Bitcoin starting price How expensive was a Bitcoin at the beginning and how has the euro developed in comparison?
Bitcoin is the oldest cryptocurrency in the world and, for some, the only one necessary. But how expensive was the first BTC and why is Bitcoin basically not rising but the euro is falling? An overview.
The idea of a digital cryptocurrency first gained momentum in 2008. A still unknown collective or individual under the name “Satoshi Nakamoto” published a white paper on October 31st that contained the idea of a decentralized managed currency that would not be controlled by states or banks. Programmers then came across this vision, which was realized in 2009 in the form of what is now the oldest cryptocurrency, Bitcoin. On January 3, 2009, the first Bitcoin block was created – the so-called genesis block.
A trading venue where Bitcoin could be bought, held or sold opened. The value of today’s most important cryptocurrency was determined by the mining costs – due to low demand, there was no official exchange rate at the time.
It is often said that the Bitcoin price is rising. However, if you turn the picture around and calculate the euro against Bitcoin, you can see that Bitcoin itself is not actually rising; the euro is falling more against Bitcoin. Below are the most important price developments in the first years of the cryptocurrency at a glance.
Bitcoin starting price: How expensive was a Bitcoin at the beginning and why does Bitcoin not rise but the euro falls?
Definition: What is Bitcoin (BTC)?
Bitcoin (BTC) is a digital cryptocurrency released under the pseudonym Satoshi Nakamoto. It is the first decentralized digital currency based on blockchain technology. The blockchain is a public, decentralized and transparent database in which all Bitcoin transactions are stored. It serves as a digital ledger to ensure the accuracy and immutability of transactions.
Unlike traditional currencies such as the US dollar or the euro, Bitcoin is not controlled by a central authority such as a government or bank. Instead, Bitcoin is managed by a decentralized computer network called miners. These miners verify and confirm transactions by solving mathematical problems. As a reward for providing energy and securing the Bitcoin network from external attacks, miners receive new Bitcoin when they add a new block to the blockchain.
Bitcoin has several characteristics that differentiate it from traditional currencies. These include the limited total amount of almost 21 million Bitcoin that can ever be created, the ability to divide Bitcoin into smaller units (called Satoshis or Sats), and the option to transact worldwide without intermediaries.
Since when has Bitcoin (BTC) existed?
Bitcoin (BTC) will be released on 31. October 2008 digital reality. On a nine-page paper – the so-called Bitcoin white paper – one or more people describe it under the pseudonym “Satoshi Nakamoto“ how Bitcoin works. All currently existing cryptocurrencies are based on the functionality of a blockchain and the vision of a digital currency.
The amount of Bitcoin, which is limited to just under 21 million, is not yet completely on the market. To be precise: a maximum of 20,999,999.97690000 Bitcoin will exist. There is no exchange rate at this point in time. It is estimated that the last BTC created will be mined around the year 2140 after the last Bitcoin Halving.
What is Bitcoin’s peak?
Bitcoin (BTC) peaked on 10. November 2021 with a price of 69.420 Dollar its previous all-time high. A Bitcoin has never been so expensive before. The cryptocurrency’s market value at that time was just under $1.3 trillion, according to data from analysis firm Coinmarketcap.
Things worth knowing about Bitcoin (BTC):
When did a Bitcoin (BTC) first cost $10,000?
Am 28. November 2017 According to the analysis firm Coinmarketcap, Bitcoin exceeds the $1,000 mark for the first time. The price rose to the top 10.125,70 Dollar per Bitcoin. The market capitalization at that time was around $168 billion.
When did a Bitcoin (BTC) first cost $1,000?
Am 27. November 2013 According to Coinmarketcap, Bitcoin reached a historic milestone: the value of the cryptocurrency exceeded the $1,000 mark for the first time and peaked at a price of 1001,96 Dollar per Bitcoin. At that time, the market capitalization of the digital asset was just over twelve billion dollars.
When did a Bitcoin (BTC) first cost $100?
Am March 29, 2013 According to data from Coinmarketcap, Bitcoin broke the magic barrier of $100 for the first time. The price peaked at 110,10 Dollar per Bitcoin (BTC) and the market capitalization at that time was more than 966 million dollars.
When did a Bitcoin (BTC) first cost $10?
Am 27. May 2011 Bitcoin reached the significant $10 mark for the first time, as data from Coinmarketcap shows. A milestone for the still young cryptocurrency, whose price peaked at a value of 10,13 Dollar per Bitcoin increased. The market capitalization of the digital currency at that time was a good $58.2 million.
How much did a Bitcoin cost in 2011? – One Bitcoin (BTC) cost one dollar for the first time at the beginning of February 2011
A Bitcoin was first described in the media in February 2011. The price of the digital currency BTC is climbing February 9, 2011 for the first time to one dollar. At its peak the price was at 1,0705 Dollar. Bitcoin’s market capitalization on that day was just under $5.4 million.
How much did a Bitcoin cost in 2010? – Bitcoin price rises to eight cents per BTC
Bitcoin is receiving a software update from a group of developers. As a result, the starting price of Bitcoin increases from 0.008 to 0.08 dollars per BTC increased tenfold. The cyber currency reached this price on July 7, 2010.
Also read: Cantillon effect explains: Why the rich are getting richer – and the poor are getting poorer
How much did a Bitcoin cost in 2009? – In October 2009, one dollar buys 1309 Bitcoin (BTC)
Because of the relatively short blockchain at the time, new Bitcoin can be mined quite easily. At the New Liberty Standard crypto exchange the price is 1309.03 Bitcoin (BTC) at one dollar. One Bitcoin would have cost the equivalent of around $0.00076.
Bitcoin is not rising, the euro is falling: How has the euro performed against BTC?
If you look at the development of the euro against Bitcoin over a longer period of time, you will notice that the euro has lost more than 99 percent of its value against Bitcoin in the period between 2015 and today alone. While the euro’s holdings are being expanded by the central bank, Bitcoin is limited to just under 21 million BTC. The stock cannot be expanded arbitrarily by a central authority like that of the euro.
If you now compare this unchanging size with one that can be infinitely expanded, the following picture emerges, according to Google: Basically, the Bitcoin price is not rising, the euro is falling much more.
How much money would you have today if you had bought Bitcoin in 2009?
If you had bought Bitcoin for one dollar in October 2009 at an exchange rate of around $0.00076 and held it until today, this investment would have an equivalent value of around $68.42 million at today’s Bitcoin rate. If this Bitcoin had been sold at the previous all-time high of $69,420 on November 10, 2021, the investment of one dollar would have been worth more than $90 million at that point.
Transparency note: This article first appeared in WirtschaftsWoche in June 2021. We’ve updated it and are showing it again based on reader interest.
Also read: Bitcoin calculator 2024: Convert any euro amounts (€) into Bitcoin (BTC).