A dormant Bitcoin wallet just had a transaction

A Bitcoin wallet, which has been almost inactive for the last nine years, has resurfaced today. The wallet contained 616 bitcoins. The Bitcoin price has increased from $13 to $47.811 in the time the wallet was idle. Today, the wallet owner transferred all 616 bitcoins from his wallet to another wallet. This brought it back to life.

On December 10, 2012, the wallet received 616.2004 Bitcoin. The Bitcoin value was $13.30 at that time and the total transaction was worth $8.195. The stockpile has grown to an incredible $29.4 million. Bitcoin is worth $47.811 today.

Blockchain.com reports that Bitcoin moved today at 05.50 UTC. The value of the pot has increased by 0.00001 bitcoin over the past twelve years through 21 transactions of small amounts that went into the wallet. This means that 47 cents have been earned by the wallet owner.

When the wallet received its 616 Bitcoin, investors may have had low expectations regarding Bitcoin’s price a decade back and traded the coin as if it were a small change. Bitcoin whales are those who have kept the coin at current levels.

After being offline since June 2010, a wallet that contained $5 million in Bitcoin was suddenly activated earlier this year.

One month after the mining of Bitcoin’s first block, a wallet containing Bitcoin was cashed out for $500,000 in 2008. This prompted (unfounded!) speculation that the transaction might have been related to Satoshi Nakomoto, Bitcoin’s mysterious creator.

It’s not worth speculation on the huge wallet news of today. It’s still a reminder of the many benefits of investing: A 358,655 per cent growth in nine years, is incredible.

Bitcoin’s development over the years

Bitcoin is a cryptocurrency. It is a digital currency that can be used to exchange money. It is managed and created using encryption, rather than relying upon central authorities. Bitcoin’s development and implementation began by Satoshi Nakamoto (anonymous), who used several cypherpunk ideas. Bitcoin’s popularity has grown rapidly throughout its history and is now a well-known online currency.

In the middle of 2010, some businesses started accepting bitcoin along with traditional currencies.

In the episode “Bitcoin for Dummies” of the CBS courtroom drama The Good Wife’s third season, Bitcoin was the subject of a fictional trial. CNBC’s Mad Money anchor Jim Cramer played himself in courtroom scenes where he claimed that bitcoin was not a valid currency because ‘there’s nobody to supervise it; it is digital and operates completely peer to peer.

In September 2012, the Bitcoin Foundation was established. Its mission is to ‘accelerate the worldwide expansion in bitcoin through standardisation and protection of the open-source protocol, and promote its promotion. The company was founded by Gavin Andresen and Jon Matonis, Charlie Shrem and Peter Vessenes.

BitPay stated in October 2012, that its payment processing system had more than 1,000 merchants accepting bitcoin.

WordPress accepted bitcoins starting November 2012.