Bitcoin, the world’s leading cryptocurrency, has been making headlines for more than a decade. The digital currency was first released in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. The launch of Bitcoin marked the beginning of a new era of decentralized digital currency, which promised to revolutionize the traditional financial system. But how much was a bitcoin worth when it was first released? Let’s take a closer look.
Bitcoin was first released on January 3, 2009, with the publication of the Bitcoin whitepaper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” The whitepaper laid out the basic principles of Bitcoin, including its decentralized nature, the use of blockchain technology, and the limited supply of 21 million coins.
The first transaction of Bitcoin occurred on January 12, 2009, when Satoshi Nakamoto sent 10 bitcoins to Hal Finney, a computer programmer and early Bitcoin adopter. At the time, the value of Bitcoin was not established, and there was no exchange rate to compare it to. However, in October 2009, Bitcoin started to gain some traction, and the first Bitcoin exchange rate was established.
The first Bitcoin exchange rate was set by New Liberty Standard, a website that offered to buy and sell bitcoins for US dollars. On October 5, 2009, New Liberty Standard published the first Bitcoin exchange rate, which was set at 1,309.03 BTC per US dollar. This means that one bitcoin was worth around $0.00076 at the time.
The price of Bitcoin remained relatively stable for the first few months after its release, with the exchange rate hovering around the $0.0008 mark. However, in July 2010, the price of Bitcoin experienced a significant spike, reaching a high of $0.08 per bitcoin. This was due to the increasing interest in Bitcoin and the growing number of people who were starting to use it.
Over the next few years, the price of Bitcoin continued to fluctuate, but it was mainly driven by speculation and market manipulation. However, by 2013, Bitcoin had gained a considerable following, and the price of Bitcoin started to rise rapidly. In November 2013, the price of Bitcoin reached an all-time high of $1,242 per bitcoin, which was a huge increase from its initial value of less than a penny.
Since then, the price of Bitcoin has continued to fluctuate, with some significant highs and lows. In December 2017, the price of Bitcoin reached an all-time high of $19,783 per bitcoin, but it was followed by a significant crash that saw the price drop to around $3,000 per bitcoin by December 2018.
As of August 2021, the price of Bitcoin is around $45,000 per bitcoin, which is a significant increase from its initial value of less than a penny. Despite the volatility, Bitcoin has continued to gain mainstream acceptance, with many businesses and individuals now accepting Bitcoin as a form of payment.
In conclusion, the price of Bitcoin when it was first released in 2009 was not established, and there was no exchange rate to compare it to. However, the first Bitcoin exchange rate was set in October 2009, which was around $0.00076 per bitcoin. Over the years, the price of Bitcoin has continued to fluctuate, but it has overall experienced significant growth and gained mainstream acceptance.