Excursus in history: the first cryptocurrency exchange and Bitcoin 0.003 dollar

If not to consider mining, after the birth of Bitcoin to get a coveted coin was only possible through forums and IRC channels. All agreements about the transactions and transfer the agreed amounts have been built on trust, as there was not even the semblance of an escrow service. Fortunately, specialized platform for a long time did not have to wait. The first Bitcoin exchange was launched in March 2010.

Bitcoin first goes on the market

The first cryptocurrency exchange, by the way, was not Bitstamp, Vircurex and not even BTC-e. Actually it was a now-defunct platform called Bitcoinmarket.com. For the first time this domain was mentioned by the user under the name dwdollaw on the Bitcointalk forum 15 January 2010. Where else could this happen? The message looked like this.

Hello! Now I’m working on a private exchange. I have very big plans, but there is still a lot of work. It will be a real market where people can buy and sell bitcoins. I’m trying to create a platform where Bitcoin will be treated as a commodity. People will be able to exchange bitcoins for dollars and to speculate on the cost. Theoretically, these allow you to set the exchange rate and so we will be able to understand, how much is a Bitcoin worth in dollars.

Dwdollar effort was very important because at that time the society could not come to consensus about the real value of BTC. Most price charts originated in the summer of 2010, when 1 BTC was trading at around 5 cents, though after starting Bitcoinmarket.com in March of that year, one bitcoin was valued at approximately 0.003 dollar. So, for one dollar gave 333 BTC.

What was the first crypto currency exchange? Start Bitcoinmarket.com

Source: bitcoin.com

Bitcoinmarket.com officially launched on 17 March 2010. As with other web platforms at a time in the code exchange was full of holes that were patched urgently by feedback from users of the Bitcointalk forum. From the beginning the service as a means of exchanging bitcoins for Fiat took PayPal. This system worked for a while, but the growth of Bitcoin prices has increased the number of scams. 4 Jun 2011 after a series of fraudulent PayPal transactions were excluded from the stock exchange. On the same day, one of the users of the forum noted the growing madness around the Bitcoin community.

This market is crazy. Yesterday I saw someone is selling BTC on eBay for 20 bucks. I thought it was a joke. But he sold all 30 coins of different buyers in just a half day. This morning I see on bitcoinmarket.com price 23.99 USD! I usually count myself among those who buys and holds a long time, but now this rise in the price scares me! I only have 75 BTC, but I feel rich!

However, at the time days Bitcoinmarket.com were numbered. New crypto currency exchange was preparing to open its doors to crowds of crazed bitcontrol, many of whom just recently found out about open in February of the same year, the darknet market Silk Road. Successor Bitcoinmarket.com launched in July 2011, and by 2014, the new exchange has already dragged on 70 percent of all bitcoin transactions worldwide. Of course, it was the exchange Mt. Gox.

The Collapse Of Mt. Gox

After hacking in February 2014, once the largest Bitcoin exchange Mt. Gox stopped trading. As it was reported from the wallets of users stole 850k BTC, and the blame for the incident fell on founder Mark Karpeles. The collapse of the stock exchange is still considered the worst accident in the relatively short history of cryptocurrencies.

At the moment the trial of the CEO of bankrupt crypto currency exchange suitable to the end. The announcement of the final sentence is scheduled for March 15, 2019. Recall that Tokyo prosecutors are trying to achieve in prison for 10 years. In their opinion, that such a period deserves the businessman, who was accused of manipulation, embezzlement and breach of trust. More data look at cryptodata.

Subscribe to our channel in the Telegram. And keep your cryptocurrency exchanges!

Leave a Reply

Your email address will not be published. Required fields are marked *