The price of bitcoin

The price of bitcoin

How Much was 1 Bitcoin Worth in 2009? Bitcoin was not traded on any exchanges the price of bitcoin 2009.

Its first recorded price was in 2010. 0 in 2009 during its very first year of existence! How Much was 1 Bitcoin Worth in 2010? Bitcoin therefore appears superficially similar to any symbol traded on foreign exchange markets. It’s normal for Bitcoin to trade on any single exchange at a price slightly different to the average.

But discrepancies aside, what factors determine Bitcoin’s price? Price discovery occurs at the meeting point between demand from buyers and supply of sellers. Adapting this model to Bitcoin, it’s clear that the majority of supply is controlled by early adopters and miners. Supply Inspired by the rarity of gold, Bitcoin was designed to have a fixed supply of 21 million coins, over half of which have already been produced. Several early adopters were wise or fortunate enough to earn, buy or mine vast quantities of Bitcoin before it held significant value. The most famous of these is Bitcoin’s creator, Satoshi Nakomoto.