As it grew in popularity, Bitcoin became cumbersome, slow, and expensive to use. It takes about 10 minutes to validate most transactions using the cryptocurrency and the transaction fee has been at a median of about $20 this year. Bitcoin’s unstable value has also made it an unviable medium of exchange. It is as though your $10 bill could buy you a beer on one day and a bottle of fine wine on another. Bitcoin Overview And if you look at the December prices of Bitcoin in 2022, you see that the downward trend continued. While Bitcoin continues to see heady fluctuations, there hasn’t been movement like the last few years, and the prices are still “low” based on those peaks.
In the month of July 2010, Bitcoin started trading at $0.0008 US dollars — that’s less than a tenth of a cent. Before the end of the same month, Bitcoin’s price climbed a hundred-fold to $0.08 and carried on a series of up-and-down rallies since. By 2011, Bitcoin had reached the $1 mark, SEC adopts rule to have stricter oversight over dealers, looping in crypto and DeFi The New Liberty Standard Exchange recorded the first exchange of Bitcoin for dollars in late 2009. Users on the BitcoinTalk forum traded 5,050 bitcoins for $5.02 via PayPal, making the first price mediated through an exchange a bargain basement price of $0.00099 per bitcoin. In other words, the price was about one-tenth of one cent.