Imagine a scenario where You Put $1000 in Bitcoin in 2010.

5 min readDec 22, 2020

Disclaimer: This story is for entertainment purposes only. It is not a legal or a financial advice. Consult an expert, before making any major financial desicions.

We as a whole have this companion, relative, or associate, who continues revealing to us a similar story over and again. It is the tale of how this individual passed up the best speculation open door ever.

Tragically, in the present story, I will be this individual.

In 2010, I was in the most recent year of my post-graduate program. On one August weekend, I heard unexpectedly about Bitcoins. What is a cryptographic money? Also, in what capacity can a non-controlled cash have any worth? This is dumb — I didn’t give the subject any considerations; it was a strange impossible idea.

What is Bitcoin?

Bitcoin is a digital money created in 2008 by an obscure individual or gathering of individuals utilizing the name Satoshi Nakamoto and began in 2009 when its usage was delivered as open-source programming.

It is a decentralized advanced cash without a solitary head or national bank. The money can be sent from client to client without the requirement for delegates.

The exchanges are confirmed and recorded in a public conveyed record called a blockchain.

Bitcoins are produced through a cycle called mining. Essentially, by loaning your registering capacity to help and deal with the blockchain, you will get Bitcoins as a prize. In 2010, it was still simple for single clients to mine Bitcoins; presently, it is practically difficult to mine from a typical PC.

In 2010 purchasing Bitcoins (BTC) was interesting. There were just restricted trade stages for BTC. Individuals were mining the cryptographic money.

The estimation of any type of cash is given by three significant traits; trust, reception, and shortage. Gold, for instance, was the primary installment technique in the mature ages. It is scant, and consequently individuals believed that its worth would remain, and they embraced gold as an installment strategy.

For Bitcoin’s situation, the estimation of the cryptographic money can be estimated by its developing base of clients and shippers. Like any remaining monetary standards, Bitcoin’s worth comes straightforwardly from individuals ready to acknowledge them as installment.

In August 2010, the Bitcoin cost soar 900% inside 5 days. The estimation of one Bitcoin went from $0.008 to $0.08. I think this abrupt expansion in worth was the explanation I’ve caught wind of them out of nowhere.

Speculatively, On the off chance that you figured out how to purchase $1000 worth of Bitcoins In August 2010, you would have had 12.5K BTC. As I referenced previously, purchasing Bitcoins, in 2010, was extraordinarily hard. Individuals would mine the money — it was conceivable, yet purchasing Bitcoins wasn’t as simple as it is today.

As of composing this story, 1 BTC is $17,920.70.

12.5K BTC are as of now, as of now, equivalent to $224,008,750.00.

In 2010 a programmer got very excited about paying with Bitcoins. He ordered two pizzas from Papa John’s (worth about $30) and paid ca. 10,000.00 BTC for the pizzas.

Those are expensive pizzas

The takeaway

In 2010, no one in his right mind would have invested $500 in Bitcoins, yet $1000. It is incredible to see the development of this new concept of currency.

Bitcoins paved the way for many other cryptocurrencies to rise on the market and gain attraction. Ripples, Etherium, and Litecoin, are some of the alternative cryptocurrencies (Altcoin).

And where does it go from here? Well, we have to wait and see. However, a Citibank analyst thinks that Bitcoin may surpass $300K by the end of 2021.

Only time can tell.

Walid Al Otaibi -WAO- is a top writer in Gaming and Technology. He works at an engineering company in Germany. He comes from a multicultural background and is located in Germany since 2003. He is writing about Arab Culture, Multiculturalism, Finance, and Trending topics.

Imagine a scenario where You Put $1000 in Bitcoin in 2010.

What is Bitcoin?

The takeaway

Written by Kakababu