It’s been 14 years since Satoshi Nakamoto mined the GenesisBlock that marked the beginning of the Bitcoin blockchain on Jan. 3, 2009. Happy birthday, $BTC!
A block is a collection of transactions that get validated all together. The transactions in a block get added at once to the chain, which is the complete history of legitimate transactions using bitcoin. Every blockchain has a genesis block, just as every regular chain has a final link.
Satoshi made the Genesis Block special in a number of ways. For one thing, the 50 BTC reward was sent to an address from which it can never be recovered. On a technical level, the 50 BTC transaction wasn't recorded as such in the same way as later transactions. That’s why any attempt to spend those coins would fail. Satoshi never commented on the reasons for that.
Whether Satoshi’s comment was targeted mainly at banks or governments or both remains a topic of debate among Bitcoin enthusiasts.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Community celebrates Bitcoin Genesis Day by sending BTC to the Genesis blockSince its inception, various users have been randomly sending small amounts of Bitcoin to Satoshi’s wallet address.
Read more »
14th Anniversary of Bitcoin's Genesis Block: A Look Back at the Birth of Cryptocurrency – Bitcoin NewsToday is the 14th anniversary of the genesis block, otherwise known as block zero, the first Bitcoin block that bootstrapped the network.
Read more »
Ancient Bitcoin Block Rewards See Decrease in Spending After Record Activity in 2020 and 2021 – Bitcoin NewsAncient bitcoin block rewards saw a decrease in spending in 2022, after printing record activity throughout 2020 and 2021.
Read more »
Ripple CTO Slams Self-Proclaimed Satoshi for Attacking XRPThis Twitter feud between self-proclaimed Satoshi Craig Wright and Ripple CTO David Schwartz continues to heat up more and more
Read more »