Bitcoin Forum

This post is not about the price of the famous 'bitcoin pizza' that saw Laszlo Hanyecz buying two Papa Pizza in 2010 with 10,000 bitcoins (yes, for those who didn't know,it happened) but the actual lowest price of bitcoin recoded formally by coinmarket.com, Here are the details below:
Bitcoin lowest price was 66.62 $ per bitcoin
Date was July 07, 2013
Market cap. for that day was a mere 782,352,000$

To put that in perspective , current bitcoin's market cap. is 108,199,097,492$ (three extra zeros) and price is approximately 100x, You see, we have really come a long , it is not yet time to give up hope, they is a bigger picture than the current market sentiments.


source: https://coinmarketcap.com/currencies/bitcoin/historical-data/?start=20130428&end=20180816
            https://www.investopedia.com/news/bitcoin-pizza-day-celebrating-20-million-pizza-order/

i don't know why coinmarketcap has become popular for people as a go to when they want to check the price! it is the worst place you can check the price from. it gives you the average, the charts aren't accurate,...


there you go: https://bitcoincharts.com/charts/mtgoxUSD#czsg2010-06-01zeg2010-08-17ztgSzm1g10zm2g25
$0.05 on July 2010.
since you love (the meaningless) market cap so much by July 2010 supply of bitcoin was
19 months * ~30 days * 144 blocks/day * 50 BTC/block = 4,104,000
market cap of bitcoin = 4,104,000 * 0.05 = ~$205,200

I understand the meaning of your writing, we should not panic with this down-market situation because there was once a worse decline than this and now more can be expected than before.

Thank you, i have never really used bitcoincharts.com, it is kind of amazing, the figures are even nicer ,learning each day thanks man.

I believe you are right where people shoud not panic in every bear market that will occur from time to time as btc is still at a tolerable price level. Every bear market, people shoud have to accept that it is just a normal thing to happen on btc due to it's volatility and after several days or weeks btc will manage to move up again and making an up trend movement.

Unfortunately, most cryptocurrencies, especially bitcoin, news outlets (save coindesk and CCN) use CoinMarketCap's information and charts as a reference for prices in their daily "bitcoin/altcoins is up/down–bull/bear" articles. I admit, I often use CoinMarketCap to check prices as it has tools and markets lists that make navigating exchanges for trading opportunities easier. 

I think we should stop spreading these 100X or 1000X stories. Bitcoin has indeed experienced rapid growth, but over-exaggerating these will only strengthen speculation in Bitcoin and do nothing for community growth.

I'm not saying you're wrong, but I feel like stories like this also improve optimism that the community and adoption is growing. It may also encourage outsiders to dip their toes for whatever reason they may have. Some users don't particularly have high opinions on speculators, but I'd say speculators are one step closer to being actual Bitcoin users than those who don't own any at all (most of them do trade and experience the technology first-hand), and are thus still good for the community and adoption.

I see where you're coming from too. Talking about nothing but the price could encourage some bad practices and even worse mentality. We can't really stop that from happening though, so we might as well embrace it and look at the bright side.

All it does is attract get rich quick noobies. The fact of the matter is this is what a majority of the people that joined the community in 2017 are.  Bitcoin is not about getting rich, or even making money for that matter. Bitcoin is about changing money. Spreading stories about moonshots harm the market in the short term because of these get rich quick people. They will see their plan isn't working, and they are actually losing money so they panic sell, which further prolongs the bear market.

Stories about what Bitcoin is and why its important should take precedence over any story about making money or becoming successful with Bitcoin.

well coinmarketcap.com is bad (in my opinion) but it is not useless. all i am saying is that when you want to look at a better chart specially for bitcoin, there are a lot of better options. for instance TradingView is the best place which also has altcoins, then my personal favorite is bitcoinwisdom which is faster and easier to load and finally bitcoincharts that i posted above.
CMC is very good when you want to find where each coin is listed or find their links such as ANN topic, website, source code,...

It is right that the fall of bitcoin is really historical because in the history to bitcoin this kind of fall occurred for the first time but it also gives us a good lesson that crypto market is really unpredictable anything could be happen here.

Yes you are right, we have no reason to worry, because the Bitcoin market has collapsed earlier but from there we have come up a lot in the present situation. And hopefully we will move further in the future. So there is no reason to worry.

Let this be a lesson for the people that from buying pizzas to a coin that is worth a fortune now. So there is hope. A fallen market will rise, even if it takes time for ti.

IMO, it is highly irrational to believe that the price of bitcoin will continue upswing without a crest and a trough. The best way to evaluate this price and come to a reasonable conclusion is to find the best value which will serve as the crest. To me, $19,000 do not seem to be the right crest because it is a highly inflated crest.

This is not a historical low. It's just 1/4 of the price in December. But the lesson remains the same every time. Hard times go by and those who are patient enough will be succesful.

Hope? I think hope is needed for alarmists who bought bitcoin for $ 20,000. We need to rely on market analysis, which tells us that we will see the green light soon. IMHO.

Yes, I know bitcoin will going to make more and another reach another highest peek for this year. last year the same month the price is not good but after that the price start increasing and we hit more than $15 000.

nobody needs hope, even those who bought at the ATH. only people cling on to things like hope that don't have an understanding of the market and how it works and needs something to justify their irrational investment behavior.

Thats a nice analysis and literally I did not know anything about bitcoin since those very first day. Actually never thought about it because that wasn't necessary one.
But when I come across such information then it tells us in rarity how fast and far we have come since those days. Can imagine easily how wonderful it owl have been back in the time when the reward was around 50 btc per block. I mean easily one can perform the action with computer process power and have those much BTC.
Well, yeah coin market is kind of too basic version that we see today and that is why most of the people like it. May be not all of them are being to techie.

Similarly, in 2021 we will look at 2018 and think how cool it was to buy bitcoin at the prices of 2018

It will be correct that those fall for bitcoin may be by any means authentic in light in the historical backdrop on bitcoin this sort of fall struck them for those initial period However it also provides for us a great lessing that crypto showcase is by any means flighty anything Might be happen here.

Now people might come up and say that was just introduction stage, it is very natural but honestly I have seen Bitcoin rising from 3,000$ to 19,000$ and then again seen it dropped to 5,000$ in recent times. That doesn't really bother me to be honest as long as I know that I have faith on Bitcoin.

the bitcoin sites on the internet are different. they have their own graphics. but the local wallet site, always accurate to see the price of bitcoin and its exchange rate to local currency.

No need to go that far, there are better examples in the present time and in my opinion people should learn from it. So far, I have understood that Bitcoin will never fail to amaze me when I am least expecting. So, I still have hopes regarding it and it will definitely prevail once the market becomes stable.

Bitcoins price at present is 6.5K  USD ,which is not the historical low price and it is an average good base price at the bearish market.whenever the market is turning to bullish its price can move up at any level.Bitcoin is a new form of economy with strong net work systems connected with the modern technology.Block chain technology is an integral part of the bitcoin which strengthen its security systems.Bitcoins features are very attractive which enables to increase its popularity world wide The current price of the bitcoin is good for the investment.

Your post is very inspiring for the people who are losing their interest in bitcoin. Bitcoin has faced many times worse situation than this and survived them. Now it is in better condition than 2013. So, it is not the time to lose hope. Rather we should have faith in the market. Bitcoin will rise again soon, at least the history says it.

Bitcoin has survived worse situation than this. So, I think it is not the time to panic. According to history, after a drop, bitcoin rises again. This is the nature of cryptocurrency, it always fluctuates, never stays the same. And by the way, thanks for your motivational post. It will motivate many people to stay in the crypto market.

Everything that happens around us must teach us something and this kind of downfall teach us many thing such as the timing, when we need to hold and also the most important keep patient.

I noticed that when the volume of daily trading in bitcoin starts to grow, the bitcoin rate is also growing.

Now the trading volume is $ 3 574 817 402 USD

This is a very low level and I think the growth will soon begin

I understand your indecting about the falling prices but I will suggest you to not to get panic or worried because bad time doesn't last for long soon the market will be back to its track again but until then we have to be patience

it's amazing to me because bitcoin now won big capital. if you compare with early age of bitcoin it will be clear to you. bitcoin are now more secure and potential. it will do something in future. it's also continue grow up.

I understanding what you wanted us to think.Yes , we do'nt need to panic and sell our bitcoin in that current lowest price,Bitcoin will need time to recover it's value.Think positive , remember the bitcoin is not yet done and the battle of it is not yet over.

I really believe that the bad moment experience by bitcoin was a blessing in disguise. Well it teaches us a lot of lessons and it really gave us new knowledge. We gain a lot from that experience and I'm so thankful about that. It's really a big help for us and I hope that it will serve as a good lesson. This might happen again and we already know what to do.

Basically that experience gave us a lot of lessons which we really need. I don't treat that bad experience as a failure of bitcoin rather it's a blessing in disguise. Well what I'm saying is the help we got from it because that taught us what we have to do once it happens again. I hope that the moment it happen again we can already deal properly.

yes it is very good sign for bitcoin because if you compare with bitcoin in first stage with this present stage here huge difference. it is now more wealthy and big market for investor. it will consist of continue grow up. it is now more popular in the world.

you are right when bitcoin are start in crypto market it is smale and if you now see this it is more big market. it is also popular and well known by people. it is more potential and promising. it will do good in future. because it is made by advance blockchain technology.

i agree, we have been through much worse, so its important not to panic now, and wait it out

I understand your concept. So we should not concern when market is down. Only few people believe this because most of the people have not proper knowledge about this market. But I belive future people will learn deeply.

Yes i agree on thaatvi believe that huge dip is really a blessing it is a big opportunity to buy more and gain in the next month or maybe a year. We only need to make sense of it and we must learn from our mistakes to become more profitable in the near future.

i want to suggest you please don't panic when the price of bitcoin getting low. market will recover soon. keep your faith on bitcoin.

To imagine how much bitcoin capitalization has increased, you need to understand: 1,000,000 seconds are 11 days and 1,000,000,000 seconds are 31 years. The bitcoin enters the turbulence zone ;D

I think history will be repeating itself. Price fluctuation will be witnessed in future too.   It is not the fault of the bitcoin that it goes so high and then dips to unbelievable lows.  It is just all due to the greed of people.  Some People want to be rich overnight that is why certain secret games are played by speculators. 
Lesson  to teach is never panic; buy while it is bear phase as it is now; sell in bull phase. 

It is definitely possible that the current price of Bitcoin will be much higher than the previous price and the price will increase further in the future. But I'm not sure how much it will increase. And the question is not to leave, if possible, I'll invest more.

Yes there is no reason to worry and I am not worried as an Bitcoin investor. Because the Bitcoin prices will increase after the price decreases. Previously there was a lot worse situation than we were at this stage. It is sure to go to a better stage in the future.

That is a pleasant examination and actually, I didn't know anything about bitcoin since that first day. Entirely considered it since that wasn't a fundamental one.

Be that as it may, when I run over such data then it lets us know in irregularity how quick and far we have come since those days. Can envision effortlessly how superb it owl have been back in the time when the reward was around 50 BTC per square. I mean effectively one can play out the activity with PC process control and have those much BTC.

All things considered, no doubt the coin market is a somewhat excessively essential form that we see today and that is the reason a large portion of the general population like it. Maybe not every one of them is being to geek.

Yes it is right that the bear market teaches us many thing such as patient, timing, and also it remain us that the bitcoin market is totally unpredictable.

That is a nice website for stats :)
But the question why CMC has won the race of popularity about such charting sites is an interesting one.

Bitcoin has proved that it is no longer experimental. Nobody will ever wipe out the bitcoin again.
The volume of the market, its mobility, makes it clear to us.
We want it to fulfill its goal, it not can substitute for physical money.
But in the future, alt-coins can take the place of physical money.

by looking at the history, we can conclude that recovery is certain, the problem at this time (this year) is that bitcoin has been overhyped at the beginning of the year so the possibility that it will happen will not replicate patterns like last year, which is the hype every year still relatively ordinary

The moral of this down fall according to me is anything could be happen in this crypto world so, we should always be prepare for every thing and no matter what happen we always keep patient.

Bitcoin's historical low taught us the lesson that anything can take place in bitcoin and in crypto world. So one should always be prepare for the worst. In this bitcoin zone patience is must needed. There is no need of selling bitcoin in panic if the price value decreases because one day or other there will be rise also. So bitcoin's historical low teaches us to be have patience have go with the flow.

This can happen again and we already know what to do. Price fluctuations will also be witnessed in the future. It is all due to the greed of everyone. The lesson to teach is never to panic; buy while it is suffering like present; Sell in the rising period.

If you invested in the Bitcoin, you should Hodl it, there is nothing you can do more for me. Actually i believe that everyone should have bitcoin as much as they can have and save it. Because i am waiting the big raise like $50.000. If you don't want to feel the regret do it, buy it..

That wasn't even the lowest price ever recorded. That was just the lowest only when it was been famous and hadmany holders and have enough volume. Its lowest price is when it started and only used by hundreds of people as it is only being popularized and tested.