What Happened To Some Of The People Who Bought Bitcoin Early? – Full Details

Bitcoin, the world first cryptocurrency has gain a lot of tractions since it was created. Bitcoin as a decentralized network has revolutionize the financial industry and other industry/sector since it inception in 2009.

Since the invention of Bitcoin, a lot of individuals has gain a lot from it ranging from security to high return of investment for those who invested early when it was created.

Few people who believe and invested in Bitcoin at it tender age has turn into multiple millionaire through the period of 5-10 years of launch, thanks to Satoshi Nakamoto who birthed the idea of Bitcoin.

In this article, we will explain the stories of early Bitcoin investors who has turned millionaire, the price evolution, notable figures, and the impact Bitcoin has had on their lives.

Who Were The Early Investors In Bitcoin?

Tech savvy’s, enthusiasts and visionaries who discovered the potentials of Bitcoin in it early days invested in it. However, there are lot of tech savvy’s who discovered Bitcoin in it early days.

“I got my first bitcoin in December 2012, as a gift,” said John Ratcliff, a video game creator who lives near Pikes Peak in Colorado. Back then, the novel token was only worth $13. “I dismissed it at first, then checked back in 2013 and saw it was worth $72.” So I treated my wife to a beautiful meal.”

Ratcliff, 61, invested $15,000 in 150 bitcoin at $100 in 2013. His 150 bitcoin currently worth over  $4.3M as of the time of writing this article, and he his doing well.

With the current value of bitcoin at as of now, those who bought it and believe in it at it early days are currently dwelling in millions. However, not all.

Nikki Beesetti, 26, initially invested $2,000 in 2017. She now paid off her college tuition and car loan by crypto trading.

Thus, Nikki Beesetti, a Chelsea-based crypto trader who initially invested $2,000 in 2017.

Beesetti keeps her day job as a product manager, but invests on the side and blogs about her finances. Her goal is to help other millennial women get rich. “For me, crypto is a source of financial freedom,” she said.

Who Got The Money For The First Bitcoin?

Satoshi Nakamoto, the pseudonymous founder of Bitcoin, mined the first 50 bitcoins and established the Bitcoin payment network.

Not shortly after that, on January 12, Hal Finney received the first Bitcoin transaction. Finney has a lengthy history of engagement in the cryptocurrency ecosystem.

He spent years working with the PGP Corporation on one of the most well-known encryption solutions. He was a member of the cypherpunks mailing group and ran the first cryptologicially-based anonymous remailer.

But he had also worked on cryptographic digital currencies, having met and communicated with Wei Dai and Nick Szabo, the intellectual forefathers of Bitcoin, and had sought to construct his own money.

In a March forum post, he recounted his early participation with Bitcoin as follows:

” When Satoshi announced the initial release of the program, I immediately purchased it. I believe I was the first person, other than Satoshi, to run bitcoin.

I mined block 70-something, and I received the first bitcoin transaction, when Satoshi sent me 10 coins as a test.

Over the next several days, I had an email interaction with Satoshi, largely about me reporting issues and him correcting them.

Satoshi’s exact identity is still unknown today. But at the time, I assumed I was dealing with a knowledgeable and serious young guy of Japanese origin.

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I’ve had the fortunate pleasure to know many intelligent individuals in my life, so I understand the warning signals.

After a few days, bitcoin was running rather consistently, so I left it alone. Back then, difficulty was set at 1 and you could find blocks using only a CPU, not even a GPU. Over the next several days, I mined additional blocks.

However, I disabled it since it caused my computer to overheat and the fan noise disturbed me. In retrospect, I wish I had kept it going longer, but on the other hand, I was really fortunate to be there from the start.

It’s one of those situations where the glass is half full and half empty.
The next time I heard about Bitcoin was in late 2010, when I was startled to discover that it was not only still alive and well, but that bitcoins had monetary worth.

I dug out my old wallet and was relieved to find that my bitcoins were still present. As the price rose to actual money, I moved the coins to an offline wallet, where they should be worth something to my heirs “.

What Price Did Bitcoin Start At?

In late 2009, the New Liberty Standard trade recorded the first Bitcoin-for-dollar trade. Users on the BitcoinTalk forum exchanged 5,050 bitcoins for $5.02 using PayPal, resulting in the first price mediated through an exchange being $0.00099 per bitcoin. In other words, the cost was around a tenth of a penny.

While Bitcoin was formally introduced on January 3, 2009, regular price prior to mid-2010 is difficult to come by. That’s because there weren’t as many trades as there are now. However, data became available in July 2010 and is still available today.

The most expensive pizzas of all time were purchased in 2010. One Bitcoin owner made an offer of 10,000 bitcoins for two pizzas, which is still remembered in Bitcoin history. It is said to be the first time somebody utilized virtual cash to purchase something in the real world.

According to Investing.com‘s historical statistics, Bitcoin’s price never rose beyond $0.40 per bitcoin in 2010, although it did reach that level in early 2011. The price then surpassed $1 in February. Just a few months later, in May, it briefly surpassed $8 – an incredible 8-bagger in a few of months!

Who Owns The Most Bitcoin?

Satoshi Nakamoto is thought to be the largest bitcoin holder, with over one million BTC stashed in about 22,000 addresses, according to bitcoin-focused asset management River Financial. The site claimed that, save from a few test transactions, none of Nakamoto’s holdings had ever been transferred. 

According to wallet address data published by BitInfoCharts, the top bitcoin holders were addresses linked to the Binance (BNB) and BitFinex crypto exchanges.

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With 248,597 BTC worth more than $7.3 billion and comprising about 1.3% of the circulating BTC supply, a Binance wallet was the single wealthiest address. The BitFinex wallet contained 178,010 bitcoin, or around 0.92% of the current circulating quantity of BTC, while the third wealthiest wallet, which housed 127,351 bitcoin, was also tied to Binance.

While blockchain data is accessible and wallet balances are visible to the public, a wallet address holder’s identity remains anonymous unless deliberately divulged. The largest anonymous whale ranked fourth on the list, with 119,347 BTC worth around $3.5 billion.

What Happened To The Family That Sold Everything For Bitcoin?

According to the family’s father, a Dutch family that went all-in on bitcoin in 2017 has opted to reside in Portugal because of the country’s crypto-friendly tax structure.

The Taihuttu family has stated that they sold all of their physical assets in 2017 in order to invest in bitcoin and live on the road, and that the majority of their holdings are concealed in secret locations throughout the world.

Father Didi Taihuttu explained to CNBC in an interview that Portugal’s 0% tax on cryptocurrencies, including capital gains, was a factor in their decision to cease traveling after five years.

In 2019, the Portuguese tax administration declared that bitcoin transactions are tax-free. There are a few exceptions, including when you get bitcoin in exchange for products or services or when you use it for business purposes.

What Happens When There Is No More Bitcoin To Mine?

A maximum of 21 million bitcoins are available at any given time. This is established by the source code of bitcoin, which was written by Satoshi Nakamoto and cannot be altered. The number of coins in circulation will always be fixed at the same quantity once all of bitcoin has been mined.

The biggest effect of approaching and eventually surpassing the supply cap for bitcoin will be that mining will become much less lucrative. But it will take more than a century for the procedure to be completed.

At that moment, bitcoin miners will still be compensated, but only from transaction fees rather than from freshly created coins.

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Since the cryptocurrency was introduced in 2009, over 19 million, or 90%, of bitcoin, have already been created through mining. Nevertheless, according to current projections, the last bitcoin will probably not be produced until some time around 2140.

It is planned for the mining of new bitcoin to slow down over time. Every 210,000 blocks, the payout for mining each bitcoin block, which takes place every 10 minutes, is cut in half. That occurs around every four years. The payout per block had decreased to just 6.25 bitcoin as of 2022 from its initial payment of 50 BTC per block in 2009.

What Famous People Lost Money In Crypto?

Michael Jordan, a former NBA player, is the most recent casualty; by mid-November, the value of his “6 Rings” NFT collection had decreased by more than half.

In March 2022, he published his own NFT collection, offering 5,000 non-fungible tokens for sale. The collection debuted on the Solana-based HEIR and MagicEden platforms.

Following the demise of FTX, the Solana network, supported by Alameda Research, a defunct FTX-affiliated cryptocurrency trading company, also crashed. SOL, the network’s native token, has lost over 40% as of the time of writing this article.

NFL player Tom Brady was negatively impacted by the FTX cryptocurrency exchange collapse since he had invested heavily in the exchange. After announcing a relationship with FTX CEO Sam Bankman-Fried in 2020, Tom Brady and his then-wife, Brazilian model Gisele Bündchen, invested heavily in FTX in 2021.

The FTX founder is currently the target of a class-action lawsuit, which includes Brady as one of the celebrities.

What are the best cryptos to buy now?

While individuals, mostly newbies, might consider investing in bitcoin and ethereum to make up to a 100% return on investment and above.

This might take time because bitcoin has moved from a low market cap to a big asset with an over $1.42 trillion market cap at the time of writing this.

Bitcoin is the king of crypto; why invest in the king when you have a princess and prince of crypto?

The best crypto to buy now ranges from meme coins, AI coins, real-world assets coins (RWA), and others, driving the narrative of cryptocurrency and blockchain in 2024.

Meme coins to buy now are Coq, Floki, Grok, Wen, and others.

AI coins to buy now are Near Protocol, The Graph, Theta Network, and others.

Real-world assets to buy now are Avalanche, Chainlink, Internet Computer, and others.

Make sure to do your own research before investing in all these assets, as I’m not a financial advisor.

Conclusion

Bitcoin’s journey from its humble beginnings to its current status as a global phenomenon has been filled with remarkable stories of success, setbacks, and lessons learned.

Early investors, visionaries, and pioneers have played a crucial role in shaping the cryptocurrency landscape. While Bitcoin has created millionaires and billionaires, it has also presented challenges and risks.

As the cryptocurrency market continues to evolve, it is essential for investors to approach it with caution, conduct thorough research, and stay informed.

FAQs

Can anyone become a Bitcoin millionaire?

Becoming a Bitcoin millionaire is possible, but it requires careful investment strategies, market knowledge, and a willingness to accept the inherent risks associated with cryptocurrencies.

Is Bitcoin the only way to become wealthy in the crypto world?

While Bitcoin has been the most well-known and successful cryptocurrency to date, there are other cryptocurrencies and blockchain projects that have the potential to generate wealth. Diversifying one’s investment portfolio within the crypto space can increase the chances of financial success.

How can I protect my Bitcoin investments from loss or theft?

To protect your Bitcoin investments, it is crucial to store your coins in secure wallets, preferably hardware wallets, and follow best practices for cybersecurity. Additionally, staying vigilant and avoiding suspicious websites or investment schemes can help mitigate the risk of loss or theft.

Is it too late to invest in Bitcoin?

While Bitcoin has experienced significant growth, it is still considered by many as an emerging asset class. As with any investment, timing is crucial, and it is essential to conduct thorough research and consider one’s risk tolerance before investing in Bitcoin.

What are the potential future developments for Bitcoin?

Bitcoin’s future is subject to ongoing technological advancements, regulatory changes, and market dynamics. Potential developments include increased adoption, scalability solutions, and integration with traditional financial systems. Staying informed about the latest trends and developments can help investors navigate the evolving Bitcoin landscape.