Bitcoin was created by Satoshi Nakamoto in 2009. It took almost two weeks after its initial release before the first official transaction occurred on the network between Satoshi and Hal Finney. Furthermore, it took some time for the first bitcoin-denominated financial transaction to take place. This day is known as Bitcoin Pizza Day, an event that is celebrated around the world every year. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Despite its potential, bitcoin has not been without its flaws. Many flaws have been discovered. In August 2010, a major flaw was discovered that effectively allowed users to create an infinite amount of bitcoin. Thankfully, any wrongdoing has been erased from the blockchain and a software update has been released. So far, it's the only major bug found – and exploited – in the bitcoin protocol code. It took until 2011 before bitcoin was taken more seriously. WikiLeaks has embraced Bitcoin as a donation method after being cut off by credit card issuers and PayPal. A year later, Bitcoin made its first television appearance in an episode of The Good Wife. Since then, many programs have featured Bitcoin, although almost always in a criminal context. Considering that the popular darknet marketplace Silk Road was created in 2011 and gained considerable popularity throughout 2012, it is not difficult to understand where this criminal aspect comes from. The platform was eventually taken offline by the FBI in 2014. Things started to unravel a bit in 2013, when the Mt. Gox exchange's bank accounts were seized by US authorities. Operating an unlicensed bitcoin exchange while serving U.S. customers was one of the final nails in Mt. Gox's coffin before it filed for bankruptcy in 2014. Several hacks hit the bitcoin ecosystem in 2013 as well, though the payment technology itself did not has ever been violated. On the bright side, M-Pesa and Bitcoin came together in Kenya under the Bitpesa banner and turned into a very successful company. Bitcoin was declared a form of money in August 2013. Since that time, various countries have started discussing how they want to label Bitcoin moving forward. Japan will legalize cryptocurrency by the end of the year. During 2014 and 2015, merchants began accepting bitcoin payments, bringing their total to 160,000 in August 2015. This number has continued to grow and includes some of the world's largest platforms, including Microsoft and Overstock .com. Please note: this is just a sample. Get a custom paper from our expert writers now. Get a Custom Essay 2016 was the year the price of bitcoin exploded in the last 6 months. Bitcoin was considered one of the best performing assets in the world for the calendar year, and that bullish trend is still visible today. With the number of bitcoin ATMs around the world soon to reach the 1,000 mark, the future looks very bright for the cryptocurrency. There are exciting times to live in, that's for sure.