Brief History Of Bitcoins - Techocious- The Tech Blog

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Thursday 27 March 2014

Brief History Of Bitcoins

It is quite strange to read history of an event that took place not more then a decade ago. But the journey from 1$=1,309.03Bitcoins to touching the mark of 1bitcoin=1000$+ is not a short journey lets revisit few Important events happened in this short period.

  • It all started back in 2007when Satoshi Nakamoto began working on the Bitcoin concept. While he/they is/are on record as living in Japan, it is speculated that Nakamoto may be a group of people.

  • August 18, 2008 is registered  The domain was registered at, a site that allows users to anonymously register domain names and currently accepts Bitcoins.
  • January 12, 2009
    The first transaction of Bitcoin currency, in block 170, takes place between Satoshi and Hal Finney, a developer and cryptographic activist.

  •  October 5, 2009 An exchange rate is established
    New Liberty Standard publishes a Bitcoin exchange rate that establishes the value of a Bitcoin at US$1 = 1,309.03 BTC, using an equation that includes the cost of electricity to run a computer that generated Bitcoins.
  • May 22, 2010
    10,000 BTC spent on pizza.

    The first, real-world transaction using Bitcoins takes place when a Jacksonville, Florida programmer, Laszlo Hanyecz, offers to pay 10,000 Bitcoins for a pizza on the Bitcoin Forum. At the time, the exchange rate put the purchase price for the pizza at around US$25.
  • August 15, 2010 Exploit generates 184 billion Bitcoins
    A vulnerability in the Bitcoin system that causes Bitcoins to be improperly verified is discovered and exploited, resulting in the generation of 184 billion Bitcoins.
  • February 9, 2011 Bitcoin reaches parity with US dollarBitcoin touches US$1.00/BTC at MtGox[Currency Exchange], reaches parity with the US dollar for the first time.
  • April 16, 2011 TIME publishes article on BitcoinTIME magazine publishes an article about Bitcoin, Online Cash Bitcoin Could Challenge Governments, Bank.
  • September 3, 2012 Bitfloor hacked for 24,000 BTC
    The fourth largest US Bitcoin exchange, Bitfloor, is hacked and loses 24,000 BTC (valued at approximately US$250,000 when the theft took place), which was the majority of the on-hand Bitcoins. Compromised servers result in access to encrypted backup files of wallet keys. All exchange operations are paused.

  • April 2013 Bitcoin surpasses $100
      The value of Bitcoin on MtGox and other exchanges surpasses US$100

  • November 19, 2013 Bitcoin goes above $1000
     Bitcoin price surges to a record of US$1242 after Senate hearings.

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