The Early Birds Got Lots Of Worms

in #bitcoin3 years ago
The Internet moves very fast. In the old world, we could afford to sit and analyze forever. But in the new world, the first mover has the advantage. - Author Raymond Kwok

Thought Catalog


Can you buy 1 full Bitcoin for just $0.0009?

History says, on October 12, 2009, someone sold 5050 Bitcoins for $5.02, which translates to $0.0009 per 1 Bitcoin.

A Finnish developer Martti Malmi, who reportedly helped Satoshi on Bitcoin, made the aforementioned sale.

Wow! 1 Bitcoin for $0.0009!

But then in the beginning nobody was willing to buy Bitcoin. So, it had no price.

The pioneers behind the coin had to trade the "innovation costs" for the "first-mover advantage".

While others trade the "imitation costs" for the "free-rider effect".

The early bird, as the adage goes, gets the worm. However, the second bird saves energy on the scouting.

I happened to be Googling for the initial price of Bitcoin and came across a piece by one Ofir Beigel: Bitcoin Historical Price & Events




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