Topic: How did Bitcoin go from $0.10 to $10,000 ?? (Read 403 times)

Normally, we cannot expect something of value to actually remain stagnant since it is not controlled and the idea being fresh then made it as low as possible. Bitcoin actually started with no value anyway compared to silver, or I would rather say we start placing the value on them and as people keep perceiving it and keep seeing a huge demand for it, and the need to use it, that would keep causing the value to increase. Some just ended up seeing the future earlier than some of us and decided to invest when it was worth nothing.

Demand and adoption increased. That was what happened. The thing is just very few people believed in bitcoin back then and it started without any value and gradually we started placing value on it based on its usage and that is where it all started.

As people gradually seeing more value, you would not expect me to buy something for 0.1$ and give it up for the same value since I know how useful it would be, so as it keeps going, on and on, and the demand kept increasing, the price kept on increasing as well and I believe we have not even seen anything yet.

When Bitcoin was launched, it had less or no supporters, as the year goes bye, people started supporting the project, and the project team continued working on it relentlessly through the years. In the year 2013, its sound was been heard of in low tones, yet getting more supporters. Crypto currency and blockchain technology became visible in 2015, and was clearly seen by the masses by 2017, due to the heavy price siege. The need for it grew higher which now makes the total supply (which is 21million) of bitcoin become less than the demand of it in the market.

I think something such low prices even do not need to mention, пoтoмyчтo when bitcoin had the price of a 10 cents, then few people to it even pay attention.

Scarcity is the main attribute why bitcoin now is so expensive. As time goes by bitcoin became so popular and many people want to have a piece of it that is why the supply became low. Price is driven by supply and demand so as the supply go low, the price goes high.

OP is just fascinated with numbers and things that unfortunately does not understand, or interpreted them in a wrong way.For instance he do not know why in December 2017 there is a record number of Coinbase users,and today that number is more than twice the lower,or why is less search in Google for cryptocurrency related sites/bitcoin today then few months ago.It is basic,and we all know reasons for that.

Also he is obsessed with gold&silver and perseveringly is trying to to compare them with BTC,which of course makes no sense.Gold&silver exist thousands of years and people use them,BTC is here less then 10 years and it have limited supply.

How price get from 0 to 20 000$(not 10 000$) is just the law of supply and demand in combination with the digital age in which we live.Sometimes people were literally crazy about gold,today they are crazy about digital gold.

Bitcoin was not much popular until 2012.  It was after that when people started taking interest in it. It became globally accepted since it was decentralized. People then started to use it for illegal things which caused its price to skyrocket and then the big players started to invest in it. They started trading BTC and that is how the big players hold the much portion of BTC. Over the years BTC became more and more popular and it's price started to grow. During the beginning of last year it was around $2k and then it spiked up to $19k and then dumped back. The correction is over now and BTC must rise again now.

And added to that is that many people believes in the power of cryptocurrency and they want to change the world just like the mission of bitcoin that one day it will eventually change the world, believing is the key factor so if we'll just keep our belief it will go through $100k.

It looks like "traders cartel" who are buying and selling Bitcoin at $1000 or more. Those +10% and -10% in one day moves.

Well, i will say adoption of Bitcoin by everyone in the crypto currency community has been the market movers of the value of Bitcoin from what it was to what it is today and so shall it continue to appreciate in value in the nearest future as more are coming into the crypto currency community in other new investors. Note that it is only what some people called shit coins which i called failed project that usually remain stagnant.

and yet, no matter how much we are indignant and offended by the crypto currency market, the very title of the topic very eloquently says that Bitcoin has risen almost from the very bottom and reached very high heights. Only the maximum Bitcoin was not 10,000 dollars, but 20,000 dollars. But in 2009 he had a miserable price.

This price increase is depends on supply and demand of Bitcoin because this is the first Cryptocurrency so all the investors are investing this coin and automatically market capitalisation is raise in the market. Then many Cryptocurrencies are comes in the market but no one reach the Bitcoin position because all the coins are depends on the Bitcoin value. So increase is already expected in Crypto platform it Will continue to forever.

Why are governments/finance ministry talking about Bitcoin

Are you just asking us to tell you a 9 years story of how bitcoin has grown over the years,  I think that's why we have YouTube lol,  bitcoin price is growing based on its acceptance the more Bitcoin is accepted around the world, the more it's growth in price and also in use,  over the years there are many companies springing up around bitcoin, mining firm,  exchanges etc.

Now there are 80% less searches in google/search engines for Bitcoin/crypto-currencies.

When you have an innovative product in the market with huge potential, the price will increase and with the limited amount of token you must understand why the price moved from zero valuation to where it is now, people who invested a couple of years back made the most benefit of this market and i still think even if you invest .

Due to limited supply in circulation in the market and a growing demand for bitcoin could be somehow contributes to the increasing price it had achieved.
When people start seeing its growth, definitely they are encourage to participate to be involved with bitcoin and in that manner, people start investing, mining and trading with bitcoin. Because of it's inevitable growth, many altcoins are now on the rise that someday, those alts will also be recognize by the crypto users.

In December 2017, there were 170,000,000 visitors at Coinbase

In March 2018, there were 63,000,000 visitors at Coinbase

I know this is always part of our economic class.
Bitcoin has a scarce supply and greater demand. The potential of its value to increase is possiblle since the circulated supply is only 21million bitcoins (but we never reach it as of now). When the bitcoin becomes popular in the world, the demand for every bitcoin becomes higher and higher also. This only shows that if the price moves up, there is a greater demand to it.

It's because of the demand. If there's no demand, the price will remain 0.
It's not a mystery anymore and you should know this legendary Pizza for bitcoins? that started it out.

It’s commercialising the idea, a simple one plus one or something like demand and supply. Example: I have ten stones with my name and after that I save the world from aliens because of that I would be famous. That stone I give you is free but a year after my death that will be appraised 1000$ then you pawned it, then it will be resell up to 2000$. That’s commonsensical way of explaining it.

Worth the read or does it really implies my imaginative, logically.

*** Bitcoin price is speculative in nature, but the idea and the technology of blockchain can be sold in a thousand folds. Bitcoin as the primary coin catches the 90% advantage on its popularity.

Bitcoin started at zero in 2009. I think the first trade was 12 bitcoin for a sum total of $0.09 (9 cents!) It spent a lot of time around $1 and two years later spent a few months at $35. I think most of 2015-2016 was around $250. It's really only 2017 where it jumped to $20,000 then down a bit to $7,800 (price now). I'd say the rise from $240 upwards has been speculation. If it goes like other assets it should stabilise somewhere around a few hundrd dollars or maybe $1,000 or so. If speculation continues to drive the price then it will stay quite a bit higher for quite a bit longer but it probably isn't supported by much more than speculation.

Just on the technology of the block that represents bitcoin, there are high hopes and that's why bitcoin has grown so much.

Well 2009 is not just a recent year not like 1980 and below. The price is quite interesting from low land price now at the peak at all time price. However bitcoin price run from 0.10- 7k for the record of that's how bitcoin manage the land of business. New comers is interesting specially with relations to gadgets. Nowadays almost everyone have an access to internet if I am not mistaken 88 percent in the world own gadgets or with technology. The rapid grow of bitcoin price is all about everyone sees, everyone is able to connect with.

Law of demand and supply, Bitcoin made mainstream that's why lots of people jump in and saw the future of bitcoin and potential growth, early believers were lucky enough to got hold of cheap Bitcoin.

Be sure that such a change of life was not easy.Until this change happens, people are risking many things.Surely those people have begun to take their labor compensation.

We can't tell the problem from the price alone. We need to know how many times the encrypted community has developed over the last nine years, and how many times the power of bitcoin has been raised. Now we know how many times the number of bitcoin people has increased compared with the number of people who knew bitcoins nine years ago.

it is still a mystery for me too. I think it is because when 2009, peoples didn't want to use bitcoin.
as time passed by, peoples start to realize that bitcoin is a new digital currency that has advantages over common fiat.

Bitcoin was not become $0.10 to $7000+ by chance. It is not became in one day. Bitcoin faced many situation for achieve this. The main point is that different from traditional currency. While the flow of a traditional currency is tracked by banks and controlled by governments, the circulation of digital currencies is decentralized, a key factor that drives expectations for the spread of bitcoin to new markets and transaction types.. Even though traditional currencies now exist primarily on digital ledgers of banks like bitcoins, the ledger for bitcoins has no separate owner or regulator. Instead, bitcoin is maintained and updated by bitcoin users on the basis of the bitcoin protocol. Since the bitcoin network is not controlled by a single institution, it has several advantages over government-controlled currencies. Those advantages are Limited circulation,Low-cost, open access and Quick, simple account management. Also, Technical and system Upgrades are cause to increase the price.

From Complete Bitcoin Price History Chart + Related Events (2009 - 2018) : https://99bitcoins.com/price-chart-history/

Hence Personally, I am not wonder about this price Because bitcoin worthy for this.

Thank you for attention
Have a Nice Day!

Every people try to make anything that will make people's life easier even for now.
And nobody know the exact result what will happen because people just able to try and let the GOD decide

When bitcoin being created, nobody expect bitcoin able reach $ 7000 or $ 15.000 for some time , it means that people in this digital era require something digital for transaction purpose

As years go by, Bitcoin had been demanded by some so of course market would also increase based on the demands of the coin. That’s why it slowly went up over the years, and people are beginning to notice and acknowledge bitcoin too so the more it increases even more.

50 $ I think it will happen in the year 2020-2022 look at it will be fast every day bitcoin getting popular discussed everywhere all over the world this is amazing 

more people use bitcoin so the bigger it demands get. it is more convenient to use bitcoin compared to banks. sending bitcoin will take minutes to hours compared to banks that will takes 2-4 days before you receive your money and they are close during weekend and holiday.

you should try to figure it out by reading the history of bitcoin. there are many references that you can get, maybe more complete on search engine google. I think this is how great his bitcoin can last for a decade more. even the future of bitcoin is still long.

HYIP players are among the Bitcoin buyers and sellers.

That is totally wrong, when Bitcoin is just starting or released it has no value at all. It just started to gain value when people began to trade Bitcoin for other things like assets, food, etc.. (even illegal things), How did Bitcoin go up so high? It is because people saw that it can be a good store of value and at the same time it can give them huge profit than any other markets because of its volatility, until the demand started to rise and more and more people are getting involved with it and whales started to enter too, this is why Bitcoin gained a lot of value from nothing.

Anything in the world got value by its demand,when bitcoin was launched it has no value and it has gained value when people started to buying and holding it.When the years passed more and more people keep buying and started to hold it which increases the more demand and resulted in the price growth.Whenever there is drop in the demand the price will also drop.

This is simple,
 
When price was low then, people this is "may be" illegal but day by day people believed on BTC, and then BTC follow their own business technique,
and they tried to increase their trustness on invester.
And they increased their other all facility, and also advertised all overthe world.
When people saw this value was increased gradually and then fastly then people invested here more and more the reason why it's price was increasing fastly.......
That's my view.
What do you think? help me pls share your opinion.

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If demand grows, so supply grows too, and consequently the price becoming higher and higher.
The same situation had other cryptocurrencies: ETH for example.

The primary factor helping Bitcoin go high in value is due to the high demand against low supply. Plus the fact that Bitcoin is the first among the many was helping push its value to stratosphere. The current market situation is just temporary as part of the growing pains by Bitcoin...eventually this is bound to surge ahead and claim its supremacy as compared to fiat currencies. Do you have that kind of faith for Bitcoin?

In early November 2013, bitcoin first climbed to a mark of $ 300. And the ability to change this closure of the Silkroad exchange. True, the rise was preceded by a fall. First, traders negatively perceived the news of closed exchanges, but after they realized that the crash of the criminal marketplace (it may not be associated bitcoin with the underworld.

On November 17, 2013, the rate was $ 500. Bitcoin has been growing steadily not only on the news of Silkroad. In October, the Chinese Internet giant Baidu began reception in bitcoins. This news also significantly increased interest in the crypto currency.

November 27, 2013 bitcoin for the first time reached the milestone of 1000 dollars. This was affected by the constant discussion of bitcoin in the media in connection with the scandal with Silkroad. The government of several countries, in particular Canada, China, Germany and the Netherlands, directly or indirectly supported bitcoin, and large companies like Metro said they were ready to accept bitcoins for payment.

But $ 1,000 bitcoin did not last long, by January 2014 bitcoin fell to $ 600 and in the next three years there were no breakthroughs in the history of the crypto currency. But the year 2017 was truly triumphal for bitcoins.

On January 1, 2017, the cost of bitcoin again exceeded $ 1,000. At the same time, the market capitalization of crypto-currencies for the first time in history surpassed the threshold of $ 16 billion. Analysts linked the rise in price to a number of factors: the growing interest of professional investors, improvement of fundamental market indicators, and the understanding that the world's largest economies are becoming increasingly unstable.

May 21, 2017 course bitcoin exceeded the mark of $ 2,100, at the maximum. After in April Japan recognized bitcoin as the official payment standard. Against the background of this news, investors rushed to exchange the yen for crypto currency. And the Chinese authorities began to soften the policy regarding the regulation of the crypto-currency.

August 7, 2017, the bitcoin rate rose above $ 3,000, reaching another record. This happened in connection with the hard-core in the network bitcoin, as a result of which bitcoin cache was formed. In addition, the world has had a boom ICO.

September 1, 2017 bitcoin crossed the mark of $ 5,000. Analysts explained a new record of technological improvements and a growing interest in investing in the crypto currency.

November 17, 2017 bitcoin has already overcome the mark of $ 8,000, and after a serious fall. The canopy for growth was the cancellation of the SegWit2X. Together with the hack to the growth of the biton, probably influenced by political events. Bloomberg publishes a note on the popularity of bitcoin in countries with an unstable economy.

On November 28, 2017, bitcoin costs $ 10,000. To raise prices in the first place told the news that CME in December launched a trade in futures for bitcoin. In addition, bitcoin sharply became interested in Chinese investors.

I am helping people. Don't you think so.....

Bitcoin was not much popular until 2012.  It was after that when people started taking interest in it. It became globally accepted since it was decentralized. People then started to use it for illegal things which caused its price to skyrocket and then the big players started to invest in it. They started trading BTC and that is how the big players hold the much portion of BTC. Over the years BTC became more and more popular and it's price started to grow. During the beginning of last year it was around $2k and then it spiked up to $19k and then dumped back. The correction is over now and BTC must rise again now.

That is how the volatility of bitcoin works as well as the fluctuation of the market, this is the representation of 100% volatility rate of bitcoin where it can go to 0-100 or 100-0 with a short time span. Obviously, it can also because of massive demand from market (demand and supply) which can boost the price of bitcoin or the whales are creating a big wave to the market.

well it is hard to argue with someone whose whole post history is filled with FUD about bitcoin and only comes out whenever he loses money trying to trade bitcoin.
one must first want to be open to discussions to be discussed with.

As bitcoin supply is limited and many investors are buying bitcoins.Because bitcoin is simple, and they believe that bitcoin will become the international currency in the future.
Because they believe bitcoin is valuable

In the same way as will go from 7.000$ to 100.000$.. Same road, not even the end will be there.
People discover the real value of bitcoin, and every day more people start to buy it.

the demand grows and this prediction becomes small! on this bitcoin shows such growth! and I'm sure that the price we saw in December is not a chapel! this year, the bitcoin will beat new records! the price of bitcoins is then calm when there are worthy competitors with good capitalization!

I think because of this on the good platform of Bitcoins, Pay no fee and fast transaction with just one click. That is why the demands have risen and many people have made an interest in it. And another of the ones affected really is the price increase

It's a very surprising and also very special that makes a lot of people want to invest in bitcoin, and I think this bitcoin price increase due to the bubble and the number of investors who interest in bitcoin investment.

This happens all the time in different areas. Securities can do such jump as well. You can find a lot of examples in the economics. Maybe the numbers will be a little bit different, but the idea is the same.

they found out that bitcoin has a value thus, bitcoin is being recognized little by little
the more people will appreciate, invest and recognize bitcoin then the bitcoin will grow more
but who would have thought that bitcoin will go to such a jump? well so those people who hold bitcoins from the past years are surely millionaires right now. .

i know hahaha other coins are so desperate

Bitcoin is the pioneer crypto. by then there was little competition. it came and filled the cryptocurrency gap which was void by then. with time more people adopted it hence high demand and short supply, the price therefore steadily rose to 10k

wrong
when bitcoin was first launched it had no real value. it was only some code on a computer. then that code gained value slowly as more people started using it and as it gained more usages and was exchanges with real goods as Franky1 said above it started to gain real value. and to this day this value is mainly increasing based on the real adoption that bitcoin gains as a currency and partly because of speculation.

Its down to speculation, just like the price of Silver in 1980.

This shows how relevant bitcoin is in our modern society. The price went up to these value nowadays simply for the reason that people can see the potential of its system and that it will surely grow. And it did! Who would have thought that from that price from 2009  it went up to 20k  last year of december?  If many people believe and invested at that early year many would have become millionares or billionaires by now. Only the people who saw and believe in bitcoin at its early conception has now enjoy the result of their faith in bitcoin.

Silver was $80/ounce in 1980. That is like $3000/ounce today. But now Silver is $17/ounce.

All the signs that Bitcoin is going the Silver way.

main cause/trigger was bitcoin being used to buy real like stuff..
first price push was due to 'bitcoin pizza'
then shadier things like silk road
then legit things via bitpays merchant tools
then coinbase adding merchant tools

..
its not about scarcity, as there are many crap coins with more scarcity
its not about function of sending funds in ~10mins, as many crapcons can do it faster
..
but now core devs hate the idea of bitcoin used as common real world product purchasing currency.
and with the tx fee drama. and drop off of merchant adoption.. bitcoin is in a lull period where investors/community are unsure of the future real life utility of bitcoin.

yes the propangandist hyping sheep will promote LN, but the truth is LN is not consumer ready for the half million merchants and millions of customers that USED TO use bitcoin daily for real life things. and wont be ready any time soon.

so right now everyone is screaming to just hold, and treat btc as a store of value and ignore bitcoins original utility.. even though to have a value of store, btc needs a utility to give it value.. otherwise its just like facebook credits but on a distributed network

Bitcoin's value depends on the acceptance of the people of the cryptocurrency. If there are lots of people buying than selling their bitcoins then its price would surely go up. Hodlers played vital role in bitcoin's value. They are long term investors that are fond of holding very good amount or huge amount of bitcoins whatever it takes for they do believe in the technology behind it and they can surely profit from it long term.

The sudden dip of bitcoin is caused by some hodlers selling huge amounts of bitcoins cos of some issues regarding the regulation of bitcoin by the government. Some countries even ban bitcoin.

There's a limit of 21M bitcoins that we could mine until its impossible to acquire, this is one reason why bitcoin's value is increasing due to mining difficulty and the scarcity of the coin in the future. The law of supply and demand plays a vital role when it comes to increasing price of bitcoin that is why bitcoin is one of the best store of value just like gold.

When Bitcoin was launched in 2009, you would get 1 Bitcoin for $0.10. Now 1 Bitcoin = $7,000

How did Bitcoin price go up some 50,000 times ??