Bitcoin Genesis Block (BTC) celebrates its 12th anniversary

Bitcoin Genesis Block (BTC) celebrates its 12th anniversary

The genesis block is the name of the first block of the Bitcoin blockchain. It was extracted on January 3, 2009, 12 years to the day.

The first 50 BTCs were mined on 3 January 2009 by Satoshi Nakamoto himself in order to create the Bitcoin blockade.

S. Nakamoto made it clear that he was sensitive to the failures of the global financial system since the first block contained a message: „The Times 03/Jan/2009 Chancellor on Immediate Bitcoin brink of second bailout of banks“ in reference to an article published the same day in the British newspaper The Times.

The article reports on the British government’s attempt to rescue banks in the midst of the financial crisis. By writing this note, Satoshi surely wanted to show his interest in the subject and raise public awareness.

January 3rd is therefore the anniversary of the genesis block, but also the „Proof-of-Key“ day, which consists in withdrawing one’s bitcoins from the exchanges to a wallet with private keys to recover full ownership of one’s funds.

The mystery of block 0

The genesis and launch of Bitcoin remains shrouded in mystery and reverence. For example, the launch of Block 0 was the subject of much debate over a specific point in its creation: the first 50 BTCs could not be spent.

Thus, the first award (50 BTCs) was to be given to the address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa. However, the reward could not be distributed due to an anomaly in the code in block 0. Is this an intentional peculiarity or simply an error? This question was the subject of much debate among insiders. However, due to the accuracy of the developer, most theories suggest that it was not an error.

Another originality is that followers regularly make donations to the genesis block as a token of thanks. The address now totals 68.35 BTC or about 2.3 million dollars. There are 2718 offerings that could be compared to the coin throw in the Trevi Fountain in Rome.