STEEM CRYPTO CHALLENGE MONTH #5 : THE BITCOIN SUCCESS STORY
HISTORY OF BITCOIN.
Bitcoin, a cryptocurrency, a digital value that works as a channel of exchange which uses cryptography in controling creation and management, it doesn't depends on central authorities. Created and implemented by Satoshi Nakamoto, he has integrated ideas from the cypherpunk platform. Bitcoin has went through huge growth and is now a significant currency. The Business Community started accepting bitcoin in mid 2010.
CREATION.
August 18th 2008, the bitcoin.org domain
was created and was registered on 31 October 2008, a link to a paper that was authored by Satoshi Nakamoto which is titled Bitcoin: A Peer-to-Peer Electronic Cash System were sent to a cryptography. The paper was a methods of how to a peer-to-peer network to create what was described as "a system for electronic transactions without depending on trust".
3 January 2009, the bitcoin network started, Satoshi Nakamoto mining the first block of bitcoin which is block number 0 and it's reward was 50 bitcoins.
9 January 2009, first open source bitcoin client was released, and was hosted by SourceForge. Hal Finney, a programmer, was among the first supporters, adopters, contributors to bitcoin and was also
the to receive bitcoin transaction. He downloaded bitcoin software the day it was released, and was given 10 bitcoins from Nakamoto in what was the first bitcoin transaction on 12 January 2009. Wei Dai, he created b-money, and Nick Szabo, who created bit gold, were among early supporters of Bitcoin.
Nakamoto mined 1 million bitcoins and handed it over to developer Gavin Andresen, who became the bitcoin lead developer at the Bitcoin Foundation.
A vulnerability was discovered in the bitcoin protocol, on 6 August 2010. That transactions are verified properly, it allows user to bypass bitcoin economic restrictions and create huge numbers of bitcoins.
This vulnerability was were used against it on 15th August; 184 billion bitcoins were created in a transaction and sent to two Bitcoin addresses . It was discovered and deleted from the transaction log after it was restored and the network was updated. It was the only security bridge found and that was used against it in bitcoin's history.
THE SUCCESS OF BITCOIN.
2011
Many cryptocurrencies begin to emerge,
Based on bitcoin's open-source code.
In January.
The Electronic Frontier Foundation(EFF), a non-profit group, begin accepting bitcoins.
In June.
The EFF stopped accepting bitcoin,
with concerns about a lack of legal backing about new currency platform.
WikiLeaks started to accept bitcoins for donations.
2012
In January.
Bitcoin was featured in a drama "Bitcoin for Dummies".
In September.
The launching of Bitcoin Foundation, with the aim to speedy up it's growth through standardization, protection, and promotion of the open source protocol. Which was created by Gavin Andresen, Jon Matonis, Patrick Murck, Charlie Shrem, and Peter Vessenes.
In October.
BitPay were reported to have over 1,000 merchants that were accepting bitcoin as a payment platform.
In November.
WordPress begin to accepting bitcoins as payment.
2013
In February.
Coinbase payment platform selling US$1 million bitcoins in a month at more than $22 per bitcoin.
In March.
Transaction log, that is called the blockchain, were split into two chains with different rules on how transactions will be accepted. Two bitcoin networks were operated same time, each with its own version of transaction records.
The core developers called for halt to transactions, sparking a sell
Mt. Gox exchange halted bitcoin and the exchange rate dipped by 23% to $37 as the event occurred.
The US, the Financial Crimes Enforcement Network (FinCEN) created regulatory guidelines for decentralized virtual currencies like bitcoin, categorizing American bitcoin miners who sell generated bitcoins as Money Service Businesses (MSBs), it can now subject to be registrated and other legal proceedings.
In April.
payment processors BitInstant and Mt. Gox experienced slow speed due to in ability to make bitcoin exchange rate slide from $266 to $76.
OkCupid and Foodler started accepting
Bitcoin and it gave it greater recognition
In May.
The My. Gox account was seized. When the authorities discovered that it wasn't registered as a money transmitter with FinCEN in the US.
The EFF's reversed it's decision and resumed accepting bitcoin again.
It was stated that BitInstant are with 30% of the money transactions in bitcoin network.
In June.
The US Drug Enforcement Administration listed the bitcoin seized in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881. This was the first government agency to seized bitcoin.
In Kenya a project started with connects bitcoin to M-Pesa, M-Pesa is a mobile payments platform.
The Thailand Foreign Exchange Administration and Policy Department announced that bitcoin lacks legal backing and is there illegal.
In August.
The Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are a currency and a money securities as it was enacted by Federal Securities Laws.
The Germany's Finance Ministry classified bitcoins as a unit of account that is a financial instrument. But not as e-money or functional currency, this classification have legal and tax implications.
In October .
FBI seized 26,000 BTC from Silk Road when the arrested owner Ross William Ulbricht.
The first bitcoin ATM was launched by two companies, Robocoin and Bitcoiniacs, in Vancouver, BC, Canada, it allows clients to sell or purchase bitcoin currency at coffee shop.
Baidu a Chinese internet giant allowed clients to pay with bitcoins.
In November.
The University of Nicosia stated that it would start accepting bitcoin as payment for tuition fees.
BTC China a China based exchange overtook the Europe based Bitstamp and Japan based Mt. Gox to become the largest bitcoin trading exchange.
In December.
Overstock.com stated that plans are on the way to start accepting bitcoin in the second half of 2014.
The People's Bank of China banned Chinese financial institutions from using bitcoins.
2014.
In January.
Zyngab stated that it will be testing bitcoin purchasing in game assets in all seven of its games.
The D Las Vegas Casino Hotel and Golden Gate Hotel and Casino properties in Las Vegas stated that they will start to accept bitcoin.
TigerDirect and Overstock.com begin to accept bitcoin payment.
In February.
Mt. Gox, banned the withdrawals of Bitcoin because of technical issues.
Mt. Gox filed for bankruptcy protection in Japan after the reports that 744,000 bitcoins had been stolen.
The popularity of Mt. Gox slide downward, users were experiencing difficulties when withdrawing funds.
In June.
The Bitcoin network over exceeded 100 petahash/sec citation needed
BitPay emerge as the new sponsor of St. Petersburg Bowl with two-year deal and it's name were changed to Bitcoin St. Petersburg Bowl. Bitcoin were to be accepted for ticket at the game and the deal itself was also paid for using bitcoin.
Newegg and Dell begin to accept bitcoin.
In September .
Tera Exchange, LLC, were approved by the United State Commodity Futures Trading Commission (CFTC) to start listing over the counter swap product depend on bitcoin. This is first time a United State regulatory agency supports a bitcoin financial services.
In November.
Many songs celebrated bitcoin, song like the Ode to Satoshi was released.
NThe Rise and Rise of Bitcoin was released, a documentary that featured interviews with bitcoin users, like computer programmer and drug dealer.
December .
Microsoft started accept the use of bitcoin to pay for Xbox games and Windows software.
2015
In January.
6⅝ US$75 million were raised by Coinbase as part of a Series C funding and this broke the record for a bitcoin company.
Bitstamp stated that it's exchange would be going offline as investigation is on going concerning the hacking that resulted in 19,000 bitcoins worth US$5 million then that was stolen from its wallet.
Bitstamp restarted trading offline for some days and increasing their security setup and assuring customers that their account balances would not be affected.
In February
The number of merchants that have started to accept bitcoin exceeded over100,000.
In October.
Request for the Unicode Consortium for putting a code point for the bitcoin symbol.
2016
In January.
The network rate exceeded more than 1 exahash/sec.
In March.
The Cabinet and the government of Japan recognized virtual currencies such as bitcoin and given it a function similar to real money.
Bidorbuy, bagins bitcoin payments system for both buyers and sellers. Bidorbuy is the largest South African online marketplace.
In July.
A paper was published by researchers that shows that by November 2013 bitcoin commerce lcan not be driven by "sin" activities but by legitimate platform.
In August.
Bitfinex a major bitcoin exchange, was hacked and 120,000 BTC that worth $60m at that time was stolen.
In November.
The Swiss Railway operator SBB (CFF) upgraded their automated ticket machines to enable the purchasing of bitcoin from the organization using the scanner on the ticket machine to scan the bitcoin address on a phone app.
Bitcoin gained more interest in the academic field, the number of Google Scholar that published acticles that are mentioning the grew of bitcoin increased from 83 in 2009, to 424 in 2012, and 3580 in 2016.
2017
In January.
As number of organizations that have started accepting bitcoin are missively on the increase.
Reports on NHK shows that the number of online stores that have started accepting bitcoin in Japan had increased by 4.6 times over the past year.
BitPay CEO Stephen Pair announce that the organization's transaction rate have increased 3× from January 2016 to February 2017.
Bitcoin earn more interest among lawmakers and financial companies.
Japan established a law that legalize the acceptance of bitcoin as a legal payment system.
Russia stated that it will legalize the use of cryptocurrencies like bitcoin, etc.
The trading volumes of exchanges continue to hugely increase. For the 6-month period .
March 2017, Mexican exchange Bitso saw it's trading volume have a hugely increase of 1500%.
From Januaryto May.
The Poloniex exchange saw an outrageous increase of over 600% online active traders and processed 640% more transactions regularly.
In June.
The symbol of bitcoin was encoded in Unicode with version 10.0 at position U+20BF (₿) in the Symbols block of Currency.
In July.
Bitcoin users were maintained common rules for the cryptocurrency.
In August.
Bitcoin were divided into two derivative digital currencies, which are, the bitcoin (BTC) chain which has 1 MB blocksize limit and the Bitcoin Cash (BCH) chain which has 8 MB blocksize limit. The dividing has been named BITCOIN CASH HARD FORK.
December.
The software marketplace Steam stated that it would not be accepting bitcoin as payment for its services, blaming it on slow transactions speeds, volatility of the price, and huge fees for transactions.
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2018
In January.
South Korea enact a law to regulate and requires bitcoin traders to reveal their identity, by doing this it means, a ban on anonymous trading of bitcoins in the country.
In January.
Stripe, announced that its phasing out the bitcoin payment by April 2018. It's reasons are declining
in demand, rising of fees and longer transaction times. Stripe is an online payment company.
2019
In August.
United States, Canada, the United Kingdom, Austria, and Spain.
This are countries that have the highest number of bitcoin ATMs.
September.
Bitcoin ATM continue to increased hugely, there were 5,457 bitcoin ATMs worldwide.
2020
July.
21Shares begin to quotation of bitcoin exchange-traded products (ETP) on the Xetra trading platform of Deutsche Boerse.
In September.
The Wiener Börse have listed its first 21 titles denominated in cryptocurrencies such as bitcoin, which involves the services of real-time quotation and securities settlement.
The Frankfurt Stock Exchange accepted in its Regulated Market the quote s of the first bitcoin exchange-traded note (ETN),
Germany, Austria and Switzerland have become the most differentiated and complete bitcoin marketplace.
The price of Bitcoin (BTC) will be 13345.67 USD
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