Image by Megan Rexazin from Pixabay
As Bitcoin Halving approaches, let’s explore the absolutely fascinating history of Bitcoin. We don’t have to go very back, just rewind back to 10 years ago and what a different time it was.
A time when Bitcoin had not yet undergone halving!!
10 years ago, a lot of you may have been single and now you got 2 or more kids and your in your 30’s or 40’s, similarly 10 years ago Bitcoin was pretty young, it’s not even had its first halving yet then, now Bitcoin is on it’s way to have it’s 3rd halving on May 12th 2020, much like you 10 years ago when you had no kids, kidding. Anyway.
3rd Bitcoin Halving coming up Soon!!
Cheap Bitcoin 0.003$, 10 years ago - Oh My God!!
Bitcoin was so young, that it almost cost nothing 10 years ago. Since its inception in 2009 and Feb 2010, Bitcoin’s value was 0. It’s price got a recognized universal value only on May 17th 2020, when Bitcoin got listed in the world’s first Bitcoin exchange - Bitcoinmarket.com, with BTC price being 0.003$ when it got launched in this exchange. Let that sink in our heads before we proceed further.
First launch of BTC in a exchange and Bitcoin gets a recognized USD value
Bitcoinmarket.com was much needed at that time, because valuation of BTC to dollar was not clearly recorded and known those days. After the exchange came, there was a more trusted means to buy Bitcoin with a real time USD exchange rate. Before this exchange came about there were not many escrow services that could ensure safe trading of BTC , so there was always the possibility that a dishonest party won’t pay up like they should for the trade deal.
10,000 BTCs used to purchase Pizza’s for the first time
Image by OpenClipart-Vectors from Pixabay
Later that month, with BTC having a USD exchange rate, BTC was for the very first time in the world used to make a product purchase where 2 pizzas were brought using Bitcoin. At that time BTC was worth $0.01, and 10,000 BTC was exchanged to buy those 2 pizzas worth 30 dollars.
Now the value of those 10,000 BTC is about 88$ million dollars..!! Yup its easy to gulp a pizza this this whooping BTC historic fact!!
Reference article - https://qz.com/1285209/bitcoin-pizza-day-2018-eight-years-ago-someone-bought-two-pizzas-with-bitcoins-now-worth-82-million/
Next popular Bitcoin Exchange takes over soon MT. Gox exchange
Then Bitcoinmarket.com’s time faded off, as MT. Gox exchange came into existence in July 2011. MT. Gox became the most popular Bitcoin Exchange and it was prominent till 2014.
Hope you guys enjoyed this BTC history read, more to follow again!!
You can read more about Bitcoin’s early days here -: https://news.bitcoin.com/bitcoin-history-part-6-the-first-bitcoin-exchange/