If Bitcoins aren't tied to a conventional currency, how did they get so valuable?
Good question! When the bitcoin network was first created in 2009, bitcoins were barely worth anything. Bitcoin lore holds that the very first real-world bitcoin transaction occurred in May 2010, when one early bitcoin user paid another user 10,000 bitcoins for two pizzas. At the time, bitcoins were trading for less than a penny each.
Topic: If Bitcoins aren't tied to a conventional currency how did they get so valuable? - page 4. (Read 1058 times)
July 29, 2018, 11:13:08 PM
July 29, 2018, 10:29:39 PM
If Bitcoins aren't tied to a conventional currency, how did they get so valuable?
Good question! When the bitcoin network was first created in 2009, bitcoins were barely worth anything. Bitcoin lore holds that the very first real-world bitcoin transaction occurred in May 2010, when one early bitcoin user paid another user 10,000 bitcoins for two pizzas. At the time, bitcoins were trading for less than a penny each. July 29, 2018, 09:14:37 PM
The value of BTC is determined by the market. If you are willing to buy BTC for $8200 and the other person in the market rather want to buy BTC for $8100 then both of you has to wait til someone is wiling to sell for the price you set. However the market place will set and average to which the basis for what the price would be just as how CMC shows the price is.
July 29, 2018, 09:08:28 PM
If Bitcoins aren't tied to a conventional currency, how did they get so valuable?
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