The initial exchange rate for Bitcoin, the leading cryptocurrency, was established 15 years ago on Oct. 5, 2009, on the New Liberty Standard Exchange.
Bitcoin’s massive price swings have fascinated traders and investors for over a decade.
The initial exchange rate for Bitcoin, the leading cryptocurrency, was set 15 years ago on Oct. 5, 2009, on the New Liberty Standard Exchange.
According to Pete Rizzo, a well-known Bitcoin historian, the flagship cryptocurrency has seen an incredible 8,700,000,000% price increase since then.
At the time, the world’s original cryptocurrency was trading at a fraction of a cent.
The exchange rate published by the New Liberty Standard set the cryptocurrency’s value at $1 = 1,309.03 BTC, which was determined based on the electricity cost required to operate a computer for mining Bitcoin.
The first recorded Bitcoin-to-USD transaction was conducted by Finnish computer scientist Martti Malmi, who famously sold 5,550 BTC for only around $5 via PayPal transfer.
Back then, Bitcoin had yet to garner even a moderate following.
During Bitcoin’s early days, Malmi managed to mine a total of 55,000 BTC. However, he ended up selling his Bitcoin fortune in 2012 when the price was less than $30 to buy an apartment in Helsinki and later liquidated the remaining holdings upon moving to Japan.
Had Malmi chosen to continue hodling his coins, he could have attained billionaire status. While he described his decisions as “regretful,” the second-ever Bitcoin developer also stated that making money was never his top priority. According to him, his Bitcoin fortune was an accidental byproduct of Satoshi asking him to keep his node running so that others could connect.
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