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In January 2009, the bitcoin network was made when Nakamoto mined the first block of the chain, known as the genesis block.1920 Embedded in the coinbase of the block was the following text:"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. "10 This note has been interpreted as either a timestamp and a comment on the instability caused by fractional-reserve banking.21:18.

The recipient of the initial bitcoin transaction was cypherpunk Hal Finney, who created the very first reusable proof-of-work system (RPOW) in 2004.22 Finney downloaded the bitcoin software on its launch date, and on 12 January 2009 obtained ten bitcoins out of Nakamoto.2324 Other ancient cypherpunk supporters were founders of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, founder of bit gold.25 In 2010, the first known commercial transaction using bitcoin occurred when programmer Laszlo Hanyecz bought two Papa John's pizzas for 10,000 bitcoin.26.

Nakamoto is estimated to have mined one million bitcoins27 before disappearing in 2010, when he handed the network awake crucial and control of this code over to Gavin Andresen. Andresen later became lead developer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This abandoned opportunity for controversy to grow over the future development path of bitcoin.3029.

After ancient"proof-of-concept" transactions, the first major users of bitcoin were black markets, for example Silk Road. During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting 9.9 million in bitcoins, worth roughly $214 million.31:222

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In 2011, the price started at $0.30 per bitcoin, growing to $5.27 for the year. The price rose to $31.50 on 8 June. Within a month that the price fell to $11.00. The next month it dropped to $7.80, and in another month to $4.77.32

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Litecoin, an early bitcoin spin-off or altcoin, appeared in October 2011.33 Many altcoins have been created since then.34

In 2012, bitcoin prices started at $5.27 growing to $13.30 for the year.32 By 9 January the price had risen to $7.38, but then crashed by 49 percent to $3.80 over the next 16 days. The cost then climbed to $16.41 on 17 August, but fell by 57% to $7.10 over the next three days.35.

In March 2013 the blockchain briefly split into two independent chains with different rules. The 2 blockchains operated simultaneously for six hours, each using its own version of the transaction history. Normal operation was revived when the majority of the network great site downgraded to version 0.7 of the bitcoin applications.37 The Mt.

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Gox experienced processing delays due to insufficient capacity44 resulting in the bitcoin price dropping from $266 to $76 before returning to $160 within six hours.45 The bitcoin cost rose to $259 on 10 April, but then dropped by 83 percent to $45 within the next 3 times.35 On 15 May 2013, US authorities seized accounts associated with Mt.

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

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

In 2015. Prices began at $314 and climbed to $434 for year. In 2016 prices rose to $998 on 1 January 2017.32

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Prices started at $998 in 2017 and rose to $13,412.44 on 1 January 2018.32 On 17 December bitcoin's price reached an all-time high $19,666.35

China banned trading in bitcoin, together with the very first steps taken in September 2017, and also a complete ban starting 1 February 2018. Bitcoin prices then dropped from $9,052 to $6,914 on 5 February 2018.35 The percentage of bitcoin trading in renminbi fell from over 90 percent in September 2017 to less than 1 percent in June.58.

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

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Bitcoin prices were negatively affected by several hacks or thefts from cryptocurrency exchanges, including thefts from Coincheck in January 2018, Coinrail and Bithumb in June, and Bancor in July. For the first six months of 2018, $761 million worth of cryptocurrencies was reported stolen from exchanges.61 Bitcoin's cost was changed even though additional cryptocurrencies were stolen at Coinrail and Bancor, as investors worried about the security of cryptocurrency exchanges.626364.