Looking back at Genesis Block – the first block in the Bitcoin Blockchain
Until 2017, no one will probably remember January 3, 2009, with a special meaning. But from now on, any investor in the cryptocurrency market will recognize this milestone. Because that’s the day Genesis Block – the first Bitcoin block – was mined.
What is the Genesis Block?
Genesis Block is the first Bitcoin block, or primitive block, whose hash code is 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f.
The genesis block is the first block in any blockchain-based protocol
It was later called Genesis Block as block 0, but previously, it was counted as Block 1. Genesis Block is unique in that there is no reference to the previous block. This block comes with the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, probably used as proof that this block was created on January 3, 2009, as well as commenting on uncertainty due to the bank’s reserve ratio.
Source: New York Times
Bitcoin from zero to become a fortune that makes the whole world crave
Exactly 11 years ago, on January 3, 2009, the first Bitcoin block was mined, called Genesis Block, containing a total of 50 Bitcoin and is thought to belong to Satoshi Nakamoto – the character so far remains a mystery be answered.
At that time, Bitcoin was utterly worthless, and anyone could mine them with just a primary PC. Concepts such as cryptocurrency, Blockchain, Bitcoin,etc., are entirely unfamiliar to even people in the industry, let alone venture capitalists.
Eleven years later, Bitcoin was trading for $ 7,300 and even peaked at nearly $ 20,000. Digging Bitcoin has also become a lot harder. Miners are required to own a powerful supercomputer that costs tens of thousands of dollars. And, 50 Bitcoin blocks of Genesis Block alone have so far cost about $ 365,000 – the fortune that any investor wants.
Who is behind Bitcoin and the actual value of Bitcoin remains a mystery
In the past, there was a lot of confusion surrounding the birth of Bitcoin. It was thought that Bitcoin was first created on the day Satoshi Nakamoto released the file containing Bitcoin, and the project was launched on October 31, 2008. However, experts commented on January 3, 2009, that Bitcoin was available and ready to be traded, as well as mined by computers.
The Bitcoin Genesis Block also contains many exciting mysteries, such as a message enclosed inside Bitcoin with cryptic content: “The 3/1/2009 timeline, the Minister stood on the brink of the package other relief to the banks.”
However, so far, Bitcoin has not created many obstacles for banks, as well as the government is trying to control them. On the contrary, many experts even predict that in the future, Bitcoin, in particular, and other cryptocurrencies, in general, will be destroyed by banking organizations around the world to avoid a financial crisis and restore the natural order.
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