Bitcoin is 13 Years Old!
Bitcoin was announced by Satoshi Nakamoto in its white paper launched on October 31, 2008 and the Genesis Block was created on January 3, 2009. Bitcoin’s popularity is increasing day by day. Bitcoin was known by only a few people when it was first listed. But nowadays, Bitcoin is known and recognized by companies, institutions, and governments. Satoshi Nakamoto’s Genesis Block provided the new financial system and new payment system 13 years ago. You would celebrate Bitcoin’s 13th years by getting more know about the Genesis Block with this article.
What is Genesis Block?
The Genesis Block was the first block of the Bitcoin blockchain. It was launched by Satoshi Nakamoto on 3 January 2009. The Genesis Block was the first confirmation that blockchain could act as a viable method for transferring money.
Although early blockchain technology goes back as far as the 1990s, blockchain was first used with Bitcoin. The technical details of the Bitcoin’s blockchain technology was shared by Nakamoto in the “Bitcoin: A Peer-to-Peer Electronic Cash System” whitepaper, published on 31 October 2008. They then created the Genesis Block on 3 January 2009, launching the blockchain.
The blocks that make up the blockchain consist of data sets where transfer transaction and confirmation records are kept both encrypted and open.
Hash is the conversion of data into a unique code set, this is done by encrypting with a cryptographic hash function. Data entered into the blockchain becomes a digital fingerprint — it is uneditable and anonymous.
The phrase “Block 0” is also used for the Genesis Block. The block serves as an anchor, its features differ from other blocks in the blockchain. Because it is first block created, it is the only one that does not contain previous block hash.
January 3, 2009: Bitcoin’s Birthday
Nakamoto documented and immortalised Genesis block launch date, Bitcoin’s birthday, by adding a message. They added the sentence “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” to the code. This is a direct extract from British newspaper The Times on 3 January 2009.
The choice of newspaper headline may be interpreted as a reference to the shortcomings and issues associated with our existing financial system.
To this day, people continue to donate Bitcoin to the address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa. This is actually Nakamoto’s original address and people like to think of their donations as a sign of respect. About 19 Bitcoin has been sent by users to the address. It also hosts the first 50 Bitcoins, which are permanently non-transferrable.