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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 this block has been 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 first bitcoin transaction was cypherpunk Hal Finney, that made the first reusable proof-of-work platform (RPOW) in 2004.22 Finney downloaded the bitcoin software on its release , and on 12 January 2009 obtained ten bitcoins from Nakamoto.2324 Other early cypherpunk fans were founders of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, creator of bit golden.25 In 2010, the first known commercial transaction using bitcoin happened 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 the code over to Gavin Andresen. Andresen afterwards became lead programmer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This left opportunity for controversy to develop over the future development path of bitcoin.3029.

After ancient"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, worth roughly $214 million.31:222

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In 2011, the price started at $0.30 per bitcoin, growing to $5.27 for year. The price rose to $31.50 on 8 June. Within a month the price fell to $11.00. The next month it fell 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 prices started 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 within the next 16 days. The price then climbed to $16.41 on 17 August, but dropped by 57% to $7.10 within the next 3 days.35.

In March 2013 the blockchain temporarily split into two independent chains with different rules. The two blockchains operated simultaneously for six hours, each using its own version of the transaction history. Normal operation was revived 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 due to insufficient capacity44 resulting in the bitcoin price dropping from $266 to $76 prior to returning to $160 within six hours.45 The bitcoin price rose to $259 on 10 April, but then dropped by 83% to $45 over the next three times.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 in the dark website Silk Road during the arrest of Ross William Ulbricht.515253 Bitcoin's price climbed to $755 on 19 November and dropped by 50 percent to $378 the exact same moment.

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

In 2015. Prices started at $314 and climbed to $434 for year. In 2016 prices rose 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 reached an all-time high $19,666.35

China banned trading in bitcoin, click reference with the first measures taken in September 2017, and also a comprehensive ban reference starting 1 February 2018. Bitcoin prices then fell 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% in June.58.

Throughout 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 affected 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 the first six months of 2018, $761 million value of cryptocurrencies was stolen out of exchanges.61 Bitcoin's price was affected even though other cryptocurrencies were stolen at Coinrail and Bancor, as investors worried about the security of cryptocurrency exchanges.626364.