The first bitcoin transaction took place 10 years ago

Jan

12

2019

It is ten years ago that the first transaction with the digital currency bitcoin took place. On January 12, Hal Finney received ten bitcoin from creator Satoshi Nakamoto. Usage has grown enormously since then, with the price of bitcoin experiencing huge fluctuations.

bitcoin The first bitcoin client was available as open source on January 9, 2009, and was installed by Hal Finney, programmer by profession. He announced in a tweet on January 11 that he had ‘bitcoin running’. It would then take some time for someone to actually buy something with bitcoin; two pizzas purchased from pizza chain Papa John’s for 10,000 bitcoin in 2010 is one of the first known transactions. Converted to the price of today, that would amount to almost 16 million euros per pizza.

Because bitcoin is open source, other crypto coins came on the market after a while; there are now thousands available, with Ethereum and Ripple being well-known names. Meanwhile, bitcoin has continued to grow and hundreds of millions of transactions have been made. However, the price of bitcoin fluctuates strongly: after a few years of growth, a bitcoin was worth around 10,000 euros a year ago, but at the moment it is only about 3100 euros.

Over the years, scandals also took place, with the incident with the bitcoin exchange going to Mt. Gox was one of the largest. In 2014, it was one of the largest exchanges worldwide, where a large part of the bitcoins were traded, but in April of that year, Mt. Gox confessed that about 750,000 bitcoins had been lost, after which a bankruptcy was requested. That caused suspicions towards the CEO of Mt. Gox, and many investors filed lawsuits to get their money back.

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