The price is what usually comes to mind first when people talk about Bitcoin. But what was the first ever recorded price of a single bitcoin? And how much it has appreciated since?
Bitcoin Leapfrogs Evolution of Money
The evolution of money has historically gone through four key stages. From collectible to a store of value and then to a medium of exchange, and finally a unit of account (such as the US dollar today).
What makes Bitcoin unlike any type of money before it is how quickly it became an exchangeable good. Historically, it took eons for people to come to a consensus on a medium of exchange.
But then the internet changed everything. However, up until 2009, it still lacked a way to transfer value as it does with information.
1/ There are four stages that all market-based monetary goods pass through in their evolution to becoming a fully fledged money:
2. Store of Value
3. Medium of exchange
4. Unit of account pic.twitter.com/2ljSIsNZln
— Vijay Boyapati (@real_vijay) February 28, 2018