On this day in 2009, a Reddit user posted the first-ever thread on Bitcoin (BTC), titled “Bitcoin: A peer-to-peer network based anonymous digital currency.” The thread links to Bitcoin’s page on SourceForge, a web community where users post their open-source projects.
The Reddit thread has 280 upvotes and 241 comments. Reddit users initially expressed mixed feelings toward Bitcoin, with some recognizing its potential even back then, while others were much more skeptical due to security, potential government scrutiny, and so on.
“Holy cow! Seems awesomely creative. But I sure do wonder about security and whether the idea will catch on.”– one of the users commented in the 14-year-old post.
Other comments were far more pessimistic, with some users suggesting Bitcoin was the first “completely digital pyramid scheme.” Similarly, another Reddit user wrote that the idea “seems cool in theory,” however, it would likely get used by criminals to purchase “illicit materials off the internet,” the user added.
Bitcoin price change over the years
Published on May 8, 2009, the first Bitcoin thread was posted on Reddit just four months after Satoshi Nakamoto launched Bitcoin software. At the time, the world’s biggest cryptocurrency was worth less than $0.01.
Currently, BTC trades at $27,852, meaning the cryptocurrency surged by nearly $28,000 since its launch 14 years ago.
It’s been a wild ride for Bitcoin. In 2010, BTC was first traded for fiat currency, with an estimated value of less than a cent. Just a year later, the cryptocurrency hit parity with the US dollar for the first time.
In 2013, Bitcoin saw its first massive rally, soaring to a record high of roughly $1,200 in December. However, in 2014, BTC price crashed, experiencing no significant upside until 2017, when it hit a new all-time high of nearly $20,000, also in December. Just a year later, the number one crypto token saw a substantial correction, plummeting to as low as $3,200.
In 2020, BTC experiences another substantial price increase, closing out the year at $28,949. The cryptocurrency continued to rally in 2021, reaching its current all-time high of $68,789 in November 2021 following a significant bull run.
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