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From A Delusion To Conquer the World: Bitcoin Spent Its First 504 Days Without Value Or Price

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Bitcoin Spent Its First 504 Days Without A Price Until One Person Bought 2 Pizzas For 10,000 BTC In 2009.

Bitcoin got its first-ever price set after Laszlo Hanyecz used 10k Bitcoin on two pizzas.

Bitcoin is hailed as the ultimate pioneer in the crypto space. The coin came about in 2009 after the BTC network went live. It was created and launched by one mysterious character, Satoshi Nakamoto, whose true identity remains unknown.

According to recent information, after the BTC network went live in 2009, it generated Bitcoins and rewards for those who supported it; the initial price per coin remained zero. That changed after one Bitcoin enthusiast and network supporter, Laszlo Hanyecz, used 10k coins to buy two pizzas on May 22, 2010. That effectively ended Bitcoin’s 504 days stretch without a price tag.

Bitcoin It has Come A Long Way

While spending 10,000 BTC to pay for two pizzas could be seen as outrageous by today’s standards, the fact that someone was willing to accept them, despite the new crypto not having much public hype back then, was a great leap that ultimately fueled Bitcoin’s rise in both price and popularity over the following years. Over the last decade, Bitcoin has gone from an unknown cryptocurrency to a globally popular and top crypto. Governments like El Salvador have adopted Bitcoin. Its success has inspired the rise of thousands of other crypto projects and numerous crypto exchanges.

Back then, there weren’t that many people who knew about BTC and supported it. Laszlo was among the few who believed in the new crypto technology and ran a node at his premises to support the network as a miner. The computing power supplied by Bitcoin miners is responsible for keeping the network busy and increasing the hash rate enough to secure the network and facilitate safe transactions properly. They get rewarded with BTC. That’s how Laszlo got possession of 10,000 Bitcoins; since then, Bitcoin mining has remained profitable for years.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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