The first bitcoin was worth almost nothing when it was launched in 2009. In fact, it was worth just a fraction of a penny, which is almost nothing compared to its current value.
Bitcoin was created by an unknown person or group of people who went by the pseudonym Satoshi Nakamoto. The digital currency was created as a decentralized alternative to traditional currencies, free from government control and regulation.
The first bitcoin transaction took place on January 12, 2009, when Satoshi Nakamoto sent 10 bitcoins to Hal Finney, a computer programmer and one of the earliest users of the cryptocurrency.
At the time, there was no established value for bitcoin, as it was a brand new concept. However, in October 2009, an exchange rate was established between bitcoin and the US dollar, which helped to give the cryptocurrency a value.
The first exchange rate between bitcoin and the US dollar was established on October 5, 2009, when New Liberty Standard, a bitcoin exchange, set the rate at 1,309.03 bitcoins to one US dollar.
This means that one bitcoin was worth just $0.00076 at the time of the exchange rate being set. This is an incredibly low value compared to the current value of bitcoin, which is worth thousands of dollars.
However, it is important to note that the value of bitcoin has been highly volatile since its creation in 2009. The cryptocurrency has experienced massive fluctuations in value, with its price rising and falling rapidly over short periods of time.
For example, in December 2017, the price of bitcoin reached an all-time high of almost $20,000 per bitcoin. However, by December 2018, the price had fallen to around $3,000 per bitcoin, a decrease of more than 80%.
The value of bitcoin is influenced by a number of factors, including supply and demand, news and media coverage, and the overall state of the global economy.
Despite its highly volatile nature, bitcoin has become incredibly popular over the years, with many people investing in the cryptocurrency as a way to diversify their investment portfolios.
In conclusion, the first bitcoin was worth just a fraction of a penny when it was launched in 2009. However, an exchange rate was established between bitcoin and the US dollar in October 2009, which set the value of one bitcoin at just $0.00076. Since then, the value of bitcoin has fluctuated massively, reaching an all-time high of almost $20,000 per bitcoin in December 2017. Despite its highly volatile nature, bitcoin has become incredibly popular as a way to diversify investment portfolios and is now considered a legitimate asset class by many investors.