March 29, 2024

Bitcoin genesis block was mined 11 years ago

On January 3, 2009, a person or group of people under the pseudonym Satoshi Nakamoto launched the Bitcoin main network,having obtained the genesis block with 50 BTC.

A few months before the launch of the network, on October 31, 2008, white paper of the first cryptocurrency was published.

The identity of Satoshi Nakamoto and the motives for creating Bitcoin are still a secret that they are trying to solve in the crypto community and beyond.

The hash of the genesis block of the first cryptocurrency contains the title of the article “Chancellor on brink of second bailout for banks” of the British edition of The Times.

Bitcoin genesis block was mined 11 years ago

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So one of the incentives Nakamoto couldthe global financial crisis that began in 2007-2008, was accompanied by the collapse of the largest investment banks, a widespread decline in production volumes, falling demand and prices for raw materials, rising unemployment, and active state intervention in the economy.

The first bitcoin transaction took place on January 12, 2009 - Satoshi Nakamoto sent 10 BTC to Hal Finney. Three days earlier, the Bitcoin 0.1 software version was published.

In July 2010, the first cryptocurrency price rally took place - from $ 0,0008 to $ 0.08. Thus, over the past 10 years, bitcoin has grown by 9,000,000%.

Bitcoin genesis block was mined 11 years ago

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During the same period, gold rose in price by only 25%, while the S&amp;P 500 index tripled.

To date, the average weighted rate of the first cryptocurrency is at around $ 7220, and the capitalization of the flagship market is about $ 131 billion.

Happy Genesis Block Day!

Read more about the history of the creation of the first cryptocurrency and the possible personality of Satoshi Nakamoto at the link: