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Bitcoin

When bitcoin was cheap?

Bitcoin, the world’s first and largest cryptocurrency, has been around for over a decade now. It was created by an unknown person or group of people under the pseudonym Satoshi Nakamoto in 2009. Initially, bitcoin had no monetary value, and it was traded for fun among a few enthusiasts.In the early days, bitcoin was extremely…

Bitcoin, the world’s first and largest cryptocurrency, has been around for over a decade now. It was created by an unknown person or group of people under the pseudonym Satoshi Nakamoto in 2009. Initially, bitcoin had no monetary value, and it was traded for fun among a few enthusiasts.

In the early days, bitcoin was extremely cheap, and you could buy thousands of them for just a few dollars. The first-ever bitcoin transaction took place on January 12, 2009, when Nakamoto sent 10 bitcoins to Hal Finney, a computer programmer, and cryptography enthusiast.

At the time, there were no exchanges where you could buy or sell bitcoin. The only way to acquire it was through mining, a process where powerful computers solve complex mathematical problems to validate transactions on the blockchain network. Miners were rewarded with new bitcoins as an incentive to secure the network.

In 2010, the first-ever bitcoin exchange, BitcoinMarket.com, was launched, allowing people to buy and sell bitcoin for fiat currencies like the US dollar. However, the exchange was short-lived and closed down later that year due to security concerns.

In July 2010, the price of bitcoin was just $0.08, and by October of the same year, it had reached $0.10. In 2011, the price of bitcoin remained relatively stable, hovering around $1.00.

It wasn’t until 2012 that the price of bitcoin started to rise significantly. In May of that year, the first-ever halving event occurred, reducing the block reward for miners from 50 bitcoins to 25 bitcoins. This event signaled the start of a bull run that saw the price of bitcoin rise to $12.00 by the end of the year.

In 2013, the price of bitcoin continued to rise, reaching an all-time high of $1,242.00 in November. However, the price was extremely volatile, and there were several price crashes along the way.

The price of bitcoin remained relatively stable in 2014, hovering between $300.00 and $600.00. It wasn’t until 2017 that the price of bitcoin started to rise again, reaching an all-time high of almost $20,000.00 in December of that year.

Today, the price of bitcoin is hovering around $50,000.00, making it one of the most valuable assets in the world. However, it’s important to remember that bitcoin’s value is extremely volatile, and the price can fluctuate significantly in a short period.

In conclusion, bitcoin was extremely cheap in its early days, and you could buy thousands of them for just a few dollars. However, the price of bitcoin has risen significantly over the years, and today, it’s one of the most valuable assets in the world. Despite its volatile nature, bitcoin has proven to be a valuable investment for many people, and it’s likely that it will continue to grow in popularity in the years to come.

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