History of Bitcoin. First Bitcoin Exchange

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Apart from mining, the only way to get bitcoin at the very beginning of its existence was to trade it on forums or on IRC. Such trading depended on the other party fulfilling their part of the deal, as there were few escrow services at the time. Fortunately, Bitcoin did not have to wait long for a dedicated exchange to appear: the first cryptocurrency exchange appeared in March 2010.

Bitcoin gets its first market.

The first cryptocurrency exchange was not Bitstamp, Vircurex or Btc-e. It was a now defunct platform called Bitcoinmarket.com. The site was proposed on the Bitcointalk forum (where else?) by "dwdollar" on January 15, 2010. "Hello everyone. I am in the process of creating an exchange," he wrote. “I have big plans for it, but I still have a lot of work to do. It will be a real marketplace where people can buy and sell Bitcoins to each other.” He elaborated:

I'm trying to create a market where bitcoins are treated as a commodity. People will be able to exchange bitcoins for dollars and speculate on their value. In theory, this would allow a real-time exchange rate to be set, and we would all have an idea of ??the current value of Bitcoin versus the dollar.

The work of dwdollar was badly needed as there was no consensus at the time on how much one bitcoin was worth. Most price charts appeared only by the summer of 2010, when 1 BTC was worth about $0.05. In March of the same year, when the Bitcoinmarket.com website was opened, the price of one Bitcoin was about $0.003, i.e. 333 BTC per dollar.

Bitcoinmarket.com launches.

On March 17, 2010, Bitcoinmarket.com went live. Like all platforms that emerged in those early days, the exchange was volatile and holes were often patched up following feedback from members of the Bitcointalk forum. Initially, the site accepted Paypal as a means of exchanging BTC for fiat money. This system worked for a while, but as bitcoin grew, so did the number of scammers. After a series of fraudulent transactions, Paypal was removed from the exchange on June 4, 2011.

On the same day, a forum user saw the jubilation that began to take over the Bitcoin community, writing: “This market is going crazy. Yesterday I saw a guy selling BTC on ebay at $20. Thought he wouldn’t sell any right away. Sold all 30 to 4 different buyers in 12 hours. And this morning I saw bitcoinmarket.com at $23.99! Usually I prefer to buy and hold, but such rapid growth scares me. I have only 75 BTC, but I feel like a rich guy" .

Alas, by this point, the days of Bitcoinmarket.com were numbered. In July 2011, a new exchange emerged, ready to open its virtual doors to a wave of bitcoiners, many of whom were already aware of the darknet marketplace known as Silk Road, which opened in February 2011.

The successor to Bitcoinmarket.com was, of course, Mt. Gox, which handled 70% of all global Bitcoin transactions by 2014.

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