalling more than 25 percent of the projected total of almost 21 million;
  6. February 9: Bitcoin touches US$1.00/BTC at MtGox, reaches parity with the US dollar for the first time;
  7. February 10: Bitcoin.org website struggles to handle traffic resulting from mentions on Slashdot, Hacker News and Twitter following the news that parity had been reached;
  8. February 14: An Australian member of the Bitcoin Forum attempts to sell his 1984 Celica Supra for 3000 BTC, and becomes the first person to offer a vehicle in exchange for Bitcoins;
  9. March 6: Jed McCaleb sells MtGox to Japan’s Tibanne Company. A new high of nearly 900Ghash/sec total Bitcoin network computation speed is reached. Shortly thereafter, it drops to 500Ghash/sec. It is speculated that the reduction is the result of a supercomputer or bot-net joining the network;
  10. March 18: A six-week low of nearly US$0.70/BTC exchange rate is reached after a decline following the US$1.00/BTC high on February 9 and a short burst of sales of Bitcoin at lower prices (that may have been automated);
  11. March 25: Difficulty decreased nearly 10%. A decrease has only occurred once before, and this decrease of nearly 10% was the largest;
  12. March 27: The first market for exchanging bitcoins to and from the British Pound Sterling BTC/GBP, Britcoin, opens;
  13. March 31: Bitcoin Brasil opens and becomes the first market for the exchange of Bitcoins and Brazilian Reals;
  14. April 5: BitMarket.eu opens and becomes the first market for the exchange of Bitcoins and the Polish złoty, the Euro, and several other currencies;
  15. April 12: The first Bitcoin put option contract is sold on #bitcoin-otc;
  16. April 16: TIME does an article on Bitcoin;
  17. April 23: On MtGox, the BTC/USD exchange rate reaches and passes parity with the Euro and the British Sterling Pound. The value of Bitcoin money stock passes US$10 million;
  18. April 27: VirWoX begins trading Bitcoins against Second Life Lindens and becomes the first market to trade Bitcoins against a virtual currency;
  19. April 30: The generation difficulty passed 100,000;
  20. June 2: The exchange rate at MtGox touched 10 USD per BTC;
  21. June 3: Tonal Bitcoin reached parity with the US cent, touching 1¢ per TBC at Bitcoin Market;
  22. June 8: The price of a Bitcoin on MtGox reaches an all-time high of US$31.91 with a market capitalization of around US$206 million;
  23. June 12: The MtGox exchange rate briefly dropped to near 10 USD four days after the peak, in its largest percentage price retreat to date.  The incident became known as the Great Bubble of 2011.
  24. June 13: Forum user allinvain claimed to have had 25,000 BTC stolen from his Bitcoin wallet (approx. USD equivalent $375,000). This was the largest ever Bitcoin theft reported;
  25. June 14: WikiLeaks begins accepting anonymous Bitcoin donations;
  26. June 19: MtGox suffers a significant breach of security that results in fraudulent trading and requires the site to be shut down for seven days. The breach compromises the MtGox database with a leak of the user table that contains user names, email addresses, and password hashes of 60,000 accounts. An admin account was accessed from which sell orders were issued for hundreds of thousands of Bitcoins, which forced the MtGox price down from US$17.51 to US$0.01 per Bitcoin. 
  27. June 19: Some of the users on the leaked MtGox database had used the same username at MyBitcoin and had their passwords hacked. About 600 of them had their balance stolen from their MyBitcoin accounts. One user lost over 2000 BTC;
  28. June 20: The Electronic Frontier Foundation (EFF) discontinues the acceptance of donations in the form of Bitcoins for reasons of legal uncertainties;
  29. June 24: The generation difficulty passed 1,000,000 with Block 133056;
  30. June 29: BitPay launches the first smartphone e-wallet for Bitcoins.
  31. July 19: Mike Hearn goes on record, saying that his manager Tadek is the world’s first recipient of Bitcoins via NFC at 4:05 p.m. CET. 
  32. July 20: Intervex Digital releases the first Bitcoin application to be developed for the Apple iPad, Bitcoins Mobile;
  33. July 26: Poland-based Bitomat, the world’s third largest Bitcoin exchange, loses access to its wallet.dat file and the 17,000 Bitcoins they are holding for clients;
  34. August 5: A week after being hacked, a MyBitcoin spokesperson explains how the Bitcoin transaction processor lost over 150,000 Bitcoins, worth over US$2 million at the time;
  35. August 20: First Bitcoin Conference and World Expo held, in NYC;
  36. August 23: P2Pool, the first P2P decentralized pool, mines its first Bitcoin mainnet block (Block 142,312);
  37. August 30: Difficulty adjustment at block 143,136 marks the first back-to-back drop;
  38. September 6: Mike Caldwell begins minting physical Bitcoins, naming the coins Casacius Coins;
  39. November 15: First CVE (CVE-2011-4447) assigned to a Bitcoin client exploit;
  40. November 25: The 2011 Bitcoin & Future Technology European Conference is held in Prague, Czech Republic. It is the first European Bitcoin Conference;
  41. December 12: Becoming the largest amount of fees in a single transaction and the most fees in a single block, 171 BTC in fees are transacted in block 157235.

 

  • 2012
  1. February 13: The second largest Bitcoin exchange in the world, TradeHill, shuts down, citing regulatory problems and the loss of US$100,000 (following a dispute with a payment processor) as contributing factors;
  2. February 27: Bitcoin Magazine launches with articles about Bitcoin and crypto-currency;
  3. March 1: A security breach at Linode, a website hosting company, results in the largest theft of Bitcoins recorded to date. More than 46,000 BTC are stolen, valued at over US$228,000;
  4. April 1: Pay-to-script-hash (P2SH) as defined through BIP 0016 goes live;
  5. May 08: A single service, SatoshiDICE becomes responsible for over half the transaction volume on the Bitcoin block chain;
  6. May 9: An April 24, 2012 FBI report entitled 'Bitcoin Virtual Currency: Unique Features Present Distinct Challenges for Deterring Illicit Activity' is leaked and brought attention to concerns that Bitcoin payment methods could facilitate illegal transactions for weapons and narcotics;
  7. May 11: Bitcoin exchange, Bitcoinica, is taken down following after hack results in a loss of over 18,000 Bitcoins, valued at approximately US$90,000;
  8. June: Coinbase, a bitcoin wallet and platform, is founded in San Francisco, California;
  9. June 3: Largest block (most transactions), to-date (June 3), is block 181919 with 1322 transactions; 
  10. July: BoostVC, a Bitcoin startup incubator, is launched by Adam Draper;
  11. August 20: Charlie Shrem announces plans to introduce a Bitcoin debit card through BitInstant, a Bitcoin transfer service;
  12. September: KnCMiner, a Swedish joint venture to develop Bitcoin mining hardware, is conceived;
  13. September 3: The fourth largest US Bitcoin exchange, Bitfloor, is hacked and loses 24,000 BTC (valued at approximately US$250,000 when the theft took place), which was the majority of the on-hand Bitcoins. Compromised servers result in access to encrypted backup files of wallet keys. All exchange operations are paused;
  14. September 15-16: Bitcoin Conference in London;
  15. September 24: Phillip Moustakis, a Senior Attorney in the Enforcement Division of the U.S. Securities and Exchange Commission, sends an email that announces an investigation of Bitcoin Savings and Trust after allegations were made that the Ponzi scheme decreased the value of Bitcoins by as much as 30 percent;
  16. September 27: The Bitcoin Foundation is formed, implementing a core development team for the protocol and a body to oversee the digital currency;
  17. November 15: WordPress.com announces that it accepts Bitcoins as a form of payment for users to purchase upgrades;
  18. November 28: Halving day. Block 210,000 is the first with a block reward subsidy of only 25 BTC (scheduled to half again to 12.5 BTC in block #420,000 around 2016);
  19. December 6: The first Bitcoin exchange to be licensed as a European bank is Bitcoin Central, operating within the European regulatory framework (actually a PSP which is like a bank, without debt-money issuing).

 

  • 2013
  1. January 22: BitPay, a Bitcoin payment processing company, announces that it has surpassed 10,000 Bitcoin transactions for its merchants, with no cases of payment fraud reported;
  2. February: Matthew Birkenshaw and Riley Alexander, founders of GiftsForCoins.com, begin a new startup, PizzaForCoins.com, a service that acts as a middleman to allow users to order pizza with Bitcoins in exchange for a small BTC fee;
  3. February 9: Kim Dotcom announces that his cloud storage service, Mega, will begin accepting Bitcoin payments through bitvoucher.co, its newest reseller;
  4. February 19: Bitcoin Client v0.8 released featuring improved download speed and Bloom Filtering;
  5. February 21: Internet Archive begins accepting BTC donations so that its employees can be paid in Bitcoins;
  6. February 22: The trade value of a Bitcoin reaches US$30 for the first time since 2011;
  7. February 28: The MtGox exchange rate broke the June 8 2011 peak of 31.91 USD. The first all time high since 601 days;
  8. March 8: Bitcoin brokerage firm, BitInstant, acknowledges that a hack of its system resulted in the theft of nearly US$12,000 in Bitcoins;
  9. March 11: A significant glitch that involves two different versions of the Bitcoin software forces a halt in transactions that results in a sharp sell-off and a 23 percent drop in value to US$37. Later that evening, the exchange rate recovered much of its value;
  10. March 12: A previously undiscovered protocol rule results in a hard fork of the 0.8.0 reference client;
  11. March 17: Pensacola homeless shelter, Sean’s Outpost, ran by Jason King, begins accepting Bitcoin donations;
  12. March 17: The audio show, Let’s Talk Bitcoin! is launched by Adam B. Levine with its first episode, and was later co-hosted by Andreas M. Antonopoulos and Stephanie Murphy, PhD;
  13. March 18: The Financial Crimes Enforcement Network (FinCEN) of the United States Department of the Treasury publishes its Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies, which defines its position on virtual currencies; 
  14. March 21: The value of Bitcoin spikes after two days of increasing nearly 70 percent, reaching a high of US$74.90;
  15. March 28: Total Bitcoin market cap passes $1 billion; 
  16. April 1: Bitcoin price breaks 100 USD on MtGox and other major exchanges;
  17. April 10: Bitcoin hits an all-time high of US$266, up from only $13 the year before;
  18. April 20: Bitcoin Central is hacked, with hackers making away with “a few hundred” Bitcoins that the site’s owners agreed to fully cover. Bitcoin crashes;
  19. May: Online gaming company ESEA is called out for secretly using customer computers to mine Bitcoins;
  20. May: Coindesk, a bitcoin-focused resource and news website is launched by Shakil Khan, an angel investor and advisor to Spotify;
  21. May 2: Coinlab files a lawsuit against MtGox, alleging multiple counts of breach of contract that resulted in US$75 million in damages;
  22. May 2: The first Bitcoin ATM in the world is debuted in San Diego, California;
  23. May 7: Coinbase announces a US$5 million investment from funding that is led by Union Square Ventures, becomes the largest funding of a Bitcoin startup to-date;
  24. May 14: The United States Department of Homeland Security seizes over US$2.9 million from a Dwolla account that belonged to a subsidiary of MtGox because it allegedly “failed to register as a ‘money transmitting business’ in accordance with 18 U.S. Code 1960”;
  25. May 18: PrimeDice.com launches as an online c@sino platform that accepts Bitcoin wagers;
  26. June 10: Newlyweds Beck and Craig launch a Kickstarter campaign to fund a full-length documentary called Life on Bitcoin;
  27. June 26: BitcoinWebHosting.net launches to offer performance web hosting solutions for the Bitcoin community, offering multiple hosting plans, domain registration and DDoS protection, with payment in Bitcoin;
  28. July: Winklevoss Bitcoin Trust is filed with the U.S. Securities Exchange Commission (SEC) by Tyler and Cameron Winkelvoss. According to the twins that are known for their legal dispute with Facebook founder Mark Zuckerberg, the Exchange Traded Fund (ETF) is “designed for investors seeking a cost-effective and convenient means to gain exposure to Bitcoins with minimal credit risk,” amidst mixed reactions;
  29. August 6: In response to a claim by Trendon Shavers, founder of Texas-based Bitcoin Savings & Trust, that Bitcoins are not real money in an attempt to sidestep SEC charges of misappropriation of funds, federal Magistrate Judge Amos Mazzant of the Eastern District of Texas rules that “Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money”;
  30. August 9: The Bitcoin ticker arrives on the Bloomberg terminal so that Bloomberg employees can track the value of BTC under XBT Currency;
  31. August 12: The New York State Department of Financial Services (NYSDFS) issues a subpoena to 22 companies and investors that are involved with digital currencies to investigate the possibility that Bitcoins are being used for illicit activities and determine the necessity of regulatory action. The NYSDFS also wanted to ensure that funds are “safe and sound” after having received consumer complaints;
  32. August 20: The German Federal Ministry of Finance announces that it recognizes Bitcoin as a form of private money, or a “unit of account,” and allows its use in commercial and private sales. Bitcoins become tax exempt when held for longer than one year;
  33. August 21: Reddit user, hardleft121 (a.k.a. Greg), posts a plea to garner support for Sean’s Outpost, a homeless shelter in Pensacola, Florida that was funded by Bitcoin and Litecoin donations. The campaign raises more than 32 BTC valued at US$4,000;
  34. August 28: RoboCoin begins accepting pre-orders for its US$20,000 ATM that allows users to trade Bitcoins for other currencies;
  35. September 9: Jason King, founder of Sean’s Outpost, a Bitcoin-funded homeless shelter in Pensacola, announces plans to build a nine-acre sanctuary in Florida for the homeless that was dubbed Satoshi Forest, to be funded by Bitcoin donations;
  36. September 10: MtGox demands the return of US$5 million from Coinlab in a countersuit, claiming that the funds belong to MtGox customers;
  37. September 14: PrimeDice.com announces that it has generated more than US$15 million of turnover during its first three months of operation;
  38. October 2: FBI shuts down infamous online drug marketplace Silk Road, seizing 3.6 million dollars worth of bitcoins; 
  39. October 2: Bitcoin price drops from $139/bitcoin to $109.71/bitcoin in less than three hours in response to Silk Road shutdown. It then recovers to $128;
  40. October 2: Bitcointalk.org suffers a hack that exposes users' personal messages, e-mails, and password data. Visitors are greeted by cartoon images of missiles that appear over Tchaikovsky's classical music opus 1812 Overture;
  41. October 14: China’s largest search engine Baidu becomes the first service of its kind to accept Bitcoin;
  42. October 31: BitMarket.eu closes the doors citing limited funding and resources. Last message on site directs inquiries to www.bitalo.com, an independent investment group;
  43. November 6: The price of the Bitcoin breaks record set in April 2013, despite the Silk Road bust and fears over security, reaching US$269 per bitcoin;
  44. November 10: A Subway restaurant in Allentown, Pennsylvania begins accepting Bitcoin, becoming the first Subway in the U.S. to do so;
  45. November 17: Bitcoin price hits a landmark figure at 11.50am GMT on 17 November, reaching US$503.10 on Mt. Gox;
  46. November 18: Senate hearing titled Beyond Silk Road: Potential Risks, Threats and Promises of Virtual Currencies discusses legitimacy and challenges of virtual currencies;
  47. November 19: Bitcoin price surges to a record of US$1242 after Senate hearings. Bitcoin transaction volume surpasses Western Union;
  48. November 21: University of Nicosia in Cyprus becomes first university to accept Bitcoin for tuition;
  49. November 22: Richard Branson’s Virgin Galactic begins accepting Bitcoin for space travel;
  50. November 27: Shopify officially integrates bitcoin as a payment option for its 70,000+ merchants;
  51. November 29: Bitcoin Black Friday hosts first annual Black Friday event to highlight deals from merchants and businesses accepting Bitcoin;
  52. December 2: 96,000 Bitcoins are stolen from Sheep Marketplace, an online drug site, while the internet watches the thief move the funds from wallet to wallet;
  53. December 5: China’s central bank bars financial institutions from handling Bitcoin transactions, causing a price drop of more than 20 percent to below $1,000;
  54. December 17: Bitcoin crashes to nearly US$500 after further exchanges are banned from accepting deposits in yuan.

 

  • 2014
  1. January 26: Charlie Shrem, CEO of BitInstant is arrested over allegations of money laundering in connection with Silk Road. He is arrested at JFK airport for charges filed in a Manhattan federal court;
  2. ….

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