Theus on Nostr: Fun fact of the day: Exactly 15 years ago, the first exchange rate between Bitcoin ...
Fun fact of the day:
Exactly 15 years ago, the first exchange rate between Bitcoin and the dollar was published by the website 'New Liberty Standard.' But more interesting than the rate itself is how it was calculated!
The initial rate was set at 1,309.03 BTC per 1 USD, valuing each bitcoin at approximately $0.000764 USD.
That's right! With just 1 USD, you could buy over 1.3k BTCs.
Interestingly, the price of #BTC in fiat currency set by the New Liberty Standard wasn't determined by supply and demand, but by the cost of electricity and the site owner's personal BTC mining production.
In other words, just passing along the cost of electricity...
Exactly 15 years ago, the first exchange rate between Bitcoin and the dollar was published by the website 'New Liberty Standard.' But more interesting than the rate itself is how it was calculated!
The initial rate was set at 1,309.03 BTC per 1 USD, valuing each bitcoin at approximately $0.000764 USD.
That's right! With just 1 USD, you could buy over 1.3k BTCs.
Interestingly, the price of #BTC in fiat currency set by the New Liberty Standard wasn't determined by supply and demand, but by the cost of electricity and the site owner's personal BTC mining production.
In other words, just passing along the cost of electricity...