Bitcoin history is as deep as the blockchain is long. Throughout the years, we’ve seen some pretty memorable transactions. Some of them are big, marking huge milestones in crypto’s mass adoption. Some are small, showing us just how far Bitcoin has come since 2009.
Today, we’ll be turning back the clock and looking at the top memorable transactions on the Bitcoin blockchain.
Where else to start but the beginning?
The very first block on the Bitcoin blockchain, known as the Genesis block, was mined on January 3, 2009* (source: investopedia.com). In it were the first 50 Bitcoin ever created.
This first public introduction wasn't just about the tech. Embedded in the genesis block was a message: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” While acting as a timestamp, the message also served as a powerful commentary on the global financial system.
The first recorded Bitcoin transaction took place on January 12, 2009, just a week after the genesis block.
This historic transaction involved the transfer of 10 Bitcoin from creator Satoshi Nakamoto to a computer scientist named Hal Finney.
Finney was an early Bitcoin adopter. He was also one of the first people to work on the software that powered the Bitcoin network. This transaction was a crucial proof-of-concept for Bitcoin. It demonstrated that Bitcoin could be used to transfer value directly between individuals without the need for intermediaries, setting the stage for its future adoption and use.
One of the most famous and memorable Bitcoin transactions occurred on May 22, 2010, known now as "Bitcoin Pizza Day."
Laszlo Hanyecz, a programmer from Florida, made history by using Bitcoin to purchase two pizzas from Papa John’s. Hanyecz paid 10,000 Bitcoins for the pizzas, an amount that was worth about $41 at the time (which, as of January 2025, would be worth around $1 trillion).
Many view this transaction as the first real-world use of Bitcoin for a commercial purchase. May 22nd has since been celebrated annually as "Bitcoin Pizza Day" to commemorate this historic transaction.
It serves as a reminder of how far Bitcoin has come and the potential it holds as a currency.
Launched in 2011, the Silk Road was a notorious online black market. It leveraged the pseudo-anonymous nature of Bitcoin to allow users to buy all kinds of illegal items.
However, the Silk Road’s success brought the attention of federal authorities.
In October 2013, the U.S. government seized control of the Silk Road and arrested its alleged founder, Ross Ulbricht. As part of the operation, authorities also seized approximately 144,000 Bitcoins, worth around $28 million at the time, from Silk Road-related wallets.
The whole event was a black mark on Bitcoin’s reputation. Moreover, the seizure of Bitcoins from the Silk Road raised questions about the government's ability to control and regulate decentralized cryptocurrencies.
It sparked debates about the balance between privacy, security, and the prevention of illicit activities in the Bitcoin ecosystem.
Mt. Gox was once the largest Bitcoin exchange, handling over 70% of all Bitcoin transactions* (as mentioned on cointelegraph.com) worldwide by early 2014.
However, it was also part of one of the largest Bitcoin heists in history.
In February 2014, Mt. Gox filed for bankruptcy. In doing so, it revealed that approximately 850,000 Bitcoin, worth around $450 million at the time, had been stolen, allegedly by hackers.
News of the hack sent shockwaves through the Bitcoin community, with the Bitcoin price seeing a significant drop down.
As the dust settled, the hack highlighted the importance of robust security measures, such as cold storage and multi-sig wallets. It also put into the spotlight the downsides of leaning too heavily on centralized exchanges to manage a decentralized currency.
In February 2021, electric vehicle manufacturer Tesla announced in an SEC filing that it had purchased $1.5 billion worth of Bitcoin. The company also stated its intention to accept Bitcoin as payment for its products in the future.
This move was not just a transaction but a signal to the market about Bitcoin’s growing acceptance as a legitimate investment and store of value by mainstream corporations.
Tesla's purchase represented a significant validation of Bitcoin. It announced to the world that Bitcoin was a legitimate player in the tech industry while sparking widespread interest and speculation about the future of cryptocurrency in corporate finance.
In October 2020, a mysterious Bitcoin transaction took place. The mystery? A $1.1 billion transaction between two unknown wallet addresses.
The transaction was notable not only for its size but also for its privacy features. The sender used a technique called "CoinJoin" to combine their transaction with others, making it more difficult to trace the origin and destination of the funds.
Of course, you’ll find plenty of theories trying to pin down what happened.
Some suggested it could be a large institutional investor moving funds between wallets, while others speculated it might be related to a crypto exchange or a wealthy individual consolidating their holdings.
The $1.1 billion transaction demonstrated the ability of the Bitcoin network to handle large-scale transfers efficiently and securely. It also highlighted the increasing presence of high-net-worth individuals and institutions in the Bitcoin market.
Our last memorable Bitcoin transaction occurred during one of Bitcoin's halving events.
These events occur roughly every four years, reducing the reward for mining new blocks by half, thereby decreasing the rate of new Bitcoin creation.
The 2024 halving saw a notable transaction in which someone paid $500,000 in transaction fees alone to move their Bitcoin. The extraordinarily high fee paid in the 2024 halving transaction led to various theories about the sender's intentions. Some speculated that it could be a wealthy individual or institution demonstrating their wealth and commitment to Bitcoin.
Others suggested it might be a miner strategically including their own transaction to claim the fees.
The 2024 halving transaction showcased the high level of engagement and anticipation surrounding Bitcoin halving events. It demonstrated how some participants are willing to pay significant fees to be part of these milestone moments in Bitcoin history.
From pizza to electric cars, there’s a list of memorable transactions on the Bitcoin blockchain. If there’s one thing you can take from this list, it’s that Bitcoin history is a story of triumph and perseverance.
Those early days were rough, with everyone betting against the blockchain behemoth’s success.
Whether it was the Mt. Gox hack or the seizure of Silk Road coins, Bitcoin’s reputation has been through a lot. But here we are, almost a decade and a half into Bitcoin history and it seems as if we’re in a new era.
These days, Bitcoin is on the balance sheets of major banking institutions and in the wallets of everyday investors. We’re as close to mainstream adoption as ever.
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Note: This blog was updated on 1/29/25, original post date 6/12/24