💰💰Nakamoto said that the work of writing Bitcoin's code began in the second quarter of 2007.On 18 August 2008, he or a colleague registered the domain name bitcoin.org, and created a web site at that address. On 31 October, Nakamoto published a white paper on the cryptography mailing list at metzdowd.com describing a digital cryptocurrency, titled "Bitcoin: A Peer-to-Peer Electronic Cash System".

On 9 January 2009, Nakamoto released version 0.1 of the Bitcoin software on SourceForge and launched the network by defining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. Embedded in the coinbase transaction of this block is the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks", citing a headline in the UK newspaper The Times published on that date.

This note has been interpreted as both a timestamp and a derisive comment on the alleged instability caused by fractional-reserve banking.

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