Bitcoin, the world’s first decentralized digital currency, was created in 2009 by an unknown person or group of people under the pseudonym Satoshi Nakamoto. Since then, it has become a global phenomenon, with its value increasing dramatically over the years. But what was the base price of bitcoin?
To understand the base price of bitcoin, we need to go back to its inception. In January 2009, Nakamoto released the first version of the bitcoin software, and the first block of bitcoins (known as the Genesis block) was mined. At this time, the price of bitcoin was zero, as there was no market for it.
In October 2009, the first bitcoin exchange, New Liberty Standard, was established, which set the first market price for bitcoin. The exchange calculated the price of bitcoin based on the cost of electricity required to mine one bitcoin, which was $0.003. This means that the base price of bitcoin was $0.003.
However, this price was not set in stone. As more people started to use and trade bitcoin, the price started to fluctuate. In 2010, the first real-world transaction using bitcoin took place when a programmer purchased two pizzas for 10,000 bitcoins, which at the time was worth around $30. This was the first time that bitcoin was used as a currency, and it marked the beginning of its journey as a valuable asset.
Over the years, the price of bitcoin has continued to rise, with some significant fluctuations along the way. In 2011, the price of bitcoin reached $1 for the first time, and by 2013, it had risen to over $1,000. However, the price crashed in 2014, and it took several years for it to recover.
In 2017, the price of bitcoin started to rise again, and it reached an all-time high of almost $20,000 in December of that year. This was fueled by a combination of factors, including increased adoption of bitcoin by businesses and investors, as well as speculation and hype.
Today, the price of bitcoin is still highly volatile, with fluctuations of hundreds or even thousands of dollars in a single day. As of August 2021, the price of bitcoin is around $45,000, which is significantly lower than its all-time high but still a considerable increase from its base price of $0.003.
In conclusion, the base price of bitcoin was $0.003, which was set by the first bitcoin exchange, New Liberty Standard, in 2009. Since then, the price of bitcoin has risen dramatically, reaching an all-time high of almost $20,000 in 2017. Today, the price of bitcoin remains highly volatile, with fluctuations driven by a range of factors, including adoption, speculation, and market sentiment.