Bitcoin Forum

After the initiation of Faucet where traders were gifted 5 btc each, the integration of bitcoin exchange began with bitcoin market as the first exchange in the cryptocurrency market launched 2010. Buyers sent Paypal to the bitcoin seller then the exchange holds the funds until the sellers gets the funds. So they served as Escrow during the period. And it was the only exchange that is similar to the exchange of today.



https://i.imgur.com/YZOVq9x.jpg


https://www.gemini.com/cryptopedia/crypto-exchanges-early-mt-gox-hack

48 Bitcoins for 10 bucks a piece.  :-X

5 btc is quite a lot now, reading this is making me wish I was one of the beneficiaries. I was curious after reading this and made some research of my own to see if this early bitcoin exchange faucet developed into another current day exchange, but couldn't find any information to that end. Any information on that?

Btc has indeed come a long way. Just imagine the person who bought 40 btc for 10$ back then if he/she was holding till now, which investment way more than that?.
This is how our today market will definitely be a reference to many in times to come when btc and crypto currency market will take a new phase.

What is BM under BTC?
I couldn't imagine how cheap the Bitcoin price was before 48.6BTC for $10 how lucky they are if they still have this Bitcoin on their old PC. If I'm a time traveler maybe I'll go back to that time then buy $100 of BTCs and go back today or If I'm the one who bought that 48BTC I'm sure I already sold it last 2017 because that was the time when the price of Bitcoin reach nearly $20k and then buy again at the dip and sold them all last year.

Bitcoin Market.

I would bet a dollar you would have sold all your btc at the first all time high ;), it is easy now to wish to be among the very few btc beneficiaries but it wasn't so easy back then because the future of btc was not very clear, majority of them sold those btc cheap as it was given free. 5 btc at current price is 100k  ;D even the best soothsayer in the world couldn't have predict that.
But here we are btc surprises all of us, most of the early btc adopters are left with nothing but regrets.     

In the past, less miners than now. Hashrate is lower, difficulty is lower and miners can get Bitcoin from mining more easily than now.

It is like mining Bitcoin in 2017 is more easily than in 2022 and financial input for mining 1 Bitcoin in the past is cheaper than now.

I think we can look at the past record and say something, regret, have wishes but why don't do something wisely for fututer. Buying a bitcoin and holding it next 10 years. in 2032, people will wish they can revert the time to buy Bitcoin under $20,000.

Exactly. I was wondering what those people that came across Bitcoin in those early days and sold off would have thought about when the price of Bitcoin started growing. I keep going back to this story of Shiksay “Sziky” Miklos who
left a comment for Sports.ru about participating in the AoV iCCup StarLeague. At the tournament, the cybersportsman took 5th place and received 25 bitcoins. Then they were valued at $ 41. (http://world-today-news.com/sziky-on-the-bitcoins-won-at-the-2011-starcraft-tournament-i-didnt-take-them-i-asked-them-to-pay-me-40-games/)
Imagine taking $40 instead of 25 Bitcoins those Bitcoin are worth above $500k at today's price. :'( only if they knew.

That's what I heard too. Many of the early adopters sold everything they had at the point of the price reaching like 50x or 100x compared to what it was when they first entered the game. I can't blame them, I would surely do exactly the same thing. Only now I know that when dealing with BTC, it is better to not sell everything at once. Keep 20%, at least, just in case it will cost much more in 2 years than the 80% you are selling today.

It was never that easy to hold since the beginning till $69k (ATH). A lot of people who bought bitcoin very early below $10 had sold their coins when they first saw $100. It's 10x!! Consider from that point of view. It was never that easy to keep the temp and hold. Who didn’t sell at $100, most of them sold when it hit $500 or even at $1000. It was like 50x to 100x. Who would have thought getting such a huge return. Very less people have hold all the way and that's paid off them.

This is the actual meaning of opportunity comes but once, but, its left for us to see now as an oppurtunity that may not come again and hodl bitcoin. Imagine how difficult it is to hodl bitcoin now compared to when they got those coins free. Only the believers held and some may have forgotten about their bitcoin private keys. It was more like a testnet in my opinion. 5btc was so little that it was gifted to multiple users. A time will come when the next generation of bitcoin will wish to be us.

True to that.

Although there were a few of them that have got diamond hands and got to see a thousand per piece of bitcoin and managed to still hold a lot of it.

But the majority on those times, they're like bought $8-$10/btc and probably have sold in $50-$100 each and they feel like the winner of their lifetime.

It's not that easy to hold back then because the future of bitcoin was uncertain. And glad to those that have held on and believed or probably have forgotten for several years that they owned bitcoin and just came back when they've seen the price blown up.

That's how this whole thing works. No one knows what will happen and when it will happen. Those who bought and forgot about it are the lucky people now. Damn I wish I knew btc will be this much valuable now, i should have bought a lot.

It’s really amazing if we view it with the current price of Bitcoin in mind but what if Bitcoin price do manage to increase to million dollars a piece or more. The future generation will gonna be amazed on our discussion right now that we still manage to see Bitcoin on the current just like we wish to be on the era of Bitcoin which OP posted. I’m those who early sold and never came back is not browsing anymore news related to Bitcoin because it’s killing them just to know the current price of Bitcoin.  :D

I agree with you that 20% of Bitcoin usage should be reserved and 40% should be sold as you wish. Thank you very much for your suggestion.
Bitcoin will continue to grow at a rapid pace in the future and there will be nothing left but to regret. Of course some savings should be kept.

There were too many folks that I've seen that they've forgotten their wallets and still able to gain access during the bull run. I don't know how many of them sold but one thing for sure, many still hold it until the next bull runs to come.

Those folks are the real diamond hands. While some sad stories about totally forgetting the hundreds to thousand of bitcoin that they've got. Well, those bitcoins were burned forever and that adds to the ecosystem and value of it.

If any of you had that 48 bitcoins,I am ready to give you 10k dollars for the bitcoin.Which you had purchased at the price of 10$.Actually it’s not poss I know,because the price of the bitcoin is 20k dollars.So the value of 48 bitcoin will be nearly 960k dollars.WHO sell 960k value bitcoin at 10k dollars  ;D

I certainly hope so. You mean the time when BTC hits $200k, and those who bought at $69k and were holding all these difficult times will not regret what they were doing, right? I'm grateful to people that buying BTC at an ATH. After all, it's thanks to them the price goes even higher when no one is expecting that.

This is how crypto exchanges list their trades.
Such as CEX.IO and Gemini does with their trading pais of bitcoin. From what I recall when they started out for trading BTC.
Many others before that but now they just list them normally without their exchange named initials beside it.

Nice snapshot to put along side historical timestamped moments in time of bitcoin for certain.

Oh, the nostalgia. ;D

It's very difficult to find any other pictures of Bitcoin Market but I did manage to find this one:

https://static.news.bitcoin.com/wp-content/uploads/2018/12/WHlLUcl4-bitcoin-market.png

Even after all this time, Bitcoin is going strong and remains the dominant player in the crypto niche. Everything else comes and goes but bitcoin remains a force to reckon with. Its creator(s) had something else in mind rather than getting rich over night and on the expense of the community, which remains the case with all altcoins. The oldest and most successful truly decentralized crypto.

Yes, it's true, and I wish all people knew this. It's unimaginable how many sh*tcoin scamming projects would be prevented, if people really knew the main difference between BTC and any other newly appeared crypto that "works the same or even better", that has "lower transaction fees and works much faster". And the difference is that BTC is more decentralized than any of them by a wide margin.