History of Bitcoin


The mentioning of Bitcoin was dated back to year 2008, at conducted research work initiated by Satoshi Nakomoto. The personality of Satoshi Nakomoto is not disclosed, just like anonymous. The exploitation of early Bitcoin was in 2009 by a client that allows multiple many other people to have access in creating Bitcoin. In Mar. 2013, there was fork caused by technical glitch in the block chain, almost major part of the block network was added to one version of the chain and increasing numbers of other versions too. Two Bitcoins operated simultaneously for more than 6 hours, running on different version of transaction records. The developers converged for an immediate transaction halt, causing a sharp dispose. All was things were back to normal when most version was downgraded to 0.7 version of Bitcoin software. The general acceptance of Bitcoin by some websites started in 2013, websites including OKCupid in year 2013, Word Press in 2012, Atomic Mall in 2013 and many others.

Some none profit organization also allow the use of Bitcoin as a deposit. Though they stopped attending the acceptance of Bitcoin in 2011 but started again in year 2013. The first occurrence that involves the law enforcement happened in 2013, whereby properties belonging to Mt Gox were withheld by FBI, and the shutdown of black market website along the Silk Road also took place. There was a public announcement by big company named Baidu, a Chinese internet icon announced that security of websites allowed payment of services with Bitcoin. In 2013, BTC China rises above other Bitcoin trading Exchange Company like Mt. Gox and Bitstamp to become 1st among the largest Bitcoin exchange traders in volumes. The value of Mt Gox rised to USD900 on the 19th of November following the hearing of the United States Senate committee based on virtual currencies that were officially accepted for financial services. Around 6,789Yen of Bitcoins traded for $100 that same day in China. Chinese institutions were banned from using Bitcoins by the People’s Bank of China on the 5th of Dec. 2013.

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