Bitcoin (BTC), the first and premier cryptocurrency - a virtual currency specifically purposed to serve as a medium of exchange which employs cryptographical functions to carry out financial transactions - was invented by Satoshi Nakatomo, who announced Bitcoin in late 2008. When Bitcoin started, it had no value because no one was ready to purchase it. It began to obtain value on October 12, 2009 when Martti Malmi, a Finnish developer, assisted Satoshi in his work on Bitcoin. They sold 5050 Bitcoins for $5.02 which equated to 1 Bitcoin with the value of $0.0009 and that started the trend of Bitcoin exchange rate history.
Bitcoin Exchange Rate History: Evolution
From 2009 to 2013, the majority of the markets involving Bitcoins were in US Dollars. Nowadays, Bitcoin’s value is measured against various fiat currencies, for example, the American Dollars (BTCUSD), Chinese Yuan (BTCCNY), Euro (BTCEUR). Hence, Bitcoin shows superficially in as a like manner as any symbol traded on foreign exchange markets. Unlike fiat currencies, Bitcoin has no official fixed value; it only takes on the value of various averages on price feeds from global exchanges. Bitcoin’s value is estimated according to the last transaction performed on a specific exchange. That’s the reason one notices different prices on different exchanges at different times. Another answer to why Bitcoin takes on different and specific values at different times is “demand and supply”.
Bitcoin Exchange Rate History: Facts
Examining the history of the value of Bitcoin in comparison to US Dollars, between January 2009 and March 2010, Bitcoin basically amounted to nothing as there were no exchanges or market. In March 2010, 10,000 Bitcoins were auctioned for $50 by “SmokeTooMuch” but no buyer was found.
In May 2010, Laszlo Hanyecz made the first genuine world transaction by purchasing two pizzas in Florida for 10,000 Bitcoins which would eventually amount to close to $750 if held in March 2013. Between January 2010 and June 2011, it experienced a significant increase in value from $0.008 to $31. Bitcoin equalled the value of the US Dollar from February 2011 to April 2011. In December 2011, it experienced a sharp drop to $2 and rose slowly up to $13 in December 2012. A daily growth of about 5-10% of a price tally raised the value to a staggering $266 in April 11, 2013. It thereafter experienced fluctuations and by November 2013, it reached the then all-time peak at $1,242 on the 29th of November, 2013. Since then through February 2017, it had several highs and lows but from March 2017, the price persistently rose and on the 18th of December 2018, it reached an all-time high even until today, a value of $20,089. Afterwards a persistent loss in value saw it fall to $6300 on October 31, 2018 which marked the 10th anniversary of Bitcoin. Since then, the rate dropped to over $3000 and began to rise slowly to over $4000 in March 2019. As of September 8, 2019, the exchange rate is about $10,300.
Bitcoin Exchange Rate History: How to Use
Industry experts like executium.com keep a close observation and continuously analyze the Bitcoin exchange rate history. This makes them more apt at helping clients make better deals out of Bitcoin. Everybody trades Bitcoin for the same purpose at the end of the day. That is money making. So hiring such experts to capitalize on Bitcoin exchange rate history is not a bad option.