What was the starting price of Bitcoin?

bri912678

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Quote from: jaredboice on March 16, 2015, 09:56:57 AM

The first official (not-test/development) transaction was a couple of large pizzas for like 10,000 BTC. If we assume it was around $30, then you're looking at $0.003 for its initial market value. Come to find out it was in my hometown! Jacksonville, FL

https://bitcointalksearch.org/topic/pizza-for-bitcoins-137

No the pizza swap for Bitcoins was on May 22, 2010, but the first trade on the Bitcoin Market exchange was two months earlier than that on March 17, 2010. This is the post announcing the swap of two pizzas for 10,000 BTC on May 22, 2010.

Quote from: laszlo on May 22, 2010, 02:17:26 PM

I just want to report that I successfully traded 10,000 bitcoins for pizza.

Pictures: http://heliacal.net/~solar/bitcoin/pizza/

Thanks jercos!

This is the post announcing the first trade on the Bitcoin Market exchange on March 17, 2010.

Quote from: dwdollar on March 17, 2010, 12:07:01 PM

Quote from: ihrhase on March 17, 2010, 07:10:09 AM

Is there a human volume to your market, do you have population numbers as of right now DW?

There are 9 people signed up but only 3 have made a deposit so far. Myself makes 4. Looks like we had our first real trade around noon!

jaredboice

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The first official (not-test/development) transaction was a couple of large pizzas for like 10,000 BTC. If we assume it was around $30, then you're looking at $0.003 for its initial market value. Come to find out it was in my hometown! Jacksonville, FL

https://bitcointalksearch.org/topic/pizza-for-bitcoins-137

bri912678

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Activity: 348

Merit: 250

Quote from: Wandererfromthenorth on March 15, 2015, 09:34:25 AM

Quote from: bri912678 on March 14, 2015, 05:41:24 PM

The lowest price a Bitcoin sold for on an exchange might have been lower than one cent. There was an exchange called Bitcoin Market that was trading earlier than Mt Gox, but I can't find any charts showing its prices. Here's the announcement posts for both Bitcoin Market and Mt Gox.

Quote from: dwdollar on March 17, 2010, 12:07:01 PM

Quote from: ihrhase on March 17, 2010, 07:10:09 AM

Is there a human volume to your market, do you have population numbers as of right now DW?

There are 9 people signed up but only 3 have made a deposit so far. Myself makes 4. Looks like we had our first real trade around noon!

Quote from: mtgox on July 17, 2010, 08:57:19 PM

Hi Everyone,
I just put up a new bitcoin exchange.
Please let me know what you think.
https://mtgox.com

Interesting, thanks! I wasn't even aware of that bitcoinmarket site.

"I just put up a new bitcoin exchange.
Please let me know what you think.
https://mtgox.com"
Cheesy

I found this post about the guy that swapped 10k Bitcoins for two pizzas. It says at that time you could have sold 10k on Bitcoin Market for $41USD. That works out to $0.0041 per Bitcoin.

Quote from: ender_x on May 18, 2010, 02:01:50 PM

10,000... Thats quite a bit.. you could sell those on https://www.bitcoinmarket.com/ for $41USD right now..
good luck on getting your free pizza.

Wandererfromthenorth

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Quote from: bri912678 on March 14, 2015, 05:41:24 PM

The lowest price a Bitcoin sold for on an exchange might have been lower than one cent. There was an exchange called Bitcoin Market that was trading earlier than Mt Gox, but I can't find any charts showing its prices. Here's the announcement posts for both Bitcoin Market and Mt Gox.

Quote from: dwdollar on March 17, 2010, 12:07:01 PM

Quote from: ihrhase on March 17, 2010, 07:10:09 AM

Is there a human volume to your market, do you have population numbers as of right now DW?

There are 9 people signed up but only 3 have made a deposit so far. Myself makes 4. Looks like we had our first real trade around noon!

Quote from: mtgox on July 17, 2010, 08:57:19 PM

Hi Everyone,
I just put up a new bitcoin exchange.
Please let me know what you think.
https://mtgox.com

Interesting, thanks! I wasn't even aware of that bitcoinmarket site.

"I just put up a new bitcoin exchange.
Please let me know what you think.
https://mtgox.com"
Cheesy

Q7

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Merit: 250

I assume it has to start from zero because practically during that initial stage nobody would know what bitcoin is and since there is very little understanding about how it works, I don't think anybody would actually fork out real cash to pay for it. Furthermore at that time, bitcoin can easily be mined means that even the normal cpu computer can churn out bitcoin for such low computing power put in.

Roy Badami

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Quote from: erikalui on March 15, 2015, 05:59:10 AM

Quote from: Roy Badami on March 15, 2015, 04:12:50 AM

I'm not sure the New Liberty Standard so-called "exchange rate" really counts as it seems that it was really just a mining cost index, and not related to actual trades (if indeed anyone was actually trading BTC back then).

http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate

Unless anyone knows different?

Thanks for sharing this website. It actually started in October 2009 with $1.00 USD = 1,309.03 BTC which means 1 BTC was $0.00007 when it started. Not much worth actually but it actually started growing in 2010-11 if I go as per the chart.

Well, it means 1 BTC cost the author of that page $0.0007 to mine. I'm not sure it says a whole lot more than that.

havecoch

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I am not sure how accurate it is. But in the documentary the "Rise and Rise of Bitcoins " , it was said that the starting price/value of bitcoins had been 1 dollar for around 1000 bitcoins. But I doubt there was any exchange around then and so it was only possible for people to trade it with each other.

erikalui

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Quote from: Roy Badami on March 15, 2015, 04:12:50 AM

I'm not sure the New Liberty Standard so-called "exchange rate" really counts as it seems that it was really just a mining cost index, and not related to actual trades (if indeed anyone was actually trading BTC back then).

http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate

Unless anyone knows different?

Thanks for sharing this website. It actually started in October 2009 with $1.00 USD = 1,309.03 BTC which means 1 BTC was $0.00007 when it started. Not much worth actually but it actually started growing in 2010-11 if I go as per the chart.

erikalui

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Quote from: stonerider on March 14, 2015, 04:48:55 PM

Like anything valuable in the world, bitcoin started its young life at $0.00 in late 2009. It rose all the way to $1200 in late 2013, and then crashed all through 2014, and here we are sitting now at $283.

I owned bitcoins in 2013 but when I checked that time, the price was $300 or less. As some have said here that the price was about $0.003 or less when it started. In a year's time it just crashed to less than $250.

jougR79

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Quote from: erikalui on March 14, 2015, 11:58:00 AM

When I started trading in Bitcoins, the rate was above $300 but through some discussions on this forum, I noticed the price had crossed $1000. When was it and on what factors does this price depend on? Does it work the same way the stock market and forex operate? Also, what was the highest price bitcoin ever attained and the lowest price as well?

Currently the price is $287 and am waiting it to again reach atleast $300.

The starting price of Bitcoin was 0 because you could get some just by clicking on a "get some bitcoins" button in your bitcoin client.

Roy Badami

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I'm not sure the New Liberty Standard so-called "exchange rate" really counts as it seems that it was really just a mining cost index, and not related to actual trades (if indeed anyone was actually trading BTC back then).

http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate

Unless anyone knows different?

Melbustus

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Quote

October 5 2009 Exchange rates published by New Liberty Standard. $1 = 1,309.03 BTC (and theymos thought NLS was overcharging)

https://en.bitcoin.it/wiki/History

happygeorge

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In da Jungle!

This is a great question, I remember reading really good detailed explanation of it by Peter Surda (I believe)

in short, this is the explanation that best answers your question:

Quote

"A suspicion that Bitcoin might one day be a big deal explains everything about its original demand. "

at that point, the price became "NOT ZERO"... I don't think it is fair to call $0 a "price" so, I believe you are searching for the moment that it was something...

here is the source of that quote:

http://nakamotoinstitute.org/mempool/the-original-value-of-bitcoins/

btw... the above quote was not from Peter's work, though his 93 page thesis is well referenced and an interesting read so here it is:
http://dev.economicsofbitcoin.com/mastersthesis/mastersthesis-surda-2012-11-19b.pdf

randy8777

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Quote from: bri912678 on March 14, 2015, 05:12:20 PM

Quote from: Wandererfromthenorth on March 14, 2015, 02:14:46 PM

The lowest price bitcoin was sitting at on an online exchange at the very beginning was around $0.06, with a flash low of $0.01.

If you scroll right back to the start of the Mt Gox chart on tradingview it shows that brief spike down to $0.01

https://www.tradingview.com/e/?symbol=MTGOX%3ABTCUSD

early birds must have known something we didn't. those who bought under $1 and managed to hold till above $500 are in the money. a lot money. from $0.01 to $1000 isn't bad.

gentlemand

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Welt Am Draht

As far as I recall the first recorded trade was 1300 BTC for a dollar in 2009. If we go for the highest then it would've been on localbitcoins at the height of the mania or an exchange glitch. One sold on CampBX for $9700 a few months ago.

bri912678

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Quote from: Roy Badami on March 14, 2015, 06:06:52 PM

Someone (Gavin I think) has a Google Docs spreadsheet of Bitcoin Market trades. I don't have the link to hand, but the earliest trade in that spreadsheet was for $0.003 (i.e. 0.3c) on on 25 April 2010.

I found this post with a link to a CSV text format, zipped file of Bitcoin Market trades, but it gives a 404 not found error.

Quote from: jgarzik on October 27, 2010, 03:50:45 PM

Bitcoin Watch is now making available per-trade historical data for mtgox, bitcoinmarket PPUSD, bitcoinmarket LRUSD and bitcoinmarket PGAU. It's in CSV text format, zipped:

http://www.bitcoinwatch.com/trades.zip

Robot authors, please do not poll this more than once a day. Do not consider this a real-time feed. You do not need to download the entire history of bitcoin every 5 minutes! If you need a real-time feed, please connect directly to the marketplace tickers themselves.

picolo

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Quote from: erikalui on March 14, 2015, 11:58:00 AM

When I started trading in Bitcoins, the rate was above $300 but through some discussions on this forum, I noticed the price had crossed $1000. When was it and on what factors does this price depend on? Does it work the same way the stock market and forex operate? Also, what was the highest price bitcoin ever attained and the lowest price as well?

Currently the price is $287 and am waiting it to again reach atleast $300.

Supply/Demand; trading; predictions of the future price through speculation, adoption, media attention and regulation.

Roy Badami

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Activity: 563

Merit: 500

Someone (Gavin I think) has a Google Docs spreadsheet of Bitcoin Market trades. I don't have the link to hand, but the earliest trade in that spreadsheet was for $0.003 (i.e. 0.3c) on on 25 April 2010.

bri912678

sr. member

Activity: 348

Merit: 250

The lowest price a Bitcoin sold for on an exchange might have been lower than one cent. There was an exchange called Bitcoin Market that was trading earlier than Mt Gox, but I can't find any charts showing its prices. Here's the announcement posts for both Bitcoin Market and Mt Gox.

Quote from: dwdollar on March 17, 2010, 12:07:01 PM

Quote from: ihrhase on March 17, 2010, 07:10:09 AM

Is there a human volume to your market, do you have population numbers as of right now DW?

There are 9 people signed up but only 3 have made a deposit so far. Myself makes 4. Looks like we had our first real trade around noon!

Quote from: mtgox on July 17, 2010, 08:57:19 PM

Hi Everyone,
I just put up a new bitcoin exchange.
Please let me know what you think.
https://mtgox.com

bri912678

sr. member

Activity: 348

Merit: 250

Quote from: Wandererfromthenorth on March 14, 2015, 02:14:46 PM

The lowest price bitcoin was sitting at on an online exchange at the very beginning was around $0.06, with a flash low of $0.01.

If you scroll right back to the start of the Mt Gox chart on tradingview it shows that brief spike down to $0.01

https://www.tradingview.com/e/?symbol=MTGOX%3ABTCUSD

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