Bitbuy Digital Currency Exchange
- Based in Toronto
- Lets you make quick buys and sells or actively trade
- Bitbuy dashboard makes it easy to manage and track your crypto
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Refreshing in: 60s | Sat, Oct 23, 02:21PM GMT
In 2010, Bitcoin was worth a piddly eight cents but over time it’s accumulated value and each coin is now worth thousands. While a few lucky souls managed to cash in on Bitcoin when it was first introduced, it’s much more expensive to purchase bitcoins now (around $8,491 as of 19 August 2018). Not only is bitcoin a fairly volatile currency, but it’s tough to predict what bitcoin will do from one day to the next. Keep reading to find out more about the history of bitcoin and join us as we speculate on where it might be headed in the future.
Bitcoin is a notoriously volatile currency, so it can swing from one extreme to another without warning. For example, Bitcoin surged up to $19,000 in December of 2017, but now hovers around $8,500, losing and gaining thousands of dollars each year. For this reason, many experts have developed an understanding about how the cryptocurrency is bought and sold, and which factors affect the price. Two of the most important factors are the number of bitcoins that will be created as well as bitcoin’s market share in the world of cryptocurrency.
Compare cryptocurrency wallets
|Bitcoin (BTC)||Canadian Dollars (CAD)|
As mentioned above, the value of bitcoin fluctuates from one extreme to the other and is affected by many factors which include:
Since bitcoin is a decentralized currency, the standards that dictate how to refer to it are still forming. XBT is the official designation while BTC is the more commonly used currency code. Bitcoin was coined BTC when it was created in 2009, but after some time was designated as “XBT” by the International Standards Organization (ISO).
Little known fact: If a currency is not associated with a specific country or government, its three-letter note starts with an “X.” Despite it’s renaming, the XBT code has yet to gain traction among the general public, and most people still use BTC to differentiate the currency.
The very first bitcoin transaction was logged on 12 January 2009, and was sent from the creator of bitcoin (Satoshi Nakamoto) to a developer named Hal Finney. Bitcoins take a mind-boggling amount of energy to produce, which is why they’re very difficult to replicate. In 2009, an online publication speculated that the bitcoin exchange rate was 1 USD = 1,309.03 BTC — a calculation based on the cost of electricity required to create one bitcoin. Keep reading for more bitcoin history, which we have compiled using figures from CoinDesk’s price index.
Note: Unless otherwise stated, all prices in this article refer to BTC:USD exchange rates.
Early in 2011, one bitcoin reached the value of one US dollar. A few months later, the price of bitcoin shot past the $10 mark. In June of 2011, a prominent bitcoin firm (Mt. Gox) was hacked, causing customers to lose more than 4,000 BTC. Bitcoin’s value hovered around $30 for several days and then began a slow descent to around $4 by the end of the year.
Bitcoin experienced a recovery in 2012, climbing back up into the double digits and peaking at around half the value of the previous year. Coinbase was founded in June of 2012, and has become one the largest bitcoin trading platforms to date. In November, the publishing giant WordPress began accepting bitcoin as payment.
In February 2013, bitcoin surpassed its previous all-time high and then far exceeded it, moving beyond $30 to $200 and then to over $1,000. Chinese investment in bitcoin pushed the price of the cryptocurrency through the roof and bitcoin transactions were overwhelming trading platforms all over the world. In December, bitcoin took a hit after the theft of 96,000 BTC from Sheep Marketplace and China’s nationwide ban on processing bitcoin transactions.
Bitcoin’s price euphoria came to an abrupt end after the events that transpired in late 2013, and the value of the much-sought-after cryptocurrency came tumbling back down to earth. While Mt. Gox shut its doors, other big players like Microsoft and PayPal-owned Braintree started accepting bitcoin as payment, signaling another shift in value.
In late January, Coinbase launched its mega-bitcoin trading platform, while Mt. Gox’s CEO Mark Karpeles was arrested. Bitcoin hovered steady around the $400 mark toward the end of the year.
The marketplace software OpenBazaar was released over the summer, operating as a peer-to-peer platform for users to buy goods with bitcoin. Bitcoin’s price increased steadily throughout the year, reaching nearly $1,000 for the first time since it’s sharp decline in 2013.
|Start||Peak to date||End|
At the beginning of 2017, bitcoin reached $1,100 and then promptly plummeted below $800 a week later. The currency would repeat this pattern throughout the year, hitting multiple all-time highs and then dipping down unexpectedly, much to the chagrin of traders. The currency broke US$5,000 a few months into the year, and then nearly doubled to over CAD$12,000 a few months after that. The cryptocurrency’s price largely continued its upward trajectory, topping out at $19,783.21 on Dec. 17.
|Start||Peak to date||End|
While it remains to be seen, which direction bitcoin will take as we move through 2018, it is likely that the price will continue to fluctuate and the currency will likely continue to be driven by supply and demand, leaving scores of big winners and big losers along the way.
Learn how to easily sell Solana (SOL) by following our step-by-step guide and compare 10+ crypto exchanges. Get started today.
If you’re looking for ways to gain exposure to Bitcoin and other digital currencies, cryptocurrency ETFs could be worth exploring. Find out what crypto ETFs are and how they work in this introductory guide.
Nexo is a cryptocurrency lending and borrowing platform that offers high interest rates on cryptocurrencies, stablecoins and fiat. We review the features available and look at how safe your funds would be on the platform.
What affects the value of Ethereum (ETH) and how might the price of ETH fluctuate in the year ahead? Find out in this comprehensive guide.
A complete review of the AscendEX exchange, covering trading and DeFi features, associated fees, regulation and security. Is AscendEX right for you?
How to send money to the USA, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
We asked 47 experts for their cryptocurrency price predictions and took a deep dive into the Bitcoin price rally.
Learn how to trade futures contracts on Binance with this visual step-by-step guide.
Load money into your account and buy and sell Bitcoin quickly and easily with the user-friendly Mogo Bitcoin app.
SPONSORED: Bitcoin has been around for over a decade – does it really need an ETF?
You must be logged in to post a comment.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.