What was BITCOIN's Launch Market Cap ?

Lucius

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Quote from: tranthidung on May 29, 2022, 07:04:05 AM

However it is not the answer wanted by OP. The first buy (or exchange) transaction between two people is what results in Bitcoin Pizza day. This

Bitcoin for Pizzas ?

Something happened before that, however, and it is related to the New Liberty Standard - and is considered the first sale of Bitcoin in which one of the founders of this forum Sirius (Martti Malmi) participated. We can note that Sirius sold 5050 BTC in 2009 for just over $5, and that as early as 2010, two famous pizzas which are paid 10 000 BTC were then worth about $40.

Quote from: https://nymag.com/intelligencer/2017/12/bitcoin-timeline-bitcoins-record-highs-lows-and-history.html

October 12, 2009 The first known sale of bitcoins in U.S. dollars takes place: New Liberty Standard sends $5.02 via PayPal to Martti Malmi, and Malmi sends 5,050 BTC to New Liberty Standard, enabling the site to establish the first-ever bitcoin trading service. The price of bitcoin is 0.099 of one penny.

pawanjain

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Quote from: aysg76 on May 29, 2022, 06:35:05 AM

Quote from: JoySmiles on May 28, 2022, 05:14:20 PM

Hi Guys,

I am Joy, and I am new here. I have been trying to find the Market Cap of bitcoin at launch, but haven't been able to.

Also where can I see the 1st buy transaction of bitcoin.

Hoping to learn a lot from all of you

Cheers
-Joy

As you have been already told that in the initial days of launch the bitcoin prices were merely zero as there was no exchange to list it and people willing to buy it.As simple rule of economics the prices are derived by demand and supply but there was supply only through mining but no demand so no market cap was available for it.But first rates were published by New Library standard on 5^th October 2009 and they were site offering buy/sell bitcoin service through PayPal.These were the rates back then according to them :

snip

Quote

NewLibertyStandard calculated this exchange rate using a formula based on:

“dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided, by the number of bitcoins generated by my computer over the past 30 days.”

So as per this formula and established price the bitcoin was at $1= 1309BTC

Wow, I never knew this. Is this really true ? So the price of 1 BTC was initially $0.0007639.
This means that bitcoin's current price has increased to 37,963,084x times the initial price.
Do you have the buy/sell transactions made during those times ?

tranthidung

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Quote from: ultrloa on May 28, 2022, 06:22:25 PM

I don't know about the marketcap but you can check here the price history of bitcoin https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp

And check this for the first transaction made on history of bitcoin https://coingeek.com/13-years-ago-satoshi-nakamoto-sent-hal-finney-10-bitcoins-in-bitcoins-first-transaction-ever/

It is the first transaction ever between two people, sender and receiver. It's between Satoshi Nakamoto and Hal Finney. They both have accounts on the forum.

However it is not the answer wanted by OP. The first buy (or exchange) transaction between two people is what results in Bitcoin Pizza day. This

Bitcoin for Pizzas ?

aysg76

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Quote from: JoySmiles on May 28, 2022, 05:14:20 PM

Hi Guys,

I am Joy, and I am new here. I have been trying to find the Market Cap of bitcoin at launch, but haven't been able to.

Also where can I see the 1st buy transaction of bitcoin.

Hoping to learn a lot from all of you

Cheers
-Joy

As you have been already told that in the initial days of launch the bitcoin prices were merely zero as there was no exchange to list it and people willing to buy it.As simple rule of economics the prices are derived by demand and supply but there was supply only through mining but no demand so no market cap was available for it.But first rates were published by New Library standard on 5^th October 2009 and they were site offering buy/sell bitcoin service through PayPal.These were the rates back then according to them :

Quote

NewLibertyStandard calculated this exchange rate using a formula based on:

“dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided, by the number of bitcoins generated by my computer over the past 30 days.”

So as per this formula and established price the bitcoin was at $1= 1309BTC

PrimeNumber7

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Quote from: ultrloa on May 28, 2022, 06:22:25 PM

And check this for the first transaction made on history of bitcoin https://coingeek.com/13-years-ago-satoshi-nakamoto-sent-hal-finney-10-bitcoins-in-bitcoins-first-transaction-ever/

That transaction was not a financial transaction and did nothing to reflect the price of bitcoin. It was merely satoshi sending some of his own coin to Hal Finney in exchange for nothing in return.

As of the first block, few people except satoshi even knew that bitcoin existed. It was more or less trivial to get as many bitcoin as you wanted via mining, and there were no willing buyers to my knowledge.

My understanding is that there were no willing buyers of bitcoin until mid 2010, which the going rate was less than a penny per bitcoin. At this point, the market cap was still very close to zero, and it was not possible to spend much money buying coin.

pooya87

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Unlike shitcoins, bitcoin didn't start on an exchange to be traded. It wasn't sold to people.
Instead bitcoin started as a currency but it didn't have any exchange rate (price) to determine its market capitalization because it wasn't being traded.
Additionally market cap was not a thing back then, this is a concept that was introduced by shitcoins to gain an arbitrary rank due to their uselessness.

mk4

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Marketcap = price * supply

Since we can assume that bitcoin was worth zero at inception (nobody was willing to pay for BTC since almost no one but a small number of cypherpunk peeps knew about it), then

Marketcap = $0 * whatever_the_supply_is_at_inception = $0

hatshepsut93

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Bitcoin marketcap was initially zero, because Bitcoin, unlike altcoins, didn't have any pre-sale and pre-mine. As for the first purchase, the first Bitcoin trades were done before any centralized exchanges were created, so little is known about the first instances of trading.

This demonstrates that it's irrelevant of how big your marketcap is at the start, it's important that the project is actually useful to people.

hosseinimr93

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In the block number zero (which is called genesis block), 50 BTC were created and all other coins have been mined.

Note that you can check all bitcoin transactions on block explorers like blockchair.
Of course, there is no way to know which is related to a purchase and which one is just a bitcoin transfer.

ultrloa

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Quote from: JoySmiles on May 28, 2022, 05:14:20 PM

Hi Guys,

I am Joy, and I am new here. I have been trying to find the Market Cap of bitcoin at launch, but haven't been able to.

Also where can I see the 1st buy transaction of bitcoin.

Hoping to learn a lot from all of you

Cheers
-Joy

I don't know about the marketcap but you can check here the price history of bitcoin https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp

And check this for the first transaction made on history of bitcoin https://coingeek.com/13-years-ago-satoshi-nakamoto-sent-hal-finney-10-bitcoins-in-bitcoins-first-transaction-ever/

Also all information you may ask is all placed in google for sure you can learn more by being resourceful.

JoySmiles

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Hi Guys,

I am Joy, and I am new here. I have been trying to find the Market Cap of bitcoin at launch, but haven't been able to.

Also where can I see the 1st buy transaction of bitcoin.

Hoping to learn a lot from all of you

Cheers
-Joy

Topic: What was BITCOIN's Launch Market Cap ? (Read 146 times)