How Much Was 1 Bitcoin worth in 2009?
How Much Was 1 Bitcoin worth in 2009? Is the question that comes to mind when you want to know about the Bitcoin.
Well, bitcoin is the cryptocurrency that is not regulated by the banks and generated by the procedure called mining. It came into existence on January 2009 with the release of first open-source Bitcoin client as well as the issuance of the first bitcoin.
How Much Was Bitcoin worth in
Bitcoin first appeared in 2009 and was not traded on any of the exchange in 2009. So technically speaking it was worth nothing that is $0 in 2009. Its price was recorded in 2010.
What determines Bitcoin’s Worth?
There is no proper way to determine the price of Bitcoin. Its worth is an average based on the feeds received from the global exchange. But discrepancies aside, the factors which determine “how much one bitcoin worth” are:
Supply and Demand
Like any other commodity in the world, its worth depends on the supply and demand. It can be said that the majority of the bitcoin is under the control of the people who have adopted the model of Bitcoin in its early stage. So they are in control at present.
It was decided earlier that there will be a limited number of the bitcoin that is 21 million coins, over 16 million coins have already been produced, and the remaining will be dispatched within the next 12 years.
Bitcoin is not like other fiat currency whose quantity increases with the request. There is a limited number of bitcoin in the market.
There is a massive rise in the acceptance of bitcoin nowadays. From this, you can expect that the demand will ultimately rise. So this demand will help in the increase in the price of bitcoin in the future.
Drivers of Interest
There were various instances when the bitcoin turned out to be a tutelary saint. Some of the examples
Banking Blockades: Bitcoin is accepted as the payment or the donation when the banks refused to pay through their channels.
Fiat Currency Crisis: People learned that bitcoin is a much safer investment as compared to the fiat currencies. For example, Greece in 2015 imposed a strict capital control as a subject can withdraw only 60 euro or China, which devalued its currency. These instances show the importance of the bitcoin, which is without central control.
Market Manipulation Determining the Bitcoin’s worth without including the market manipulation is incomplete.
Earlier, there was only one bitcoin exchange that is MT. Gox as the undisputed market leader. So the chances of market manipulation were very high, but now there are many exchanges. This is a good sign as a single exchange going bad would not affect the market that much.
Major Downside Risks
Bitcoin not being controlled by the central authority is a highly risky asset. There can be a problem when the government decides to ban the trade of cryptocurrency in any form. There can also be a problem when a credible competitor rise with the support of the banks, could see bitcoin lose its market.
So coming back to your question- How Much Was 1 Bitcoin worth in 2009? The answer is $0 in 2009 and $5,528.06 at present. So buy or mine it who knows you might be the next millionaire.