The Bitcoin price chart has changed a lot since its inception. However, this did not become a reason for reducing interest in him. On the contrary, Bitcoin is the first cryptocurrency in every sense.
Occupying the leading line of all ratings of the most popular digital coins, Bitcoin literally leads the market. Whatever happens to BTC, its movement affects almost 99% of altcoins. It was and remains the very first cryptocurrency on the market. People talk about it and invest in it. How has the value of bitcoin changed over time?
The history of the bitcoin exchange rate: how it all began
It all started in October 2008. This was the month that the creator of Bitcoin, Satoshi Nakamoto, published a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” In his article, he emphasized the need to create new payment systems to solve the existing problems of traditional currencies and financial institutions.
Satoshi emphasized that the solution to such problems lies in the invention of a digital decentralized currency called “Bitcoin”. He suggested that it would act as an electronic payment system based on a cryptographic signature and allowing any two interested parties to transact directly with each other without the need for intermediaries.
But since Satoshi’s proposal was completely innovative at the time, something the world had never seen before, it didn’t have the impact one would expect from such an innovative creation. The reason for this is that the online mailing list to whom this article was sent was quite narrow. Only those who studied the digital system got into it. It should be noted that the case took place in 2008, but even then there were people who were interested in digitalization. At the same time, the identity of Satoshi Nakamoto remains undisclosed to this day, although it is surprising how he manages to remain anonymous for such a long time.
Bitcoin Price History: First Transaction
On January 3, 2009, the first digital currency acquired material value when Satoshi mined a block of the network (block number 0), which allowed him to receive a reward of 100 bitcoins. The first Bitcoin transaction in history took place on January 12, 2009. It was a translation between Nakamoto and programmer Hal Finney.
Bitcoin chart in history: how much did the coin cost in 2009
Before Bitcoin was traded on an exchange, the price of mined coins was determined by people trading on a Bitcoin forum. There was no fixed cost. Everything was based only on negotiations between the seller and the buyer, who had to come to an agreement on the value of BTC. To illustrate what was the lowest price of bitcoin in history, you can refer to a 2010 post in which a forum user with the nickname SmokeTooMuch unsuccessfully tried to auction 10,000 coins for $50.
The price of bitcoin for all time: how the price growth began
The Bitcoin chart for all the time until 2019 has changed significantly. On March 17, 2010, the first BTC exchange opened. During the first half of the year after the start of trading, the value of the coin remained below 14 cents. However, in the summer of 2010, the cryptocurrency began to gain momentum, which caused the price to move upwards. This is where growth began.
If you look at the Bitcoin price chart throughout history, you can see that the famous rally of 2017, when the maximum price of bitcoin was reached in history, is not the only such a sharp rise. On June 8, 2011, the price of the first cryptocurrency suddenly jumped to $31. In the same year, the first altcoins appeared.
Despite the volatility, the rate of the cryptocoin gradually increased. At the end of 2015, its price had already reached $953. In 2016, it remained at the same level. From January to April 2017, there was a steady increase from $965 to $1316. On May 21, BTC exceeded $2,000 for the first time, after which it began to steadily gain in value. As a result, the whole world saw an increase to $20,000. Bitcoin is currently trading at $31,330.