In 2009, Satoshi Nakamoto founded a cryptocurrency Bitcoin Bitcoin/USDHere we look back at the pseudonymous creators and the price history of the major cryptocurrencies.
what happened: In October 2008, Nakamoto published a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. It provided many important details and explained why Bitcoin was created.
In January 2009 Nakamoto mined the genesis block of Bitcoin and the first 50 Bitcoins were mined.
When Bitcoin was released, there were only two ways to acquire cryptocurrency. Either mine Bitcoin yourself or use peer-to-peer transactions. Bitcoin Talk, a forum created by Nakamoto to host discussions about Bitcoin, required trust from both parties, which were mostly anonymous, so some were considered risky at the time. used for transactions.
One of the first recognized Bitcoin transactions occurred in October 2009 when a Finnish computer science student sold 5,050 Bitcoins for $5.02 (representing a value of $0.0009 per Bitcoin). forbesThe transaction was made to PayPal PYPL.
Less than a year later, in May 2010, one of the most famous Bitcoin transactions of all time, and widely believed to be the first retail transaction, took place. This happened when programmer Laszlo Haniecz looked for someone to buy pizza for him. for Bitcoin.Then someone in the UK spent about $41 to buy papa johns PZZA Pizza in exchange for 10,000 Bitcoins.
In an infamous online post, Hanyecz said, “I pay 10,000 bitcoins for two pizzas.
May 22nd, now known as “Bitcoin Pizza Day,” pays tribute to the very famous Bitcoin trading day. At that time, Bitcoin was worth about $0.0041.
The price of cryptocurrencies reached $1 in 2011, after the launch of several major cryptocurrency exchanges.
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Invest $1,000 in Bitcoin: Using the early transactions above, a hypothetical investment in Bitcoin in its early days could have yielded substantial returns for its owner, or in this case, the “hodler”.
Investing $1,000 in Bitcoin at the time of your first transaction on PayPal would give you a net profit of 1,111,111.11 Bitcoins, but due to mining constraints, that amount of cryptocurrency would probably not have been available. An investment of $1,000 is worth $30,949,777,746.80 today based on Bitcoin’s price of $27,854.80 at the time of writing.
In contrast, investing $1,000 in Bitcoin at the time of the Bitcoin-pizza transaction yields 243,902.44 BTC. That investment would be worth $6,793,853,685.71 today based on the same price of $27,854.80 at the time of writing.
Read the following: 13 Fun Facts You May Not Know About Bitcoin