Bitcoin's Early Days: How Crypto's Past Is Much Different Than the Present

Over the last 24 hours, cryptocurrency enthusiasts have been discussing a transaction that saw 94,000 BTC sent to an unknown wallet. The hoopla over the large transaction shows how things have changed significantly over the last decade. Back in cryptocurrency’s early days, between 2010-2012, large bitcoin transactions like this weren’t such a big deal and early adopters practically gave them away.

When Sending Thousands of Bitcoins Wasn’t a Big Deal

There’s been an awful lot of excitement surrounding the 94,504 BTC sent to an unknown address for a network fee of around $700. It’s an interesting sight for sure, when large sums like that are not regularly moved in such a fashion in 2019. However, back in the early days between 2010-2012 people saw large transactions like this all the time, without batting an eye, and fees were less than a U.S. penny per transaction.

The big transaction on Sep. 6 reminded former Bitcoin Core developer, Jeff Garzik, about the early days when individuals transacted with thousands of BTC every day. “Today’s 94k BTC transfer, for no particular reason, reminds me of William P, who rented a ridiculous number of AWS machines to CPU-mine Bitcoin in 2010; resulted in 40,000 BTC at [so we thought at the time] exorbitant cloud computing rates,” Garzik recalled. Last year, after recalling the famous pizza transaction, Garzik remembered when he gave away thousands of BTC to help bolster open source development. Garzik explained:

'In 2010-2011, I gave away 15,678 BTC in developer bounties.' Read More at Bitcoin .com...


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