History of Bitcoin

Bitcoin Wiki

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.

Bitcoin value decreased aftermath and bitcoin was rejected by Baidu for financial services. As from 2009, it has become illegal to purchase real goods with virtual currencies. On Oct. 2013, the first bitcoin ATM was launched in British Columbia in Canada. As of November 2013, almost 12 million bitcoins has been in existence, increasing the market cap to around USD7.2 billion of bitcoin value. The bitcoin market rises above USD10 billion marking a new record since its existence. Some group of people were arrested for laundering by making use of bitcoin in January 2014, including Charlie Shrem the chairman of BitInstant and the vice chairman of Bitcoin Foundation. It was reported that Shrem gave other people opportunity to buy bitcons in large quantity to use on the black market websites. A greater portion of bitcoin exchange operator named Mt. Gox, stopped withdrawals because of some technical issues on Feb. 2014, and bankruptcy protection was lodged in Japan reporting that about 744,000 stolen bitcoins.

Financial Crime Enforcement Network acclaimed the regulation of Americans that uses Bitcoins for processing payments or exchanging, an exchanger or transmitter is someone that allows decentralized virtual currencies from someone and transfers to another as a fund to replace tangible goods. The FinCEN made a decision and requested that Bitcoin exchange and trading companies should submit their transaction records and all other activity including bitcoins following the regulations of money laundering and that their entire customer's data should be disclosed to financial institutions. One of the members of Bitcoin Foundation named Patrick Murck classed the regulation as"overreach" acclaiming that the agency couldn’t enforce any action based on the information. The director of the financial agency named Jennifer Shasky Calvery, stated that Virtual currencies are under the subject of the same regulation as other currency. On Oct. 2012, scheme of virtual currencies, Bank of Central Europe stated that there would be continuity in the growth of virtual currencies, and it lacks close regulation, there was warning from the Bank that subsequent examination of developments would be in place to minimize risks.

The US treasury extended the regulations of ant laundering in 2013, to the bitcoin transaction processors. There was a report on Forbes by Jon Mantonis that he received a letter from California of transacting and transmitting money in unlicensed way but he denied, and said the case was means to educate state regulators. New practices and forms were set in 2013 by the Industry group committee to create Authority of Digital Transfer, and consider working with regulators and lawmakers to change its current currency demand to digital currency business and technology for enhancing management of risks. A bitcoin trading platform in Hong Kong controlled by Global Bond Limited collapsed with over USD5 million from above 500 investors in Oct. 2013.

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