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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 either 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, who made the first reusable proof-of-work system (RPOW) in 2004.22 Finney downloaded the bitcoin applications on its release , and on 12 January 2009 obtained ten bitcoins from Nakamoto.2324 Other ancient cypherpunk fans were creators of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, creator of bit golden.25 In 2010, the first known business transaction using bitcoin occurred 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 alert key and control of this code repository over Gavin Andresen. Andresen afterwards became lead developer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This abandoned opportunity for controversy to develop over the future development course of bitcoin.3029.

After early"proof-of-concept" transactions, the first major users of bitcoin were black markets, for example 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 about $214 million.31:222

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In 2011, the price started at $0.30 each bitcoin, growing to $5.27 for year. The cost rose to $31.50 on 8 June. Within a month the cost fell to $11.00. The next month it dropped 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 began at $5.27 growing to $13.30 for its calendar year.32 By 9 January the price had risen to $7.38, but then crashed by 49 percent to $3.80 within the next 16 days. The cost then rose to $16.41 on 17 August, but dropped by 57 percent to $7.10 over the next 3 times.35.

In March 2013 that the blockchain temporarily split into two independent chains with different rules. The 2 blockchains operated simultaneously for six hours, each with its own version of the transaction history. Normal operation was restored when the 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 before returning to $160 within six hours.45 The bitcoin price rose to $259 on 10 April, but then dropped by 83 percent to $45 within the next 3 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 web website Silk Road during the arrest of Ross William Ulbricht.515253 Bitcoin's cost rose to $755 on 19 November and crashed by 50% to $378 exactly the same moment.

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

In 2015. Prices started at $314 and rose 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 price reached an all-time high of $19,666.35

China banned trading in bitcoin, together with the first measures taken in September 2017, and a comprehensive ban starting 1 February 2018. Bitcoin prices then fell from $9,052 to resource $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 price was 6,469.5960

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Bitcoin costs 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 from exchanges.61 Bitcoin's cost was changed even though other cryptocurrencies were stolen at Coinrail and Bancor, as investors worried about the security of cryptocurrency exchanges.626364.