The Bitcoin Foundation was officially formed

The formation of the Bitcoin Foundation on September 27, 2012, was a pivotal moment in the history of Bitcoin. Established as a nonprofit corporation, the foundation aimed to restore the reputation of Bitcoin following several scandals and to promote its development and uptake. The organization drew inspiration from the Linux Foundation and was primarily funded through grants from for-profit companies that relied on Bitcoin technology.
 

The founding members of the Bitcoin Foundation included notable figures in the Bitcoin community such as Gavin Andresen, Charlie Shrem, Mark Karpelès, Peter Vessenes, Roger Ver, and Patrick Murck. The foundation’s creation came at a time when Bitcoin was facing challenges due to its association with criminality and fraud.
 

The Bitcoin Foundation’s mission was multifaceted: it sought to standardize, protect, and promote the use of Bitcoin cryptographic money for the benefit of users worldwide. The foundation played a crucial role in advocating for Bitcoin, engaging with regulators and policymakers, and providing education on the benefits and uses of Bitcoin.
 

One of the foundation’s early actions was to hire Gavin Andresen, a former lead Bitcoin developer, as its chief scientist to further the technological advancement of Bitcoin. The foundation also engaged in political lobbying and sought to create a favorable regulatory environment for Bitcoin in the United States.
 

Despite facing its own controversies, such as the legal issues involving board members Charlie Shrem and Mark Karpelès, the Bitcoin Foundation persevered in its efforts to support the Bitcoin ecosystem. The foundation’s work contributed to the gradual acceptance and integration of Bitcoin into the mainstream financial system.