Answer · confidence: partial
Before any price, did coins on a trading site ever leave for cash?
Research question: What is the earliest record of bitcoin holders moving coins onto a trading site before any price existed, and did those coins ever leave the site for cash?
The records show that the earliest exchange-style service, NewLibertyStandard, was started in October 2009, before Bitcoinmarket existed 115. It used a fixed Bitcoin-to-fiat rate based on electricity costs and mining difficulty rather than a market price, and Bitcoin had no market price in its first year 58. Bitcoinmarket's first trade came around March 17, 2010, and users could turn coins into cash through PayPal until PayPal was removed on June 4, 2011 2911. The records do not say whether any coins left NewLibertyStandard for cash, and it is unknown whether dwdollar kept any of the bitcoin that passed through Bitcoinmarket, so the cash-out question is only partly answered 10.
Checked 2026-10-18. Only documented and supported facts are used.
Dig deeper on this questionSources
[1] supported
The earlier online Bitcoin exchange service NewLibertyStandard was started in October 2009, before BitcoinMarket.
"There were some earlier online services for Bitcoin exchange, most notably the site "NewLibertyStandard", started by the BitcoinTalk user of the same name in October 2009."First cryptocurrency exchange
[2] supported
The first trade on bitcoinmarket.com happened around noon on March 17, 2010, as reported by its programmer dwdollar.
"Looks like we had our first real trade around noon."bitcoinmarket.com: The World's First Bitcoin Exchange (2010)
[3] supported
The first recognized valuation of Bitcoin came from the New Liberty Standard exchange, which was set up by a user named 'NewLibertyStandard'.
"A user named 'NewLibertyStandard' established the New Liberty Standard exchange, publishing a rate where one U.S. dollar could buy 1,309.03 BTC."When Did Bitcoin Start Trading? The Complete History
[4] supported
The exchange was proposed on the Bitcointalk forum by a user called 'dwdollar' on January 15, 2010, before it launched.
"The site was proposed on the Bitcointalk forum (where else?) by “dwdollar” on Jan. 15, 2010."Bitcoin History Part 6: The First Bitcoin Exchange
[5] supported
NewLibertyStandard used a fixed Bitcoin-to-fiat rate set by its founder from typical US electricity prices and mining difficulty, rather than a market price.
"The Bitcoin-to-fiat exchange rate on NewLibertyStandard, for example, was fixed and calculated by the founder based on typical US electricity prices and that difficulty of mining coins at the time."First cryptocurrency exchange
[6] supported
When Bitcoinmarket.com launched, one bitcoin was priced at around $0.003, roughly 333 BTC to the dollar.
"though when Bitcoinmarket.com launched in March of that year, a single bitcoin was priced at around $0.003 – that’s 333 BTC to the dollar."Bitcoin History Part 6: The First Bitcoin Exchange
[7] supported
These early services were much simpler than a traditional exchange and did not function as a trading platform.
"These were much simpler operations, which didn't function as a traditional exchanges (i.e., a trading platform)."First cryptocurrency exchange
[8] supported
In its first year, Bitcoin was traded only among a handful of developers and miners and had no market price.
"For nearly a year after its creation, Bitcoin was a curiosity traded only between a handful of developers and miners. It had a theoretical value but no market price."When Did Bitcoin Start Trading? The Complete History
[9] supported
Bitcoinmarket.com initially let users exchange BTC for fiat through PayPal, which was the route for turning coins into cash.
"The site accepted Paypal initially as its means of exchanging BTC for fiat."Bitcoin History Part 6: The First Bitcoin Exchange
[10] supported
It is unknown whether dwdollar kept any of the bitcoin that passed through his exchange in its first months.
"It is not known whether he retained any of the bitcoin that passed through his exchange in those first months."bitcoinmarket.com: The World's First Bitcoin Exchange (2010)
[11] supported
PayPal was removed from Bitcoinmarket.com on June 4, 2011, after a string of fraudulent trades, which ended that cash-out route.
"Following a string of fraudulent trades, Paypal was removed from the exchange on June 4, 2011."Bitcoin History Part 6: The First Bitcoin Exchange
[12] supported
PayPal blacklisted BitcoinMarket on 4 June 2011 after recurring fraud problems, which hurt the site's ability to move funds out to cash.
"BitcoinMarket was the premier exchange site for about a year, but recurring problems with fraud led to payment service PayPal blacklisting the site on 4 June 2011."First cryptocurrency exchange
[13] supported
Karpelès acquired the Mt. Gox exchange site from programmer Jed McCaleb in 2011, and the original owner received 12% of the shares of the new company.
"In 2011, Karpelès acquired the Mt. Gox bitcoin exchange site from programmer Jed McCaleb , with its original owner receiving 12% of the shares of the new company."Mark Karpelès
[14] supported
Mt. Gox was relaunched as a Bitcoin exchange in July 2010, the earliest date the document gives for the site taking in Bitcoin trades.
"coin exchange in July 2010, kept the URL, and the name stuck."What is Mt Gox? The Rise, Fall, and 2026 Creditor Repayments - Bitcoin.com
[15] supported
The New Liberty Standard, a bitcoin buying and selling service, was created on October 5, 2009, before bitcoin had any real market value.
"Despite having no real value, it was created on October 5, 2009 a bitcoin buying and selling service called the New Liberty Standard that towards a value ratio of 1.309,03 BTC for $ 1."History of Bitcoin exchanges and trading - Bit2Me Academy
[16] supported
The document's timeline lists the site relaunching as a Bitcoin exchange in July 2010, and it does not say when deposits were first made.
"July 2010 Site relaunches as a Bitcoin exchange"What is Mt Gox? The Rise, Fall, and 2026 Creditor Repayments - Bitcoin.com
[17] supported
Mt. Gox was repurposed for Bitcoin trading in July 2010, making it one of the first places where users could buy BTC with real currency.
"He repurposed the site for Bitcoin trading in July 2010, making it one of the first places where users could buy BTC with real currency."History of Crypto Exchanges: Mt. Gox to Binance • CoinLaw
[18] supported
The New Liberty Standard's exchange ratio was set according to the energy cost of mining bitcoin, as a kind of compensation for mining blocks based on electricity prices.
"This value relationship was established according to the energy cost of mining Bitcoin or what is the same, a kind of compensation for the mining of blocks according to the price of electricity."History of Bitcoin exchanges and trading - Bit2Me Academy
[19] supported
Mt. Gox launched in July 2010 and at its peak handled 70% of global Bitcoin trading before collapsing in February 2014 after losing 850,000 BTC.
"Mt. Gox launched in July 2010 and at its peak handled 70% of global Bitcoin trading before collapsing in February 2014 after losing 850,000 BTC"History of Crypto Exchanges: Mt. Gox to Binance • CoinLaw