History of Bitcoin in Timeline

Bitcoin, the first decentralized cryptocurrency, was conceptualized in a 2008 white paper by the pseudonymous Satoshi Nakamoto and launched in 2009 as an open-source implementation. It operates on a free-market ideology. In 2021, El Salvador adopted Bitcoin as legal tender. However, its pseudonymous nature has attracted criminal use, resulting in regulatory scrutiny and bans in several countries.

1992: Computational Puzzles Proposed

In 1992, cryptographers Cynthia Dwork and Moni Naor first proposed the idea that solutions to computational puzzles could have some value.

1997: Hashcash Developed

In 1997, Adam Back independently rediscovered the concept of computational puzzles and developed Hashcash, a proof-of-work scheme for spam control.

1998: First Proposals for Distributed Cryptocurrencies

In 1998, the first proposals for distributed digital scarcity-based cryptocurrencies came from cypherpunks Wei Dai (b-money) and Nick Szabo (bit gold).

2004: First Currency Based on Reusable Proof of Work

In 2004, Hal Finney developed the first currency based on reusable proof of work.

August 2008: Bitcoin.org Domain Registered

In August 2008, the domain name bitcoin.org was registered.

October 2008: Bitcoin White Paper Published

On October 31, 2008, Satoshi Nakamoto's white paper, "Bitcoin: A Peer-to-Peer Electronic Cash System," was posted to a cryptography mailing list.

2008: Bitcoin Invented

In 2008, Bitcoin was invented based on a free-market ideology. An unknown entity published a white paper under the pseudonym of Satoshi Nakamoto.

January 2009: Bitcoin Network Created

On January 3, 2009, the bitcoin network was created when Satoshi Nakamoto mined the genesis block, embedding the text "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".

2009: Bitcoin Wallet Program Released

In 2009, Satoshi Nakamoto released the first bitcoin wallet program, simply named Bitcoin, as open-source software.

2009: Bitcoin Currency Use Begins

In 2009, the use of Bitcoin as a currency began with the release of its open-source implementation.

2009: Buying Goods with Virtual Currency Illegal in China

Since 2009, buying real-world goods with any virtual currency had been illegal in China.

May 22, 2010: First Commercial Bitcoin Transaction

On May 22, 2010, the first known commercial transaction using bitcoin occurred when Laszlo Hanyecz bought two Papa John's pizzas for ₿10,000, celebrated as "Bitcoin Pizza Day".

2010: Nakamoto Hands Over Bitcoin Control

In 2010, Satoshi Nakamoto disappeared, handing over the network alert key and control of the code repository to Gavin Andresen.

February 2011: Silk Road Accepts Bitcoin

In February 2011, the Silk Road, a dark web black market, began exclusively accepting bitcoins as payment.

September 2012: Bitcoin Foundation Founded

In September 2012, the Bitcoin Foundation was founded to promote bitcoin.

2012: Mt. Gox Freezes Accounts with Stolen Bitcoins

In 2012, Mt. Gox froze accounts containing bitcoins identified as stolen.

March 2013: US FinCEN Establishes Regulatory Guidelines

In March 2013, the US Financial Crimes Enforcement Network (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as bitcoin.

May 2013: US Authorities Seize Mt. Gox

In May 2013, US authorities seized the unregistered exchange Mt. Gox.

June 2013: US DEA Seizes Bitcoins

In June 2013, the US Drug Enforcement Administration seized ₿11.02 from an individual attempting to use them to purchase illicit drugs, marking the first time a government agency had seized bitcoins.

October 2013: FBI Seizes Bitcoins from Silk Road

In October 2013, the FBI seized about ₿30,000 from Silk Road, following the arrest of its founder Ross Ulbricht.

December 2013: People's Bank of China Prohibits Bitcoin Use

In December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoin, leading to a drop in bitcoin's value.

December 2013: Origin of the Term Hodl

The term hodl was created in December 2013 for holding bitcoin rather than selling it during periods of volatility.

2013: User Loses Large Sum of Bitcoins

In 2013, a user lost ₿7,500, valued at US$7.5 million, by accidentally discarding a hard drive with the private key.

2014: Bitcoin as a Ponzi Scheme in 2014

A 2014 World Bank report concluded that bitcoin was not a deliberate Ponzi scheme.

2014: Bitcoin as a Medium of Exchange

According to The Economist in 2014, bitcoin functions best as a medium of exchange.

2014: Ghash.io Reaches 51% Mining Power

In 2014, mining pool Ghash.io reached 51% mining power, causing safety concerns, but later voluntarily capped its power at 39.99% for the benefit of the whole network.

2014: Regulated Bitcoin Funds since 2014

Since 2014, regulated bitcoin funds allow exposure to the asset or to futures as an investment.

2015: Bitcoin Use in International Remittances in 2015

As of 2015, there was little sign of bitcoin use in international remittances despite high fees charged by banks and Western Union.

2015: Qualities Useful in a Currency

In 2015, The Economist noted that bitcoins had three qualities useful in a currency: they are "hard to earn, limited in supply and easy to verify". Also in 2015, per some researchers, bitcoin functions more as a payment system than as a currency.

August 2017: SegWit Upgrade Activated

In August 2017, the SegWit software upgrade was activated to support the Lightning Network and improve scalability. Opponents forked to create Bitcoin Cash.

September 2017: Bitcoin Trading in Chinese Renminbi Falls

In September 2017, the percentage of bitcoin trading in the Chinese renminbi was over 90%.

December 2017: First Bitcoin Futures Introduced

In December 2017, the Chicago Mercantile Exchange (CME) introduced the first futures on bitcoin.

December 2017: Bitcoins Stolen From Cryptocurrency Exchanges

As of December 2017, approximately ₿980,000 had been stolen from cryptocurrency exchanges.

2017: Tether and Bitcoin Price Increase in 2017

Research suggested that trading associated with increases in the amount of the Tether cryptocurrency and associated trading at the Bitfinex exchange accounted for about half of the price increase in bitcoin in late 2017.

February 2018: Bitcoin Price Crash After China Ban

In February 2018, the price of bitcoin crashed after China imposed a complete ban on bitcoin trading.

June 2018: Bitcoin Trading in Chinese Renminbi

In June 2018, the percentage of bitcoin trading in the Chinese renminbi fell to less than 1%.

2018: Cryptocurrencies Assessed

A 2018 assessment by The Economist stated that cryptocurrencies met none of the three criteria useful in a currency.

2018: Volatility of Bitcoin in 2018

According to research published in the International Review of Financial Analysis in 2018, bitcoin as an asset is highly volatile and does not behave like any other conventional asset.

2018: Bitcoin Transactions on Exchanges in 2018

As of 2018, the overwhelming majority of bitcoin transactions took place on cryptocurrency exchanges.

2018: Research on Mt. Gox Bitcoin Theft

In 2018, research concluded that price manipulation occurred during the Mt. Gox bitcoin theft and that the market remained vulnerable to manipulation.

November 2020: PayPal Adds Support for Bitcoin

In November 2020, PayPal added support for bitcoin in the US.

2020: Bitcoin Volatility Analysis in 2022

According to one 2022 analysis, bitcoin was less volatile than oil, silver, US Treasuries, and 190 stocks in the S&P 500 during and after the 2020 stock market crash.

2020: Iran's Bitcoin Policy

In 2020, Iran required local bitcoin miners to sell bitcoin to the Central Bank of Iran for use in imports, after initially opposing cryptocurrencies as a way to circumvent sanctions.

February 2021: Bitcoin Market Cap Reaches $1 Trillion

In February 2021, bitcoin's market capitalization reached $1 trillion for the first time.

September 2021: Bitcoin Law in El Salvador

In September 2021, El Salvador's Bitcoin Law made Bitcoin legal tender alongside the US dollar, facing international and domestic criticism.

September 2021: Bitcoin Becomes Legal Tender in El Salvador

In September 2021, bitcoin became legal tender in El Salvador, alongside the US dollar.

October 2021: First Bitcoin Futures ETF Approved

In October 2021, the first bitcoin futures exchange-traded fund (ETF), called BITO, from ProShares was approved by the SEC and listed on the CME.

November 2021: Taproot Upgrade Activated

In November 2021, the Taproot soft-fork upgrade was activated, adding support for Schnorr signatures, improved functionality of smart contracts and Lightning Network.

November 2021: Countries with Bitcoin Bans

As of November 2021, nine countries had an absolute ban on Bitcoin: Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia. Additionally, 42 countries had an implicit ban, while El Salvador was the only country where Bitcoin was legal tender.

2021: Concentration of Bitcoin Wealth in 2021

Bitcoin wealth is highly concentrated, with 0.01% holding 27% of in-circulation currency, as of 2021.

2021: El Salvador Adopts Bitcoin as Legal Tender

In 2021, El Salvador adopted Bitcoin as legal tender, marking a significant milestone for the cryptocurrency.

April 2022: Central African Republic Adopts Bitcoin

In April 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender alongside the CFA franc, but repealed the reform one year later.

June 2022: Bitcoin Price Falls After Cryptocurrency Collapses

In June 2022, the bitcoin price fell following the collapses of TerraUSD, a stablecoin, and the Celsius Network, a cryptocurrency loan company.

2022: Bitcoin Volatility Analysis in 2022

According to one 2022 analysis, bitcoin was less volatile than oil, silver, US Treasuries, and 190 stocks in the S&P 500 during and after the 2020 stock market crash.

June 2023: Bitcoin Users Estimated

As of June 2023, River Financial estimated that bitcoin had 81.7 million users, about 1% of the global population.

September 2023: El Salvador's Bitcoin Reserves in September 2023

As of September 2023, El Salvador held $76.5 million worth of bitcoin in its international reserves.

2023: US Government's Bitcoin Holdings in 2023

As of 2023, the US government owned more than $5 billion worth of seized bitcoin.

January 2024: First US Spot Bitcoin ETFs Begin Trading

In January 2024, the first 11 US spot bitcoin ETFs began trading, offering direct exposure to bitcoin for the first time on American stock exchanges.

December 2024: Bitcoin Price Reaches $100,000

In December 2024, bitcoin price reached $100,000 for the first time, as US president-elect Donald Trump promised to make the US the "crypto capital of the planet" and to stockpile bitcoin.

2024: Cryptocurrency Investment Among American Adults in 2024

A 2024 survey from the Pew Research Center found that 17% of American adults have invested in, traded or used a cryptocurrency.

2024: Economists Describe Bitcoin as an Economic Bubble in 2024

In 2024, Jean Tirole described bitcoin as a "pure bubble" as its intrinsic value is zero, while Jerome Powell described it as a digital competitor to gold but not to the dollar.

March 2025: President Trump Orders Strategic Bitcoin Reserve

In March 2025, President Trump signed an executive order to establish a strategic bitcoin reserve.

2025: Bitcoin Mining's Environmental Impact

As of 2025, a study estimated that bitcoin mining represented 0.5% of global electricity consumption and 0.08% of world greenhouse gas emissions.

2025: Daily Bitcoin Transaction Volume in 2025

As of 2025, the daily transaction volume of bitcoin across all exchanges typically reaches $50 billion.

2025: Kenneth Rogoff's Claim About Bitcoin's Value in 2025

In 2025, Kenneth Rogoff claimed that Krugman was wrong and that Bitcoin had value as it is competing with the dollar to become the means of exchange of the underground economy which represents 20% of the world's GDP.

2025: Bitcoin Usage in 2025

In 2025, according to Kenneth Rogoff, Bitcoin is rarely used in regular transactions with merchants, but remains popular in the informal economy and for criminal activities. Prices are not typically quoted in Bitcoin, and trades involve conversions into fiat currencies.