Cryptopedia11 years ago today Bitcoin was $0.01

11 years ago today Bitcoin was $0.01

11 years ago today bitcoin price was $0.01 but before that in February 2011 bitcoin just hit 1$. It was the first time ever that bitcoin matches our dollar price.

people were so amazed how this currency just hit 1$ why because people were not taking it seriously at that time it was just like a Ponzi scheme or criminal money why because people use to buy drugs using bitcoin in that days because it was not that so popular it was used in the dark web for different illegal activities like underground deals so at that time could anyone predict knowingly that it will make all-time high of 69k$?

so months later in the same year, 2011 bitcoin reached 10$ and then quickly hit 30$ on Mt Gox exchange which was very famous at that time.

Bitcoin price from 2009 to 2011

On October 31st, 2008, Satoshi Nakamoto published the Bitcoin white paper. This paper introduced a peer-to-peer digital cash system based on a new form of technology distributed ledger called a blockchain.

Then, on January 3rd, 2009, the Bitcoin network went live with the mining of the genesis block, which allowed the first group of transactions to begin a blockchain. Some refer to it as “digital gold” for this reason. For this reason and others, many suspect that Nakamoto created Bitcoin, at least in part, in response to the way the events of those years played out.

Bitcoin price in back 2009 was bearly above 0$ so real adoption of bitcoin came in to begin about two years later and major bitcoin surge happens for the first time ever then people realize that it’s not a Ponzi scheme they take it seriously as a store of money like other things gold and silver or you can say a dollar.

In 2011, the EFF foundation named Electronic Frontier Foundation announced that they are accepting bitcoin for donations it was also a turning moment for BTC but after a few months, they quickly backtracked due to a lack of a legal framework for virtual currencies worldwide.

At the end of 2011 bitcoin price again reached 5$. No one was sure why the BTC price dropped and behaved as it did back when this technology was so new but the pattern of an 80% – 90% correction from record highs would continue to repeat itself going forward, even as much more Bitcoin liquidity would come into being.

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