Bitcoin is different from conventional cash. This is because the banks are the intermediary in transferring funds, but with BTC, it is different.
The first Block of bitcoin was launched on the 3rd of January 2009, and it was named the Genesis Block.
During the early days (the first few months) of Bitcoin’s existence, only miners had access to the coin, and then there was no real cash value or monetary value for Bitcoin.
Most people felt mining bitcoin is complex but legitimate, and at the same time, something that could only be done for fun.
After a year, the first economic transaction of Bitcoin happened.
This was between a Florida man that wanted to make a $25 value payment for two Papa John’s Pizza. He made a payment of 10,000 BTC on the 22nd of May, 2010.
The first bitcoin transaction is the 10,000 worth of BTC, which was equivalent to $25.
In today’s market, that same transaction that was carried out is worth 114 million dollars.
This is why crypto fans refer to the 22nd of May as Pizza day.
During Bitcoin’s early days, every transaction is always negotiated via the internet before payment can be made.
Not only did Bitcoin became easier to buy and sell in 2010, but it also became better for exchange in 2010.
Bitcoin and Bitcoin price has not stopped growing to date.