By October 2009, the world’s first Bitcoin exchange was established. At the time, $1 was the equivalent of 1,309 Bitcoin. Considering how expensive Bitcoin is today, that was a real steal. Bitcoin traded at a fraction of a penny for quite some time. Things started changing in 2010; as the distribution of Bitcoin increased, the digital currency became inherently more valuable.
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Bitcoins are mined with powerful computer hardware and software. A maximum of 21 million Bitcoin will be available, after which no further bitcoins will be produced. The algorithm which governs the production of Bitcoin limits the quantity that will be produced, and the rate at which they will be produced. It is a finite commodity – there is a fixed amount, and that ensures that greater demand will always prop up the price. In this way, it is similar to other finite commodities such as crude oil, silver, or gold.
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