When Crypto Was New: 10,305 BTC For One Hotel Night

1. Introduction

In 2011, Bitcoin was still a novel concept, rarely accepted in everyday transactions. However, a few pioneers saw the potential of this digital currency and began mining and experimenting with it.

2. A Real Transaction With Bitcoin

Journalist Joshua Davis decided to test Bitcoin's real-world usability by booking a room at the Howard Johnson hotel in Fullerton, California. He paid 10,305 BTC for a single night, proving that Bitcoin could be used for actual transactions even back then.

3. Meeting Jefferson Kim

At the hotel, Joshua met Jefferson Kim, the 28-year-old general manager who had started mining Bitcoin just two months earlier. Kim shared his fascination with the idea of a currency governed by logic and code—rather than controlled by traditional financial institutions.

4. A Strong Belief In Bitcoin

Kim invested $1,200 in a high-performance gaming computer to mine Bitcoin. Although he had only earned $400 at the time, he was enthusiastic about being part of the crypto frontier and believed he would recover his investment.

5. Challenges And Bright Prospects

Despite Bitcoin’s early volatility and limited use, pioneers like Kim believed that growing business adoption would shape a bright future for cryptocurrency.