Bitcoin 10 Years Ago

Roughly at this time 10 years ago, the first market transaction with bitcoin took place. At the time, 5,050 BTC were sold for USD5.02. As pointed out by Saifedean Ammous, author of The Bitcoin Standard, this was probably one of the most important moments in bitcoin’s history because the cryptocurrency became an economic good.

Today, the same amount of bitcoin is worth more than 42 million dollars. That’s a growth of about 838,000,000%. Needless to say, there aren’t many assets that have undergone such an astonishing increase in their value.

What Did Bitcoin Achieve in Those 10 Years?

Listing everything that bitcoin has gone through the past 10 years would be difficult, to say the least. When we look at its current situation, however, we can definitely establish that it has made a huge development.

Firstly, it introduced a technology that is now being increasingly explored and implemented. Blockchain-based technology is starting to be popular not only among start-ups but also among established and well-known companies, even financial ones. 

The limited amount of bitcoin and its pre-programmed nature have caused many renowned experts to view it as an alternative to traditional fiat currencies. Some have even compared it to gold. The Chairman of the U.S. Federal Reserve said that, with respect to storing value, bitcoin is just like gold. 

It has definitely been a very exciting 10 years and we may assume that there is a lot more excitement to come. With bitcoin’s halving only a few months away, the entire community is waiting to see what its impact will be on its price.