History of Bitcoin: All events covered, Predicting 2019

Is it a bubble? This is the most asked question from the day of the inception of Bitcoin back in 2008. Since then Bitcoin Market has seen quite an enormous rise. From some investors selling it at a very early stage to Millionaire HODLERS still holding their bitcoins.

 

Here is a brief history of Bitcoin

The establishment of Genesis Block- 3rd January, 2009

The first transaction on the Bitcoin Ledger was known as the genesis block was recorded back in January 2009. The Times Newspaper published the headline of the day:

“Chancellor on brink of second bailout for banks”

Just a few days after this publication, Satoshi Nakamoto released the source code of Bitcoin.

 

The First Exchange Rate for Bitcoin: 5th October 2009

The first exchange rate of Bitcoin was opened by NEW LIBERTY STANDARD which was 1309.03 BTC for 1 USD.

 

The very first Exchange Occurs: 12th October 2009

NEW LIBERTY STANDARD purchased the first Bitcoin from SIRIUS: 5050 BTC for $5.02.

 

First Purchase using Bitcoin: 22nd May 2010

LASZLO, a Bitcointalk.com user purchased two pizzas for delivery for 10000 BTC for a bill of $25.

GT. GOX established: 18th July 2010

Mt. Gox, a new bitcoin exchange was established by Jed McCaleb. The Value of Bitcoin at the establishment was just $0.07.

1 Bitcoin = 1 USD: 9th February 2011

Bitcoin price equals US Dollar on Mt.Gox Exchange.

More exchanges come into the picture: March to April 2011

Just a month after the bitcoin equaled USD, 3 more exchanges came into the picture namely; Britcoin, Bitcoin Brazil and Bitmarket.eu.

 

Silk Road comes into the picture: 1st June 2011

A news was published by Gawker which titled “The Underground Website where you can buy any drug imaginable”.

 

The famous Mt.Gox Hack: 19th June 2011

An unknown hacker gained access to the credentials of the official auditor of Mt. Gox Exchange including the hashed passwords. The overall resulted in the theft of over 4000 Bitcoins of about 600 Bitcoin Wallets.

 

Bitcoin Accepted by WordPress: 15th November 2012

The famous open source content management system ‘WordPress’ starts accepting Bitcoin payments.

 

Ross Ulbricht Arrested: 1st October 2013

The founder of the famous Silk Road, a dark web marketplace used for selling illegal drugs was arrested by the FBI and charged with computer hacking, money laundering, engaging in the criminal enterprise and Narcotics trafficking.

 

Bitcoin ‘OKed’ by People’s Bank of China: 20th November 2013

A representative of the People’s Bank of China says that people are free to participate in the Bitcoin Market. The step by the world’s largest populated country took Bitcoin Price from $641 to $1075 in just a week.

 

China bans banks from using bitcoin: 5th December 2013

The Chinese Government published a new policy which prohibited financial institutions from dealing in Bitcoin. This took bitcoin price back to $830.

 

Series of Hacks on Exchanges:  7th February 2014

The top bitcoin exchanges Mt.Gox, BTC-e, and Bitstamp stopped the trading because of massive DDOS attacks. This attack proved to be bearish for the bitcoin market which took BTC price to $626.

 

Internal Revenue Service Declares Bitcoin to be taxed as Property: 26th March 2014

The policy by IRS declared Bitcoin to be a property and not a currency. Bitcoin Price came down to $450 after this.

 

Bank Accounts of Chinese Bitcoin Exchanges Closed: 10th April 2014

The People’s Bank of China forced all Chinese banks to close bank accounts related to bitcoin exchanges across China.

 

Bitcoin Accepted by Dell: 18th July 2014

Dell founder Michael Dell announced on Twitter that Dell.com now accepts Bitcoin

 

Bitcoin Accepted by Braintree: 8th September 2014

A subsidiary of Paypal, Braintree starts accepting bitcoin with a partnership with Coinbase.

 

Microsoft Accepts Bitcoin: 11th December 2014

At this time the price of bitcoin as $350, when Microsoft revealed that it will start accepting Bitcoin from the customers of United States for apps, games and other services offered on the XBox and Windows store.

 

Bitstamp Hacked: 4th January 2015

Hackers hacked the famous Bitstamp’s hot wallet and stole nearly 19000 Bitcoins worth more than $5 Million. This incident took bitcoin price from $275 to $198.

 

Coinbase launched Exchange with Licensing from the US: 26th January 2015

Coinbase announced the release of its bitcoin trading platform by obtaining various licenses from the US State Financial Regulators.

 

Silk Road founder Sentenced to Life Imprisonment:  19th May 2015

Ross Ulbricht was sentenced to life in prison by Judge Katherine Forrest.

 

Gemini Exchange Launched: 8th October 2015

The famous Winklevoss twins launch their own Bitcoin Exchange ‘Gemini’ by obtaining licenses to operate in 26 states across the United States.

 

Bitfinex Hacked: 2nd August 2016

The largest bitcoin exchange at that time (by volume) was hacked and approx 120,000 bitcoins were stolen which roughly estimated around $72 Million.

 

Bitcoin Price Breaks $1000 again: 3rd January 2017

Due to coverage in Mass Media, bitcoin price rose from $800 to $1020 in just a few days.

 

Bitcoin ETF applications denied by SEC: March 2017

The applications for bitcoin ETF by Winklevoss Twins and Intercontinental Exchange was denied by the SEC.

 

Bitcoin declared a Legal Tender by Japan: 1st April 2017

Japan started to recognize Bitcoin as a legal payment method. This took bitcoin price from $1000 to $1200.

Bitcoin Cash comes into the picture: 1st August 2017

The Bitcoin Code split into two different directions. The first direction supporting the optimization of Bitcoin blocks through Segwit and the Second direction: Bitcoin Cash supports bigger blocks of up to 8mb.

 

Bitcoin Price hits $5000:  13th October 2017

Bitcoin Price hits $5000, the all-time high. The price rose to $5243 starting from $966 at the starting of the year.

 

Bitcoin Gold Hardfork comes into the picture: 25th October 2017

Bitcoin Gold hardfork was launched, Just a few days after the launch of Bitcoin Gold, Bitcoin Price rose to $7261 from $5600.

 

Bitcoin Price above $10,000: 28th November 2017

Bitcoin crossed all barriers and moved above $10,000 to $15455 in just a few days.

 

Bitcoin Price hits all-time high: 18th December 2017

Bitcoin price made a record by moving to $19500 but the price could not sustain much longer and in just a few days it came back to $16000.

 

80% of Bitcoin Supply already mined: 13th January 2018

80% of all Bitcoin Supply had been mined.

Coincheck Exchange hacked: 26th January 2018

Coincheck exchange was hacked which took the price of bitcoin from $11382 to $8775

 

Facebook bans Cryptocurrency related ads: 30th January 2018

The famous social media Facebook bans bitcoin and cryptocurrency related advertisements, this move took bitcoin price from $11400 to $8200

 

Google bans crypto advertisements

Google followed Facebook by banning Bitcoin and Cryptocurrency related advertisements. This too had an adverse effect of the price of Bitcoin. Bitcoin price fell from $9200 to $8500

Twitter bans crypto advertisements

Following Facebook and Google, Twitter also banned bitcoin and cryptocurrency related advertisements which took the price of bitcoin from $8500 to $7100

 

CoinRail Hacked

South Korean exchange Coinrail hacked and had an adverse effect on the price of Bitcoin. The Price of Bitcoin fell from $7600 to $6700.

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