Bitcoin 10 Years Ago : 5,050 BTC For $5
It’s safe to say that Bitcoin has come a long way since it was first introduced to the public. Exactly 10 years ago today, the first market transaction took place. Let’s have a look at how it went down and where we are today.
Bitcoin 10 Years Ago
On Oct 12, 2009, Martti Malmi a.k.a. Sirius, a Finnish software engineer and one of Bitcoin’s earliest developers, sold 5,050 BTC to NewLibertyStandard. At nearly $0.00099 per BTC, Malmi got a measly $5.02 in return.
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.
Ten years ago today, 5,050 btc was sold for $5.02 in the first market transaction for bitcoin.
Ten years ago today, 5,050 btc were sold for $5.02 in the first market transaction for bitcoin.
Today, they’d be worth $42,171,792.50.
A rise of 838,078,685%. https://t.co/yCvJ9TrrSn
— Saifedean Ammous (@saifedean) October 12, 2019
Obviously, since then a lot has changed. The network has gotten more secure and widespread, and Bitcoin’s digital scarcity mechanism has passed the test of time.
Today, the same amount of Bitcoin is worth more than $42 million. That’s a growth of about 838,000,000%. Needless to say, there aren’t a lot of assets out there that have underwent such a staggering increase in their value.
Naturally, past success is not a predictor of future growth, but the overall evolution of Bitcoin and the entire field is undoubtedly significant.
What Did Bitcoin Achieve in Those 10 Years?
Listing everything that Bitcoin has gone through in 10 years is challenging, as there have been many major developments.
First and foremost, it brought forth a technology that is now being used, explored and implemented. Blockchain-based tech is starting to get traction not only among startups but also among established and well-known corporations, even financial ones.
As mentioned by Ammous, however, it’s the fact that Bitcoin managed to stand the test of the market and to come out a lot stronger than before which is most telling.
Bitcoin’s scarcity and its pre-programmed nature have caused many renowned experts to cite it as an alternative to traditional fiat currencies. Some have even compared it to gold. In fact, the Chairman of the US Federal Reserve himself said that Bitcoin was a store of value, just like gold.
It has been a very exciting 10 years, and it’s probably safe to assume that there will be 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 and on everything related to it.