It’s safe to say that Bitcoin has come a long way since it was first introduced to the public. Interestingly enough, exactly 10 years ago on this same day, the first market transaction took place. Let’s have a look at how it went and where we are today.
Bitcoin 10 Years Ago
Exactly 10 years ago, on this very date, the first market transaction for bitcoin took place. Back at the time, 5,050 BTC were sold at a price of $5.02.
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 it was back then the cryptocurrency became an economic good.
Obviously, since then a lot has changed. The network got more secure and widespread and bitcoin’s digital scarcity mechanism 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 gone through such a staggering increase in their value.
Naturally, it’s important to note that past success is not an indicator for future growth, but the overall development in Bitcoin and the entire field is undoubtedly worthwhile.
What Did Bitcoin Achieve In Those 10 Years?
Listing everything that Bitcoin has gone through in 10 years is challenging at best. However, looking at its current situation, we can definitely conclude that there have been massive developments.
First and foremost, it brought forward a technology that is now being more and more 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.
Bitcoin’s scarcity and its pre-programmed nature have caused many renowned experts to bring it forward as an alternative to traditional fiat currencies. Some have even compared it to gold and. In fact, the Chairman of the US Federal Reserve himself has said that Bitcoin is a store of value just like gold.
In any case, 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 would be on its price and on everything related.