A historic Anniversary for Bitcoin

This week marks a historic anniversary for Bitcoin! January 12, 2022 was the 13th anniversary of the first ever Bitcoin transaction between two parties. In this piece we will be looking at the history of that first ever transaction, along with what has changed with Bitcoin from then until now!

Jan 12th, 2009

On January 12th, 2009, the Bitcoin whitepaper was only about three months old. Almost no one has ever heard of bitcoin nonetheless had any idea how massively successful it would be come within a mere decade. Satoshi Nakamoto had picked this day to perform the first ever test to determine the viability of the Bitcoin blockchain. this test would be the first transaction to be sent in a series of hundreds of millions of global transactions to follow.

The first ever Bitcoin transaction was sent from Satoshi Nakamoto to computer scientist Hal Finney. In Hal’s own words, “I think I was the first person besides Satoshi to run Bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction when Satoshi sent ten coins to me as a test. I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.”

The transaction between Nakamoto and Hal was for 10 BTC. At the time 10 BTC was worth little to nothing, but in modern perspective, that transaction would be worth around $440,000 at Bitcoins current price.

Time Flies

In the early and highly experimental days of Bitcoin, there were some everyday purchases made with the asset that would be astonishing by comparison to today’s standards. In 2010, the first ever purchase was made with Bitcoin. 10,000 BTC were exchanged for two pizzas. We can only hope that those were the two best pizzas ever made, because by today’s math each of those pizzas were worth $220 Million, or approximately 1,000 to 1,100 Lamborghinis a piece, depending on options.

Where Bitcoin is Going

As comical (and slightly heartbreaking) as buying a pizza for the price of a thousand Lamborghinis is to think about, it proves a very important point regarding how much exponential growth can come from an idea with humble beginnings. Bitcoin and cryptocurrency in general is a great vehicle for the concept of growth and creation, which is likely the reason it attracts so many forward thinking and positive people. Had the then humble and highly doubted concept of Bitcoin never been used to purchase those pizzas to prove its validity as a peer-to-peer cash system, it would’ve never made it to where it is today. Now Bitcoin is used as a national currency in El Salvador. It makes you wonder where Bitcoin, and indeed all of cryptocurrency is going next!

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