Genesis Block – The First Block of Bitcoin (BTC) – Marks Tenth Anniversary

Reddit co-founder praises Bitcoin, says it's a store of value against hyperinflation; to fuel new internet

Thursday, January 3rd, 2019 marks the tenth anniversary of the first block ever created on the blockchain of Bitcoin (BTC). The first block every created on the blockchain of Bitcoin (BTC) is technically known as “Genesis Block.” The Genesis Block is unique because it logically contains no reference to any previous blocks.
It is also always hard-coded into the software of the network, creating all the necessary variables needed to create the ensuing blockchain. Whereas, the theoretical foundations of Bitcoin (BTC) were laid with the publication of the whitepaper of Bitcoin on the 31st of October 2008.


Bitcoin (BTC) Mining and Trading History


The first practical implementation of the first digital currency in the world took place on the 3rd of January 2009 – the realization of a cryptographically secure and P2P system for transacting digital cash. According to data from Bitcoin (BTC) Block Explorer, block 0 was mined on the 3rd of January 2009, with a reward of 50 Bitcoin.
As at now, the worth of the reward is about $191k. However, at the time, the value of the digital currency was inestimable. The first recorded trading value of Bitcoin (BTC) was noted on the 17th of March 2010. The trading value was $0.003 and it was recorded on Bitcoinmarket.com – a now-defunct digital currency trading platform.


The creator of Bitcoin (BTC) – the still mysterious group of persons or individual identified as Satoshi Nakamoto – integrated the hexadecimal code of Coinbase genesis block with an encrypted Times headline from the 3rd of January 2009, with reference to the bailout of banks in the United Kingdom. After it’s been decoded, this secret nod to the political and economic context that gave the push for the invention of the digital currency reads as follows:
“The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.”
The outcome of the bankruptcy of the Lehman Brothers back in 2008 had been the tilting point for global recession, economic turmoil, as well as the controversial “too big to fail” basis for state intervention. As a result of this context, the invention of Satoshi proposed a strong alternative – a non-state controlled, disintermediated store of value and digital exchange – to the ill obligatory system.


Ten years after, the mystery surrounding the creation of Bitcoin (BTC) is still as impenetrable as ever. Those both in and out of the digital currency community started looking for ways to determine the true identity of Satoshi as early as October 2011. They started the hunt to know the mystery behind the creation of the digital currency, as well as the creator, just a couple of month after the digital currency was created.


Bitcoin (BTC) has been evolving since then, even though it faces many criticisms by individuals and government. Compared to its value ten years ago, the digital currency has grown enormously. Bitcoin (BTC) has been the largest digital currency in the world by market cap and it is also the most dominant coin in the market, and it doesn’t look set to give away its position anytime soon.


Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,595.26
-1.38%

At the time of writing, Bitcoin (BTC) is trading at $3,949 after a decrease of about one percent over the past twenty-four hours. The current market cap of the digital currency is $66.23 billion and its trading volume over the past twenty-four hours is $2.71 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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