How Bitcoin Became Expensive – Irish Tech News

Written by Muray Peter

Bitcoin has become all the rage since last year and everyone wants to get their hands on some. However, most of us do not understand how it actually functions and how it can make us a profit. For beginners analysing price charts and understanding trading terms from the financial world can be a harrowing experience so we take a look at how Bitcoin became expensive over the years.

Discovered in 2009, Bitcoin was not traded on any exchange. The first recorded price was in 2010. Technically, Bitcoin was worth $0 in 2009, during its very first year of existence. The price of Bitcoins never touched the $1 mark in 2010 and the highest price for the year was just $0.39.

After two long years, Bitcoin touched the dollar on the Mt Gox exchange in February 2011. Bitcoin reached the top of its first ‘bubble’ at $31, followed by the first major price drop. It dropped to a serious low of $2 by December 2011, which eroded more than 95% of its value. A lot of…