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The Bitcoin blockchain went live on January 3rd, 2009. At its inception, the Bitcoin network started releasing its own eponymous currency or money. Every ten minutes, the network released 50 BTC to a tiny community of cryptography enthusiasts. Although starting from humble beginnings, its creator Satoshi Nakamoto had an ambitious goal for Bitcoin to be a “peer-to-peer version of electronic cash” for the world.

At first, Bitcoin didn’t have a set monetary value because there wasn’t a marketplace for BTC. Without goods and services being offered for Bitcoin, it was difficult—if not impossible—to determine its price in a fiat currency such as the U.S. dollar (USD).

Market Forces Determine Prices

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Author: Kade Garrett

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