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| URL | https://en.wikipedia.org/wiki/History_of_bitcoin |
| Last Crawled | 2026-04-10 22:48:31 (7 days ago) |
| First Indexed | 2015-09-22 10:46:53 (10 years ago) |
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| Meta Title | History of bitcoin - Wikipedia |
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| Boilerpipe Text | Number of on-chain bitcoin transactions per month (
logarithmic scale
)
Bitcoin
is a
cryptocurrency
, a
digital asset
that uses
cryptography
to control its creation and management
rather than relying on central authorities
.
[
1
]
[
2
]
Originally designed as a
medium of exchange
, Bitcoin is now primarily regarded as a
store of value
. The
history of bitcoin
started with its invention and implementation by
Satoshi Nakamoto
, who integrated many existing ideas from the
cryptography
community. Over the course of bitcoin's history, it has undergone rapid growth to become a significant store of value both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.
[
3
]
Prior to the release of bitcoin, there were a number of digital cash technologies, starting with the issuer-based
ecash
protocols of
David Chaum
and
Stefan Brands
.
[
4
]
[
5
]
[
6
]
The idea that solutions to computational puzzles could have some value was first proposed by cryptographers
Cynthia Dwork
and
Moni Naor
in 1992.
[
7
]
31 October 1996 NSA paper
[
edit
]
12 years prior to creating Bitcoin the NSA published the white paper "How To Make A Mint: The Cryptography of Anonymous Electronic Cash"
[
8
]
The idea was independently rediscovered by
Adam Back
who developed
hashcash
, a
proof-of-work
scheme for spam control in 1997.
[
9
]
The first proposals for distributed digital scarcity-based
cryptocurrencies
were
Wei Dai
's b-money
[
10
]
and
Nick Szabo
's
bit gold
.
[
11
]
[
12
]
Hal Finney
developed
reusable proof of work
(RPOW) using hashcash as proof of work algorithm.
[
13
]
In the bit gold proposal which proposed a collectible market-based mechanism for inflation control, Nick Szabo also investigated some additional aspects including a
Byzantine fault-tolerant
agreement protocol based on quorum addresses to store and transfer the chained
proof-of-work
solutions, which was vulnerable to
Sybil attacks
, though.
[
12
]
On 18 August 2008, the domain name bitcoin.org was registered.
[
14
]
Later that year, on 31 October, a link to a
paper
authored by
Satoshi Nakamoto
titled
Bitcoin: A Peer-to-Peer Electronic Cash System
[
15
]
was posted to a cryptography mailing list.
[
16
]
This paper detailed methods of using a
peer-to-peer
network to generate what was described as "a system for electronic transactions without relying on trust".
[
17
]
[
18
]
[
19
]
On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the
genesis block of bitcoin
(block number 0), which had a reward of 50 bitcoins.
[
17
]
[
20
]
Embedded in the genesis block was the text:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
[
21
]
The text refers to a headline in
The Times
published on 3 January 2009.
[
22
]
This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by
fractional-reserve banking
.
[
23
]
:â18â
The first
open source
bitcoin client was released on 9 January 2009, hosted at
SourceForge
.
[
24
]
[
25
]
One of the first supporters, adopters, contributors to bitcoin and receiver of the first bitcoin transaction was programmer
Hal Finney
. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction on 12 January 2009 (block 170).
[
26
]
[
27
]
Other early supporters were
Wei Dai
, creator of bitcoin predecessor
b-money
, and
Nick Szabo
, creator of bitcoin predecessor
bit gold
.
[
17
]
One of the first miners included
James Howells
, who subsequently lost thousands of Bitcoin
to a landfill in Newport
.
[
28
]
[
29
]
In the early days, Nakamoto is estimated to have mined 1 million bitcoins.
[
30
]
Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer
Gavin Andresen
, who then became the bitcoin lead developer at the
Bitcoin Foundation
, the 'anarchic' bitcoin community's closest thing to an official public face.
[
31
]
"Satoshi Nakamoto" is presumed to be a
pseudonym
for the person or people who designed the original bitcoin protocol in 2007 then released the whitepaper in 2008 and finally launched the network in 2009. Nakamoto was responsible for creating the majority of the official bitcoin software and was active in making modifications and posting technical information on the bitcoin forum.
[
17
]
There has been much speculation as to the identity of
Satoshi Nakamoto
but their real identity remains a matter of dispute.
The plaque at the
Papa John's
franchise on Atlantic Blvd in Jacksonville, Florida, where two pizzas were made and delivered from for the first notable retail bitcoin transaction.
The first notable retail transaction involving physical goods was paid on May 22, 2010, by exchanging 10,000 mined BTC for two pizzas delivered from a
Papa John's
in
Jacksonville, Florida
. Laszlo Hanyecz, who lives in Jacksonville, created a thread in an online forum offering the bitcoins for anyone who could order him two pizzas. Jeremy Sturdivant, a user from England accepted the offer and ordered the pizzas to his home. The 10,000 Bitcoins were worth about $40 USD at the time. This event would mark May 22 as the Bitcoin Pizza Day for crypto-fans.
[
17
]
[
32
]
At the time, a transaction's value was typically negotiated on the Bitcoin forum.
[
33
]
On 6 August 2010, a major
vulnerability
in the bitcoin protocol was spotted. While the protocol did verify that a transaction's outputs never exceeded its inputs, a transaction whose outputs summed to more than
would
overflow
, permitting the transaction author to create arbitrary amounts of bitcoin.
[
34
]
On 15 August, the vulnerability was exploited; a single transaction spent 0.5 bitcoin to send just over 92 billion bitcoins (
satoshis) to each of two different addresses on the network. Within hours, the transaction was spotted, the bug was fixed, and the blockchain was forked by miners using an updated version of the bitcoin protocol.
[
35
]
Since the blockchain was forked below the problematic transaction, the transaction no longer appears in the blockchain used by the current Bitcoin network.
[
34
]
[
36
]
[
non-primary source needed
]
Based on bitcoin's open-source code, other cryptocurrencies started to emerge.
[
37
]
The
Electronic Frontier Foundation
, a non-profit group, started accepting bitcoins in January 2011,
[
38
]
then stopped accepting them in June 2011, citing concerns about a lack of legal precedent about new currency systems.
[
39
]
The EFF's decision was reversed on 17 May 2013 when they resumed accepting bitcoin.
[
40
]
In May 2011, bitcoin payment processor,
BitPay
was founded to provide mobile checkout services to companies wanting to accept bitcoins as a form of payment.
In June 2011,
WikiLeaks
[
41
]
and other organizations began to accept bitcoins for donations.
In January 2012, bitcoin was featured as the main subject within a fictionalized trial on the
CBS
legal drama
The Good Wife
in the third-season episode "
Bitcoin for Dummies
". The host of
CNBC
's
Mad Money
,
Jim Cramer
, played himself in a courtroom scene where he testifies that he does not consider bitcoin a true currency, saying, "There's no central bank to regulate it; it's digital and functions completely peer to peer".
[
42
]
In September 2012, the Bitcoin Foundation was launched to "accelerate the global growth of bitcoin through standardization, protection, and promotion of the open source protocol". The founders were
Gavin Andresen
,
Jon Matonis
,
Mark KarpelĂšs
,
Charlie Shrem
, and
Peter Vessenes
.
[
43
]
In October 2012,
BitPay
reported having over 1,000 merchants accepting bitcoin under its payment processing service.
[
44
]
In November 2012,
WordPress
started accepting bitcoins.
[
45
]
In February 2013, the exchange
Coinbase
reported selling US$1 million worth of bitcoins in a single month at over $22 per bitcoin.
[
46
]
The
Internet Archive
announced that it was ready to accept donations as bitcoins and that it intends to give employees the option to receive portions of their salaries in bitcoin currency.
[
47
]
In
Charles Stross
's 2013 science fiction novel
Neptune's Brood
, the universal
interstellar
payment system is known as "bitcoin" and operates using cryptography.
[
48
]
Stross later blogged that the reference was intentional, saying "I wrote
Neptune's Brood
in 2011. Bitcoin was obscure back then, and I figured had just enough name recognition to be a useful term for an interstellar currency: it'd clue people in that it was a networked digital currency."
[
49
]
In March, the bitcoin transaction log, called the
blockchain,
temporarily split into two independent chains with differing rules on how transactions were accepted. For six hours two bitcoin networks operated at the same time, each with its own version of the transaction history. The core developers called for a temporary halt to transactions, sparking a sharp sell-off.
[
50
]
Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin software.
[
50
]
The
Mt. Gox
exchange briefly halted bitcoin deposits and the exchange rate briefly dipped by 23% to $37 as the event occurred
[
51
]
[
52
]
before recovering to previous level of approximately $48 in the following hours.
[
53
]
In the
US
, the
Financial Crimes Enforcement Network (FinCEN)
established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as Money Service Businesses (or MSBs), that may be subject to registration and other legal obligations.
[
54
]
[
56
]
In April, payment processors
BitInstant
and
Mt. Gox
experienced processing delays due to insufficient capacity
[
57
]
resulting in the bitcoin exchange rate dropping from $266 to $76 before returning to $160 within six hours.
[
58
]
Bitcoin gained greater recognition when services such as
OkCupid
and
Foodler
began accepting it for payment.
[
59
]
In April 2013,
Eric Posner
, a law professor at the
University of Chicago
, stated that "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."
[
60
]
On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a
money transmitter
with FinCEN in the US.
[
61
]
[
62
]
On 17 May 2013, it was reported that
BitInstant
processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions,
[
63
]
On 23 June 2013, it was reported that the US
Drug Enforcement Administration
listed 11.02 bitcoins as a seized asset in a
United States Department of Justice
seizure notice pursuant to 21 U.S.C. § 881. This was the first time a government agency was reported to have seized bitcoin.
[
64
]
[
65
]
In July 2013, a project began in Kenya linking bitcoin with
M-Pesa
, a popular mobile payments system, in an experiment designed to spur innovative payments in Africa.
[
66
]
During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country.
[
67
]
[
68
]
On 6 August 2013, Federal Judge Amos Mazzant of the
Eastern District of Texas
of the
Fifth Circuit
ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction,
[
69
]
[
70
]
and Germany's Finance Ministry subsumed bitcoins under the term "unit of account" â a financial instrument â though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.
[
71
]
In September 2013, Chinese Govt. banned financial institution from trading in Bitcoin fearing a risk of money laundering.
[
72
]
In October 2013, the FBI seized roughly 26,000Â BTC from website
Silk Road
during the arrest of alleged owner
Ross William Ulbricht
.
[
73
]
[
74
]
[
75
]
Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin
ATM
on 29 October 2013 in
Vancouver
,
BC
,
Canada
, allowing clients to sell or purchase bitcoin currency at a downtown coffee shop.
[
76
]
[
77
]
[
78
]
Chinese internet giant
Baidu
had allowed clients of website security services to pay with bitcoins.
[
79
]
In November 2013, the
University of Nicosia
announced that it would be accepting bitcoin as payment for tuition fees.
[
80
]
During November 2013, the China-based bitcoin exchange
BTC China
overtook the Japan-based Mt. Gox and the Europe-based
Bitstamp
to become the largest bitcoin trading exchange by trade volume.
[
81
]
In December 2013,
Overstock.com
[
82
]
announced plans to accept bitcoin in the second half of 2014.
On 5 December 2013, the
People's Bank of China
prohibited Chinese financial institutions from using bitcoins.
[
83
]
After the announcement, the value of bitcoins dropped,
[
84
]
and Baidu no longer accepted bitcoins for certain services.
[
85
]
Buying real-world goods with any virtual currency had been illegal in China since at least 2009.
[
86
]
On 4 December 2013,
Alan Greenspan
referred to it as a "bubble".
[
87
]
In January 2014,
Zynga
[
88
]
announced it was testing bitcoin for purchasing in-game assets in seven of its games. That same month,
The D Las Vegas
Casino Hotel and
Golden Gate Hotel & Casino
properties in downtown Las Vegas announced they would also begin accepting bitcoin, according to an article by
USA Today
. The article also stated the currency would be accepted in five locations, including the front desk and certain restaurants.
[
89
]
The network rate exceeded 10 petahash/sec.
TigerDirect
[
90
]
and
Overstock.com
[
91
]
started accepting bitcoin.
The same month, an operator of a U.S. bitcoin exchange, Robert Faiella better known as
Charlie Shrem
, was arrested for money laundering.
[
92
]
In early February 2014, one of the largest bitcoin exchanges,
Mt. Gox
,
[
93
]
suspended withdrawals citing technical issues.
[
94
]
By the end of the month, Mt. Gox had filed for bankruptcy protection in Japan amid reports that 744,000 bitcoins had been stolen.
[
95
]
Months before the filing, the popularity of Mt. Gox had waned as users experienced difficulties withdrawing funds.
[
96
]
In June 2014, the network exceeded 100 petahash/sec.
[
citation needed
]
On 18 June 2014, it was announced that bitcoin
payment service provider
BitPay
would become the new sponsor of
St. Petersburg Bowl
under a two-year deal, renamed the Bitcoin St. Petersburg Bowl. Bitcoin was to be accepted for ticket and concession sales at the game as part of the sponsorship, and the sponsorship itself was also paid for using bitcoin.
[
97
]
In July 2014,
Newegg
and
Dell
[
98
]
started accepting bitcoin.
In September 2014, TeraExchange, LLC, received approval from the U.S.
Commodity Futures Trading Commission
"CFTC" to begin listing an over-the-counter swap product based on the price of a bitcoin. The CFTC swap product approval marks the first time a U.S. regulatory agency approved a bitcoin financial product.
[
99
]
In December 2014, Microsoft began to accept bitcoin to buy Xbox games and Windows software.
[
100
]
In 2014, several light-hearted songs celebrating bitcoin such as the "Ode to Satoshi"
[
101
]
were released.
[
102
]
A documentary film,
The Rise and Rise of Bitcoin
, was released in 2014, featuring interviews with bitcoin users such as a computer programmer and a drug dealer.
[
103
]
On 13 March 2014,
Warren Buffett
called bitcoin a "mirage".
[
104
]
In January 2015, Coinbase raised US$75 million as part of a Series C funding round, smashing the previous record for a bitcoin company. Less than one year after the collapse of Mt. Gox, United Kingdom-based exchange
Bitstamp
announced that their exchange would be taken offline while they investigate a hack which resulted in about 19,000 bitcoins (equivalent to roughly US$5 million at that time) being stolen from their hot wallet.
[
105
]
The exchange remained offline for several days amid speculation that customers had lost their funds. Bitstamp resumed trading on 9 January after increasing security measures and assuring customers that their account balances would not be impacted.
[
106
]
In February 2015, the number of merchants accepting bitcoin exceeded 100,000.
[
107
]
In 2015, the MAK (
Museum of Applied Arts, Vienna
) became the first museum to acquire art using bitcoin, when it purchased the
screensaver
"Event listeners"
[
108
]
of van den Dorpel.
[
109
]
In September 2015, the establishment of the
peer-reviewed
academic journal
Ledger
(
ISSN
Â
2379-5980
) was announced. It covers studies of cryptocurrencies and related technologies, and is published by the
University of Pittsburgh
.
[
110
]
In October 2015, a proposal was submitted to the
Unicode Consortium
to add a code point for the bitcoin symbol.
[
111
]
[
non-primary source needed
]
In January 2016, the network rate exceeded 1
exahash
/sec.
[
citation needed
]
In March 2016, the
Cabinet of Japan
recognized virtual currencies like bitcoin as having a function similar to real money.
[
112
]
In July 2016, the CheckSequenceVerify soft fork activated.
[
113
]
In August 2016, a major bitcoin exchange,
Bitfinex
,
was hacked
and nearly 120,000 BTC (around $60m) was stolen.
[
114
]
In January 2017,
NHK
reported the number of online stores accepting bitcoin in Japan had increased 4.6 times over the past year.
[
115
]
In April, Japan passes a law to accept bitcoin as a legal payment method. Russia announces that it will legalize the use of cryptocurrencies such as bitcoin.
[
116
]
[
117
]
In June 2017, the bitcoin symbol was encoded in
Unicode
version 10.0 at position U+20BF (âż) in the
Currency Symbols block
.
[
118
]
Up until July 2017, bitcoin users maintained a common set of rules for the cryptocurrency.
[
119
]
On 1 August 2017 bitcoin split into two derivative digital currencies, the bitcoin (BTC) chain with 1 MB blocksize limit and the
Bitcoin Cash
(BCH) chain with 8 MB blocksize limit. The split has been called the
Bitcoin Cash hard fork
.
[
120
]
On 6 December 2017 the software marketplace
Steam
announced that it would no longer accept bitcoin as payment for its products, citing slow transactions speeds, price volatility, and high fees for transactions.
[
121
]
On 22 January 2018, South Korea brought in a regulation that requires all the bitcoin traders to reveal their identity, thus putting a ban on anonymous trading of bitcoins.
[
122
]
On 24 January 2018, the online payment firm
Stripe
announced that it would phase out its support for bitcoin payments by late April 2018, citing declining demand, rising fees and longer transaction times as the reasons.
[
123
]
On 25 January 2018,
George Soros
referred to bitcoin as a bubble.
[
124
]
In May 2018, the
United States Department of Justice
investigated bitcoin traders for possible
price manipulation
,
[
125
]
focusing on practices like
spoofing
and
wash trades
.
[
126
]
The investigation, which involved key exchanges like
Bitstamp
,
Coinbase
, and
Kraken
, led to
subpoenas
from the
Commodity Futures Trading Commission
after these exchanges failed to comply with information requests.
[
127
]
In October 2018,
Nelson Saiers
installed a 9-foot inflatable rat covered with bitcoin references and code in front of the
Federal Reserve
as a homage to Satoshi Nakamoto and protests in New York City.
[
128
]
[
129
]
On 2 July 2020, the Swiss company 21Shares started to quote a set of bitcoin
exchange-traded products
(ETP) on the
Xetra trading system
of the Deutsche Boerse.
[
130
]
On 1 September 2020, the
Wiener Börse
[
clarification needed
]
listed its first 21 titles denominated in cryptocurrencies like bitcoin, including the services of real-time quotation and
securities settlement
.
[
131
]
On 3 September 2020, the
Frankfurt Stock Exchange
admitted in its Regulated Market the quotation of the first bitcoin
exchange-traded note
(ETN), centrally cleared via
Eurex Clearing
.
[
132
]
[
133
]
In October 2020,
PayPal
announced that it would allow its users to buy and sell bitcoin on its platform, although not to deposit or withdraw bitcoins.
[
134
]
On 19 January 2021,
Elon Musk
placed the handle
#Bitcoin
in his
Twitter
profile, tweeting "In retrospect, it was inevitable", which caused the price to briefly rise about $5,000 in an hour to $37,299.
[
135
]
On 25 January 2021, Microstrategy announced that it continued to buy bitcoin and as of the same date it had holdings of âż70,784 worth $2.38 billion.
[
136
]
On 8 February 2021
Tesla's
announcement of a bitcoin purchase of US$1.5 billion and the plan to start accepting bitcoin as payment for vehicles, pushed the bitcoin price to $44,141.
[
137
]
On 18 February 2021, Elon Musk stated that "owning bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold".
[
138
]
After 49 days of accepting the digital currency, Tesla reversed course on 12 May 2021, saying they would no longer take bitcoin due to concerns that "mining" the cryptocurrency was contributing to the consumption of fossil fuels and climate change.
[
139
]
The decision resulted in the price of bitcoin dropping around 12% on 13 May.
[
140
]
During a July bitcoin conference, Musk suggested Tesla could possibly help bitcoin miners switch to renewable energy in the future and also stated at the same conference that if bitcoin mining reaches, and trends above 50 percent renewable energy usage, that "Tesla would resume accepting bitcoin." The price for bitcoin rose after this announcement.
[
141
]
Bitcoin vs. 1 kg gold
[
142
]
From February 2021, the Swiss canton of
Zug
allows for tax payments in bitcoin and other cryptocurrencies.
[
citation needed
]
Bitcoin achieved price equivalence with one kilogram of gold.
In May 2021,
Tesla
suspends
Bitcoin
payments due to environmental concerns, causing a significant market reaction.
[
143
]
On 1 June 2021,
El Salvador
President
Nayib Bukele
announced his plans to adopt bitcoin as
legal tender
; this would render El Salvador the world's first country to do so.
[
144
]
On June 7, 2021, United States Justice Department recovered $2.3 million worth of bitcoin paid by
Colonial Pipeline
to a criminal cyber group in cyber-security ransom.
[
145
]
[
146
]
On 8 June 2021, at the initiative of the president, pro-government deputies in the
Legislative Assembly of El Salvador
voted legislationâ
Ley Bitcoin
or the
Bitcoin Law
âto make Bitcoin legal tender in the country alongside the
US Dollar
.
[
147
]
[
148
]
On April 22, 2022, its price fell back down below $40,000.
[
149
]
It further dropped to as low as $26,970 in May after the collapse of
Terra-Luna
and its sister stablecoin, UST, in addition to a shedding of tech stocks.
[
150
]
On 18 June, Bitcoin dropped below $18,000, to trade at levels beneath its 2017 highs.
[
151
]
[
152
]
In May 2022, following a vote by
Wikipedia
editors the previous month, the Wikimedia Foundation announced it would stop accepting donations in bitcoin or other cryptocurrenciesâeight years after it had first started taking contributions in bitcoin.
[
153
]
[
154
]
In 2023, ordinals,
non-fungible tokens
(NFTs) on Bitcoin, went live.
[
155
]
In 2024, bitcoin-holding ETF funds were approved.
[
156
]
On March 13, 2024, Bitcoin price reached $73,664 USD.
[
157
]
In April 2024, the fourth
bitcoin halving
occurred, meaning that the reward to miners for successfully completing a block dropped to 3.125 bitcoins from 6.25 bitcoins.
[
158
]
[
159
]
Prices and value history
[
edit
]
The price of a bitcoin reached US$1,139.9 on 4 January 2017 (
semi logarithmic plot
).
Among the factors which may have contributed to this rise were the
European sovereign-debt crisis
 â particularly the
2012â2013 Cypriot financial crisis
 â statements by FinCEN improving the currency's legal standing, and rising media and Internet interest.
[
160
]
[
161
]
[
162
]
[
163
]
Until 2013, almost all market with bitcoins were in United States dollars (US$).
[
164
]
As the market valuation of the total stock of bitcoins approached US$1 billion, some commentators called bitcoin prices a
bubble
.
[
165
]
[
166
]
[
167
]
In early April 2013, the price per bitcoin dropped from $266 to around $50 and then rose to around $100. Over two weeks starting late June 2013 the price dropped steadily to $70. The price began to recover, peaking once again on 1 October at $140. On 2 October,
The Silk Road
was seized by the
FBI
. This
seizure
caused a flash crash to $110. The price quickly rebounded, returning to $200 several weeks later.
[
168
]
The latest run went from $200 on 3 November to $900 on 18 November.
[
169
]
Bitcoin passed US$1,000 on 28 November 2013 at Mt. Gox.
[
citation needed
]
Bitcoin value history (comparison to US$)
Date
USDÂ : 1 BTC
Notes
Jan 2009Â â Mar 2010
basically nothing
No exchanges or market; users were mainly cryptography fans who were sending bitcoins for hobby purposes representing low or no value. In March 2010, user "SmokeTooMuch" auctioned 10,000 BTC for $50 (cumulatively), but no buyer was found.
[
170
]
May 2010
less than $0.01
On 22 May 2010,
[
171
]
Laszlo Hanyecz made the first real-world transaction by buying two pizzas in
Jacksonville, Florida
, for 10,000 BTC.
[
172
]
As of 2025
, this would be an amount that would be roughly $1,100,000,000.
[
citation needed
]
Feb 2011Â â April 2011
$1.00
Bitcoin takes parity with US dollar.
[
173
]
Nov 2013
$350â$1,242
Price rose from $150 in October to $200 in November, reaching $1,242 on 29 November 2013.
[
174
]
Apr 2014
$340â$530
The lowest price since the
2012â2013 Cypriot financial crisis
had been reached at 3:25Â AM on 11 April.
[
citation needed
]
2â3 March 2017
$1,290+
Price broke above the November 2013 high of $1,242
[
175
]
and then traded above $1,290.
[
176
]
20 May 2017
$2,000
Price reached a new high, reaching $1,402.03 on 1 May 2017, and over $1,800 on 11 May 2017.
[
177
]
On 20 May 2017, the price passed $2,000 for the first time.
1 September 2017
$5,014
Price broke $5,000 for the first time.
[
citation needed
]
17â20 November 2017
$7,600-8,100
Briefly topped at $8004.59. This surge in bitcoin may be related to the
2017 Zimbabwean coup d'Ă©tat
. On one bitcoin exchange, 1 BTC topped at nearly $13,500, just shy of 2 times the value of the International market.
[
178
]
[
179
]
15 December 2017
$17,900
Price reached $17,900.
[
180
]
17 December 2017
$19,783
Price rose 5% in 24 hours, with its value being up 1,824% since 1 January 2017, to reach a new all-time high of $19,783.06.
[
181
]
22 December 2017
$13,800
Price lost one third of its value in 24 hours, dropping below $14,000.
[
182
]
5 February 2018
$6,200
Price dropped by 50% in 16 days, falling below $7,000.
[
183
]
31 October 2018
$6,300
On the 10th anniversary of bitcoin, the price held steady above $6,000 during a period of historically low volatility.
[
184
]
[
185
]
7 December 2018
$3,300
Price briefly dipped below $3,300, a 76% drop from the previous year and a 15-month low.
[
186
]
1 July 2019
$10,599
Rose to a calendar-year peak of $10,599 after starting the year at $3,869.
[
citation needed
]
16 March 2020
$5,000
Price dropped 50% in early 2020, losing 25% in 24 hours early in the COVID-19 pandemic.
[
187
]
27 July 2020
$10,944
Price recovered value lost in COVID-related crash.
[
188
]
30 November 2020
$19,850
Bitcoin price reached new all-time high of $19,850.11.
[
189
]
8 January 2021
$41,973
Bitcoin traded as high as $41,973.
[
190
]
11 January 2021
$33,400
Price briefly fell as much as 26% but pared losses to trade around $33,400.
[
191
]
8 February 2021
$44,200
Bitcoin price surge after Elon Musk and Tesla announcements of investments into Bitcoin, including acceptance of payment.
[
192
]
16 February 2021
$50,000
Bitcoin price reached new all-time high of $50,000.
[
193
]
10 April 2021
$60,000
Bitcoin back above $60,000 as Coinbase gets ready to go public on the stock market.
[
194
]
14 April 2021
$64,800
The all-time high price of $64,800 was reached on April 14, 2021.
[
195
]
19 May 2021
$30,000
Bitcoin price drops to $30,000 at one point following suggestions that Tesla has sold or will sell its Bitcoin holdings
[
196
]
and a new set of regulations from the Chinese government to support their cryptocurrency crackdown.
[
197
]
2 September 2021
$50,128
Bitcoin price recovered to $50,000
[
citation needed
]
17 October 2021
$62,600
Bitcoin price returned near to its all-time high
[
198
]
20 October 2021
$66,975
Bitcoin price hits all-time high above $66,000
[
citation needed
]
22 January 2022
$35,000
Bitcoin price falls almost 50% from all-time highs, to below $35,000
[
199
]
12 May 2022
$25,401
Following the
Terra-LUNA
crash in May 2022, Bitcoin retreated to its lowest level since December 2020. Traders seized the discounted bitcoin to buoy the price around the $30k mark.
[
200
]
13 June 2022
$22,602
Bitcoin slid to $22,601.69 as
Celsius Network
froze withdrawals and transfers, citing "extreme" conditions.
[
201
]
[
202
]
18 June 2022
$17,769
Bitcoin dropped below $18,000, to trade at levels beneath its 2017 highs.
[
151
]
[
152
]
27 June 2022
$20,700
Bitcoin traded around $20,700 as cryptocurrency hedge fund
Three Arrows Capital
defaulted on a bitcoin loan and was ordered into liquidation by a court in the
British Virgin Islands
.
[
203
]
[
204
]
28 November 2022
$16,216
Bitcoin took an immediate hit after the
collapse of FTX
, costing more than a million users of the exchange billions of dollars in cumulative losses. Bitcoin sunk to a two-year low.
[
citation needed
]
14 January 2023
$20,853
Bitcoin rose back above $20,000 for first time in over two months
[
205
]
21 January 2023
$23,199
Bitcoin rose above $23,000 to its highest levels since August 2022
[
206
]
[
207
]
16 February 2023
$25,156
Bitcoin rose above $25,000 for the first time in eight months
[
208
]
10 March 2023
$20,000
Bitcoin fell below $20,000 for the first time since January 2023.
[
209
]
17 March 2023
$26,868
Bitcoin rose to $26,868.39, recording its best weekly gain since January 2021.
[
210
]
1 January 2024
$45,001
Bitcoin rose to $45,001.01, Bitcoin surges 7% to start 2024.
[
211
]
13 March 2024
$73,664
Bitcoin hit new record highs as US Bitcoin ETFs saw record-breaking inflows.
[
212
]
5 December 2024
$100,000
Bitcoin reached $100,000.
[
213
]
13 August 2025
$125,725.00
Bitcoin has reached an all-time high of $125,725.00.
[
citation needed
]
20 February 2026
$66,645.00
6 months of continuous decline broken by a brief rally in January 2026
[
citation needed
]
A
fork
, referring to a blockchain, is defined variously as a blockchain split into two paths forward, or as a change of protocol rules. Accidental forks on the bitcoin network regularly occur as part of the mining process. They happen when two miners find a block at a similar point in time. As a result, the network briefly forks. This fork is subsequently resolved by the software which automatically chooses the longest chain, thereby orphaning the extra blocks added to the shorter chain (that were dropped by the longer chain).
On 12 March 2013, a bitcoin miner running version 0.8.0 of the bitcoin software created a large block that was considered invalid in version 0.7 (due to an undiscovered inconsistency between the two versions).
This created a split or "fork" in the blockchain since computers with the recent version of the software accepted the invalid block and continued to build on the diverging chain, whereas older versions of the software rejected it and continued extending the blockchain without the offending block.
This split resulted in two separate transaction logs being formed without clear consensus, which allowed for the same funds to be spent differently on each chain. In response, the Mt. Gox exchange temporarily halted bitcoin deposits.
[
214
]
The exchange rate fell 23% to $37 on the Mt. Gox exchange but rose most of the way back to its prior level of $48.
[
51
]
[
52
]
Miners resolved the split by downgrading to version 0.7, putting them back on track with the canonical blockchain.
User funds largely remained unaffected and were available when network consensus was restored.
[
215
]
The network reached consensus and continued to operate as normal a few hours after the split.
[
216
]
Two significant forks took place in August. One,
Bitcoin Cash
, is a hard fork off the main chain in opposition to the other, which is a soft fork to implement
Segregated Witness
.
Taxation and regulation
[
edit
]
In 2012, the Cryptocurrency Legal Advocacy Group (CLAG) stressed the importance for taxpayers to determine whether taxes are due on a bitcoin-related transaction based on whether one has experienced a "
realization
event": when a taxpayer has provided a service in exchange for bitcoins, a realization event has probably occurred and any gain or loss would likely be calculated using fair market values for the service provided."
[
217
]
In April 2012 the FBI acknowledged Bitcoin's potential for illicit use in an internal assessment. The report identified Bitcoinâs decentralized and pseudonymous design as a challenge for law enforcement, noting early signs of adoption by cybercriminals despite limited evidence of widespread misuse. Although it warned of high theft risks via malware and wallet exploitation, it concluded only with
low confidence
that, "based on current user and vendor acceptance, that malicious actors will exploit Bitcoin to launder money". The report highlighted third-party exchanges as regulatory choke points under U.S. law, marking one of the first federal acknowledgments of the systemic enforcement difficulties posed by cryptocurrencies.
[
218
]
In its October 2012 study,
Virtual currency schemes
, the
European Central Bank
concluded that the growth of virtual currencies will continue, and, given the currencies' inherent price instability, lack of close regulation, and risk of illegal uses by anonymous users, the Bank warned that periodic examination of developments would be necessary to reassess risks.
[
219
]
On 18 March 2013, the
Financial Crimes Enforcement Network
(or FinCEN), a bureau of the
United States Department of the Treasury
, issued a report regarding
centralized
and decentralized "virtual currencies" and their legal status within "
money services business
" (MSB) and
Bank Secrecy Act
regulations.
[
56
]
[
62
]
It classified digital currencies and other digital payment systems such as bitcoin as "
virtual currencies
" because they are not
legal tender
under any sovereign
jurisdiction
. FinCEN cleared American users of bitcoin of legal obligations
[
62
]
by saying, "A user of virtual currency is not an MSB under FinCEN's regulations and therefore is not subject to MSB registration, reporting, and recordkeeping regulations." However, it held that American entities who generate "virtual currency" such as bitcoins are money transmitters or MSBs if they sell their generated currency for
national currency
: "...a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter." This specifically extends to "miners" of the bitcoin currency who may have to register as MSBs and abide by the legal requirements of being a money transmitter if they sell their generated bitcoins for
national currency
and are within the United States.
[
54
]
Since FinCEN issued this guidance, dozens of virtual currency exchangers and administrators have registered with FinCEN, and FinCEN is receiving an increasing number of
suspicious activity reports
(SARs) from these entities.
[
220
]
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a
payment processor
setting or as an exchanger: "In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency."
[
56
]
In summary, FinCEN's decision would require bitcoin exchanges where bitcoins are traded for traditional currencies to disclose large transactions and suspicious activity, comply with
money laundering
regulations, and collect information about their customers as traditional
financial institutions
are required to do.
[
62
]
[
221
]
Jennifer Shasky Calvery, the director of FinCEN said, "Virtual currencies are subject to the same rules as other currencies. ... Basic money-services business rules apply here."
[
62
]
In June 2013, Bitcoin Foundation board member Jon Matonis wrote in
Forbes
that he received a warning letter from the
California Department of Financial Institutions
accusing the foundation of unlicensed money transmission. Matonis denied that the foundation is engaged in money transmission and said he viewed the case as "an opportunity to educate state regulators."
[
222
]
In late July 2013, the industry group Committee for the Establishment of the Digital Asset Transfer Authority began to form to set best practices and standards, to work with regulators and policymakers to adapt existing currency requirements to digital currency technology and business models and develop risk management standards.
[
223
]
In August 2013, the German Finance Ministry characterized bitcoin as a
unit of account
,
[
71
]
[
224
]
usable in
multilateral clearing circles
and subject to capital gains tax if held less than one year.
[
224
]
On 5 December 2013, the
People's Bank of China
announced in a press release regarding bitcoin regulation that whilst individuals in China are permitted to freely trade and exchange bitcoins as a commodity, it is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to be used as legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering.
[
225
]
The value of bitcoin dropped on various exchanges between 11 and 20 percent following the regulation announcement, before rebounding upward again.
[
226
]
In 2013, the U.S. Treasury extended its anti-money laundering regulations to processors of bitcoin transactions.
[
227
]
[
228
]
In 2014, the
U.S. Securities and Exchange Commission
filed an administrative action against Erik T. Voorhees, for violating Securities Act Section 5 for publicly offering unregistered interests in two bitcoin websites in exchange for bitcoins.
[
229
]
On 25 March 2014, the
U.S. Internal Revenue Service
issued Notice 2014-21, clarifying that for federal tax purposes, virtual currency is treated as property, not currency.
[
230
]
In 2016, the
European Parliament
began discussions to bring virtual currency exchanges and custodian wallet providers under the scope of the Anti-Money Laundering Directive (AMLD). The proposal was published in July 2016, marking "a significant step in the EU's efforts to combat the laundering of money from criminal activities and to counter the financing of terrorist activities."
[
231
]
By December 2017, bitcoin
futures contracts
began to be offered, and the US
Chicago Board Options Exchange
(CBOE) was formally settling the futures daily.
[
232
]
[
233
]
By 2019, multiple trading companies were offering services around bitcoin futures.
[
234
]
A
bitcoin faucet
was a
website
or
software app
that dispensed rewards in the form of bitcoin for visitors to claim in exchange for completing a
captcha
or task as described by the website. There have also been faucets that dispense other
cryptocurrencies
. The first example was called "The Bitcoin Faucet" and was developed by
Gavin Andresen
in 2010.
[
235
]
It originally gave out five bitcoins per person.
The rewards were dispensed at regular time intervals as rewards for completing simple tasks such as captcha completion, or as prizes from simple games. The amount of bitcoin would typically fluctuate according to the cash value of bitcoin. Some faucets also had random larger rewards. To reduce
mining fees
, faucets saved up these small individual payments in their own
ledgers
, which would be dispersed as larger payment to a user's
bitcoin address
.
[
236
]
Because bitcoin transactions are irreversible and there have been many faucets, they have been targets for hackers interested in acquiring bitcoins through theft or exploitation. Advertisements were the main income source of bitcoin faucets, with the potential reward in cryptocurrency intended to incentivize traffic. Some ad networks have also paid directly in bitcoin. Faucets typically have a low profit margin. Some faucets have also made money by mining cryptocurrencies in the background, using the user's CPU.
[
citation needed
]
Theft and exchange shutdowns
[
edit
]
Bitcoins can be stored in a bitcoin
cryptocurrency wallet
. Theft of bitcoin has been documented on numerous occasions. At other times, bitcoin exchanges have shut down, taking their clients' bitcoins with them. A
Wired
study published April 2013 showed that 45 percent of bitcoin exchanges end up closing.
[
237
]
On 19 June 2011, a security breach of the
Mt. Gox
bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker used credentials from a Mt. Gox auditor's compromised computer illegally to transfer a large number of bitcoins to himself. They used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes, the price reverted to its correct user-traded value.
[
238
]
[
239
]
[
240
]
[
241
]
[
242
]
[
243
]
Accounts with the equivalent of more than US$8,750,000 were affected.
[
240
]
In July 2011, the operator of Bitomat, the third-largest bitcoin exchange, announced that he had lost access to his wallet.dat file with about 17,000 bitcoins (roughly equivalent to US$220,000 at that time). He announced that he would sell the service for the missing amount, aiming to use funds from the sale to refund his customers.
[
244
]
In early August 2012, a lawsuit was filed in
San Francisco
court against Bitcoinica â a bitcoin trading venue â claiming about US$460,000 from the company. Bitcoinica was hacked twice in 2012, which led to allegations that the venue neglected the safety of customers' money and cheated them out of withdrawal requests.
[
245
]
[
246
]
In August 2011, MyBitcoin, a now defunct bitcoin transaction processor, declared that it was hacked, which caused it to be shut down, paying 49% on customer deposits, leaving more than 78,000 bitcoins (equivalent to roughly US$800,000 at that time) unaccounted for.
[
247
]
[
248
]
In late August 2012, an operation titled Bitcoin Savings and Trust was shut down by the owner, leaving around US$5.6 million in bitcoin-based debts; this led to allegations that the operation was a
Ponzi scheme
.
[
249
]
[
250
]
[
251
]
In September 2012, the
U.S. Securities and Exchange Commission
had reportedly started an investigation on the case.
[
252
]
In September 2012, Bitfloor, a bitcoin exchange, also reported being hacked, with 24,000 bitcoins (worth about US$250,000) stolen. As a result, Bitfloor suspended operations.
[
253
]
[
254
]
The same month, Bitfloor resumed operations; its founder said that he reported the theft to FBI, and that he plans to repay the victims, though the time frame for repayment is unclear.
[
255
]
On 3 April 2013, Instawallet, a web-based wallet provider, was hacked,
[
256
]
resulting in the theft of over 35,000 bitcoins
[
257
]
which were valued at US$129.90 per bitcoin at the time, or nearly $4.6 million in total. As a result, Instawallet suspended operations.
[
256
]
On 11 August 2013, the Bitcoin Foundation announced that a bug in a
pseudorandom number generator
within the
Android operating system
had been exploited to steal from wallets generated by Android apps; fixes were provided 13 August 2013.
[
258
]
In October 2013, Inputs.io, an Australian-based bitcoin wallet provider was hacked with a loss of 4100 bitcoins, worth over A$1 million at time of theft. The service was run by the operator TradeFortress. Coinchat, the associated bitcoin chat room, was taken over by a new admin.
[
259
]
On 26 October 2013, a Hong Kongâbased bitcoin trading platform owned by Global Bond Limited (GBL) vanished with 30 million yuan (US$5 million) from 500 investors.
[
260
]
Mt. Gox
, the Japan-based exchange that in 2013 handled 70% of all worldwide bitcoin traffic, declared bankruptcy in February 2014, with bitcoins worth about $390 million missing, for unclear reasons. The CEO was eventually arrested and charged with embezzlement.
[
261
]
On 3 March 2014, Flexcoin announced it was closing its doors because of a hack attack that took place the day before.
[
262
]
[
263
]
[
264
]
In a statement that once occupied their homepage they announced on 3 March 2014 that "As Flexcoin does not have the resources, assets, or otherwise to come back from this loss [the hack], we are closing our doors immediately."
[
265
]
Users can no longer log into the site.
Chinese cryptocurrency exchange Bter lost $2.1 million in BTC in February 2015.
The
Slovenian
exchange
Bitstamp
lost bitcoin worth $5.1 million to a hack in January 2015.
The US-based exchange Cryptsy declared bankruptcy in January 2016, ostensibly because of a 2014 hacking incident; the court-appointed receiver later alleged that Cryptsy's CEO had stolen $3.3 million.
In August 2016, hackers stole some $72 million in customer bitcoin from the Hong Kongâbased exchange
Bitfinex
.
[
266
]
In December 2017, hackers stole 4,700 bitcoins from NiceHash, a platform that allowed users to sell hashing power.
[
267
]
The value of the stolen bitcoins totaled about $80 million at the time.
[
268
]
On 19 December 2017, Yapian, a company that owns the Youbit cryptocurrency exchange in South Korea, filed for bankruptcy following a hack, the second in eight months.
[
269
]
On 11 November 2022,
FTX
filed for
bankruptcy
with an estimated $8 billion missing in customer funds.
Arbitrary blockchain content
[
edit
]
Bitcoin's blockchain can be loaded with arbitrary data. In 2018 researchers from
RWTH Aachen University and Goethe University
identified 1,600 files added to the blockchain, 59 of which included links to unlawful images of child exploitation, politically sensitive content, or privacy violations. "Our analysis shows that certain content, e.g. illegal pornography, can render the mere possession of a blockchain illegal."
[
270
]
Interpol
also sent out an alert in 2015 saying that "the design of the blockchain means there is the possibility of malware being injected and permanently hosted with no methods currently available to wipe this data".
[
271
]
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Interactive bitcoin history |
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## Contents
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- [(Top)](https://en.wikipedia.org/wiki/History_of_bitcoin)
- [1 Background](https://en.wikipedia.org/wiki/History_of_bitcoin#Background)
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- [1\.1 31 October 1996 NSA paper](https://en.wikipedia.org/wiki/History_of_bitcoin#31_October_1996_NSA_paper)
- [1\.2 Adam Back](https://en.wikipedia.org/wiki/History_of_bitcoin#Adam_Back)
- [2 Creation](https://en.wikipedia.org/wiki/History_of_bitcoin#Creation)
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- [2\.1 Satoshi Nakamoto](https://en.wikipedia.org/wiki/History_of_bitcoin#Satoshi_Nakamoto)
- [3 Growth](https://en.wikipedia.org/wiki/History_of_bitcoin#Growth)
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- [3\.1 2010](https://en.wikipedia.org/wiki/History_of_bitcoin#2010)
- [3\.2 2011](https://en.wikipedia.org/wiki/History_of_bitcoin#2011)
- [3\.3 2012](https://en.wikipedia.org/wiki/History_of_bitcoin#2012)
- [3\.4 2013](https://en.wikipedia.org/wiki/History_of_bitcoin#2013)
- [3\.5 2014](https://en.wikipedia.org/wiki/History_of_bitcoin#2014)
- [3\.6 2015](https://en.wikipedia.org/wiki/History_of_bitcoin#2015)
- [3\.7 2016](https://en.wikipedia.org/wiki/History_of_bitcoin#2016)
- [3\.8 2017](https://en.wikipedia.org/wiki/History_of_bitcoin#2017)
- [3\.9 2018](https://en.wikipedia.org/wiki/History_of_bitcoin#2018)
- [3\.10 2020](https://en.wikipedia.org/wiki/History_of_bitcoin#2020)
- [3\.11 2021](https://en.wikipedia.org/wiki/History_of_bitcoin#2021)
- [3\.12 2022](https://en.wikipedia.org/wiki/History_of_bitcoin#2022)
- [3\.13 2023](https://en.wikipedia.org/wiki/History_of_bitcoin#2023)
- [3\.14 2024](https://en.wikipedia.org/wiki/History_of_bitcoin#2024)
- [4 Prices and value history](https://en.wikipedia.org/wiki/History_of_bitcoin#Prices_and_value_history)
- [5 Forks](https://en.wikipedia.org/wiki/History_of_bitcoin#Forks)
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- [5\.1 March 2013](https://en.wikipedia.org/wiki/History_of_bitcoin#March_2013)
- [5\.2 August 2017](https://en.wikipedia.org/wiki/History_of_bitcoin#August_2017)
- [6 Taxation and regulation](https://en.wikipedia.org/wiki/History_of_bitcoin#Taxation_and_regulation)
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- [6\.1 2012](https://en.wikipedia.org/wiki/History_of_bitcoin#2012_2)
- [6\.2 2013](https://en.wikipedia.org/wiki/History_of_bitcoin#2013_2)
- [6\.3 2014](https://en.wikipedia.org/wiki/History_of_bitcoin#2014_2)
- [6\.4 2016](https://en.wikipedia.org/wiki/History_of_bitcoin#2016_2)
- [6\.5 2017](https://en.wikipedia.org/wiki/History_of_bitcoin#2017_2)
- [6\.6 2019](https://en.wikipedia.org/wiki/History_of_bitcoin#2019)
- [7 Bitcoin faucets](https://en.wikipedia.org/wiki/History_of_bitcoin#Bitcoin_faucets)
- [8 Theft and exchange shutdowns](https://en.wikipedia.org/wiki/History_of_bitcoin#Theft_and_exchange_shutdowns)
- [9 Arbitrary blockchain content](https://en.wikipedia.org/wiki/History_of_bitcoin#Arbitrary_blockchain_content)
- [10 References](https://en.wikipedia.org/wiki/History_of_bitcoin#References)
- [11 External links](https://en.wikipedia.org/wiki/History_of_bitcoin#External_links)
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# History of bitcoin
10 languages
- [ۧÙŰč۱ۚÙŰ©](https://ar.wikipedia.org/wiki/%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE_%D8%A8%D9%8A%D8%AA%D9%83%D9%88%D9%8A%D9%86 "ŰȘۧ۱ÙŰź ŰšÙŰȘÙÙÙÙ â Arabic")
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From Wikipedia, the free encyclopedia
[](https://en.wikipedia.org/wiki/File:Bitcoin_transactions_per_month.svg)
Number of on-chain bitcoin transactions per month ([logarithmic scale](https://en.wikipedia.org/wiki/Logarithmic_scale "Logarithmic scale"))
[Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") is a [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency"), a [digital asset](https://en.wikipedia.org/wiki/Digital_asset "Digital asset") that uses [cryptography](https://en.wikipedia.org/wiki/Cryptography "Cryptography") to control its creation and management [rather than relying on central authorities](https://en.wikipedia.org/wiki/Decentralization "Decentralization").[\[1\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-mercatus-1)[\[2\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-2) Originally designed as a [medium of exchange](https://en.wikipedia.org/wiki/Medium_of_exchange "Medium of exchange"), Bitcoin is now primarily regarded as a [store of value](https://en.wikipedia.org/wiki/Store_of_value "Store of value"). The **history of bitcoin** started with its invention and implementation by [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto"), who integrated many existing ideas from the [cryptography](https://en.wikipedia.org/wiki/Cryptography "Cryptography") community. Over the course of bitcoin's history, it has undergone rapid growth to become a significant store of value both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.[\[3\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-3)
## Background
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=1 "Edit section: Background")\]
Prior to the release of bitcoin, there were a number of digital cash technologies, starting with the issuer-based [ecash](https://en.wikipedia.org/wiki/Ecash "Ecash") protocols of [David Chaum](https://en.wikipedia.org/wiki/David_Chaum "David Chaum") and [Stefan Brands](https://en.wikipedia.org/wiki/Stefan_Brands "Stefan Brands").[\[4\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-4)[\[5\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-5)[\[6\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-6) The idea that solutions to computational puzzles could have some value was first proposed by cryptographers [Cynthia Dwork](https://en.wikipedia.org/wiki/Cynthia_Dwork "Cynthia Dwork") and [Moni Naor](https://en.wikipedia.org/wiki/Moni_Naor "Moni Naor") in 1992.[\[7\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-7)
### 31 October 1996 NSA paper
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=2 "Edit section: 31 October 1996 NSA paper")\]
12 years prior to creating Bitcoin the NSA published the white paper "How To Make A Mint: The Cryptography of Anonymous Electronic Cash" [\[8\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-8)
### Adam Back
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=3 "Edit section: Adam Back")\]
The idea was independently rediscovered by [Adam Back](https://en.wikipedia.org/wiki/Adam_Back "Adam Back") who developed [hashcash](https://en.wikipedia.org/wiki/Hashcash "Hashcash"), a [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") scheme for spam control in 1997.[\[9\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-9) The first proposals for distributed digital scarcity-based [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies") were [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai")'s b-money[\[10\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-10) and [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo")'s [bit gold](https://en.wikipedia.org/wiki/Bit_gold "Bit gold").[\[11\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-11)[\[12\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TsoSch2015-12) [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_\(cypherpunk\) "Hal Finney (cypherpunk)") developed [reusable proof of work](https://en.wikipedia.org/wiki/Proof_of_work#Reusable_proof-of-work "Proof of work") (RPOW) using hashcash as proof of work algorithm.[\[13\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-13)
In the bit gold proposal which proposed a collectible market-based mechanism for inflation control, Nick Szabo also investigated some additional aspects including a [Byzantine fault-tolerant](https://en.wikipedia.org/wiki/Byzantine_fault_tolerance "Byzantine fault tolerance") agreement protocol based on quorum addresses to store and transfer the chained [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") solutions, which was vulnerable to [Sybil attacks](https://en.wikipedia.org/wiki/Sybil_attack "Sybil attack"), though.[\[12\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TsoSch2015-12)
## Creation
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=4 "Edit section: Creation")\]
On 18 August 2008, the domain name bitcoin.org was registered.[\[14\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-14) Later that year, on 31 October, a link to a [paper](https://en.wikipedia.org/wiki/Whitepaper "Whitepaper") authored by [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") titled *Bitcoin: A Peer-to-Peer Electronic Cash System*[\[15\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-whitepaper-15) was posted to a cryptography mailing list.[\[16\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-16) This paper detailed methods of using a [peer-to-peer](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") network to generate what was described as "a system for electronic transactions without relying on trust".[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17)[\[18\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-18)[\[19\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-19) On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the *genesis block of bitcoin* (block number 0), which had a reward of 50 bitcoins.[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17)[\[20\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-20) Embedded in the genesis block was the text:
> The Times 03/Jan/2009 Chancellor on brink of second bailout for banks[\[21\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NY2011-21)
The text refers to a headline in *[The Times](https://en.wikipedia.org/wiki/The_Times "The Times")* published on 3 January 2009.[\[22\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-22) This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by [fractional-reserve banking](https://en.wikipedia.org/wiki/Fractional-reserve_banking "Fractional-reserve banking").[\[23\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-23): 18
The first [open source](https://en.wikipedia.org/wiki/Open_source "Open source") bitcoin client was released on 9 January 2009, hosted at [SourceForge](https://en.wikipedia.org/wiki/SourceForge "SourceForge").[\[24\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-24)[\[25\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-25)
One of the first supporters, adopters, contributors to bitcoin and receiver of the first bitcoin transaction was programmer [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_\(cypherpunk\) "Hal Finney (cypherpunk)"). Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction on 12 January 2009 (block 170).[\[26\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-26)[\[27\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-27) Other early supporters were [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai"), creator of bitcoin predecessor *b-money*, and [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo"), creator of bitcoin predecessor *bit gold*.[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17) One of the first miners included [James Howells](https://en.wikipedia.org/wiki/James_Howells "James Howells"), who subsequently lost thousands of Bitcoin [to a landfill in Newport](https://en.wikipedia.org/wiki/Bitcoin_buried_in_Newport_landfill "Bitcoin buried in Newport landfill").[\[28\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Max-2021-28)[\[29\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Molloy-2017-29)
In the early days, Nakamoto is estimated to have mined 1 million bitcoins.[\[30\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-30) Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen"), who then became the bitcoin lead developer at the [Bitcoin Foundation](https://en.wikipedia.org/wiki/Bitcoin_Foundation "Bitcoin Foundation"), the 'anarchic' bitcoin community's closest thing to an official public face.[\[31\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-31)
### Satoshi Nakamoto
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=5 "Edit section: Satoshi Nakamoto")\]
Main article: [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto")
"Satoshi Nakamoto" is presumed to be a [pseudonym](https://en.wikipedia.org/wiki/Pseudonym "Pseudonym") for the person or people who designed the original bitcoin protocol in 2007 then released the whitepaper in 2008 and finally launched the network in 2009. Nakamoto was responsible for creating the majority of the official bitcoin software and was active in making modifications and posting technical information on the bitcoin forum.[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17) There has been much speculation as to the identity of [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") but their real identity remains a matter of dispute.
## Growth
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=6 "Edit section: Growth")\]
### 2010
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=7 "Edit section: 2010")\]
[](https://en.wikipedia.org/wiki/File:Bitcoin_Pizza_Day_Papa_John%E2%80%99s_Atlantic_Ave_Jacksonville_FL.jpg)
The plaque at the [Papa John's](https://en.wikipedia.org/wiki/Papa_John%27s "Papa John's") franchise on Atlantic Blvd in Jacksonville, Florida, where two pizzas were made and delivered from for the first notable retail bitcoin transaction.
The first notable retail transaction involving physical goods was paid on May 22, 2010, by exchanging 10,000 mined BTC for two pizzas delivered from a [Papa John's](https://en.wikipedia.org/wiki/Papa_John%27s "Papa John's") in [Jacksonville, Florida](https://en.wikipedia.org/wiki/Jacksonville,_Florida "Jacksonville, Florida"). Laszlo Hanyecz, who lives in Jacksonville, created a thread in an online forum offering the bitcoins for anyone who could order him two pizzas. Jeremy Sturdivant, a user from England accepted the offer and ordered the pizzas to his home. The 10,000 Bitcoins were worth about \$40 USD at the time. This event would mark May 22 as the Bitcoin Pizza Day for crypto-fans.[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17)[\[32\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-32) At the time, a transaction's value was typically negotiated on the Bitcoin forum.[\[33\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-33)
On 6 August 2010, a major [vulnerability](https://en.wikipedia.org/wiki/Vulnerability_\(computing\) "Vulnerability (computing)") in the bitcoin protocol was spotted. While the protocol did verify that a transaction's outputs never exceeded its inputs, a transaction whose outputs summed to more than 2 64 {\\displaystyle 2^{64}}  would [overflow](https://en.wikipedia.org/wiki/Integer_overflow "Integer overflow"), permitting the transaction author to create arbitrary amounts of bitcoin.[\[34\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NIST1-34) On 15 August, the vulnerability was exploited; a single transaction spent 0.5 bitcoin to send just over 92 billion bitcoins (2 63 {\\displaystyle 2^{63}}  satoshis) to each of two different addresses on the network. Within hours, the transaction was spotted, the bug was fixed, and the blockchain was forked by miners using an updated version of the bitcoin protocol.[\[35\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-SourceForge-35) Since the blockchain was forked below the problematic transaction, the transaction no longer appears in the blockchain used by the current Bitcoin network.[\[34\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NIST1-34)[\[36\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-36)\[*[non-primary source needed](https://en.wikipedia.org/wiki/Wikipedia:No_original_research#Primary,_secondary_and_tertiary_sources "Wikipedia:No original research")*\]
### 2011
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=8 "Edit section: 2011")\]
Based on bitcoin's open-source code, other cryptocurrencies started to emerge.[\[37\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-WsjVolatile-37)
The [Electronic Frontier Foundation](https://en.wikipedia.org/wiki/Electronic_Frontier_Foundation "Electronic Frontier Foundation"), a non-profit group, started accepting bitcoins in January 2011,[\[38\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-38) then stopped accepting them in June 2011, citing concerns about a lack of legal precedent about new currency systems.[\[39\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-39) The EFF's decision was reversed on 17 May 2013 when they resumed accepting bitcoin.[\[40\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-EFF2013-40)
In May 2011, bitcoin payment processor, [BitPay](https://en.wikipedia.org/wiki/BitPay "BitPay") was founded to provide mobile checkout services to companies wanting to accept bitcoins as a form of payment.
In June 2011, [WikiLeaks](https://en.wikipedia.org/wiki/WikiLeaks "WikiLeaks")[\[41\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-41) and other organizations began to accept bitcoins for donations.
### 2012
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=9 "Edit section: 2012")\]
In January 2012, bitcoin was featured as the main subject within a fictionalized trial on the [CBS](https://en.wikipedia.org/wiki/CBS "CBS") legal drama *[The Good Wife](https://en.wikipedia.org/wiki/The_Good_Wife "The Good Wife")* in the third-season episode "[Bitcoin for Dummies](https://en.wikipedia.org/wiki/The_Good_Wife_\(season_3\)#Episodes "The Good Wife (season 3)")". The host of [CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")'s *[Mad Money](https://en.wikipedia.org/wiki/Mad_Money "Mad Money")*, [Jim Cramer](https://en.wikipedia.org/wiki/Jim_Cramer "Jim Cramer"), played himself in a courtroom scene where he testifies that he does not consider bitcoin a true currency, saying, "There's no central bank to regulate it; it's digital and functions completely peer to peer".[\[42\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-The_Good_Wife-42)
In September 2012, the Bitcoin Foundation was launched to "accelerate the global growth of bitcoin through standardization, protection, and promotion of the open source protocol". The founders were [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen"), [Jon Matonis](https://en.wikipedia.org/w/index.php?title=Jon_Matonis&action=edit&redlink=1 "Jon Matonis (page does not exist)"), [Mark KarpelĂšs](https://en.wikipedia.org/wiki/Mark_Karpel%C3%A8s "Mark KarpelĂšs"), [Charlie Shrem](https://en.wikipedia.org/wiki/Charlie_Shrem "Charlie Shrem"), and [Peter Vessenes](https://en.wikipedia.org/w/index.php?title=Peter_Vessenes&action=edit&redlink=1 "Peter Vessenes (page does not exist)").[\[43\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-43)
In October 2012, [BitPay](https://en.wikipedia.org/wiki/BitPay "BitPay") reported having over 1,000 merchants accepting bitcoin under its payment processing service.[\[44\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-44) In November 2012, [WordPress](https://en.wikipedia.org/wiki/WordPress "WordPress") started accepting bitcoins.[\[45\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-45)
### 2013
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=10 "Edit section: 2013")\]
In February 2013, the exchange [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") reported selling US\$1 million worth of bitcoins in a single month at over \$22 per bitcoin.[\[46\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-$1MBitcoinamonth-46) The [Internet Archive](https://en.wikipedia.org/wiki/Internet_Archive "Internet Archive") announced that it was ready to accept donations as bitcoins and that it intends to give employees the option to receive portions of their salaries in bitcoin currency.[\[47\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-paritynews-47)
In [Charles Stross](https://en.wikipedia.org/wiki/Charles_Stross "Charles Stross")'s 2013 science fiction novel *[Neptune's Brood](https://en.wikipedia.org/wiki/Neptune%27s_Brood "Neptune's Brood")*, the universal [interstellar](https://en.wikipedia.org/wiki/Interstellar_travel "Interstellar travel") payment system is known as "bitcoin" and operates using cryptography.[\[48\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-48) Stross later blogged that the reference was intentional, saying "I wrote *Neptune's Brood* in 2011. Bitcoin was obscure back then, and I figured had just enough name recognition to be a useful term for an interstellar currency: it'd clue people in that it was a networked digital currency."[\[49\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-49)
In March, the bitcoin transaction log, called the *blockchain,* temporarily split into two independent chains with differing rules on how transactions were accepted. For six hours two bitcoin networks operated at the same time, each with its own version of the transaction history. The core developers called for a temporary halt to transactions, sparking a sharp sell-off.[\[50\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bug_events-50) Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin software.[\[50\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bug_events-50) The [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox") exchange briefly halted bitcoin deposits and the exchange rate briefly dipped by 23% to \$37 as the event occurred[\[51\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArsFork-51)[\[52\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-VergeFork-52) before recovering to previous level of approximately \$48 in the following hours.[\[53\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-53) In the [US](https://en.wikipedia.org/wiki/United_States_of_America "United States of America"), the [Financial Crimes Enforcement Network (FinCEN)](https://en.wikipedia.org/wiki/FinCEN "FinCEN") established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as Money Service Businesses (or MSBs), that may be subject to registration and other legal obligations.[\[54\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArsFinCEN-54)[\[55\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Finextra1-55)[\[56\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FinCEN1-56)
In April, payment processors *BitInstant* and *Mt. Gox* experienced processing delays due to insufficient capacity[\[57\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-57) resulting in the bitcoin exchange rate dropping from \$266 to \$76 before returning to \$160 within six hours.[\[58\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-58) Bitcoin gained greater recognition when services such as [OkCupid](https://en.wikipedia.org/wiki/OkCupid "OkCupid") and [Foodler](https://en.wikipedia.org/wiki/Foodler "Foodler") began accepting it for payment.[\[59\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-59) In April 2013, [Eric Posner](https://en.wikipedia.org/wiki/Eric_Posner "Eric Posner"), a law professor at the [University of Chicago](https://en.wikipedia.org/wiki/University_of_Chicago "University of Chicago"), stated that "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."[\[60\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Posner,_Eric-60)
On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a [money transmitter](https://en.wikipedia.org/wiki/Money_transmitter "Money transmitter") with FinCEN in the US.[\[61\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-61)[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62)
On 17 May 2013, it was reported that [BitInstant](https://en.wikipedia.org/wiki/BitInstant "BitInstant") processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions,[\[63\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-63)
On 23 June 2013, it was reported that the US [Drug Enforcement Administration](https://en.wikipedia.org/wiki/Drug_Enforcement_Administration "Drug Enforcement Administration") listed 11.02 bitcoins as a seized asset in a [United States Department of Justice](https://en.wikipedia.org/wiki/United_States_Department_of_Justice "United States Department of Justice") seizure notice pursuant to 21 U.S.C. § 881. This was the first time a government agency was reported to have seized bitcoin.[\[64\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-64)[\[65\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-65)
In July 2013, a project began in Kenya linking bitcoin with [M-Pesa](https://en.wikipedia.org/wiki/M-Pesa "M-Pesa"), a popular mobile payments system, in an experiment designed to spur innovative payments in Africa.[\[66\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-66) During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country.[\[67\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-telegraph20130730-67)[\[68\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-investvine-68)
On 6 August 2013, Federal Judge Amos Mazzant of the [Eastern District of Texas](https://en.wikipedia.org/wiki/Eastern_District_of_Texas "Eastern District of Texas") of the [Fifth Circuit](https://en.wikipedia.org/wiki/Fifth_Circuit "Fifth Circuit") ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction,[\[69\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-69)[\[70\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-70) and Germany's Finance Ministry subsumed bitcoins under the term "unit of account" â a financial instrument â though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.[\[71\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Marketwatch20130819-71)
In September 2013, Chinese Govt. banned financial institution from trading in Bitcoin fearing a risk of money laundering.[\[72\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-72)
In October 2013, the FBI seized roughly 26,000 BTC from website [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)") during the arrest of alleged owner [Ross William Ulbricht](https://en.wikipedia.org/wiki/Ross_William_Ulbricht "Ross William Ulbricht").[\[73\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-73)[\[74\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-74)[\[75\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-75) Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin [ATM](https://en.wikipedia.org/wiki/Automated_teller_machine "Automated teller machine") on 29 October 2013 in [Vancouver](https://en.wikipedia.org/wiki/Vancouver "Vancouver"), [BC](https://en.wikipedia.org/wiki/British_Columbia "British Columbia"), [Canada](https://en.wikipedia.org/wiki/Canada "Canada"), allowing clients to sell or purchase bitcoin currency at a downtown coffee shop.[\[76\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-76)[\[77\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-77)[\[78\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Verge-78) Chinese internet giant [Baidu](https://en.wikipedia.org/wiki/Baidu "Baidu") had allowed clients of website security services to pay with bitcoins.[\[79\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-79)
In November 2013, the [University of Nicosia](https://en.wikipedia.org/wiki/University_of_Nicosia "University of Nicosia") announced that it would be accepting bitcoin as payment for tuition fees.[\[80\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-80) During November 2013, the China-based bitcoin exchange [BTC China](https://en.wikipedia.org/wiki/BTC_China "BTC China") overtook the Japan-based Mt. Gox and the Europe-based [Bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp") to become the largest bitcoin trading exchange by trade volume.[\[81\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-81)
In December 2013, [Overstock.com](https://en.wikipedia.org/wiki/Overstock.com "Overstock.com")[\[82\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-82) announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China") prohibited Chinese financial institutions from using bitcoins.[\[83\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ccontrols-83) After the announcement, the value of bitcoins dropped,[\[84\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-84) and Baidu no longer accepted bitcoins for certain services.[\[85\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bloomberg-85) Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[\[86\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-86)
On 4 December 2013, [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") referred to it as a "bubble".[\[87\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Kearns-87)
### 2014
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=11 "Edit section: 2014")\]
In January 2014, [Zynga](https://en.wikipedia.org/wiki/Zynga "Zynga")[\[88\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-88) announced it was testing bitcoin for purchasing in-game assets in seven of its games. That same month, [The D Las Vegas](https://en.wikipedia.org/wiki/The_D_Las_Vegas "The D Las Vegas") Casino Hotel and [Golden Gate Hotel & Casino](https://en.wikipedia.org/wiki/Golden_Gate_Hotel_%26_Casino "Golden Gate Hotel & Casino") properties in downtown Las Vegas announced they would also begin accepting bitcoin, according to an article by *[USA Today](https://en.wikipedia.org/wiki/USA_Today "USA Today")*. The article also stated the currency would be accepted in five locations, including the front desk and certain restaurants.[\[89\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-89) The network rate exceeded 10 petahash/sec. [TigerDirect](https://en.wikipedia.org/wiki/TigerDirect "TigerDirect")[\[90\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-tigger-90) and [Overstock.com](https://en.wikipedia.org/wiki/Overstock.com "Overstock.com")[\[91\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-overstock-91) started accepting bitcoin.
The same month, an operator of a U.S. bitcoin exchange, Robert Faiella better known as [Charlie Shrem](https://en.wikipedia.org/wiki/Charlie_Shrem "Charlie Shrem"), was arrested for money laundering.[\[92\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-92)
In early February 2014, one of the largest bitcoin exchanges, [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox"),[\[93\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-mtgoxdetails-93) suspended withdrawals citing technical issues.[\[94\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-94) By the end of the month, Mt. Gox had filed for bankruptcy protection in Japan amid reports that 744,000 bitcoins had been stolen.[\[95\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-GoxBankrupt-95) Months before the filing, the popularity of Mt. Gox had waned as users experienced difficulties withdrawing funds.[\[96\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-96)
In June 2014, the network exceeded 100 petahash/sec.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] On 18 June 2014, it was announced that bitcoin [payment service provider](https://en.wikipedia.org/wiki/Payment_service_provider "Payment service provider") [BitPay](https://en.wikipedia.org/wiki/BitPay "BitPay") would become the new sponsor of [St. Petersburg Bowl](https://en.wikipedia.org/wiki/St._Petersburg_Bowl "St. Petersburg Bowl") under a two-year deal, renamed the Bitcoin St. Petersburg Bowl. Bitcoin was to be accepted for ticket and concession sales at the game as part of the sponsorship, and the sponsorship itself was also paid for using bitcoin.[\[97\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-wsj-bitpay-97)
In July 2014, [Newegg](https://en.wikipedia.org/wiki/Newegg "Newegg") and [Dell](https://en.wikipedia.org/wiki/Dell "Dell")[\[98\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-98) started accepting bitcoin.
In September 2014, TeraExchange, LLC, received approval from the U.S. [Commodity Futures Trading Commission](https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission "Commodity Futures Trading Commission") "CFTC" to begin listing an over-the-counter swap product based on the price of a bitcoin. The CFTC swap product approval marks the first time a U.S. regulatory agency approved a bitcoin financial product.[\[99\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-99)
In December 2014, Microsoft began to accept bitcoin to buy Xbox games and Windows software.[\[100\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-100)
In 2014, several light-hearted songs celebrating bitcoin such as the "Ode to Satoshi"[\[101\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-101) were released.[\[102\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-102)
A documentary film, *[The Rise and Rise of Bitcoin](https://en.wikipedia.org/wiki/The_Rise_and_Rise_of_Bitcoin "The Rise and Rise of Bitcoin")*, was released in 2014, featuring interviews with bitcoin users such as a computer programmer and a drug dealer.[\[103\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-103)
On 13 March 2014, [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") called bitcoin a "mirage".[\[104\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-104)
### 2015
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=12 "Edit section: 2015")\]
In January 2015, Coinbase raised US\$75 million as part of a Series C funding round, smashing the previous record for a bitcoin company. Less than one year after the collapse of Mt. Gox, United Kingdom-based exchange [Bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp") announced that their exchange would be taken offline while they investigate a hack which resulted in about 19,000 bitcoins (equivalent to roughly US\$5 million at that time) being stolen from their hot wallet.[\[105\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-105) The exchange remained offline for several days amid speculation that customers had lost their funds. Bitstamp resumed trading on 9 January after increasing security measures and assuring customers that their account balances would not be impacted.[\[106\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-106)
In February 2015, the number of merchants accepting bitcoin exceeded 100,000.[\[107\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-100tmerchants-107)
In 2015, the MAK ([Museum of Applied Arts, Vienna](https://en.wikipedia.org/wiki/Museum_of_Applied_Arts,_Vienna "Museum of Applied Arts, Vienna")) became the first museum to acquire art using bitcoin, when it purchased the [screensaver](https://en.wikipedia.org/wiki/Screensaver "Screensaver") "Event listeners"[\[108\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-108) of van den Dorpel.[\[109\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-109)
In September 2015, the establishment of the [peer-reviewed](https://en.wikipedia.org/wiki/Peer-reviewed "Peer-reviewed") [academic journal](https://en.wikipedia.org/wiki/Academic_journal "Academic journal") *[Ledger](https://en.wikipedia.org/wiki/Ledger_\(journal\) "Ledger (journal)")* ([ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2379-5980](https://search.worldcat.org/issn/2379-5980)) was announced. It covers studies of cryptocurrencies and related technologies, and is published by the [University of Pittsburgh](https://en.wikipedia.org/wiki/University_of_Pittsburgh "University of Pittsburgh").[\[110\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-110)
In October 2015, a proposal was submitted to the [Unicode Consortium](https://en.wikipedia.org/wiki/Unicode_Consortium "Unicode Consortium") to add a code point for the bitcoin symbol.[\[111\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-shirriff-111)\[*[non-primary source needed](https://en.wikipedia.org/wiki/Wikipedia:No_original_research#Primary,_secondary_and_tertiary_sources "Wikipedia:No original research")*\]
### 2016
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=13 "Edit section: 2016")\]
In January 2016, the network rate exceeded 1 [exahash](https://en.wikipedia.org/wiki/Exahash "Exahash")/sec.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
In March 2016, the [Cabinet of Japan](https://en.wikipedia.org/wiki/Cabinet_of_Japan "Cabinet of Japan") recognized virtual currencies like bitcoin as having a function similar to real money.[\[112\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-112)
In July 2016, the CheckSequenceVerify soft fork activated.[\[113\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-113)
In August 2016, a major bitcoin exchange, [Bitfinex](https://en.wikipedia.org/wiki/Bitfinex "Bitfinex"), [was hacked](https://en.wikipedia.org/wiki/2016_Bitfinex_hack "2016 Bitfinex hack") and nearly 120,000 BTC (around \$60m) was stolen.[\[114\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-nyt20160803-114)
### 2017
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=14 "Edit section: 2017")\]
In January 2017, *[NHK](https://en.wikipedia.org/wiki/NHK "NHK")* reported the number of online stores accepting bitcoin in Japan had increased 4.6 times over the past year.[\[115\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-115)
In April, Japan passes a law to accept bitcoin as a legal payment method. Russia announces that it will legalize the use of cryptocurrencies such as bitcoin.[\[116\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-116)[\[117\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-117)
In June 2017, the bitcoin symbol was encoded in [Unicode](https://en.wikipedia.org/wiki/Unicode "Unicode") version 10.0 at position U+20BF (âż) in the [Currency Symbols block](https://en.wikipedia.org/wiki/Currency_Symbols_\(Unicode_block\) "Currency Symbols (Unicode block)").[\[118\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-unicode-10-118)
Up until July 2017, bitcoin users maintained a common set of rules for the cryptocurrency.[\[119\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-nyt-split-119) On 1 August 2017 bitcoin split into two derivative digital currencies, the bitcoin (BTC) chain with 1 MB blocksize limit and the [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") (BCH) chain with 8 MB blocksize limit. The split has been called the *Bitcoin Cash hard fork*.[\[120\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-split-120)
On 6 December 2017 the software marketplace [Steam](https://en.wikipedia.org/wiki/Steam_\(service\) "Steam (service)") announced that it would no longer accept bitcoin as payment for its products, citing slow transactions speeds, price volatility, and high fees for transactions.[\[121\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-121)
### 2018
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=15 "Edit section: 2018")\]
See also: [Cryptocurrency bubble § 2018 crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#2018_crash "Cryptocurrency bubble")
On 22 January 2018, South Korea brought in a regulation that requires all the bitcoin traders to reveal their identity, thus putting a ban on anonymous trading of bitcoins.[\[122\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TheIndependent-122)
On 24 January 2018, the online payment firm [Stripe](https://en.wikipedia.org/wiki/Stripe_\(company\) "Stripe (company)") announced that it would phase out its support for bitcoin payments by late April 2018, citing declining demand, rising fees and longer transaction times as the reasons.[\[123\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-123)
On 25 January 2018, [George Soros](https://en.wikipedia.org/wiki/George_Soros "George Soros") referred to bitcoin as a bubble.[\[124\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-GnMSoros-124)
In May 2018, the [United States Department of Justice](https://en.wikipedia.org/wiki/United_States_Department_of_Justice "United States Department of Justice") investigated bitcoin traders for possible [price manipulation](https://en.wikipedia.org/wiki/Market_manipulation "Market manipulation"),[\[125\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-125) focusing on practices like [spoofing](https://en.wikipedia.org/wiki/Spoofing_\(finance\) "Spoofing (finance)") and [wash trades](https://en.wikipedia.org/wiki/Wash_trade "Wash trade").[\[126\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-126) The investigation, which involved key exchanges like [Bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp"), [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase"), and [Kraken](https://en.wikipedia.org/wiki/Kraken_\(company\) "Kraken (company)"), led to [subpoenas](https://en.wikipedia.org/wiki/Subpoenas "Subpoenas") from the [Commodity Futures Trading Commission](https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission "Commodity Futures Trading Commission") after these exchanges failed to comply with information requests.[\[127\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-127)
In October 2018, [Nelson Saiers](https://en.wikipedia.org/wiki/Nelson_Saiers "Nelson Saiers") installed a 9-foot inflatable rat covered with bitcoin references and code in front of the [Federal Reserve](https://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_New_York "Federal Reserve Bank of New York") as a homage to Satoshi Nakamoto and protests in New York City.[\[128\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-128)[\[129\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-129)
### 2020
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=16 "Edit section: 2020")\]
On 2 July 2020, the Swiss company 21Shares started to quote a set of bitcoin [exchange-traded products](https://en.wikipedia.org/wiki/Exchange-traded_product "Exchange-traded product") (ETP) on the [Xetra trading system](https://en.wikipedia.org/wiki/Xetra_\(trading_system\) "Xetra (trading system)") of the Deutsche Boerse.[\[130\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-130)
On 1 September 2020, the [Wiener Börse](https://en.wikipedia.org/wiki/Wiener_B%C3%B6rse "Wiener Börse")\[*[clarification needed](https://en.wikipedia.org/wiki/Wikipedia:Please_clarify "Wikipedia:Please clarify")*\] listed its first 21 titles denominated in cryptocurrencies like bitcoin, including the services of real-time quotation and [securities settlement](https://en.wikipedia.org/wiki/Settlement_\(finance\) "Settlement (finance)").[\[131\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-131)
On 3 September 2020, the [Frankfurt Stock Exchange](https://en.wikipedia.org/wiki/Frankfurt_Stock_Exchange "Frankfurt Stock Exchange") admitted in its Regulated Market the quotation of the first bitcoin [exchange-traded note](https://en.wikipedia.org/wiki/Exchange-traded_note "Exchange-traded note") (ETN), centrally cleared via [Eurex Clearing](https://en.wikipedia.org/wiki/Eurex_Exchange "Eurex Exchange").[\[132\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-132)[\[133\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-133)
In October 2020, [PayPal](https://en.wikipedia.org/wiki/PayPal "PayPal") announced that it would allow its users to buy and sell bitcoin on its platform, although not to deposit or withdraw bitcoins.[\[134\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-134)
### 2021
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=17 "Edit section: 2021")\]
On 19 January 2021, [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk") placed the handle *\#Bitcoin* in his [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") profile, tweeting "In retrospect, it was inevitable", which caused the price to briefly rise about \$5,000 in an hour to \$37,299.[\[135\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-CNBCMusk-135) On 25 January 2021, Microstrategy announced that it continued to buy bitcoin and as of the same date it had holdings of âż70,784 worth \$2.38 billion.[\[136\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-BIMS-136) On 8 February 2021 [Tesla's](https://en.wikipedia.org/wiki/Tesla,_Inc. "Tesla, Inc.") announcement of a bitcoin purchase of US\$1.5 billion and the plan to start accepting bitcoin as payment for vehicles, pushed the bitcoin price to \$44,141.[\[137\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TeslaCNBCbitcoinATH-137) On 18 February 2021, Elon Musk stated that "owning bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold".[\[138\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-138) After 49 days of accepting the digital currency, Tesla reversed course on 12 May 2021, saying they would no longer take bitcoin due to concerns that "mining" the cryptocurrency was contributing to the consumption of fossil fuels and climate change.[\[139\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-139) The decision resulted in the price of bitcoin dropping around 12% on 13 May.[\[140\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-140) During a July bitcoin conference, Musk suggested Tesla could possibly help bitcoin miners switch to renewable energy in the future and also stated at the same conference that if bitcoin mining reaches, and trends above 50 percent renewable energy usage, that "Tesla would resume accepting bitcoin." The price for bitcoin rose after this announcement.[\[141\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-141)
[](https://en.wikipedia.org/wiki/File:Bitcoin-Gold.png)
Bitcoin vs. 1 kg gold[\[142\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-142)
From February 2021, the Swiss canton of [Zug](https://en.wikipedia.org/wiki/Zug "Zug") allows for tax payments in bitcoin and other cryptocurrencies.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] Bitcoin achieved price equivalence with one kilogram of gold.
In May 2021, [Tesla](https://en.wikipedia.org/wiki/Tesla,_Inc. "Tesla, Inc.") suspends [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") payments due to environmental concerns, causing a significant market reaction.[\[143\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-143)
On 1 June 2021, [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador") President [Nayib Bukele](https://en.wikipedia.org/wiki/Nayib_Bukele "Nayib Bukele") announced his plans to adopt bitcoin as [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender"); this would render El Salvador the world's first country to do so.[\[144\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-144)
On June 7, 2021, United States Justice Department recovered \$2.3 million worth of bitcoin paid by [Colonial Pipeline](https://en.wikipedia.org/wiki/Colonial_Pipeline "Colonial Pipeline") to a criminal cyber group in cyber-security ransom.[\[145\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-145)[\[146\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-146)
On 8 June 2021, at the initiative of the president, pro-government deputies in the [Legislative Assembly of El Salvador](https://en.wikipedia.org/wiki/Legislative_Assembly_of_El_Salvador "Legislative Assembly of El Salvador") voted legislationâ*Ley Bitcoin* or the [Bitcoin Law](https://en.wikipedia.org/wiki/Bitcoin_Law "Bitcoin Law")âto make Bitcoin legal tender in the country alongside the [US Dollar](https://en.wikipedia.org/wiki/US_Dollar "US Dollar").[\[147\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-147)[\[148\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ft-148)
### 2022
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=18 "Edit section: 2022")\]
On April 22, 2022, its price fell back down below \$40,000.[\[149\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-149) It further dropped to as low as \$26,970 in May after the collapse of [Terra-Luna](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") and its sister stablecoin, UST, in addition to a shedding of tech stocks.[\[150\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-150) On 18 June, Bitcoin dropped below \$18,000, to trade at levels beneath its 2017 highs.[\[151\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-barronsjun22-151)[\[152\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-june22FT-152)
In May 2022, following a vote by [Wikipedia](https://en.wikipedia.org/wiki/Wikipedia "Wikipedia") editors the previous month, the Wikimedia Foundation announced it would stop accepting donations in bitcoin or other cryptocurrenciesâeight years after it had first started taking contributions in bitcoin.[\[153\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-153)[\[154\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-154)
### 2023
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=19 "Edit section: 2023")\]
In 2023, ordinals, [non-fungible tokens](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") (NFTs) on Bitcoin, went live.[\[155\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-155)
### 2024
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=20 "Edit section: 2024")\]
In 2024, bitcoin-holding ETF funds were approved.[\[156\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-156)
On March 13, 2024, Bitcoin price reached \$73,664 USD.[\[157\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-157)
In April 2024, the fourth [bitcoin halving](https://en.wikipedia.org/wiki/Bitcoin_protocol#Mined_bitcoins "Bitcoin protocol") occurred, meaning that the reward to miners for successfully completing a block dropped to 3.125 bitcoins from 6.25 bitcoins.[\[158\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-158)[\[159\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-159)
## Prices and value history
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=21 "Edit section: Prices and value history")\]
[](https://en.wikipedia.org/wiki/File:BitCoin-USDollar_2011-19_\(Bitstamp,_Mt._Gox\).png)
The price of a bitcoin reached US\$1,139.9 on 4 January 2017 ([semi logarithmic plot](https://en.wikipedia.org/wiki/Semi-log_plot "Semi-log plot")).
Among the factors which may have contributed to this rise were the [European sovereign-debt crisis](https://en.wikipedia.org/wiki/European_sovereign-debt_crisis "European sovereign-debt crisis") â particularly the [2012â2013 Cypriot financial crisis](https://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis "2012â2013 Cypriot financial crisis") â statements by FinCEN improving the currency's legal standing, and rising media and Internet interest.[\[160\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NewYorker1-160)[\[161\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NewYorker2-161)[\[162\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Quartz1-162)[\[163\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Economist1-163)
Until 2013, almost all market with bitcoins were in United States dollars (US\$).[\[164\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-164)
As the market valuation of the total stock of bitcoins approached US\$1 billion, some commentators called bitcoin prices a [bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble").[\[165\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Atlantic1-165)[\[166\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FelixSalmon1-166)[\[167\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArtCashin1-167) In early April 2013, the price per bitcoin dropped from \$266 to around \$50 and then rose to around \$100. Over two weeks starting late June 2013 the price dropped steadily to \$70. The price began to recover, peaking once again on 1 October at \$140. On 2 October, [The Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)") was seized by the [FBI](https://en.wikipedia.org/wiki/FBI "FBI"). This [seizure](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht") caused a flash crash to \$110. The price quickly rebounded, returning to \$200 several weeks later.[\[168\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-168) The latest run went from \$200 on 3 November to \$900 on 18 November.[\[169\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-169) Bitcoin passed US\$1,000 on 28 November 2013 at Mt. Gox.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
| Date | USD : 1 BTC | Notes |
|---|---|---|
| Jan 2009 â Mar 2010 | basically nothing | No exchanges or market; users were mainly cryptography fans who were sending bitcoins for hobby purposes representing low or no value. In March 2010, user "SmokeTooMuch" auctioned 10,000 BTC for \$50 (cumulatively), but no buyer was found.[\[170\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-170) |
| May 2010 | less than \$0.01 | On 22 May 2010,[\[171\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-171) Laszlo Hanyecz made the first real-world transaction by buying two pizzas in [Jacksonville, Florida](https://en.wikipedia.org/wiki/Jacksonville,_Florida "Jacksonville, Florida"), for 10,000 BTC.[\[172\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-172) As of 2025[\[update\]](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit), this would be an amount that would be roughly \$1,100,000,000.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| Feb 2011 â April 2011 | \$1.00 | Bitcoin takes parity with US dollar.[\[173\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-173) |
| Nov 2013 | \$350â\$1,242 | Price rose from \$150 in October to \$200 in November, reaching \$1,242 on 29 November 2013.[\[174\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-174) |
| Apr 2014 | \$340â\$530 | The lowest price since the [2012â2013 Cypriot financial crisis](https://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis "2012â2013 Cypriot financial crisis") had been reached at 3:25 AM on 11 April.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 2â3 March 2017 | \$1,290+  | Price broke above the November 2013 high of \$1,242[\[175\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-175) and then traded above \$1,290.[\[176\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-176) |
| 20 May 2017 | \$2,000  | Price reached a new high, reaching \$1,402.03 on 1 May 2017, and over \$1,800 on 11 May 2017.[\[177\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-177) On 20 May 2017, the price passed \$2,000 for the first time. |
| 1 September 2017 | \$5,014 | Price broke \$5,000 for the first time.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 17â20 November 2017 | \$7,600-8,100  | Briefly topped at \$8004.59. This surge in bitcoin may be related to the [2017 Zimbabwean coup d'Ă©tat](https://en.wikipedia.org/wiki/2017_Zimbabwean_coup_d%27%C3%A9tat "2017 Zimbabwean coup d'Ă©tat"). On one bitcoin exchange, 1 BTC topped at nearly \$13,500, just shy of 2 times the value of the International market.[\[178\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-178)[\[179\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-179) |
| 15 December 2017 | \$17,900  | Price reached \$17,900.[\[180\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-180) |
| 17 December 2017 | \$19,783  | Price rose 5% in 24 hours, with its value being up 1,824% since 1 January 2017, to reach a new all-time high of \$19,783.06.[\[181\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-181) |
| 22 December 2017 | \$13,800  | Price lost one third of its value in 24 hours, dropping below \$14,000.[\[182\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-182) |
| 5 February 2018 | \$6,200  | Price dropped by 50% in 16 days, falling below \$7,000.[\[183\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-183) |
| 31 October 2018 | \$6,300  | On the 10th anniversary of bitcoin, the price held steady above \$6,000 during a period of historically low volatility.[\[184\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-184)[\[185\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-185) |
| 7 December 2018 | \$3,300  | Price briefly dipped below \$3,300, a 76% drop from the previous year and a 15-month low.[\[186\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-186) |
| 1 July 2019 | \$10,599  | Rose to a calendar-year peak of \$10,599 after starting the year at \$3,869.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 16 March 2020 | \$5,000  | Price dropped 50% in early 2020, losing 25% in 24 hours early in the COVID-19 pandemic.[\[187\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-187) |
| 27 July 2020 | \$10,944  | Price recovered value lost in COVID-related crash.[\[188\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-188) |
| 30 November 2020 | \$19,850  | Bitcoin price reached new all-time high of \$19,850.11.[\[189\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-189) |
| 8 January 2021 | \$41,973  | Bitcoin traded as high as \$41,973.[\[190\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-190) |
| 11 January 2021 | \$33,400  | Price briefly fell as much as 26% but pared losses to trade around \$33,400.[\[191\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-191) |
| 8 February 2021 | \$44,200  | Bitcoin price surge after Elon Musk and Tesla announcements of investments into Bitcoin, including acceptance of payment.[\[192\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-192) |
| 16 February 2021 | \$50,000  | Bitcoin price reached new all-time high of \$50,000.[\[193\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-193) |
| 10 April 2021 | \$60,000  | Bitcoin back above \$60,000 as Coinbase gets ready to go public on the stock market.[\[194\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-194) |
| 14 April 2021 | \$64,800  | The all-time high price of \$64,800 was reached on April 14, 2021.[\[195\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-195) |
| 19 May 2021 | \$30,000  | Bitcoin price drops to \$30,000 at one point following suggestions that Tesla has sold or will sell its Bitcoin holdings[\[196\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-196) and a new set of regulations from the Chinese government to support their cryptocurrency crackdown.[\[197\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-197) |
| 2 September 2021 | \$50,128  | Bitcoin price recovered to \$50,000\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 17 October 2021 | \$62,600  | Bitcoin price returned near to its all-time high[\[198\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-198) |
| 20 October 2021 | \$66,975  | Bitcoin price hits all-time high above \$66,000\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 22 January 2022 | \$35,000  | Bitcoin price falls almost 50% from all-time highs, to below \$35,000[\[199\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-199) |
| 12 May 2022 | \$25,401  | Following the [Terra-LUNA](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") crash in May 2022, Bitcoin retreated to its lowest level since December 2020. Traders seized the discounted bitcoin to buoy the price around the \$30k mark.[\[200\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-200) |
| 13 June 2022 | \$22,602  | Bitcoin slid to \$22,601.69 as [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network") froze withdrawals and transfers, citing "extreme" conditions.[\[201\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-201)[\[202\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-202) |
| 18 June 2022 | \$17,769  | Bitcoin dropped below \$18,000, to trade at levels beneath its 2017 highs.[\[151\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-barronsjun22-151)[\[152\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-june22FT-152) |
| 27 June 2022 | \$20,700  | Bitcoin traded around \$20,700 as cryptocurrency hedge fund [Three Arrows Capital](https://en.wikipedia.org/wiki/Three_Arrows_Capital "Three Arrows Capital") defaulted on a bitcoin loan and was ordered into liquidation by a court in the [British Virgin Islands](https://en.wikipedia.org/wiki/British_Virgin_Islands "British Virgin Islands").[\[203\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-203)[\[204\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-204) |
| 28 November 2022 | \$16,216  | Bitcoin took an immediate hit after the [collapse of FTX](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX"), costing more than a million users of the exchange billions of dollars in cumulative losses. Bitcoin sunk to a two-year low.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 14 January 2023 | \$20,853  | Bitcoin rose back above \$20,000 for first time in over two months[\[205\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-205) |
| 21 January 2023 | \$23,199  | Bitcoin rose above \$23,000 to its highest levels since August 2022[\[206\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-206)[\[207\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-207) |
| 16 February 2023 | \$25,156  | Bitcoin rose above \$25,000 for the first time in eight months[\[208\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-208) |
| 10 March 2023 | \$20,000  | Bitcoin fell below \$20,000 for the first time since January 2023.[\[209\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-209) |
| 17 March 2023 | \$26,868  | Bitcoin rose to \$26,868.39, recording its best weekly gain since January 2021.[\[210\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-210) |
| 1 January 2024 | \$45,001  | Bitcoin rose to \$45,001.01, Bitcoin surges 7% to start 2024.[\[211\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-211) |
| 13 March 2024 | \$73,664  | Bitcoin hit new record highs as US Bitcoin ETFs saw record-breaking inflows.[\[212\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-212) |
| 5 December 2024 | \$100,000  | Bitcoin reached \$100,000.[\[213\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-213) |
| 13 August 2025 | \$125,725.00  | Bitcoin has reached an all-time high of \$125,725.00.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 20 February 2026 | \$66,645.00  | 6 months of continuous decline broken by a brief rally in January 2026\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| | | |
|---|---|---|
| 5 march 2026 | 68,225  | decline down even more\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
## Forks
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=22 "Edit section: Forks")\]
See also: [Bitcoin scalability problem](https://en.wikipedia.org/wiki/Bitcoin_scalability_problem "Bitcoin scalability problem") and [List of bitcoin forks](https://en.wikipedia.org/wiki/List_of_bitcoin_forks "List of bitcoin forks")
A [fork](https://en.wikipedia.org/wiki/Fork_\(blockchain\) "Fork (blockchain)"), referring to a blockchain, is defined variously as a blockchain split into two paths forward, or as a change of protocol rules. Accidental forks on the bitcoin network regularly occur as part of the mining process. They happen when two miners find a block at a similar point in time. As a result, the network briefly forks. This fork is subsequently resolved by the software which automatically chooses the longest chain, thereby orphaning the extra blocks added to the shorter chain (that were dropped by the longer chain).
### March 2013
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=23 "Edit section: March 2013")\]
On 12 March 2013, a bitcoin miner running version 0.8.0 of the bitcoin software created a large block that was considered invalid in version 0.7 (due to an undiscovered inconsistency between the two versions). This created a split or "fork" in the blockchain since computers with the recent version of the software accepted the invalid block and continued to build on the diverging chain, whereas older versions of the software rejected it and continued extending the blockchain without the offending block. This split resulted in two separate transaction logs being formed without clear consensus, which allowed for the same funds to be spent differently on each chain. In response, the Mt. Gox exchange temporarily halted bitcoin deposits.[\[214\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Mtgoxforkchain-214) The exchange rate fell 23% to \$37 on the Mt. Gox exchange but rose most of the way back to its prior level of \$48.[\[51\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArsFork-51)[\[52\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-VergeFork-52)
Miners resolved the split by downgrading to version 0.7, putting them back on track with the canonical blockchain. User funds largely remained unaffected and were available when network consensus was restored.[\[215\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ChainFork1-215) The network reached consensus and continued to operate as normal a few hours after the split.[\[216\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-216)
### August 2017
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=24 "Edit section: August 2017")\]
Two significant forks took place in August. One, [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash"), is a hard fork off the main chain in opposition to the other, which is a soft fork to implement [Segregated Witness](https://en.wikipedia.org/wiki/Segregated_Witness "Segregated Witness").
## Taxation and regulation
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=25 "Edit section: Taxation and regulation")\]
See also: [Legality of bitcoin by country or territory](https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory "Legality of bitcoin by country or territory")
### 2012
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=26 "Edit section: 2012")\]
In 2012, the Cryptocurrency Legal Advocacy Group (CLAG) stressed the importance for taxpayers to determine whether taxes are due on a bitcoin-related transaction based on whether one has experienced a "[realization](https://en.wikipedia.org/wiki/Revenue_recognition "Revenue recognition") event": when a taxpayer has provided a service in exchange for bitcoins, a realization event has probably occurred and any gain or loss would likely be calculated using fair market values for the service provided."[\[217\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-BitCoin_Tax_issues_Oct_2012-217)
In April 2012 the FBI acknowledged Bitcoin's potential for illicit use in an internal assessment. The report identified Bitcoinâs decentralized and pseudonymous design as a challenge for law enforcement, noting early signs of adoption by cybercriminals despite limited evidence of widespread misuse. Although it warned of high theft risks via malware and wallet exploitation, it concluded only with *low confidence* that, "based on current user and vendor acceptance, that malicious actors will exploit Bitcoin to launder money". The report highlighted third-party exchanges as regulatory choke points under U.S. law, marking one of the first federal acknowledgments of the systemic enforcement difficulties posed by cryptocurrencies.[\[218\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-218)
In its October 2012 study, *Virtual currency schemes*, the [European Central Bank](https://en.wikipedia.org/wiki/European_Central_Bank "European Central Bank") concluded that the growth of virtual currencies will continue, and, given the currencies' inherent price instability, lack of close regulation, and risk of illegal uses by anonymous users, the Bank warned that periodic examination of developments would be necessary to reassess risks.[\[219\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ECBank201210-219)
### 2013
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=27 "Edit section: 2013")\]
On 18 March 2013, the [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") (or FinCEN), a bureau of the [United States Department of the Treasury](https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury "United States Department of the Treasury"), issued a report regarding [centralized](https://en.wikipedia.org/wiki/Centralized "Centralized") and decentralized "virtual currencies" and their legal status within "[money services business](https://en.wikipedia.org/wiki/Money_services_business "Money services business")" (MSB) and [Bank Secrecy Act](https://en.wikipedia.org/wiki/Bank_Secrecy_Act "Bank Secrecy Act") regulations.[\[56\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FinCEN1-56)[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62) It classified digital currencies and other digital payment systems such as bitcoin as "[virtual currencies](https://en.wikipedia.org/wiki/Virtual_currency "Virtual currency")" because they are not [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender") under any sovereign [jurisdiction](https://en.wikipedia.org/wiki/Jurisdiction_\(area\) "Jurisdiction (area)"). FinCEN cleared American users of bitcoin of legal obligations[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62) by saying, "A user of virtual currency is not an MSB under FinCEN's regulations and therefore is not subject to MSB registration, reporting, and recordkeeping regulations." However, it held that American entities who generate "virtual currency" such as bitcoins are money transmitters or MSBs if they sell their generated currency for [national currency](https://en.wikipedia.org/wiki/National_currency "National currency"): "...a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter." This specifically extends to "miners" of the bitcoin currency who may have to register as MSBs and abide by the legal requirements of being a money transmitter if they sell their generated bitcoins for [national currency](https://en.wikipedia.org/wiki/National_currency "National currency") and are within the United States.[\[54\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArsFinCEN-54) Since FinCEN issued this guidance, dozens of virtual currency exchangers and administrators have registered with FinCEN, and FinCEN is receiving an increasing number of [suspicious activity reports](https://en.wikipedia.org/wiki/Suspicious_activity_report "Suspicious activity report") (SARs) from these entities.[\[220\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-220)
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a [payment processor](https://en.wikipedia.org/wiki/Payment_processor "Payment processor") setting or as an exchanger: "In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency."[\[55\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Finextra1-55)[\[56\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FinCEN1-56)
In summary, FinCEN's decision would require bitcoin exchanges where bitcoins are traded for traditional currencies to disclose large transactions and suspicious activity, comply with [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") regulations, and collect information about their customers as traditional [financial institutions](https://en.wikipedia.org/wiki/Financial_institutions "Financial institutions") are required to do.[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62)[\[221\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-JapanTimes-221)
Jennifer Shasky Calvery, the director of FinCEN said, "Virtual currencies are subject to the same rules as other currencies. ... Basic money-services business rules apply here."[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62)
In June 2013, Bitcoin Foundation board member Jon Matonis wrote in *Forbes* that he received a warning letter from the [California Department of Financial Institutions](https://en.wikipedia.org/wiki/California_Department_of_Financial_Institutions "California Department of Financial Institutions") accusing the foundation of unlicensed money transmission. Matonis denied that the foundation is engaged in money transmission and said he viewed the case as "an opportunity to educate state regulators."[\[222\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NBCnews20130624-222)
In late July 2013, the industry group Committee for the Establishment of the Digital Asset Transfer Authority began to form to set best practices and standards, to work with regulators and policymakers to adapt existing currency requirements to digital currency technology and business models and develop risk management standards.[\[223\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-WashPost20130730-223)
In August 2013, the German Finance Ministry characterized bitcoin as a [unit of account](https://en.wikipedia.org/wiki/Unit_of_account "Unit of account"),[\[71\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Marketwatch20130819-71)[\[224\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FAZ20130816-224) usable in [multilateral clearing circles](https://en.wikipedia.org/wiki/Clearing_house_\(finance\) "Clearing house (finance)") and subject to capital gains tax if held less than one year.[\[224\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FAZ20130816-224)
On 5 December 2013, the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China") announced in a press release regarding bitcoin regulation that whilst individuals in China are permitted to freely trade and exchange bitcoins as a commodity, it is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to be used as legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering.[\[225\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-225) The value of bitcoin dropped on various exchanges between 11 and 20 percent following the regulation announcement, before rebounding upward again.[\[226\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-226)
In 2013, the U.S. Treasury extended its anti-money laundering regulations to processors of bitcoin transactions.[\[227\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-foxnews1-227)[\[228\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-228)
### 2014
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=28 "Edit section: 2014")\]
In 2014, the [U.S. Securities and Exchange Commission](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") filed an administrative action against Erik T. Voorhees, for violating Securities Act Section 5 for publicly offering unregistered interests in two bitcoin websites in exchange for bitcoins.[\[229\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-229)
On 25 March 2014, the [U.S. Internal Revenue Service](https://en.wikipedia.org/wiki/Internal_Revenue_Service "Internal Revenue Service") issued Notice 2014-21, clarifying that for federal tax purposes, virtual currency is treated as property, not currency.[\[230\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-230)
### 2016
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=29 "Edit section: 2016")\]
In 2016, the [European Parliament](https://en.wikipedia.org/wiki/European_Parliament "European Parliament") began discussions to bring virtual currency exchanges and custodian wallet providers under the scope of the Anti-Money Laundering Directive (AMLD). The proposal was published in July 2016, marking "a significant step in the EU's efforts to combat the laundering of money from criminal activities and to counter the financing of terrorist activities."[\[231\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-231)
### 2017
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=30 "Edit section: 2017")\]
By December 2017, bitcoin [futures contracts](https://en.wikipedia.org/wiki/Futures_contract "Futures contract") began to be offered, and the US [Chicago Board Options Exchange](https://en.wikipedia.org/wiki/Chicago_Board_Options_Exchange "Chicago Board Options Exchange") (CBOE) was formally settling the futures daily.[\[232\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-fortune20171212-232)[\[233\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bloomberg20171209-233)
### 2019
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=31 "Edit section: 2019")\]
By 2019, multiple trading companies were offering services around bitcoin futures.[\[234\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bloomberg20190909-234)
## Bitcoin faucets
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=32 "Edit section: Bitcoin faucets")\]
A *bitcoin faucet* was a [website](https://en.wikipedia.org/wiki/Website "Website") or [software app](https://en.wikipedia.org/wiki/Application_software "Application software") that dispensed rewards in the form of bitcoin for visitors to claim in exchange for completing a [captcha](https://en.wikipedia.org/wiki/Captcha "Captcha") or task as described by the website. There have also been faucets that dispense other [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency"). The first example was called "The Bitcoin Faucet" and was developed by [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen") in 2010.[\[235\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-235) It originally gave out five bitcoins per person.
The rewards were dispensed at regular time intervals as rewards for completing simple tasks such as captcha completion, or as prizes from simple games. The amount of bitcoin would typically fluctuate according to the cash value of bitcoin. Some faucets also had random larger rewards. To reduce [mining fees](https://en.wikipedia.org/wiki/Bitcoin_mining "Bitcoin mining"), faucets saved up these small individual payments in their own [ledgers](https://en.wikipedia.org/wiki/Ledger "Ledger"), which would be dispersed as larger payment to a user's [bitcoin address](https://en.wikipedia.org/wiki/Bitcoin_network#Bitcoin_addresses "Bitcoin network").[\[236\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-236)
Because bitcoin transactions are irreversible and there have been many faucets, they have been targets for hackers interested in acquiring bitcoins through theft or exploitation. Advertisements were the main income source of bitcoin faucets, with the potential reward in cryptocurrency intended to incentivize traffic. Some ad networks have also paid directly in bitcoin. Faucets typically have a low profit margin. Some faucets have also made money by mining cryptocurrencies in the background, using the user's CPU.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
## Theft and exchange shutdowns
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=33 "Edit section: Theft and exchange shutdowns")\]
Bitcoins can be stored in a bitcoin [cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet"). Theft of bitcoin has been documented on numerous occasions. At other times, bitcoin exchanges have shut down, taking their clients' bitcoins with them. A *Wired* study published April 2013 showed that 45 percent of bitcoin exchanges end up closing.[\[237\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired.co.UK-237)
On 19 June 2011, a security breach of the [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox") bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker used credentials from a Mt. Gox auditor's compromised computer illegally to transfer a large number of bitcoins to himself. They used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes, the price reverted to its correct user-traded value.[\[238\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-238)[\[239\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-239)[\[240\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-mick-240)[\[241\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-241)[\[242\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-242)[\[243\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-register1-243) Accounts with the equivalent of more than US\$8,750,000 were affected.[\[240\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-mick-240)
In July 2011, the operator of Bitomat, the third-largest bitcoin exchange, announced that he had lost access to his wallet.dat file with about 17,000 bitcoins (roughly equivalent to US\$220,000 at that time). He announced that he would sell the service for the missing amount, aiming to use funds from the sale to refund his customers.[\[244\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-244)
In early August 2012, a lawsuit was filed in [San Francisco](https://en.wikipedia.org/wiki/San_Francisco "San Francisco") court against Bitcoinica â a bitcoin trading venue â claiming about US\$460,000 from the company. Bitcoinica was hacked twice in 2012, which led to allegations that the venue neglected the safety of customers' money and cheated them out of withdrawal requests.[\[245\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-245)[\[246\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-246)
In August 2011, MyBitcoin, a now defunct bitcoin transaction processor, declared that it was hacked, which caused it to be shut down, paying 49% on customer deposits, leaving more than 78,000 bitcoins (equivalent to roughly US\$800,000 at that time) unaccounted for.[\[247\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-247)[\[248\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-248)
In late August 2012, an operation titled Bitcoin Savings and Trust was shut down by the owner, leaving around US\$5.6 million in bitcoin-based debts; this led to allegations that the operation was a [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme").[\[249\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-249)[\[250\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-250)[\[251\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-251) In September 2012, the [U.S. Securities and Exchange Commission](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") had reportedly started an investigation on the case.[\[252\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-252)
In September 2012, Bitfloor, a bitcoin exchange, also reported being hacked, with 24,000 bitcoins (worth about US\$250,000) stolen. As a result, Bitfloor suspended operations.[\[253\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-253)[\[254\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-254) The same month, Bitfloor resumed operations; its founder said that he reported the theft to FBI, and that he plans to repay the victims, though the time frame for repayment is unclear.[\[255\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-255)
On 3 April 2013, Instawallet, a web-based wallet provider, was hacked,[\[256\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-cutler13insta-256) resulting in the theft of over 35,000 bitcoins[\[257\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-257) which were valued at US\$129.90 per bitcoin at the time, or nearly \$4.6 million in total. As a result, Instawallet suspended operations.[\[256\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-cutler13insta-256)
On 11 August 2013, the Bitcoin Foundation announced that a bug in a [pseudorandom number generator](https://en.wikipedia.org/wiki/Pseudorandom_number_generator "Pseudorandom number generator") within the [Android operating system](https://en.wikipedia.org/wiki/Android_\(operating_system\) "Android (operating system)") had been exploited to steal from wallets generated by Android apps; fixes were provided 13 August 2013.[\[258\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TheRegister20130812-258)
In October 2013, Inputs.io, an Australian-based bitcoin wallet provider was hacked with a loss of 4100 bitcoins, worth over A\$1 million at time of theft. The service was run by the operator TradeFortress. Coinchat, the associated bitcoin chat room, was taken over by a new admin.[\[259\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-259)
On 26 October 2013, a Hong Kongâbased bitcoin trading platform owned by Global Bond Limited (GBL) vanished with 30 million yuan (US\$5 million) from 500 investors.[\[260\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-260)
[Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox"), the Japan-based exchange that in 2013 handled 70% of all worldwide bitcoin traffic, declared bankruptcy in February 2014, with bitcoins worth about \$390 million missing, for unclear reasons. The CEO was eventually arrested and charged with embezzlement.[\[261\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-261)
On 3 March 2014, Flexcoin announced it was closing its doors because of a hack attack that took place the day before.[\[262\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-262)[\[263\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-263)[\[264\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-264) In a statement that once occupied their homepage they announced on 3 March 2014 that "As Flexcoin does not have the resources, assets, or otherwise to come back from this loss \[the hack\], we are closing our doors immediately."[\[265\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-265) Users can no longer log into the site.
Chinese cryptocurrency exchange Bter lost \$2.1 million in BTC in February 2015.
The [Slovenian](https://en.wikipedia.org/wiki/Slovenia "Slovenia") exchange [Bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp") lost bitcoin worth \$5.1 million to a hack in January 2015.
The US-based exchange Cryptsy declared bankruptcy in January 2016, ostensibly because of a 2014 hacking incident; the court-appointed receiver later alleged that Cryptsy's CEO had stolen \$3.3 million.
In August 2016, hackers stole some \$72 million in customer bitcoin from the Hong Kongâbased exchange [Bitfinex](https://en.wikipedia.org/wiki/Bitfinex "Bitfinex").[\[266\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-266)
In December 2017, hackers stole 4,700 bitcoins from NiceHash, a platform that allowed users to sell hashing power.[\[267\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-267) The value of the stolen bitcoins totaled about \$80 million at the time.[\[268\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-268)
On 19 December 2017, Yapian, a company that owns the Youbit cryptocurrency exchange in South Korea, filed for bankruptcy following a hack, the second in eight months.[\[269\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-269)
On 11 November 2022, [FTX](https://en.wikipedia.org/wiki/FTX_\(company\) "FTX (company)") filed for [bankruptcy](https://en.wikipedia.org/wiki/FTX_\(company\)#November_2022_crisis_and_bankruptcy "FTX (company)") with an estimated \$8 billion missing in customer funds.
## Arbitrary blockchain content
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=34 "Edit section: Arbitrary blockchain content")\]
Bitcoin's blockchain can be loaded with arbitrary data. In 2018 researchers from [RWTH Aachen University and Goethe University](https://en.wikipedia.org/wiki/RWTH_Aachen_University "RWTH Aachen University") identified 1,600 files added to the blockchain, 59 of which included links to unlawful images of child exploitation, politically sensitive content, or privacy violations. "Our analysis shows that certain content, e.g. illegal pornography, can render the mere possession of a blockchain illegal."[\[270\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-270)
[Interpol](https://en.wikipedia.org/wiki/Interpol "Interpol") also sent out an alert in 2015 saying that "the design of the blockchain means there is the possibility of malware being injected and permanently hosted with no methods currently available to wipe this data".[\[271\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-271)
## References
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=35 "Edit section: References")\]
1. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-mercatus_1-0)**
Jerry Brito; Andrea Castillo (2013). ["Bitcoin: A Primer for Policymakers"](https://web.archive.org/web/20130921060724/http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf) (PDF). *Mercatus Center*. George Mason University. Archived from [the original](http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf) (PDF) on 21 September 2013. Retrieved 22 October 2013.
2. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-2)**
["A History of Bitcoin: Simple Story of Bitcoin"](https://bitcoinpriceanalysis.site/2025/05/24/a-history-of-bitcoin-simple-story-of-bitcoin/). *Bitcoin Price Analysis*. 24 May 2025. Retrieved 24 May 2025.
3. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-3)** [A History of Bitcoin.](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3047875) *Monetary Economics: International Financial Flows, Financial Crises, Regulation & Supervision eJournal*. Social Science Research Network (SSRN). Accessed 8 January 2018.
4. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-4)**
Chaum, David (1983). ["Blind Signatures for Untraceable Payments"](http://www.hit.bme.hu/~buttyan/courses/BMEVIHIM219/2009/Chaum.BlindSigForPayment.1982.PDF) (PDF). *Advances in Cryptology*. Vol. 82. pp. 199â203\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/978-1-4757-0602-4\_18](https://doi.org/10.1007%2F978-1-4757-0602-4_18). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-4757-0604-8](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4757-0604-8 "Special:BookSources/978-1-4757-0604-8")
.
5. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-5)**
Chaum, David; Fiat, Amos; Naor, Moni. [*Untraceable Electronic Cash*](https://web.archive.org/web/20110903023027/http://blog.koehntopp.de/uploads/chaum_fiat_naor_ecash.pdf) (PDF). Lecture Notes in Computer Science. Archived from [the original](http://blog.koehntopp.de/uploads/chaum_fiat_naor_ecash.pdf) (PDF) on 3 September 2011. Retrieved 22 January 2014.
6. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-6)**
Chaum, David; Brands, Stefan (4 January 1999). ["'Minting' electronic cash"](https://spectrum.ieee.org/minting-electronic-cash). *IEEE Spectrum special issue on electronic money, February 1997*. IEEE. Retrieved 17 September 2018.
7. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-7)**
Dwork, Cynthia; Naor, Moni (1993), Brickell, Ernest F. (ed.), ["Pricing via Processing or Combatting Junk Mail"](http://link.springer.com/10.1007/3-540-48071-4_10), *Advances in Cryptology â CRYPTOâ 92*, vol. 740, Berlin, Heidelberg: Springer Berlin Heidelberg, pp. 139â147, [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/3-540-48071-4\_10](https://doi.org/10.1007%2F3-540-48071-4_10), [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-540-57340-1](https://en.wikipedia.org/wiki/Special:BookSources/978-3-540-57340-1 "Special:BookSources/978-3-540-57340-1")
, retrieved 2 January 2025
`{{citation}}`: CS1 maint: work parameter with ISBN ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_work_parameter_with_ISBN "Category:CS1 maint: work parameter with ISBN"))
8. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-8)**
["How to Make a Mint: The Cryptography of Anonymous Electronic Cash"](https://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm).
9. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-9)**
Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (2016). *Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction*. Princeton and Oxford: Princeton University Press. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-691-17169-2](https://en.wikipedia.org/wiki/Special:BookSources/978-0-691-17169-2 "Special:BookSources/978-0-691-17169-2")
.
10. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-10)**
Dai, W (1998). ["b-money"](http://www.weidai.com/bmoney.txt). [Archived](https://web.archive.org/web/20111105071114/http://www.weidai.com/bmoney.txt) from the original on 5 November 2011. Retrieved 5 December 2013.
11. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-11)**
[Szabo, Nick](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo") (27 December 2008). ["Bit Gold"](http://unenumerated.blogspot.com/2005/12/bit-gold.html). *Unenumerated*. Blogspot. [Archived](https://web.archive.org/web/20110922000422/http://unenumerated.blogspot.com/2005/12/bit-gold.html) from the original on 22 September 2011. Retrieved 5 December 2013.
12. ^ [***a***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-TsoSch2015_12-0) [***b***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-TsoSch2015_12-1)
Tsorsch, Florian; Scheuermann, Bjorn (15 May 2015). ["Bitcoin and Beyond: A Technical Survey of Decentralized Digital Currencies"](http://eprint.iacr.org/2015/464.pdf) (PDF). Retrieved 24 June 2015.
13. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-13)**
["Reusable Proofs of Work"](https://web.archive.org/web/20071222072154/http://rpow.net/). Archived from [the original](http://rpow.net/) on 22 December 2007.
14. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-14)**
["ICANN Lookup"](https://lookup.icann.org/en/lookup).
15. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-whitepaper_15-0)**
Nakamoto, Satoshi (31 October 2008). ["Bitcoin: A Peer-to-Peer Electronic Cash System"](https://web.archive.org/web/20100704213649/https://bitcoin.org/bitcoin.pdf) (PDF). Archived from [the original](https://bitcoin.org/bitcoin.pdf) (PDF) on 4 July 2010. Retrieved 20 December 2012.
16. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-16)**
Finley, Klint (31 October 2018). ["After 10 Years, Bitcoin Has Changed EverythingâAnd Nothing"](https://www.wired.com/story/after-10-years-bitcoin-changed-everything-nothing/). *Wired*. Retrieved 9 November 2018.
17. ^ [***a***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-0) [***b***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-1) [***c***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-2) [***d***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-3) [***e***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-4)
Wallace, Benjamin (23 November 2011). ["The Rise and Fall of Bitcoin"](https://www.wired.com/magazine/2011/11/mf_bitcoin/). Wired. [Archived](https://web.archive.org/web/20131031043919/http://www.wired.com/magazine/2011/11/mf_bitcoin) from the original on 31 October 2013. Retrieved 13 October 2012.
18. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-18)**
["Bitcoin P2P e-cash paper"](https://web.archive.org/web/20161213081707/http://article.gmane.org/gmane.comp.encryption.general/12588/). 31 October 2008. Archived from [the original](http://article.gmane.org/gmane.comp.encryption.general/12588/) on 13 December 2016. Retrieved 2 November 2013.
19. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-19)**
["Satoshi's posts to Cryptography mailing list"](http://www.mail-archive.com/search?l=cryptography@metzdowd.com&q=from:%22Satoshi+Nakamoto%22). Mail-archive.com. Retrieved 26 March 2013.
20. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-20)**
["Block 0 â Bitcoin Block Explorer"](http://blockexplorer.com/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f). [Archived](https://web.archive.org/web/20131015154613/http://blockexplorer.com/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f) from the original on 15 October 2013. Retrieved 2 November 2013.
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246. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-246)**
Peck, Morgen (15 August 2012)
["First Bitcoin Lawsuit Filed In San Francisco"](https://spectrum.ieee.org/first-bitcoin-lawsuit-filed-in-san-francisco). 15 August 2012. [Archived](https://web.archive.org/web/20140414062746/https://spectrum.ieee.org/tech-talk/computing/networks/first-bitcoin-lawsuit-filed-in-san-francisco) from the original on 14 April 2014.
. IEEE Spectrum
247. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-247)**
Jeffries, Adrianne (8 August 2011)
["MyBitcoin Spokesman Finally Comes Forward: "What Did You Think We Did After the Hack? We Got Shitfaced""](https://betabeat.com/2011/08/mybitcoin-spokesman-finally-comes-forward-what-did-you-think-we-did-after-the-hack-we-got-shitfaced/). [Archived](https://web.archive.org/web/20131030060415/http://betabeat.com/2011/08/mybitcoin-spokesman-finally-comes-forward-what-did-you-think-we-did-after-the-hack-we-got-shitfaced/) from the original on 30 October 2013. Retrieved 24 November 2013.
. BetaBeat
248. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-248)**
Jeffries, Adrianne (19 August 2011)
["Search for Owners of MyBitcoin Loses Steam"](https://betabeat.com/2011/08/search-for-owners-of-mybitcoin-loses-steam/). [Archived](https://web.archive.org/web/20140404115130/http://betabeat.com/2011/08/search-for-owners-of-mybitcoin-loses-steam/) from the original on 4 April 2014.
. BetaBeat
249. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-249)**
Jeffries, Adrianne (27 August 2012). ["Suspected multi-million dollar Bitcoin pyramid scheme shuts down, investors revolt"](https://www.theverge.com/2012/8/27/3271637/bitcoin-savings-trust-pyramid-scheme-shuts-down). [The Verge](https://en.wikipedia.org/wiki/The_Verge "The Verge"). [Archived](https://web.archive.org/web/20131011234330/http://www.theverge.com/2012/8/27/3271637/bitcoin-savings-trust-pyramid-scheme-shuts-down) from the original on 11 October 2013. Retrieved 21 March 2018.
250. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-250)**
Mick, Jason (28 August 2012). [""Pirateat40" Makes Off \$5.6M USD in BitCoins From Pyramid Scheme"](https://web.archive.org/web/20140411010938/http://www.dailytech.com/Pirateat40+Makes+Off+56M+USD+in+BitCoins+From+Pyramid+Scheme/article25538.htm). [DailyTech](https://en.wikipedia.org/wiki/DailyTech "DailyTech"). Archived from [the original](http://www.dailytech.com/Pirateat40+Makes+Off+56M+USD+in+BitCoins+From+Pyramid+Scheme/article25538.htm) on 11 April 2014. Retrieved 24 November 2013.
251. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-251)**
Mott, Nathaniel (31 August 2012). ["Bitcoin: How a Virtual Currency Became Real with a \$5.6M Fraud"](http://pandodaily.com/2012/08/31/bitcoin-how-a-virtual-currency-became-real-with-a-5-6m-fraud/). [PandoDaily](https://en.wikipedia.org/wiki/PandoDaily "PandoDaily"). [Archived](https://web.archive.org/web/20131027054641/http://pandodaily.com/2012/08/31/bitcoin-how-a-virtual-currency-became-real-with-a-5-6m-fraud/) from the original on 27 October 2013. Retrieved 24 November 2013.
252. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-252)**
Foxton, Willard (2 September 2012)
["Bitcoin 'Pirate' scandal: SEC steps in amid allegations that the whole thing was a Ponzi scheme"](https://web.archive.org/web/20140414194723/http://blogs.telegraph.co.uk/technology/willardfoxton2/100007836/bitcoin-pirate-scandal-sec-steps-in-amid-allegations-that-the-whole-thing-was-a-ponzi-scheme/). *The Daily Telegraph*. London. 27 September 2012. Archived from [the original](http://blogs.telegraph.co.uk/technology/willardfoxton2/100007836/bitcoin-pirate-scandal-sec-steps-in-amid-allegations-that-the-whole-thing-was-a-ponzi-scheme/) on 14 April 2014.
. The Telegraph
253. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-253)**
["Bitcoin theft causes Bitfloor exchange to go offline"](https://www.bbc.co.uk/news/technology-19486695). *BBC News*. 25 September 2012. [Archived](https://web.archive.org/web/20140327180044/http://www.bbc.co.uk/news/technology-19486695) from the original on 27 March 2014.
254. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-254)**
Goddard, Louis (5 September 2012). ["Bitcoin exchange BitFloor suspends operations after \$250,000 theft"](https://www.theverge.com/2012/9/5/3293375/bitfloor-bitcoin-exchange-suspended-theft). [The Verge](https://en.wikipedia.org/wiki/The_Verge "The Verge"). [Archived](https://web.archive.org/web/20140211180646/http://www.theverge.com/2012/9/5/3293375/bitfloor-bitcoin-exchange-suspended-theft) from the original on 11 February 2014.
255. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-255)**
Chirgwin, Richard (25 September 2012). ["Bitcoin exchange back online after hack"](http://www.pcworld.com/article/2010586/bitcoin-exchange-back-online-after-hack.html?tk=rel_news). [PC World](https://en.wikipedia.org/wiki/PC_World "PC World"). [Archived](https://web.archive.org/web/20140414065717/http://www.pcworld.com/article/2010586/bitcoin-exchange-back-online-after-hack.html?tk=rel_news) from the original on 14 April 2014.
256. ^ [***a***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-cutler13insta_256-0) [***b***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-cutler13insta_256-1)
Cutler, Kim-Mai (3 April 2013). ["Another Bitcoin Wallet Service, Instawallet, Suffers Attack, Shuts Down Until Further Notice"](https://techcrunch.com/2013/04/03/bitcoin-instawallet/). [TechCrunch](https://en.wikipedia.org/wiki/TechCrunch "TechCrunch"). [Archived](https://web.archive.org/web/20140331085500/http://techcrunch.com/2013/04/03/bitcoin-instawallet/) from the original on 31 March 2014. Retrieved 12 April 2013.
257. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-257)**
["Transaction details for bitcoins stolen from Instawallet"](https://blockchain.info/tx/5c265c7f63176a07d8c1a90c336e8faac133e69b95eb29e69026377781ebdd1e). [Archived](https://web.archive.org/web/20131019155836/http://blockchain.info/tx/5c265c7f63176a07d8c1a90c336e8faac133e69b95eb29e69026377781ebdd1e) from the original on 19 October 2013.
. Blockchain.info (3 April 2013). Retrieved 20 April 2013.
258. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-TheRegister20130812_258-0)**
Chirgwin, Richard (12 August 2013). ["Android bug batters Bitcoin wallets / Old flaw, new problem"](https://www.webcitation.org/6IwX8oDIN?url=http://www.theregister.co.uk/2013/08/12/android_bug_batters_bitcoin_wallets/). *The Register*. Archived from [the original](https://www.theregister.co.uk/2013/08/12/android_bug_batters_bitcoin_wallets/) on 17 August 2013.
â Original Bitcoin announcement:
["Android Security Vulnerability"](https://www.webcitation.org/6IwXaL2GC?url=http://bitcoin.org/en/alert/2013-08-11-android). bitcoin.org. 11 August 2013. Archived from [the original](https://bitcoin.org/en/alert/2013-08-11-android) on 17 August 2013.
259. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-259)**
["Australian Bitcoin bank hacked"](https://www.smh.com.au/it-pro/security-it/australian-bitcoin-bank-hacked-1m-stolen-20131108-hv2iv.html). *The Sydney Morning Herald*. [Archived](https://web.archive.org/web/20131230081207/http://www.smh.com.au/it-pro/security-it/australian-bitcoin-bank-hacked-1m-stolen-20131108-hv2iv.html) from the original on 30 December 2013. Retrieved 9 November 2013.
. Retrieved 9 November 2013.
260. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-260)**
["Hong Kong Bitcoin Trading Platform Vanishes with millions"](https://www.zdnet.com/article/hong-kong-bitcoin-trading-platform-vanishes-with-millions/). *[ZDNet](https://en.wikipedia.org/wiki/ZDNet "ZDNet")*. [Archived](https://web.archive.org/web/20140405165624/http://www.zdnet.com/hong-kong-bitcoin-trading-platform-vanishes-with-millions-7000023039/) from the original on 5 April 2014. Retrieved 18 November 2013.
261. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-261)**
["Ex-boss of MtGox bitcoin exchange arrested in Japan over lost \$390m"](https://www.theguardian.com/technology/2015/aug/01/ex-boss-of-mtgox-bitcoin-exchange-arrested-in-japan-over-lost-480m). *The Guardian*. 1 August 2015.
262. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-262)**
["Flexcoin â flexing Bitcoins to their limit"](http://malwarezero.org/2014/03/flexcoin-flexing-bitcoins-limit/). *malwareZero*. [Archived](https://web.archive.org/web/20140309230510/http://malwarezero.org/2014/03/flexcoin-flexing-bitcoins-limit/) from the original on 9 March 2014. Retrieved 9 March 2014.
263. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-263)**
["Bitcoin bank Flexcoin shuts down after theft"](https://www.reuters.com/article/us-bitcoin-flexcoin-idUSBREA2329B20140304). *Reuters*. 4 March 2014. [Archived](https://web.archive.org/web/20140309213659/https://www.reuters.com/article/2014/03/04/us-bitcoin-flexcoin-idUSBREA2329B20140304) from the original on 9 March 2014. Retrieved 9 March 2014.
264. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-264)**
["Bitcoin bank Flexcoin pulls plug after cyber-robbers nick \$610,000"](https://www.theregister.co.uk/2014/03/04/bitcoin_bank_flexcoin_shuts_down_after_hackers_strike/). *The Register*. [Archived](https://web.archive.org/web/20140310005219/https://www.theregister.co.uk/2014/03/04/bitcoin_bank_flexcoin_shuts_down_after_hackers_strike/) from the original on 10 March 2014. Retrieved 9 March 2014.
265. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-265)**
["Flexcoin homepage"](https://web.archive.org/web/20140314151351/http://www.flexcoin.com/). *Flexcoin*. Archived from [the original](http://flexcoin.com/) on 14 March 2014. Retrieved 9 March 2014.
266. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-266)**
["All Bitfinex clients to share 36% loss of assets following exchange hack"](https://www.theguardian.com/technology/2016/aug/07/bitfinex-exchange-customers-receive-36-percent-loss-tokens). *The Guardian*. 7 August 2016.
267. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-267)**
["NiceHash"](https://www.facebook.com/NiceHash/videos/2013146182237851/). *www.facebook.com*. Retrieved 7 December 2017.
268. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-268)**
["Millions 'stolen' in NiceHash Bitcoin heist"](https://www.bbc.com/news/technology-42275523). *BBC News*. 8 December 2017. Retrieved 21 October 2022.
269. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-269)**
["A South Korean cryptocurrency exchange files for bankruptcy after hack, says users will get 75% of assets for now"](https://www.cnbc.com/2017/12/19/yapian-youbit-exchange-files-bankruptcy.html). *CNBC*. 19 December 2017.
270. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-270)**
Roman Matzutt; Jens Hiller; Martin Henze; Jan Henrik Ziegeldorf; Dirk Mullmann; Oliver Hohlfeld; Klaus Wehrle (2018). ["A Quantitative Analysis of the Impact of Arbitrary Blockchain Content on Bitcoin"](https://fc18.ifca.ai/preproceedings/6.pdf) (PDF). Financial Cryptography and Data Security 2018. pp. 6â8\.
271. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-271)**
["INTERPOL cyber research identifies malware threat to virtual currencies"](https://www.interpol.int/en/News-and-Events/News/2015/INTERPOL-cyber-research-identifies-malware-threat-to-virtual-currencies). Interpol. Retrieved 25 March 2020.
## External links
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=36 "Edit section: External links")\]
- [Interactive bitcoin history](http://historyofbitcoin.org/)
| [v](https://en.wikipedia.org/wiki/Template:Bitcoin "Template:Bitcoin") [t](https://en.wikipedia.org/wiki/Template_talk:Bitcoin "Template talk:Bitcoin") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Bitcoin "Special:EditPage/Template:Bitcoin")[Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") | | |
|---|---|---|
| [History]() [Economics](https://en.wikipedia.org/wiki/Economics_of_bitcoin "Economics of bitcoin") [Politics](https://en.wikipedia.org/wiki/Bitcoin_and_politics "Bitcoin and politics") [Legal status](https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory "Legality of bitcoin by country or territory") [Environmental effects](https://en.wikipedia.org/wiki/Environmental_effects_of_bitcoin "Environmental effects of bitcoin") | | |
| People | [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen") [Andreas Antonopoulos](https://en.wikipedia.org/wiki/Andreas_Antonopoulos "Andreas Antonopoulos") [Brian Armstrong](https://en.wikipedia.org/wiki/Brian_Armstrong_\(CEO\) "Brian Armstrong (CEO)") [Adam Back](https://en.wikipedia.org/wiki/Adam_Back "Adam Back") [Vitalik Buterin](https://en.wikipedia.org/wiki/Vitalik_Buterin "Vitalik Buterin") [Wences Casares](https://en.wikipedia.org/wiki/Wences_Casares "Wences Casares") [Luke Dashjr](https://en.wikipedia.org/wiki/Luke_Dashjr "Luke Dashjr") [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai") [Tim Draper](https://en.wikipedia.org/wiki/Tim_Draper "Tim Draper") [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_\(computer_scientist\) "Hal Finney (computer scientist)") [Mark KarpelĂšs](https://en.wikipedia.org/wiki/Mark_Karpel%C3%A8s "Mark KarpelĂšs") [Dave Kleiman](https://en.wikipedia.org/wiki/Dave_Kleiman "Dave Kleiman") [Dadvan Yousuf](https://en.wikipedia.org/wiki/Dadvan_Yousuf "Dadvan Yousuf") [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") [Charlie Shrem](https://en.wikipedia.org/wiki/Charlie_Shrem "Charlie Shrem") [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo") [Zhimin Qian](https://en.wikipedia.org/wiki/Qian_Zhimin_\(criminal\) "Qian Zhimin (criminal)") [Ross Ulbricht](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht") [Roger Ver](https://en.wikipedia.org/wiki/Roger_Ver "Roger Ver") [Erik Voorhees](https://en.wikipedia.org/wiki/Erik_Voorhees "Erik Voorhees") [Paolo Ardoino](https://en.wikipedia.org/wiki/Paolo_Ardoino "Paolo Ardoino") [Cody Wilson](https://en.wikipedia.org/wiki/Cody_Wilson "Cody Wilson") [Cameron Winklevoss](https://en.wikipedia.org/wiki/Cameron_Winklevoss "Cameron Winklevoss") [Tyler Winklevoss](https://en.wikipedia.org/wiki/Tyler_Winklevoss "Tyler Winklevoss") [Craig Wright](https://en.wikipedia.org/wiki/Craig_Steven_Wright "Craig Steven Wright") [Jihan Wu](https://en.wikipedia.org/wiki/Jihan_Wu "Jihan Wu") | [](https://en.wikipedia.org/wiki/File:Bitcoin.svg) |
| Lists | [List of bitcoin companies](https://en.wikipedia.org/wiki/List_of_bitcoin_companies "List of bitcoin companies") [List of bitcoin forks](https://en.wikipedia.org/wiki/List_of_bitcoin_forks "List of bitcoin forks") [List of bitcoin organizations](https://en.wikipedia.org/wiki/List_of_bitcoin_organizations "List of bitcoin organizations") [List of people in blockchain technology](https://en.wikipedia.org/wiki/List_of_people_in_blockchain_technology "List of people in blockchain technology") | |
| Technologies | [Bitcoin network](https://en.wikipedia.org/wiki/Bitcoin_network "Bitcoin network") [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") [Cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") [Bitcoin ATM](https://en.wikipedia.org/wiki/Bitcoin_ATM "Bitcoin ATM") [ECDSA](https://en.wikipedia.org/wiki/Elliptic_Curve_Digital_Signature_Algorithm "Elliptic Curve Digital Signature Algorithm") [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") [P2P](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") [SegWit](https://en.wikipedia.org/wiki/SegWit "SegWit") [SHA-2](https://en.wikipedia.org/wiki/SHA-2 "SHA-2") | |
| [Forks](https://en.wikipedia.org/wiki/List_of_bitcoin_forks "List of bitcoin forks") | | |
| | | |
| Client | [Bitcoin Unlimited](https://en.wikipedia.org/wiki/Bitcoin_Unlimited "Bitcoin Unlimited") | |
| Currency | [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") [Bitcoin Satoshi Vision](https://en.wikipedia.org/wiki/Bitcoin_Satoshi_Vision "Bitcoin Satoshi Vision") | |
| History | [Bitcoin scalability problem](https://en.wikipedia.org/wiki/Bitcoin_scalability_problem "Bitcoin scalability problem") [History of bitcoin]() [2013 Bitcoin buried in Newport landfill](https://en.wikipedia.org/wiki/Bitcoin_buried_in_Newport_landfill "Bitcoin buried in Newport landfill") [2018 cryptocurrency crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") [2018 Bitcoin bomb threats](https://en.wikipedia.org/wiki/2018_Bitcoin_bomb_threats "2018 Bitcoin bomb threats") [2020 Twitter account hijacking](https://en.wikipedia.org/wiki/2020_Twitter_account_hijacking "2020 Twitter account hijacking") | |
| Movies | *[The Rise and Rise of Bitcoin](https://en.wikipedia.org/wiki/The_Rise_and_Rise_of_Bitcoin "The Rise and Rise of Bitcoin")* (2014 film) *[Deep Web](https://en.wikipedia.org/wiki/Deep_Web_\(film\) "Deep Web (film)")* (2015 film) | |
| Legal entities (not exchanges) | [Bitcoin Foundation](https://en.wikipedia.org/wiki/Bitcoin_Foundation "Bitcoin Foundation") *[Bitcoin Magazine](https://en.wikipedia.org/wiki/Bitcoin_Magazine "Bitcoin Magazine")* [BitGo](https://en.wikipedia.org/wiki/BitGo "BitGo") [Bitmain](https://en.wikipedia.org/wiki/Bitmain "Bitmain") [Canaan Creative](https://en.wikipedia.org/wiki/Canaan_Creative "Canaan Creative") [CoinDesk](https://en.wikipedia.org/wiki/CoinDesk "CoinDesk") [GHash.io](https://en.wikipedia.org/wiki/GHash.io "GHash.io") [Nuri](https://en.wikipedia.org/wiki/Nuri_\(company\) "Nuri (company)") [Strategy](https://en.wikipedia.org/wiki/MicroStrategy "MicroStrategy") | |
| [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") | [Bitcoin Law](https://en.wikipedia.org/wiki/Bitcoin_Law "Bitcoin Law") [Bitcoin Beach](https://en.wikipedia.org/wiki/El_Zonte "El Zonte") [Bitcoin City](https://en.wikipedia.org/wiki/Bitcoin_City "Bitcoin City") | |
|  [Category](https://en.wikipedia.org/wiki/Category:Bitcoin "Category:Bitcoin") [](https://en.wikipedia.org/wiki/File:Commons-logo.svg "Commons page") [Commons](https://commons.wikimedia.org/wiki/Category:Bitcoin "commons:Category:Bitcoin") | | |
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History of bitcoin
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| Readable Markdown | [](https://en.wikipedia.org/wiki/File:Bitcoin_transactions_per_month.svg)
Number of on-chain bitcoin transactions per month ([logarithmic scale](https://en.wikipedia.org/wiki/Logarithmic_scale "Logarithmic scale"))
[Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") is a [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency"), a [digital asset](https://en.wikipedia.org/wiki/Digital_asset "Digital asset") that uses [cryptography](https://en.wikipedia.org/wiki/Cryptography "Cryptography") to control its creation and management [rather than relying on central authorities](https://en.wikipedia.org/wiki/Decentralization "Decentralization").[\[1\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-mercatus-1)[\[2\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-2) Originally designed as a [medium of exchange](https://en.wikipedia.org/wiki/Medium_of_exchange "Medium of exchange"), Bitcoin is now primarily regarded as a [store of value](https://en.wikipedia.org/wiki/Store_of_value "Store of value"). The **history of bitcoin** started with its invention and implementation by [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto"), who integrated many existing ideas from the [cryptography](https://en.wikipedia.org/wiki/Cryptography "Cryptography") community. Over the course of bitcoin's history, it has undergone rapid growth to become a significant store of value both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.[\[3\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-3)
Prior to the release of bitcoin, there were a number of digital cash technologies, starting with the issuer-based [ecash](https://en.wikipedia.org/wiki/Ecash "Ecash") protocols of [David Chaum](https://en.wikipedia.org/wiki/David_Chaum "David Chaum") and [Stefan Brands](https://en.wikipedia.org/wiki/Stefan_Brands "Stefan Brands").[\[4\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-4)[\[5\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-5)[\[6\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-6) The idea that solutions to computational puzzles could have some value was first proposed by cryptographers [Cynthia Dwork](https://en.wikipedia.org/wiki/Cynthia_Dwork "Cynthia Dwork") and [Moni Naor](https://en.wikipedia.org/wiki/Moni_Naor "Moni Naor") in 1992.[\[7\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-7)
### 31 October 1996 NSA paper
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=2 "Edit section: 31 October 1996 NSA paper")\]
12 years prior to creating Bitcoin the NSA published the white paper "How To Make A Mint: The Cryptography of Anonymous Electronic Cash" [\[8\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-8)
The idea was independently rediscovered by [Adam Back](https://en.wikipedia.org/wiki/Adam_Back "Adam Back") who developed [hashcash](https://en.wikipedia.org/wiki/Hashcash "Hashcash"), a [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") scheme for spam control in 1997.[\[9\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-9) The first proposals for distributed digital scarcity-based [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies") were [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai")'s b-money[\[10\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-10) and [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo")'s [bit gold](https://en.wikipedia.org/wiki/Bit_gold "Bit gold").[\[11\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-11)[\[12\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TsoSch2015-12) [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_\(cypherpunk\) "Hal Finney (cypherpunk)") developed [reusable proof of work](https://en.wikipedia.org/wiki/Proof_of_work#Reusable_proof-of-work "Proof of work") (RPOW) using hashcash as proof of work algorithm.[\[13\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-13)
In the bit gold proposal which proposed a collectible market-based mechanism for inflation control, Nick Szabo also investigated some additional aspects including a [Byzantine fault-tolerant](https://en.wikipedia.org/wiki/Byzantine_fault_tolerance "Byzantine fault tolerance") agreement protocol based on quorum addresses to store and transfer the chained [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") solutions, which was vulnerable to [Sybil attacks](https://en.wikipedia.org/wiki/Sybil_attack "Sybil attack"), though.[\[12\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TsoSch2015-12)
On 18 August 2008, the domain name bitcoin.org was registered.[\[14\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-14) Later that year, on 31 October, a link to a [paper](https://en.wikipedia.org/wiki/Whitepaper "Whitepaper") authored by [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") titled *Bitcoin: A Peer-to-Peer Electronic Cash System*[\[15\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-whitepaper-15) was posted to a cryptography mailing list.[\[16\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-16) This paper detailed methods of using a [peer-to-peer](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") network to generate what was described as "a system for electronic transactions without relying on trust".[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17)[\[18\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-18)[\[19\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-19) On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the *genesis block of bitcoin* (block number 0), which had a reward of 50 bitcoins.[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17)[\[20\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-20) Embedded in the genesis block was the text:
> The Times 03/Jan/2009 Chancellor on brink of second bailout for banks[\[21\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NY2011-21)
The text refers to a headline in *[The Times](https://en.wikipedia.org/wiki/The_Times "The Times")* published on 3 January 2009.[\[22\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-22) This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by [fractional-reserve banking](https://en.wikipedia.org/wiki/Fractional-reserve_banking "Fractional-reserve banking").[\[23\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-23): 18
The first [open source](https://en.wikipedia.org/wiki/Open_source "Open source") bitcoin client was released on 9 January 2009, hosted at [SourceForge](https://en.wikipedia.org/wiki/SourceForge "SourceForge").[\[24\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-24)[\[25\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-25)
One of the first supporters, adopters, contributors to bitcoin and receiver of the first bitcoin transaction was programmer [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_\(cypherpunk\) "Hal Finney (cypherpunk)"). Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction on 12 January 2009 (block 170).[\[26\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-26)[\[27\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-27) Other early supporters were [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai"), creator of bitcoin predecessor *b-money*, and [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo"), creator of bitcoin predecessor *bit gold*.[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17) One of the first miners included [James Howells](https://en.wikipedia.org/wiki/James_Howells "James Howells"), who subsequently lost thousands of Bitcoin [to a landfill in Newport](https://en.wikipedia.org/wiki/Bitcoin_buried_in_Newport_landfill "Bitcoin buried in Newport landfill").[\[28\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Max-2021-28)[\[29\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Molloy-2017-29)
In the early days, Nakamoto is estimated to have mined 1 million bitcoins.[\[30\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-30) Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen"), who then became the bitcoin lead developer at the [Bitcoin Foundation](https://en.wikipedia.org/wiki/Bitcoin_Foundation "Bitcoin Foundation"), the 'anarchic' bitcoin community's closest thing to an official public face.[\[31\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-31)
"Satoshi Nakamoto" is presumed to be a [pseudonym](https://en.wikipedia.org/wiki/Pseudonym "Pseudonym") for the person or people who designed the original bitcoin protocol in 2007 then released the whitepaper in 2008 and finally launched the network in 2009. Nakamoto was responsible for creating the majority of the official bitcoin software and was active in making modifications and posting technical information on the bitcoin forum.[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17) There has been much speculation as to the identity of [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") but their real identity remains a matter of dispute.
[](https://en.wikipedia.org/wiki/File:Bitcoin_Pizza_Day_Papa_John%E2%80%99s_Atlantic_Ave_Jacksonville_FL.jpg)
The plaque at the [Papa John's](https://en.wikipedia.org/wiki/Papa_John%27s "Papa John's") franchise on Atlantic Blvd in Jacksonville, Florida, where two pizzas were made and delivered from for the first notable retail bitcoin transaction.
The first notable retail transaction involving physical goods was paid on May 22, 2010, by exchanging 10,000 mined BTC for two pizzas delivered from a [Papa John's](https://en.wikipedia.org/wiki/Papa_John%27s "Papa John's") in [Jacksonville, Florida](https://en.wikipedia.org/wiki/Jacksonville,_Florida "Jacksonville, Florida"). Laszlo Hanyecz, who lives in Jacksonville, created a thread in an online forum offering the bitcoins for anyone who could order him two pizzas. Jeremy Sturdivant, a user from England accepted the offer and ordered the pizzas to his home. The 10,000 Bitcoins were worth about \$40 USD at the time. This event would mark May 22 as the Bitcoin Pizza Day for crypto-fans.[\[17\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired:RFB-17)[\[32\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-32) At the time, a transaction's value was typically negotiated on the Bitcoin forum.[\[33\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-33)
On 6 August 2010, a major [vulnerability](https://en.wikipedia.org/wiki/Vulnerability_\(computing\) "Vulnerability (computing)") in the bitcoin protocol was spotted. While the protocol did verify that a transaction's outputs never exceeded its inputs, a transaction whose outputs summed to more than  would [overflow](https://en.wikipedia.org/wiki/Integer_overflow "Integer overflow"), permitting the transaction author to create arbitrary amounts of bitcoin.[\[34\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NIST1-34) On 15 August, the vulnerability was exploited; a single transaction spent 0.5 bitcoin to send just over 92 billion bitcoins ( satoshis) to each of two different addresses on the network. Within hours, the transaction was spotted, the bug was fixed, and the blockchain was forked by miners using an updated version of the bitcoin protocol.[\[35\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-SourceForge-35) Since the blockchain was forked below the problematic transaction, the transaction no longer appears in the blockchain used by the current Bitcoin network.[\[34\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NIST1-34)[\[36\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-36)\[*[non-primary source needed](https://en.wikipedia.org/wiki/Wikipedia:No_original_research#Primary,_secondary_and_tertiary_sources "Wikipedia:No original research")*\]
Based on bitcoin's open-source code, other cryptocurrencies started to emerge.[\[37\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-WsjVolatile-37)
The [Electronic Frontier Foundation](https://en.wikipedia.org/wiki/Electronic_Frontier_Foundation "Electronic Frontier Foundation"), a non-profit group, started accepting bitcoins in January 2011,[\[38\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-38) then stopped accepting them in June 2011, citing concerns about a lack of legal precedent about new currency systems.[\[39\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-39) The EFF's decision was reversed on 17 May 2013 when they resumed accepting bitcoin.[\[40\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-EFF2013-40)
In May 2011, bitcoin payment processor, [BitPay](https://en.wikipedia.org/wiki/BitPay "BitPay") was founded to provide mobile checkout services to companies wanting to accept bitcoins as a form of payment.
In June 2011, [WikiLeaks](https://en.wikipedia.org/wiki/WikiLeaks "WikiLeaks")[\[41\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-41) and other organizations began to accept bitcoins for donations.
In January 2012, bitcoin was featured as the main subject within a fictionalized trial on the [CBS](https://en.wikipedia.org/wiki/CBS "CBS") legal drama *[The Good Wife](https://en.wikipedia.org/wiki/The_Good_Wife "The Good Wife")* in the third-season episode "[Bitcoin for Dummies](https://en.wikipedia.org/wiki/The_Good_Wife_\(season_3\)#Episodes "The Good Wife (season 3)")". The host of [CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")'s *[Mad Money](https://en.wikipedia.org/wiki/Mad_Money "Mad Money")*, [Jim Cramer](https://en.wikipedia.org/wiki/Jim_Cramer "Jim Cramer"), played himself in a courtroom scene where he testifies that he does not consider bitcoin a true currency, saying, "There's no central bank to regulate it; it's digital and functions completely peer to peer".[\[42\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-The_Good_Wife-42)
In September 2012, the Bitcoin Foundation was launched to "accelerate the global growth of bitcoin through standardization, protection, and promotion of the open source protocol". The founders were [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen"), [Jon Matonis](https://en.wikipedia.org/w/index.php?title=Jon_Matonis&action=edit&redlink=1 "Jon Matonis (page does not exist)"), [Mark KarpelĂšs](https://en.wikipedia.org/wiki/Mark_Karpel%C3%A8s "Mark KarpelĂšs"), [Charlie Shrem](https://en.wikipedia.org/wiki/Charlie_Shrem "Charlie Shrem"), and [Peter Vessenes](https://en.wikipedia.org/w/index.php?title=Peter_Vessenes&action=edit&redlink=1 "Peter Vessenes (page does not exist)").[\[43\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-43)
In October 2012, [BitPay](https://en.wikipedia.org/wiki/BitPay "BitPay") reported having over 1,000 merchants accepting bitcoin under its payment processing service.[\[44\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-44) In November 2012, [WordPress](https://en.wikipedia.org/wiki/WordPress "WordPress") started accepting bitcoins.[\[45\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-45)
In February 2013, the exchange [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") reported selling US\$1 million worth of bitcoins in a single month at over \$22 per bitcoin.[\[46\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-$1MBitcoinamonth-46) The [Internet Archive](https://en.wikipedia.org/wiki/Internet_Archive "Internet Archive") announced that it was ready to accept donations as bitcoins and that it intends to give employees the option to receive portions of their salaries in bitcoin currency.[\[47\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-paritynews-47)
In [Charles Stross](https://en.wikipedia.org/wiki/Charles_Stross "Charles Stross")'s 2013 science fiction novel *[Neptune's Brood](https://en.wikipedia.org/wiki/Neptune%27s_Brood "Neptune's Brood")*, the universal [interstellar](https://en.wikipedia.org/wiki/Interstellar_travel "Interstellar travel") payment system is known as "bitcoin" and operates using cryptography.[\[48\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-48) Stross later blogged that the reference was intentional, saying "I wrote *Neptune's Brood* in 2011. Bitcoin was obscure back then, and I figured had just enough name recognition to be a useful term for an interstellar currency: it'd clue people in that it was a networked digital currency."[\[49\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-49)
In March, the bitcoin transaction log, called the *blockchain,* temporarily split into two independent chains with differing rules on how transactions were accepted. For six hours two bitcoin networks operated at the same time, each with its own version of the transaction history. The core developers called for a temporary halt to transactions, sparking a sharp sell-off.[\[50\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bug_events-50) Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin software.[\[50\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bug_events-50) The [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox") exchange briefly halted bitcoin deposits and the exchange rate briefly dipped by 23% to \$37 as the event occurred[\[51\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArsFork-51)[\[52\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-VergeFork-52) before recovering to previous level of approximately \$48 in the following hours.[\[53\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-53) In the [US](https://en.wikipedia.org/wiki/United_States_of_America "United States of America"), the [Financial Crimes Enforcement Network (FinCEN)](https://en.wikipedia.org/wiki/FinCEN "FinCEN") established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as Money Service Businesses (or MSBs), that may be subject to registration and other legal obligations.[\[54\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArsFinCEN-54)[\[56\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FinCEN1-56)
In April, payment processors *BitInstant* and *Mt. Gox* experienced processing delays due to insufficient capacity[\[57\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-57) resulting in the bitcoin exchange rate dropping from \$266 to \$76 before returning to \$160 within six hours.[\[58\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-58) Bitcoin gained greater recognition when services such as [OkCupid](https://en.wikipedia.org/wiki/OkCupid "OkCupid") and [Foodler](https://en.wikipedia.org/wiki/Foodler "Foodler") began accepting it for payment.[\[59\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-59) In April 2013, [Eric Posner](https://en.wikipedia.org/wiki/Eric_Posner "Eric Posner"), a law professor at the [University of Chicago](https://en.wikipedia.org/wiki/University_of_Chicago "University of Chicago"), stated that "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."[\[60\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Posner,_Eric-60)
On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a [money transmitter](https://en.wikipedia.org/wiki/Money_transmitter "Money transmitter") with FinCEN in the US.[\[61\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-61)[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62)
On 17 May 2013, it was reported that [BitInstant](https://en.wikipedia.org/wiki/BitInstant "BitInstant") processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions,[\[63\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-63)
On 23 June 2013, it was reported that the US [Drug Enforcement Administration](https://en.wikipedia.org/wiki/Drug_Enforcement_Administration "Drug Enforcement Administration") listed 11.02 bitcoins as a seized asset in a [United States Department of Justice](https://en.wikipedia.org/wiki/United_States_Department_of_Justice "United States Department of Justice") seizure notice pursuant to 21 U.S.C. § 881. This was the first time a government agency was reported to have seized bitcoin.[\[64\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-64)[\[65\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-65)
In July 2013, a project began in Kenya linking bitcoin with [M-Pesa](https://en.wikipedia.org/wiki/M-Pesa "M-Pesa"), a popular mobile payments system, in an experiment designed to spur innovative payments in Africa.[\[66\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-66) During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country.[\[67\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-telegraph20130730-67)[\[68\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-investvine-68)
On 6 August 2013, Federal Judge Amos Mazzant of the [Eastern District of Texas](https://en.wikipedia.org/wiki/Eastern_District_of_Texas "Eastern District of Texas") of the [Fifth Circuit](https://en.wikipedia.org/wiki/Fifth_Circuit "Fifth Circuit") ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction,[\[69\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-69)[\[70\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-70) and Germany's Finance Ministry subsumed bitcoins under the term "unit of account" â a financial instrument â though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.[\[71\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Marketwatch20130819-71)
In September 2013, Chinese Govt. banned financial institution from trading in Bitcoin fearing a risk of money laundering.[\[72\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-72)
In October 2013, the FBI seized roughly 26,000 BTC from website [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)") during the arrest of alleged owner [Ross William Ulbricht](https://en.wikipedia.org/wiki/Ross_William_Ulbricht "Ross William Ulbricht").[\[73\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-73)[\[74\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-74)[\[75\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-75) Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin [ATM](https://en.wikipedia.org/wiki/Automated_teller_machine "Automated teller machine") on 29 October 2013 in [Vancouver](https://en.wikipedia.org/wiki/Vancouver "Vancouver"), [BC](https://en.wikipedia.org/wiki/British_Columbia "British Columbia"), [Canada](https://en.wikipedia.org/wiki/Canada "Canada"), allowing clients to sell or purchase bitcoin currency at a downtown coffee shop.[\[76\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-76)[\[77\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-77)[\[78\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Verge-78) Chinese internet giant [Baidu](https://en.wikipedia.org/wiki/Baidu "Baidu") had allowed clients of website security services to pay with bitcoins.[\[79\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-79)
In November 2013, the [University of Nicosia](https://en.wikipedia.org/wiki/University_of_Nicosia "University of Nicosia") announced that it would be accepting bitcoin as payment for tuition fees.[\[80\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-80) During November 2013, the China-based bitcoin exchange [BTC China](https://en.wikipedia.org/wiki/BTC_China "BTC China") overtook the Japan-based Mt. Gox and the Europe-based [Bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp") to become the largest bitcoin trading exchange by trade volume.[\[81\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-81)
In December 2013, [Overstock.com](https://en.wikipedia.org/wiki/Overstock.com "Overstock.com")[\[82\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-82) announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China") prohibited Chinese financial institutions from using bitcoins.[\[83\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ccontrols-83) After the announcement, the value of bitcoins dropped,[\[84\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-84) and Baidu no longer accepted bitcoins for certain services.[\[85\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bloomberg-85) Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[\[86\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-86)
On 4 December 2013, [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") referred to it as a "bubble".[\[87\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Kearns-87)
In January 2014, [Zynga](https://en.wikipedia.org/wiki/Zynga "Zynga")[\[88\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-88) announced it was testing bitcoin for purchasing in-game assets in seven of its games. That same month, [The D Las Vegas](https://en.wikipedia.org/wiki/The_D_Las_Vegas "The D Las Vegas") Casino Hotel and [Golden Gate Hotel & Casino](https://en.wikipedia.org/wiki/Golden_Gate_Hotel_%26_Casino "Golden Gate Hotel & Casino") properties in downtown Las Vegas announced they would also begin accepting bitcoin, according to an article by *[USA Today](https://en.wikipedia.org/wiki/USA_Today "USA Today")*. The article also stated the currency would be accepted in five locations, including the front desk and certain restaurants.[\[89\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-89) The network rate exceeded 10 petahash/sec. [TigerDirect](https://en.wikipedia.org/wiki/TigerDirect "TigerDirect")[\[90\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-tigger-90) and [Overstock.com](https://en.wikipedia.org/wiki/Overstock.com "Overstock.com")[\[91\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-overstock-91) started accepting bitcoin.
The same month, an operator of a U.S. bitcoin exchange, Robert Faiella better known as [Charlie Shrem](https://en.wikipedia.org/wiki/Charlie_Shrem "Charlie Shrem"), was arrested for money laundering.[\[92\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-92)
In early February 2014, one of the largest bitcoin exchanges, [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox"),[\[93\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-mtgoxdetails-93) suspended withdrawals citing technical issues.[\[94\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-94) By the end of the month, Mt. Gox had filed for bankruptcy protection in Japan amid reports that 744,000 bitcoins had been stolen.[\[95\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-GoxBankrupt-95) Months before the filing, the popularity of Mt. Gox had waned as users experienced difficulties withdrawing funds.[\[96\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-96)
In June 2014, the network exceeded 100 petahash/sec.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] On 18 June 2014, it was announced that bitcoin [payment service provider](https://en.wikipedia.org/wiki/Payment_service_provider "Payment service provider") [BitPay](https://en.wikipedia.org/wiki/BitPay "BitPay") would become the new sponsor of [St. Petersburg Bowl](https://en.wikipedia.org/wiki/St._Petersburg_Bowl "St. Petersburg Bowl") under a two-year deal, renamed the Bitcoin St. Petersburg Bowl. Bitcoin was to be accepted for ticket and concession sales at the game as part of the sponsorship, and the sponsorship itself was also paid for using bitcoin.[\[97\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-wsj-bitpay-97)
In July 2014, [Newegg](https://en.wikipedia.org/wiki/Newegg "Newegg") and [Dell](https://en.wikipedia.org/wiki/Dell "Dell")[\[98\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-98) started accepting bitcoin.
In September 2014, TeraExchange, LLC, received approval from the U.S. [Commodity Futures Trading Commission](https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission "Commodity Futures Trading Commission") "CFTC" to begin listing an over-the-counter swap product based on the price of a bitcoin. The CFTC swap product approval marks the first time a U.S. regulatory agency approved a bitcoin financial product.[\[99\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-99)
In December 2014, Microsoft began to accept bitcoin to buy Xbox games and Windows software.[\[100\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-100)
In 2014, several light-hearted songs celebrating bitcoin such as the "Ode to Satoshi"[\[101\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-101) were released.[\[102\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-102)
A documentary film, *[The Rise and Rise of Bitcoin](https://en.wikipedia.org/wiki/The_Rise_and_Rise_of_Bitcoin "The Rise and Rise of Bitcoin")*, was released in 2014, featuring interviews with bitcoin users such as a computer programmer and a drug dealer.[\[103\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-103)
On 13 March 2014, [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") called bitcoin a "mirage".[\[104\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-104)
In January 2015, Coinbase raised US\$75 million as part of a Series C funding round, smashing the previous record for a bitcoin company. Less than one year after the collapse of Mt. Gox, United Kingdom-based exchange [Bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp") announced that their exchange would be taken offline while they investigate a hack which resulted in about 19,000 bitcoins (equivalent to roughly US\$5 million at that time) being stolen from their hot wallet.[\[105\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-105) The exchange remained offline for several days amid speculation that customers had lost their funds. Bitstamp resumed trading on 9 January after increasing security measures and assuring customers that their account balances would not be impacted.[\[106\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-106)
In February 2015, the number of merchants accepting bitcoin exceeded 100,000.[\[107\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-100tmerchants-107)
In 2015, the MAK ([Museum of Applied Arts, Vienna](https://en.wikipedia.org/wiki/Museum_of_Applied_Arts,_Vienna "Museum of Applied Arts, Vienna")) became the first museum to acquire art using bitcoin, when it purchased the [screensaver](https://en.wikipedia.org/wiki/Screensaver "Screensaver") "Event listeners"[\[108\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-108) of van den Dorpel.[\[109\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-109)
In September 2015, the establishment of the [peer-reviewed](https://en.wikipedia.org/wiki/Peer-reviewed "Peer-reviewed") [academic journal](https://en.wikipedia.org/wiki/Academic_journal "Academic journal") *[Ledger](https://en.wikipedia.org/wiki/Ledger_\(journal\) "Ledger (journal)")* ([ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2379-5980](https://search.worldcat.org/issn/2379-5980)) was announced. It covers studies of cryptocurrencies and related technologies, and is published by the [University of Pittsburgh](https://en.wikipedia.org/wiki/University_of_Pittsburgh "University of Pittsburgh").[\[110\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-110)
In October 2015, a proposal was submitted to the [Unicode Consortium](https://en.wikipedia.org/wiki/Unicode_Consortium "Unicode Consortium") to add a code point for the bitcoin symbol.[\[111\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-shirriff-111)\[*[non-primary source needed](https://en.wikipedia.org/wiki/Wikipedia:No_original_research#Primary,_secondary_and_tertiary_sources "Wikipedia:No original research")*\]
In January 2016, the network rate exceeded 1 [exahash](https://en.wikipedia.org/wiki/Exahash "Exahash")/sec.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
In March 2016, the [Cabinet of Japan](https://en.wikipedia.org/wiki/Cabinet_of_Japan "Cabinet of Japan") recognized virtual currencies like bitcoin as having a function similar to real money.[\[112\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-112)
In July 2016, the CheckSequenceVerify soft fork activated.[\[113\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-113)
In August 2016, a major bitcoin exchange, [Bitfinex](https://en.wikipedia.org/wiki/Bitfinex "Bitfinex"), [was hacked](https://en.wikipedia.org/wiki/2016_Bitfinex_hack "2016 Bitfinex hack") and nearly 120,000 BTC (around \$60m) was stolen.[\[114\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-nyt20160803-114)
In January 2017, *[NHK](https://en.wikipedia.org/wiki/NHK "NHK")* reported the number of online stores accepting bitcoin in Japan had increased 4.6 times over the past year.[\[115\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-115)
In April, Japan passes a law to accept bitcoin as a legal payment method. Russia announces that it will legalize the use of cryptocurrencies such as bitcoin.[\[116\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-116)[\[117\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-117)
In June 2017, the bitcoin symbol was encoded in [Unicode](https://en.wikipedia.org/wiki/Unicode "Unicode") version 10.0 at position U+20BF (âż) in the [Currency Symbols block](https://en.wikipedia.org/wiki/Currency_Symbols_\(Unicode_block\) "Currency Symbols (Unicode block)").[\[118\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-unicode-10-118)
Up until July 2017, bitcoin users maintained a common set of rules for the cryptocurrency.[\[119\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-nyt-split-119) On 1 August 2017 bitcoin split into two derivative digital currencies, the bitcoin (BTC) chain with 1 MB blocksize limit and the [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") (BCH) chain with 8 MB blocksize limit. The split has been called the *Bitcoin Cash hard fork*.[\[120\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-split-120)
On 6 December 2017 the software marketplace [Steam](https://en.wikipedia.org/wiki/Steam_\(service\) "Steam (service)") announced that it would no longer accept bitcoin as payment for its products, citing slow transactions speeds, price volatility, and high fees for transactions.[\[121\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-121)
On 22 January 2018, South Korea brought in a regulation that requires all the bitcoin traders to reveal their identity, thus putting a ban on anonymous trading of bitcoins.[\[122\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TheIndependent-122)
On 24 January 2018, the online payment firm [Stripe](https://en.wikipedia.org/wiki/Stripe_\(company\) "Stripe (company)") announced that it would phase out its support for bitcoin payments by late April 2018, citing declining demand, rising fees and longer transaction times as the reasons.[\[123\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-123)
On 25 January 2018, [George Soros](https://en.wikipedia.org/wiki/George_Soros "George Soros") referred to bitcoin as a bubble.[\[124\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-GnMSoros-124)
In May 2018, the [United States Department of Justice](https://en.wikipedia.org/wiki/United_States_Department_of_Justice "United States Department of Justice") investigated bitcoin traders for possible [price manipulation](https://en.wikipedia.org/wiki/Market_manipulation "Market manipulation"),[\[125\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-125) focusing on practices like [spoofing](https://en.wikipedia.org/wiki/Spoofing_\(finance\) "Spoofing (finance)") and [wash trades](https://en.wikipedia.org/wiki/Wash_trade "Wash trade").[\[126\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-126) The investigation, which involved key exchanges like [Bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp"), [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase"), and [Kraken](https://en.wikipedia.org/wiki/Kraken_\(company\) "Kraken (company)"), led to [subpoenas](https://en.wikipedia.org/wiki/Subpoenas "Subpoenas") from the [Commodity Futures Trading Commission](https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission "Commodity Futures Trading Commission") after these exchanges failed to comply with information requests.[\[127\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-127)
In October 2018, [Nelson Saiers](https://en.wikipedia.org/wiki/Nelson_Saiers "Nelson Saiers") installed a 9-foot inflatable rat covered with bitcoin references and code in front of the [Federal Reserve](https://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_New_York "Federal Reserve Bank of New York") as a homage to Satoshi Nakamoto and protests in New York City.[\[128\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-128)[\[129\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-129)
On 2 July 2020, the Swiss company 21Shares started to quote a set of bitcoin [exchange-traded products](https://en.wikipedia.org/wiki/Exchange-traded_product "Exchange-traded product") (ETP) on the [Xetra trading system](https://en.wikipedia.org/wiki/Xetra_\(trading_system\) "Xetra (trading system)") of the Deutsche Boerse.[\[130\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-130)
On 1 September 2020, the [Wiener Börse](https://en.wikipedia.org/wiki/Wiener_B%C3%B6rse "Wiener Börse")\[*[clarification needed](https://en.wikipedia.org/wiki/Wikipedia:Please_clarify "Wikipedia:Please clarify")*\] listed its first 21 titles denominated in cryptocurrencies like bitcoin, including the services of real-time quotation and [securities settlement](https://en.wikipedia.org/wiki/Settlement_\(finance\) "Settlement (finance)").[\[131\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-131)
On 3 September 2020, the [Frankfurt Stock Exchange](https://en.wikipedia.org/wiki/Frankfurt_Stock_Exchange "Frankfurt Stock Exchange") admitted in its Regulated Market the quotation of the first bitcoin [exchange-traded note](https://en.wikipedia.org/wiki/Exchange-traded_note "Exchange-traded note") (ETN), centrally cleared via [Eurex Clearing](https://en.wikipedia.org/wiki/Eurex_Exchange "Eurex Exchange").[\[132\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-132)[\[133\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-133)
In October 2020, [PayPal](https://en.wikipedia.org/wiki/PayPal "PayPal") announced that it would allow its users to buy and sell bitcoin on its platform, although not to deposit or withdraw bitcoins.[\[134\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-134)
On 19 January 2021, [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk") placed the handle *\#Bitcoin* in his [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") profile, tweeting "In retrospect, it was inevitable", which caused the price to briefly rise about \$5,000 in an hour to \$37,299.[\[135\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-CNBCMusk-135) On 25 January 2021, Microstrategy announced that it continued to buy bitcoin and as of the same date it had holdings of âż70,784 worth \$2.38 billion.[\[136\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-BIMS-136) On 8 February 2021 [Tesla's](https://en.wikipedia.org/wiki/Tesla,_Inc. "Tesla, Inc.") announcement of a bitcoin purchase of US\$1.5 billion and the plan to start accepting bitcoin as payment for vehicles, pushed the bitcoin price to \$44,141.[\[137\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TeslaCNBCbitcoinATH-137) On 18 February 2021, Elon Musk stated that "owning bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold".[\[138\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-138) After 49 days of accepting the digital currency, Tesla reversed course on 12 May 2021, saying they would no longer take bitcoin due to concerns that "mining" the cryptocurrency was contributing to the consumption of fossil fuels and climate change.[\[139\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-139) The decision resulted in the price of bitcoin dropping around 12% on 13 May.[\[140\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-140) During a July bitcoin conference, Musk suggested Tesla could possibly help bitcoin miners switch to renewable energy in the future and also stated at the same conference that if bitcoin mining reaches, and trends above 50 percent renewable energy usage, that "Tesla would resume accepting bitcoin." The price for bitcoin rose after this announcement.[\[141\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-141)
[](https://en.wikipedia.org/wiki/File:Bitcoin-Gold.png)
Bitcoin vs. 1 kg gold[\[142\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-142)
From February 2021, the Swiss canton of [Zug](https://en.wikipedia.org/wiki/Zug "Zug") allows for tax payments in bitcoin and other cryptocurrencies.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] Bitcoin achieved price equivalence with one kilogram of gold.
In May 2021, [Tesla](https://en.wikipedia.org/wiki/Tesla,_Inc. "Tesla, Inc.") suspends [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") payments due to environmental concerns, causing a significant market reaction.[\[143\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-143)
On 1 June 2021, [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador") President [Nayib Bukele](https://en.wikipedia.org/wiki/Nayib_Bukele "Nayib Bukele") announced his plans to adopt bitcoin as [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender"); this would render El Salvador the world's first country to do so.[\[144\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-144)
On June 7, 2021, United States Justice Department recovered \$2.3 million worth of bitcoin paid by [Colonial Pipeline](https://en.wikipedia.org/wiki/Colonial_Pipeline "Colonial Pipeline") to a criminal cyber group in cyber-security ransom.[\[145\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-145)[\[146\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-146)
On 8 June 2021, at the initiative of the president, pro-government deputies in the [Legislative Assembly of El Salvador](https://en.wikipedia.org/wiki/Legislative_Assembly_of_El_Salvador "Legislative Assembly of El Salvador") voted legislationâ*Ley Bitcoin* or the [Bitcoin Law](https://en.wikipedia.org/wiki/Bitcoin_Law "Bitcoin Law")âto make Bitcoin legal tender in the country alongside the [US Dollar](https://en.wikipedia.org/wiki/US_Dollar "US Dollar").[\[147\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-147)[\[148\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ft-148)
On April 22, 2022, its price fell back down below \$40,000.[\[149\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-149) It further dropped to as low as \$26,970 in May after the collapse of [Terra-Luna](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") and its sister stablecoin, UST, in addition to a shedding of tech stocks.[\[150\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-150) On 18 June, Bitcoin dropped below \$18,000, to trade at levels beneath its 2017 highs.[\[151\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-barronsjun22-151)[\[152\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-june22FT-152)
In May 2022, following a vote by [Wikipedia](https://en.wikipedia.org/wiki/Wikipedia "Wikipedia") editors the previous month, the Wikimedia Foundation announced it would stop accepting donations in bitcoin or other cryptocurrenciesâeight years after it had first started taking contributions in bitcoin.[\[153\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-153)[\[154\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-154)
In 2023, ordinals, [non-fungible tokens](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") (NFTs) on Bitcoin, went live.[\[155\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-155)
In 2024, bitcoin-holding ETF funds were approved.[\[156\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-156)
On March 13, 2024, Bitcoin price reached \$73,664 USD.[\[157\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-157)
In April 2024, the fourth [bitcoin halving](https://en.wikipedia.org/wiki/Bitcoin_protocol#Mined_bitcoins "Bitcoin protocol") occurred, meaning that the reward to miners for successfully completing a block dropped to 3.125 bitcoins from 6.25 bitcoins.[\[158\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-158)[\[159\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-159)
## Prices and value history
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=21 "Edit section: Prices and value history")\]
[](https://en.wikipedia.org/wiki/File:BitCoin-USDollar_2011-19_\(Bitstamp,_Mt._Gox\).png)
The price of a bitcoin reached US\$1,139.9 on 4 January 2017 ([semi logarithmic plot](https://en.wikipedia.org/wiki/Semi-log_plot "Semi-log plot")).
Among the factors which may have contributed to this rise were the [European sovereign-debt crisis](https://en.wikipedia.org/wiki/European_sovereign-debt_crisis "European sovereign-debt crisis") â particularly the [2012â2013 Cypriot financial crisis](https://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis "2012â2013 Cypriot financial crisis") â statements by FinCEN improving the currency's legal standing, and rising media and Internet interest.[\[160\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NewYorker1-160)[\[161\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NewYorker2-161)[\[162\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Quartz1-162)[\[163\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Economist1-163)
Until 2013, almost all market with bitcoins were in United States dollars (US\$).[\[164\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-164)
As the market valuation of the total stock of bitcoins approached US\$1 billion, some commentators called bitcoin prices a [bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble").[\[165\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Atlantic1-165)[\[166\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FelixSalmon1-166)[\[167\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArtCashin1-167) In early April 2013, the price per bitcoin dropped from \$266 to around \$50 and then rose to around \$100. Over two weeks starting late June 2013 the price dropped steadily to \$70. The price began to recover, peaking once again on 1 October at \$140. On 2 October, [The Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)") was seized by the [FBI](https://en.wikipedia.org/wiki/FBI "FBI"). This [seizure](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht") caused a flash crash to \$110. The price quickly rebounded, returning to \$200 several weeks later.[\[168\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-168) The latest run went from \$200 on 3 November to \$900 on 18 November.[\[169\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-169) Bitcoin passed US\$1,000 on 28 November 2013 at Mt. Gox.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
| Date | USD : 1 BTC | Notes |
|---|---|---|
| Jan 2009 â Mar 2010 | basically nothing | No exchanges or market; users were mainly cryptography fans who were sending bitcoins for hobby purposes representing low or no value. In March 2010, user "SmokeTooMuch" auctioned 10,000 BTC for \$50 (cumulatively), but no buyer was found.[\[170\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-170) |
| May 2010 | less than \$0.01 | On 22 May 2010,[\[171\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-171) Laszlo Hanyecz made the first real-world transaction by buying two pizzas in [Jacksonville, Florida](https://en.wikipedia.org/wiki/Jacksonville,_Florida "Jacksonville, Florida"), for 10,000 BTC.[\[172\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-172) As of 2025, this would be an amount that would be roughly \$1,100,000,000.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| Feb 2011 â April 2011 | \$1.00 | Bitcoin takes parity with US dollar.[\[173\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-173) |
| Nov 2013 | \$350â\$1,242 | Price rose from \$150 in October to \$200 in November, reaching \$1,242 on 29 November 2013.[\[174\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-174) |
| Apr 2014 | \$340â\$530 | The lowest price since the [2012â2013 Cypriot financial crisis](https://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis "2012â2013 Cypriot financial crisis") had been reached at 3:25 AM on 11 April.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 2â3 March 2017 | \$1,290+  | Price broke above the November 2013 high of \$1,242[\[175\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-175) and then traded above \$1,290.[\[176\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-176) |
| 20 May 2017 | \$2,000  | Price reached a new high, reaching \$1,402.03 on 1 May 2017, and over \$1,800 on 11 May 2017.[\[177\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-177) On 20 May 2017, the price passed \$2,000 for the first time. |
| 1 September 2017 | \$5,014 | Price broke \$5,000 for the first time.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 17â20 November 2017 | \$7,600-8,100  | Briefly topped at \$8004.59. This surge in bitcoin may be related to the [2017 Zimbabwean coup d'Ă©tat](https://en.wikipedia.org/wiki/2017_Zimbabwean_coup_d%27%C3%A9tat "2017 Zimbabwean coup d'Ă©tat"). On one bitcoin exchange, 1 BTC topped at nearly \$13,500, just shy of 2 times the value of the International market.[\[178\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-178)[\[179\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-179) |
| 15 December 2017 | \$17,900  | Price reached \$17,900.[\[180\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-180) |
| 17 December 2017 | \$19,783  | Price rose 5% in 24 hours, with its value being up 1,824% since 1 January 2017, to reach a new all-time high of \$19,783.06.[\[181\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-181) |
| 22 December 2017 | \$13,800  | Price lost one third of its value in 24 hours, dropping below \$14,000.[\[182\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-182) |
| 5 February 2018 | \$6,200  | Price dropped by 50% in 16 days, falling below \$7,000.[\[183\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-183) |
| 31 October 2018 | \$6,300  | On the 10th anniversary of bitcoin, the price held steady above \$6,000 during a period of historically low volatility.[\[184\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-184)[\[185\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-185) |
| 7 December 2018 | \$3,300  | Price briefly dipped below \$3,300, a 76% drop from the previous year and a 15-month low.[\[186\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-186) |
| 1 July 2019 | \$10,599  | Rose to a calendar-year peak of \$10,599 after starting the year at \$3,869.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 16 March 2020 | \$5,000  | Price dropped 50% in early 2020, losing 25% in 24 hours early in the COVID-19 pandemic.[\[187\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-187) |
| 27 July 2020 | \$10,944  | Price recovered value lost in COVID-related crash.[\[188\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-188) |
| 30 November 2020 | \$19,850  | Bitcoin price reached new all-time high of \$19,850.11.[\[189\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-189) |
| 8 January 2021 | \$41,973  | Bitcoin traded as high as \$41,973.[\[190\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-190) |
| 11 January 2021 | \$33,400  | Price briefly fell as much as 26% but pared losses to trade around \$33,400.[\[191\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-191) |
| 8 February 2021 | \$44,200  | Bitcoin price surge after Elon Musk and Tesla announcements of investments into Bitcoin, including acceptance of payment.[\[192\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-192) |
| 16 February 2021 | \$50,000  | Bitcoin price reached new all-time high of \$50,000.[\[193\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-193) |
| 10 April 2021 | \$60,000  | Bitcoin back above \$60,000 as Coinbase gets ready to go public on the stock market.[\[194\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-194) |
| 14 April 2021 | \$64,800  | The all-time high price of \$64,800 was reached on April 14, 2021.[\[195\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-195) |
| 19 May 2021 | \$30,000  | Bitcoin price drops to \$30,000 at one point following suggestions that Tesla has sold or will sell its Bitcoin holdings[\[196\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-196) and a new set of regulations from the Chinese government to support their cryptocurrency crackdown.[\[197\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-197) |
| 2 September 2021 | \$50,128  | Bitcoin price recovered to \$50,000\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 17 October 2021 | \$62,600  | Bitcoin price returned near to its all-time high[\[198\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-198) |
| 20 October 2021 | \$66,975  | Bitcoin price hits all-time high above \$66,000\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 22 January 2022 | \$35,000  | Bitcoin price falls almost 50% from all-time highs, to below \$35,000[\[199\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-199) |
| 12 May 2022 | \$25,401  | Following the [Terra-LUNA](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") crash in May 2022, Bitcoin retreated to its lowest level since December 2020. Traders seized the discounted bitcoin to buoy the price around the \$30k mark.[\[200\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-200) |
| 13 June 2022 | \$22,602  | Bitcoin slid to \$22,601.69 as [Celsius Network](https://en.wikipedia.org/wiki/Celsius_Network "Celsius Network") froze withdrawals and transfers, citing "extreme" conditions.[\[201\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-201)[\[202\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-202) |
| 18 June 2022 | \$17,769  | Bitcoin dropped below \$18,000, to trade at levels beneath its 2017 highs.[\[151\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-barronsjun22-151)[\[152\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-june22FT-152) |
| 27 June 2022 | \$20,700  | Bitcoin traded around \$20,700 as cryptocurrency hedge fund [Three Arrows Capital](https://en.wikipedia.org/wiki/Three_Arrows_Capital "Three Arrows Capital") defaulted on a bitcoin loan and was ordered into liquidation by a court in the [British Virgin Islands](https://en.wikipedia.org/wiki/British_Virgin_Islands "British Virgin Islands").[\[203\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-203)[\[204\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-204) |
| 28 November 2022 | \$16,216  | Bitcoin took an immediate hit after the [collapse of FTX](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX"), costing more than a million users of the exchange billions of dollars in cumulative losses. Bitcoin sunk to a two-year low.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 14 January 2023 | \$20,853  | Bitcoin rose back above \$20,000 for first time in over two months[\[205\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-205) |
| 21 January 2023 | \$23,199  | Bitcoin rose above \$23,000 to its highest levels since August 2022[\[206\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-206)[\[207\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-207) |
| 16 February 2023 | \$25,156  | Bitcoin rose above \$25,000 for the first time in eight months[\[208\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-208) |
| 10 March 2023 | \$20,000  | Bitcoin fell below \$20,000 for the first time since January 2023.[\[209\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-209) |
| 17 March 2023 | \$26,868  | Bitcoin rose to \$26,868.39, recording its best weekly gain since January 2021.[\[210\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-210) |
| 1 January 2024 | \$45,001  | Bitcoin rose to \$45,001.01, Bitcoin surges 7% to start 2024.[\[211\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-211) |
| 13 March 2024 | \$73,664  | Bitcoin hit new record highs as US Bitcoin ETFs saw record-breaking inflows.[\[212\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-212) |
| 5 December 2024 | \$100,000  | Bitcoin reached \$100,000.[\[213\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-213) |
| 13 August 2025 | \$125,725.00  | Bitcoin has reached an all-time high of \$125,725.00.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
| 20 February 2026 | \$66,645.00  | 6 months of continuous decline broken by a brief rally in January 2026\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] |
A [fork](https://en.wikipedia.org/wiki/Fork_\(blockchain\) "Fork (blockchain)"), referring to a blockchain, is defined variously as a blockchain split into two paths forward, or as a change of protocol rules. Accidental forks on the bitcoin network regularly occur as part of the mining process. They happen when two miners find a block at a similar point in time. As a result, the network briefly forks. This fork is subsequently resolved by the software which automatically chooses the longest chain, thereby orphaning the extra blocks added to the shorter chain (that were dropped by the longer chain).
On 12 March 2013, a bitcoin miner running version 0.8.0 of the bitcoin software created a large block that was considered invalid in version 0.7 (due to an undiscovered inconsistency between the two versions). This created a split or "fork" in the blockchain since computers with the recent version of the software accepted the invalid block and continued to build on the diverging chain, whereas older versions of the software rejected it and continued extending the blockchain without the offending block. This split resulted in two separate transaction logs being formed without clear consensus, which allowed for the same funds to be spent differently on each chain. In response, the Mt. Gox exchange temporarily halted bitcoin deposits.[\[214\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Mtgoxforkchain-214) The exchange rate fell 23% to \$37 on the Mt. Gox exchange but rose most of the way back to its prior level of \$48.[\[51\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArsFork-51)[\[52\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-VergeFork-52)
Miners resolved the split by downgrading to version 0.7, putting them back on track with the canonical blockchain. User funds largely remained unaffected and were available when network consensus was restored.[\[215\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ChainFork1-215) The network reached consensus and continued to operate as normal a few hours after the split.[\[216\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-216)
Two significant forks took place in August. One, [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash"), is a hard fork off the main chain in opposition to the other, which is a soft fork to implement [Segregated Witness](https://en.wikipedia.org/wiki/Segregated_Witness "Segregated Witness").
## Taxation and regulation
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=25 "Edit section: Taxation and regulation")\]
In 2012, the Cryptocurrency Legal Advocacy Group (CLAG) stressed the importance for taxpayers to determine whether taxes are due on a bitcoin-related transaction based on whether one has experienced a "[realization](https://en.wikipedia.org/wiki/Revenue_recognition "Revenue recognition") event": when a taxpayer has provided a service in exchange for bitcoins, a realization event has probably occurred and any gain or loss would likely be calculated using fair market values for the service provided."[\[217\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-BitCoin_Tax_issues_Oct_2012-217)
In April 2012 the FBI acknowledged Bitcoin's potential for illicit use in an internal assessment. The report identified Bitcoinâs decentralized and pseudonymous design as a challenge for law enforcement, noting early signs of adoption by cybercriminals despite limited evidence of widespread misuse. Although it warned of high theft risks via malware and wallet exploitation, it concluded only with *low confidence* that, "based on current user and vendor acceptance, that malicious actors will exploit Bitcoin to launder money". The report highlighted third-party exchanges as regulatory choke points under U.S. law, marking one of the first federal acknowledgments of the systemic enforcement difficulties posed by cryptocurrencies.[\[218\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-218)
In its October 2012 study, *Virtual currency schemes*, the [European Central Bank](https://en.wikipedia.org/wiki/European_Central_Bank "European Central Bank") concluded that the growth of virtual currencies will continue, and, given the currencies' inherent price instability, lack of close regulation, and risk of illegal uses by anonymous users, the Bank warned that periodic examination of developments would be necessary to reassess risks.[\[219\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ECBank201210-219)
On 18 March 2013, the [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") (or FinCEN), a bureau of the [United States Department of the Treasury](https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury "United States Department of the Treasury"), issued a report regarding [centralized](https://en.wikipedia.org/wiki/Centralized "Centralized") and decentralized "virtual currencies" and their legal status within "[money services business](https://en.wikipedia.org/wiki/Money_services_business "Money services business")" (MSB) and [Bank Secrecy Act](https://en.wikipedia.org/wiki/Bank_Secrecy_Act "Bank Secrecy Act") regulations.[\[56\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FinCEN1-56)[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62) It classified digital currencies and other digital payment systems such as bitcoin as "[virtual currencies](https://en.wikipedia.org/wiki/Virtual_currency "Virtual currency")" because they are not [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender") under any sovereign [jurisdiction](https://en.wikipedia.org/wiki/Jurisdiction_\(area\) "Jurisdiction (area)"). FinCEN cleared American users of bitcoin of legal obligations[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62) by saying, "A user of virtual currency is not an MSB under FinCEN's regulations and therefore is not subject to MSB registration, reporting, and recordkeeping regulations." However, it held that American entities who generate "virtual currency" such as bitcoins are money transmitters or MSBs if they sell their generated currency for [national currency](https://en.wikipedia.org/wiki/National_currency "National currency"): "...a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter." This specifically extends to "miners" of the bitcoin currency who may have to register as MSBs and abide by the legal requirements of being a money transmitter if they sell their generated bitcoins for [national currency](https://en.wikipedia.org/wiki/National_currency "National currency") and are within the United States.[\[54\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ArsFinCEN-54) Since FinCEN issued this guidance, dozens of virtual currency exchangers and administrators have registered with FinCEN, and FinCEN is receiving an increasing number of [suspicious activity reports](https://en.wikipedia.org/wiki/Suspicious_activity_report "Suspicious activity report") (SARs) from these entities.[\[220\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-220)
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a [payment processor](https://en.wikipedia.org/wiki/Payment_processor "Payment processor") setting or as an exchanger: "In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency."[\[56\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FinCEN1-56)
In summary, FinCEN's decision would require bitcoin exchanges where bitcoins are traded for traditional currencies to disclose large transactions and suspicious activity, comply with [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") regulations, and collect information about their customers as traditional [financial institutions](https://en.wikipedia.org/wiki/Financial_institutions "Financial institutions") are required to do.[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62)[\[221\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-JapanTimes-221)
Jennifer Shasky Calvery, the director of FinCEN said, "Virtual currencies are subject to the same rules as other currencies. ... Basic money-services business rules apply here."[\[62\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-ABA_FINCEN-62)
In June 2013, Bitcoin Foundation board member Jon Matonis wrote in *Forbes* that he received a warning letter from the [California Department of Financial Institutions](https://en.wikipedia.org/wiki/California_Department_of_Financial_Institutions "California Department of Financial Institutions") accusing the foundation of unlicensed money transmission. Matonis denied that the foundation is engaged in money transmission and said he viewed the case as "an opportunity to educate state regulators."[\[222\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-NBCnews20130624-222)
In late July 2013, the industry group Committee for the Establishment of the Digital Asset Transfer Authority began to form to set best practices and standards, to work with regulators and policymakers to adapt existing currency requirements to digital currency technology and business models and develop risk management standards.[\[223\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-WashPost20130730-223)
In August 2013, the German Finance Ministry characterized bitcoin as a [unit of account](https://en.wikipedia.org/wiki/Unit_of_account "Unit of account"),[\[71\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Marketwatch20130819-71)[\[224\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FAZ20130816-224) usable in [multilateral clearing circles](https://en.wikipedia.org/wiki/Clearing_house_\(finance\) "Clearing house (finance)") and subject to capital gains tax if held less than one year.[\[224\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-FAZ20130816-224)
On 5 December 2013, the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China") announced in a press release regarding bitcoin regulation that whilst individuals in China are permitted to freely trade and exchange bitcoins as a commodity, it is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to be used as legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering.[\[225\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-225) The value of bitcoin dropped on various exchanges between 11 and 20 percent following the regulation announcement, before rebounding upward again.[\[226\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-226)
In 2013, the U.S. Treasury extended its anti-money laundering regulations to processors of bitcoin transactions.[\[227\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-foxnews1-227)[\[228\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-228)
In 2014, the [U.S. Securities and Exchange Commission](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") filed an administrative action against Erik T. Voorhees, for violating Securities Act Section 5 for publicly offering unregistered interests in two bitcoin websites in exchange for bitcoins.[\[229\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-229)
On 25 March 2014, the [U.S. Internal Revenue Service](https://en.wikipedia.org/wiki/Internal_Revenue_Service "Internal Revenue Service") issued Notice 2014-21, clarifying that for federal tax purposes, virtual currency is treated as property, not currency.[\[230\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-230)
In 2016, the [European Parliament](https://en.wikipedia.org/wiki/European_Parliament "European Parliament") began discussions to bring virtual currency exchanges and custodian wallet providers under the scope of the Anti-Money Laundering Directive (AMLD). The proposal was published in July 2016, marking "a significant step in the EU's efforts to combat the laundering of money from criminal activities and to counter the financing of terrorist activities."[\[231\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-231)
By December 2017, bitcoin [futures contracts](https://en.wikipedia.org/wiki/Futures_contract "Futures contract") began to be offered, and the US [Chicago Board Options Exchange](https://en.wikipedia.org/wiki/Chicago_Board_Options_Exchange "Chicago Board Options Exchange") (CBOE) was formally settling the futures daily.[\[232\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-fortune20171212-232)[\[233\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bloomberg20171209-233)
By 2019, multiple trading companies were offering services around bitcoin futures.[\[234\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-bloomberg20190909-234)
A *bitcoin faucet* was a [website](https://en.wikipedia.org/wiki/Website "Website") or [software app](https://en.wikipedia.org/wiki/Application_software "Application software") that dispensed rewards in the form of bitcoin for visitors to claim in exchange for completing a [captcha](https://en.wikipedia.org/wiki/Captcha "Captcha") or task as described by the website. There have also been faucets that dispense other [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency"). The first example was called "The Bitcoin Faucet" and was developed by [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen") in 2010.[\[235\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-235) It originally gave out five bitcoins per person.
The rewards were dispensed at regular time intervals as rewards for completing simple tasks such as captcha completion, or as prizes from simple games. The amount of bitcoin would typically fluctuate according to the cash value of bitcoin. Some faucets also had random larger rewards. To reduce [mining fees](https://en.wikipedia.org/wiki/Bitcoin_mining "Bitcoin mining"), faucets saved up these small individual payments in their own [ledgers](https://en.wikipedia.org/wiki/Ledger "Ledger"), which would be dispersed as larger payment to a user's [bitcoin address](https://en.wikipedia.org/wiki/Bitcoin_network#Bitcoin_addresses "Bitcoin network").[\[236\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-236)
Because bitcoin transactions are irreversible and there have been many faucets, they have been targets for hackers interested in acquiring bitcoins through theft or exploitation. Advertisements were the main income source of bitcoin faucets, with the potential reward in cryptocurrency intended to incentivize traffic. Some ad networks have also paid directly in bitcoin. Faucets typically have a low profit margin. Some faucets have also made money by mining cryptocurrencies in the background, using the user's CPU.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
## Theft and exchange shutdowns
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=33 "Edit section: Theft and exchange shutdowns")\]
Bitcoins can be stored in a bitcoin [cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet"). Theft of bitcoin has been documented on numerous occasions. At other times, bitcoin exchanges have shut down, taking their clients' bitcoins with them. A *Wired* study published April 2013 showed that 45 percent of bitcoin exchanges end up closing.[\[237\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-Wired.co.UK-237)
On 19 June 2011, a security breach of the [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox") bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker used credentials from a Mt. Gox auditor's compromised computer illegally to transfer a large number of bitcoins to himself. They used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes, the price reverted to its correct user-traded value.[\[238\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-238)[\[239\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-239)[\[240\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-mick-240)[\[241\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-241)[\[242\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-242)[\[243\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-register1-243) Accounts with the equivalent of more than US\$8,750,000 were affected.[\[240\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-mick-240)
In July 2011, the operator of Bitomat, the third-largest bitcoin exchange, announced that he had lost access to his wallet.dat file with about 17,000 bitcoins (roughly equivalent to US\$220,000 at that time). He announced that he would sell the service for the missing amount, aiming to use funds from the sale to refund his customers.[\[244\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-244)
In early August 2012, a lawsuit was filed in [San Francisco](https://en.wikipedia.org/wiki/San_Francisco "San Francisco") court against Bitcoinica â a bitcoin trading venue â claiming about US\$460,000 from the company. Bitcoinica was hacked twice in 2012, which led to allegations that the venue neglected the safety of customers' money and cheated them out of withdrawal requests.[\[245\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-245)[\[246\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-246)
In August 2011, MyBitcoin, a now defunct bitcoin transaction processor, declared that it was hacked, which caused it to be shut down, paying 49% on customer deposits, leaving more than 78,000 bitcoins (equivalent to roughly US\$800,000 at that time) unaccounted for.[\[247\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-247)[\[248\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-248)
In late August 2012, an operation titled Bitcoin Savings and Trust was shut down by the owner, leaving around US\$5.6 million in bitcoin-based debts; this led to allegations that the operation was a [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme").[\[249\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-249)[\[250\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-250)[\[251\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-251) In September 2012, the [U.S. Securities and Exchange Commission](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") had reportedly started an investigation on the case.[\[252\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-252)
In September 2012, Bitfloor, a bitcoin exchange, also reported being hacked, with 24,000 bitcoins (worth about US\$250,000) stolen. As a result, Bitfloor suspended operations.[\[253\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-253)[\[254\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-254) The same month, Bitfloor resumed operations; its founder said that he reported the theft to FBI, and that he plans to repay the victims, though the time frame for repayment is unclear.[\[255\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-255)
On 3 April 2013, Instawallet, a web-based wallet provider, was hacked,[\[256\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-cutler13insta-256) resulting in the theft of over 35,000 bitcoins[\[257\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-257) which were valued at US\$129.90 per bitcoin at the time, or nearly \$4.6 million in total. As a result, Instawallet suspended operations.[\[256\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-cutler13insta-256)
On 11 August 2013, the Bitcoin Foundation announced that a bug in a [pseudorandom number generator](https://en.wikipedia.org/wiki/Pseudorandom_number_generator "Pseudorandom number generator") within the [Android operating system](https://en.wikipedia.org/wiki/Android_\(operating_system\) "Android (operating system)") had been exploited to steal from wallets generated by Android apps; fixes were provided 13 August 2013.[\[258\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-TheRegister20130812-258)
In October 2013, Inputs.io, an Australian-based bitcoin wallet provider was hacked with a loss of 4100 bitcoins, worth over A\$1 million at time of theft. The service was run by the operator TradeFortress. Coinchat, the associated bitcoin chat room, was taken over by a new admin.[\[259\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-259)
On 26 October 2013, a Hong Kongâbased bitcoin trading platform owned by Global Bond Limited (GBL) vanished with 30 million yuan (US\$5 million) from 500 investors.[\[260\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-260)
[Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox"), the Japan-based exchange that in 2013 handled 70% of all worldwide bitcoin traffic, declared bankruptcy in February 2014, with bitcoins worth about \$390 million missing, for unclear reasons. The CEO was eventually arrested and charged with embezzlement.[\[261\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-261)
On 3 March 2014, Flexcoin announced it was closing its doors because of a hack attack that took place the day before.[\[262\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-262)[\[263\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-263)[\[264\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-264) In a statement that once occupied their homepage they announced on 3 March 2014 that "As Flexcoin does not have the resources, assets, or otherwise to come back from this loss \[the hack\], we are closing our doors immediately."[\[265\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-265) Users can no longer log into the site.
Chinese cryptocurrency exchange Bter lost \$2.1 million in BTC in February 2015.
The [Slovenian](https://en.wikipedia.org/wiki/Slovenia "Slovenia") exchange [Bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp") lost bitcoin worth \$5.1 million to a hack in January 2015.
The US-based exchange Cryptsy declared bankruptcy in January 2016, ostensibly because of a 2014 hacking incident; the court-appointed receiver later alleged that Cryptsy's CEO had stolen \$3.3 million.
In August 2016, hackers stole some \$72 million in customer bitcoin from the Hong Kongâbased exchange [Bitfinex](https://en.wikipedia.org/wiki/Bitfinex "Bitfinex").[\[266\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-266)
In December 2017, hackers stole 4,700 bitcoins from NiceHash, a platform that allowed users to sell hashing power.[\[267\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-267) The value of the stolen bitcoins totaled about \$80 million at the time.[\[268\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-268)
On 19 December 2017, Yapian, a company that owns the Youbit cryptocurrency exchange in South Korea, filed for bankruptcy following a hack, the second in eight months.[\[269\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-269)
On 11 November 2022, [FTX](https://en.wikipedia.org/wiki/FTX_\(company\) "FTX (company)") filed for [bankruptcy](https://en.wikipedia.org/wiki/FTX_\(company\)#November_2022_crisis_and_bankruptcy "FTX (company)") with an estimated \$8 billion missing in customer funds.
## Arbitrary blockchain content
\[[edit](https://en.wikipedia.org/w/index.php?title=History_of_bitcoin&action=edit§ion=34 "Edit section: Arbitrary blockchain content")\]
Bitcoin's blockchain can be loaded with arbitrary data. In 2018 researchers from [RWTH Aachen University and Goethe University](https://en.wikipedia.org/wiki/RWTH_Aachen_University "RWTH Aachen University") identified 1,600 files added to the blockchain, 59 of which included links to unlawful images of child exploitation, politically sensitive content, or privacy violations. "Our analysis shows that certain content, e.g. illegal pornography, can render the mere possession of a blockchain illegal."[\[270\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-270)
[Interpol](https://en.wikipedia.org/wiki/Interpol "Interpol") also sent out an alert in 2015 saying that "the design of the blockchain means there is the possibility of malware being injected and permanently hosted with no methods currently available to wipe this data".[\[271\]](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_note-271)
1. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-mercatus_1-0)**
Jerry Brito; Andrea Castillo (2013). ["Bitcoin: A Primer for Policymakers"](https://web.archive.org/web/20130921060724/http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf) (PDF). *Mercatus Center*. George Mason University. Archived from [the original](http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf) (PDF) on 21 September 2013. Retrieved 22 October 2013.
2. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-2)**
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3. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-3)** [A History of Bitcoin.](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3047875) *Monetary Economics: International Financial Flows, Financial Crises, Regulation & Supervision eJournal*. Social Science Research Network (SSRN). Accessed 8 January 2018.
4. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-4)**
Chaum, David (1983). ["Blind Signatures for Untraceable Payments"](http://www.hit.bme.hu/~buttyan/courses/BMEVIHIM219/2009/Chaum.BlindSigForPayment.1982.PDF) (PDF). *Advances in Cryptology*. Vol. 82. pp. 199â203\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/978-1-4757-0602-4\_18](https://doi.org/10.1007%2F978-1-4757-0602-4_18). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
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5. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-5)**
Chaum, David; Fiat, Amos; Naor, Moni. [*Untraceable Electronic Cash*](https://web.archive.org/web/20110903023027/http://blog.koehntopp.de/uploads/chaum_fiat_naor_ecash.pdf) (PDF). Lecture Notes in Computer Science. Archived from [the original](http://blog.koehntopp.de/uploads/chaum_fiat_naor_ecash.pdf) (PDF) on 3 September 2011. Retrieved 22 January 2014.
6. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-6)**
Chaum, David; Brands, Stefan (4 January 1999). ["'Minting' electronic cash"](https://spectrum.ieee.org/minting-electronic-cash). *IEEE Spectrum special issue on electronic money, February 1997*. IEEE. Retrieved 17 September 2018.
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Dwork, Cynthia; Naor, Moni (1993), Brickell, Ernest F. (ed.), ["Pricing via Processing or Combatting Junk Mail"](http://link.springer.com/10.1007/3-540-48071-4_10), *Advances in Cryptology â CRYPTOâ 92*, vol. 740, Berlin, Heidelberg: Springer Berlin Heidelberg, pp. 139â147, [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/3-540-48071-4\_10](https://doi.org/10.1007%2F3-540-48071-4_10), [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-540-57340-1](https://en.wikipedia.org/wiki/Special:BookSources/978-3-540-57340-1 "Special:BookSources/978-3-540-57340-1")
, retrieved 2 January 2025
`{{citation}}`: CS1 maint: work parameter with ISBN ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_work_parameter_with_ISBN "Category:CS1 maint: work parameter with ISBN"))
8. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-8)**
["How to Make a Mint: The Cryptography of Anonymous Electronic Cash"](https://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm).
9. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-9)**
Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (2016). *Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction*. Princeton and Oxford: Princeton University Press. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
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Dai, W (1998). ["b-money"](http://www.weidai.com/bmoney.txt). [Archived](https://web.archive.org/web/20111105071114/http://www.weidai.com/bmoney.txt) from the original on 5 November 2011. Retrieved 5 December 2013.
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[Szabo, Nick](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo") (27 December 2008). ["Bit Gold"](http://unenumerated.blogspot.com/2005/12/bit-gold.html). *Unenumerated*. Blogspot. [Archived](https://web.archive.org/web/20110922000422/http://unenumerated.blogspot.com/2005/12/bit-gold.html) from the original on 22 September 2011. Retrieved 5 December 2013.
12. ^ [***a***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-TsoSch2015_12-0) [***b***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-TsoSch2015_12-1)
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["ICANN Lookup"](https://lookup.icann.org/en/lookup).
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Nakamoto, Satoshi (31 October 2008). ["Bitcoin: A Peer-to-Peer Electronic Cash System"](https://web.archive.org/web/20100704213649/https://bitcoin.org/bitcoin.pdf) (PDF). Archived from [the original](https://bitcoin.org/bitcoin.pdf) (PDF) on 4 July 2010. Retrieved 20 December 2012.
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Finley, Klint (31 October 2018). ["After 10 Years, Bitcoin Has Changed EverythingâAnd Nothing"](https://www.wired.com/story/after-10-years-bitcoin-changed-everything-nothing/). *Wired*. Retrieved 9 November 2018.
17. ^ [***a***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-0) [***b***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-1) [***c***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-2) [***d***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-3) [***e***](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-Wired:RFB_17-4)
Wallace, Benjamin (23 November 2011). ["The Rise and Fall of Bitcoin"](https://www.wired.com/magazine/2011/11/mf_bitcoin/). Wired. [Archived](https://web.archive.org/web/20131031043919/http://www.wired.com/magazine/2011/11/mf_bitcoin) from the original on 31 October 2013. Retrieved 13 October 2012.
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["Bitcoin P2P e-cash paper"](https://web.archive.org/web/20161213081707/http://article.gmane.org/gmane.comp.encryption.general/12588/). 31 October 2008. Archived from [the original](http://article.gmane.org/gmane.comp.encryption.general/12588/) on 13 December 2016. Retrieved 2 November 2013.
19. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-19)**
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["Block 0 â Bitcoin Block Explorer"](http://blockexplorer.com/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f). [Archived](https://web.archive.org/web/20131015154613/http://blockexplorer.com/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f) from the original on 15 October 2013. Retrieved 2 November 2013.
21. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-NY2011_21-0)**
Davis, Joshua (10 October 2011). ["The Crypto-Currency"](https://www.newyorker.com/reporting/2011/10/10/111010fa_fact_davis). *[The New Yorker](https://en.wikipedia.org/wiki/The_New_Yorker "The New Yorker")*. [Archived](https://web.archive.org/web/20130918090443/http://www.newyorker.com/reporting/2011/10/10/111010fa_fact_davis) from the original on 18 September 2013. Retrieved 16 February 2013.
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Elliott, Francis; Duncan, Gary (3 January 2009). ["Chancellor Alistair Darling on brink of second bailout for banks"](https://www.thetimes.com/business-money/companies/article/chancellor-alistair-darling-on-brink-of-second-bailout-for-banks-n9l382mn62h). *The Times*. Retrieved 27 April 2018.
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Pagliery, Jose (2014). [*Bitcoin: And the Future of Money*](https://books.google.com/books?id=_-wuBAAAQBAJ). Triumph Books. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
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Peterson, Andrea (3 January 2014). ["Hal Finney received the first Bitcoin transaction. Here's how he describes it"](https://www.washingtonpost.com/blogs/the-switch/wp/2014/01/03/hal-finney-received-the-first-bitcoin-transaction-heres-how-he-describes-it/). *The Washington Post*.
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Popper, Nathaniel (30 August 2014). ["Hal Finney, Cryptographer and Bitcoin Pioneer, Dies at 58"](https://www.nytimes.com/2014/08/31/business/hal-finney-cryptographer-and-bitcoin-pioneer-dies-at-58.html?_r=1). *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")*. Retrieved 2 September 2014.
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Max, D. T. (6 December 2021). ["Half a Billion in Bitcoin, Lost in the Dump"](https://www.newyorker.com/magazine/2021/12/13/half-a-billion-in-bitcoin-lost-in-the-dump). *The New Yorker*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0028-792X](https://search.worldcat.org/issn/0028-792X). Retrieved 23 November 2024.
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Molloy, Mark (3 December 2017). ["The unlucky man who accidentally threw away bitcoin worth \$100 million"](https://www.telegraph.co.uk/technology/2017/12/03/unlucky-man-accidentally-threw-away-bitcoin-worth-100-million/). *The Telegraph*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0307-1235](https://search.worldcat.org/issn/0307-1235). [Archived](https://web.archive.org/web/20241009171041/https://www.telegraph.co.uk/technology/2017/12/03/unlucky-man-accidentally-threw-away-bitcoin-worth-100-million/) from the original on 9 October 2024. Retrieved 22 November 2024.
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Naeem, Hassan. ["Who Owns the World's Biggest Bitcoin Wallet?"](https://web.archive.org/web/20220208091912/https://www.serviceisonline.com/who-owns-the-worlds-biggest-bitcoin-wallet/). *Service is Online*. Zohaib. Archived from [the original](https://www.serviceisonline.com/who-owns-the-worlds-biggest-bitcoin-wallet/) on 8 February 2022. Retrieved 8 February 2022.
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Bosker, Bianca (16 April 2013). ["Gavin Andresen, Bitcoin Architect: Meet The Man Bringing You Bitcoin (And Getting Paid In It)"](https://www.huffingtonpost.com/2013/04/16/gavin-andresen-bitcoin_n_3093316.html). *The Huffington Post*. Retrieved 21 October 2016.
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Becker, Ben (1 November 2019). ["Bitcoin history tied to Jacksonville; why the government may fear cryptocurrencies' potential"](https://www.actionnewsjax.com/news/local/bitcoin-history-tied-to-jacksonville-why-the-government-may-fear-cryptocurrencies-potential/1004080886/). Action News JAX. Retrieved 23 April 2024.
33. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-33)** Guinness World Records. "First commercial Bitcoin transaction." 2021. [\[1\]](https://guinnessworldrecords.com/world-records/696240-first-commercial-bitcoin-transaction)(<https://guinnessworldrecords.com/world-records/696240-first-commercial-bitcoin-transaction>)
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["Vulnerability Summary for CVE-2010-5139"](https://web.nvd.nist.gov/view/vuln/detail?vulnId=CVE-2010-5139). National Vulnerability Database. 8 June 2012. [Archived](https://web.archive.org/web/20140409034542/https://web.nvd.nist.gov/view/vuln/detail?vulnId=CVE-2010-5139) from the original on 9 April 2014. Retrieved 22 March 2013.
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Nakamoto, Satoshi. ["\[bitcoin-list\] Alert â we are investigating a problem"](https://sourceforge.net/p/bitcoin/mailman/bitcoin-list/?viewmonth=201008) (Mailing list). [Archived](https://web.archive.org/web/20131015232402/http://sourceforge.net/p/bitcoin/mailman/bitcoin-list/?viewmonth=201008) from the original on 15 October 2013. Retrieved 15 October 2013.
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Espinoza, Javier (22 September 2014). ["Is It Time to Invest in Bitcoin? Cryptocurrencies Are Highly Volatile, but Some Say They Are Worth It"](https://www.wsj.com/articles/how-to-decipher-cryptocurrencies-1411333011). *The Wall Street Journal*. Retrieved 28 June 2016.
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Rainey Reitman (20 January 2011). ["Bitcoin â a Step Toward Censorship-Resistant Digital Currency"](https://www.eff.org/deeplinks/2011/01/bitcoin-step-toward-censorship-resistant). Electronic Frontier Foundation. Retrieved 7 December 2017.
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EFF said they "generally don't endorse any type of product or service."
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Greenberg, Andy (14 June 2011). ["WikiLeaks Asks For Anonymous Bitcoin Donations"](https://blogs.forbes.com/andygreenberg/2011/06/14/wikileaks-asks-for-anonymous-bitcoin-donations/). *Forbes*. [Archived](https://web.archive.org/web/20110627061856/http://blogs.forbes.com/andygreenberg/2011/06/14/wikileaks-asks-for-anonymous-bitcoin-donations/) from the original on 27 June 2011. Retrieved 22 June 2011.
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Toepfer, Susan (16 January 2012). ["'The Good Wife' Season 3, Episode 13, 'Bitcoin for Dummies': TV Recap"](https://blogs.wsj.com/speakeasy/2012/01/16/the-good-wife-season-3-episode-13-bitcoin-for-dummies-tv-recap/). The Wall Street Journal. [Archived](https://web.archive.org/web/20140112180917/https://blogs.wsj.com/speakeasy/2012/01/16/the-good-wife-season-3-episode-13-bitcoin-for-dummies-tv-recap/) from the original on 12 January 2014.
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266. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-267)**
["NiceHash"](https://www.facebook.com/NiceHash/videos/2013146182237851/). *www.facebook.com*. Retrieved 7 December 2017.
267. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-268)**
["Millions 'stolen' in NiceHash Bitcoin heist"](https://www.bbc.com/news/technology-42275523). *BBC News*. 8 December 2017. Retrieved 21 October 2022.
268. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-269)**
["A South Korean cryptocurrency exchange files for bankruptcy after hack, says users will get 75% of assets for now"](https://www.cnbc.com/2017/12/19/yapian-youbit-exchange-files-bankruptcy.html). *CNBC*. 19 December 2017.
269. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-270)**
Roman Matzutt; Jens Hiller; Martin Henze; Jan Henrik Ziegeldorf; Dirk Mullmann; Oliver Hohlfeld; Klaus Wehrle (2018). ["A Quantitative Analysis of the Impact of Arbitrary Blockchain Content on Bitcoin"](https://fc18.ifca.ai/preproceedings/6.pdf) (PDF). Financial Cryptography and Data Security 2018. pp. 6â8\.
270. **[^](https://en.wikipedia.org/wiki/History_of_bitcoin#cite_ref-271)**
["INTERPOL cyber research identifies malware threat to virtual currencies"](https://www.interpol.int/en/News-and-Events/News/2015/INTERPOL-cyber-research-identifies-malware-threat-to-virtual-currencies). Interpol. Retrieved 25 March 2020.
- [Interactive bitcoin history](http://historyofbitcoin.org/) |
| Shard | 152 (laksa) |
| Root Hash | 17790707453426894952 |
| Unparsed URL | org,wikipedia!en,/wiki/History_of_bitcoin s443 |