First leap of faith to exchange goods or cash for bitcoin

[carljs27]

When and why did the first person agree to pay government-backed currency (old-fashioned money), or exchange a tangible good, for a bitcoin? I more or less understand what a bitcoin is, and how they are generated, but I don't understand why the first person took the leap of faith required to surrender actual US dollars, or whatever currency was used, for a bitcoin. Or was the first exchange made for a tangible good, rather than cash?

Who sold the first bitcoin for traditional cash or tangible goods? If it was Satoshi Nakamoto, how was the payment made or the good delivered, since the identity of Nakamoto is unknown. I assume Nakamoto has exchanged some number of bitcoins for other forms of wealth, so how is that accomplished?

How much is known about the first few such transactions? I'm wondering how quickly bitcoins became accepted in exchange for cash or goods.

Thanks to anyone who can enlighten me on the early history of bitcoin. I'm fascinated by this example of wealth being created out of thin air via technical genius, and how the first person decided to surrender something of (more or less) guaranteed value for a new intangible object generated by software which was written by an unknown person or persons.

[nandibear]

When and why did the first person agree to pay government-backed currency (old-fashioned money), or exchange a tangible good, for a bitcoin? I more or less understand what a bitcoin is, and how they are generated, but I don't understand why the first person took the leap of faith required to surrender actual US dollars, or whatever currency was used, for a bitcoin. Or was the first exchange made for a tangible good, rather than cash?

Who sold the first bitcoin for traditional cash or tangible goods? If it was Satoshi Nakamoto, how was the payment made or the good delivered, since the identity of Nakamoto is unknown. I assume Nakamoto has exchanged some number of bitcoins for other forms of wealth, so how is that accomplished?

How much is known about the first few such transactions? I'm wondering how quickly bitcoins became accepted in exchange for cash or goods.

Thanks to anyone who can enlighten me on the early history of bitcoin. I'm fascinated by this example of wealth being created out of thin air via technical genius, and how the first person decided to surrender something of (more or less) guaranteed value for a new intangible object generated by software which was written by an unknown person or persons.

Hi Carl,

You might find the following here at the forum to be helpful:

1. October, 2009 - The first Bitcoin exchange site, New Liberty Standard, went online. NewLibertyStandard determined a bitcoin's value by the rough cost of electricity needed to generate a bitcoin (calculated with NewLibertyStandard's electricity bill).

bitcoin-discussion/the-first-bitcoin-ex ... 57368.html

2. May, 2010 - Software architect named Laszlo Hanecz pays Bitcoin to another person who buys pizza for him and his daughter. Then several times again with others who buy pizza for him.

post116488.html#p116488

[Baloo]

I don't even know. There's a story that a man bought a pizza for several bitcoins and now this pizza turns out to be very expensive according to the exchange rate. This is how everything's been developing.

[irikan50]

Yes, it's interesting that people started to trust just like that, simply because they were promised something. And now we use papers that have no value.

[Geleas]

The best option is to cash out the Bitcoin if you are in dire need of money. You can cash out through the Cryptocurrency exchanges. But before carrying out the financial transaction, make sure the exchange is verified and regulated.