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Currently, the bitcoin market is operating without any major regulations. The government doesn’t have a clear stance on cryptocurrency; the market is just too new. It is not taxed, which can make it enticing as an investment opportunity. However, a lack of taxation could lead to problems should bitcoin pose as competition for government currency. As of now, cryptocurrency is not a widely accepted currency, but the future is ever-changing. There’s no telling what the state of the bitcoin market could be in a few years’ time.
The BitcoinTalk forum went online in late 2009 and soon enough one regular proposed the idea of an exchange where people could buy and sell Bitcoins for fiat currency. Keep in mind that this was when the block reward was 50 BTC and there were very few people mining.
The BitcoinTalk forum member NewLibertyStandard set up New Liberty Standard Exchange, and another forum user – Sirius – sent him 5050 BTC in exchange for $5.02 through PayPal. This puts the first recorded price at which Bitcoin exchanged hands at $0.00099/BTC