The Biggest Bitcoin Falls in 10 Years
This year Bitcoin celebrated its first anniversary, the first cryptocurrency turned 10 years old. Bitcoin survived many rapid ups and quite a few drastic falls during its not very long history. In this article we will talk about the most important events in the industry that have occurred over the past decade. So let's get started. In the fall of 2008, the world learned about such a concept as Bitcoin for the first time, when its creator, the mysterious Satoshi Nakamoto, published his work. He described the basic principles of the new payment system, in which there is no central governing body or any intermediaries. But it is worth noting that BTC could not be bought or even mined in 2008, since the Bitcoin network started to work on January 3, 2009. The zero block was mined that day. After a few days, on January 12, 2009, the first transaction of coins from one wallet to another happened. The first official Bitcoin exchange rate was set on October 5, 2009, it was possible to buy the coin at the New Liberty Standart exchange, where $1 = 1309.03 BTC. From this day the story of one of the most volatile and certainly the fastest growing assets in the world begins. In the first couple of years, there was no specific Bitcoin rate for fiat currencies. That is why, the first cryptocurrency`s rate started to be tracked since 2010. Before turning to the review of the most important and serious events that happened with Bitcoin throughout the time of its existence, let`s recall a significant date, namely May 22, 2010. This day is significant due to the historical purchase of two pizzas at a price of 10 thousand BTC. This case is notable for two reasons:
- firstly, in terms of today's rate (at the time of writing this article it is $3500 per one coin), these pizzas would cost about $35 million, which makes them the most expensive dish in the history of mankind;
- secondly, it was the first case of buying goods for cryptocurrency.