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In January 2009, the bitcoin network was created when Nakamoto mined the very first block of this chain, known as the genesis block.1920 Embedded in the coinbase of the block 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 first bitcoin transaction was cypherpunk Hal Finney, that created 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 from Nakamoto.2324 Other early cypherpunk supporters were founders of bitcoin predecessors: Wei Dai, creator of b-money, and Nick Szabo, creator of bit gold.25 In 2010, the earliest known commercial transaction using bitcoin happened when developer Laszlo Hanyecz purchased 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 awake key and control of this code over Gavin Andresen. Andresen later 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 course of bitcoin.3029.

After early"proof-of-concept" transactions, the first major 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 cost rose to $31.50 on 8 June. Within a month that 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 made since then.34

In 2012, bitcoin prices started at $5.27 growing to $13.30 for the calendar year.32 By 9 January the price had risen to $7.38, but then dropped by 49% 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 over the next three days.35.

In March 2013 that the blockchain temporarily split into two independent chains with different rules. The 2 blockchains operated simultaneously for half an hour, each using its own version of the transaction history. Normal operation was revived when the vast majority of the network downgraded to version 0.7 of the bitcoin applications.37 The Mt.

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Gox experienced processing delays because of insufficient capacity44 resulting in the bitcoin cost 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 percent to $45 over the next 3 times.35 On 15 May 2013, US government seized accounts associated with Mt.

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

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In 2014, prices started at $770 and fell to $314 for the calendar year.32 In February 2014 that the Mt. Gox exchange, the most significant bitcoin exchange in the moment, stated that 850,000 bitcoins had been stolen from its own clients, amounting to nearly $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 the 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 of $19,666.35

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China banned trading in bitcoin, together with the this article 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 dropped from over 90 percent in September 2017 to less than 1% in June.58.

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

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Bitcoin prices were negatively affected by several 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 other cryptocurrencies were stolen at Coinrail and Bancor, as investors worried about the safety of cryptocurrency exchanges.626364.

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