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First Bitcoin Block Turns 10 Today

Maya Mandzikasvili | Jan. 4, 2019
First Bitcoin Block Turns 10 Today

January 04, 2019 | AtoZ Markets -January 3, marked ten years since the creation of the very first block in the Bitcoin blockchain (BTC).The first Bitcoin block, called Genesis, modern Bitcoin versions label as block 0, although latest Bitcoin versions marked it as block 1.

How It All Started?

The first Bitcoin block is unique as it logically does not refer to any previous blocks and almost always hard-coded in the software applications using blockchain, setting all the necessary variables necessary to create the subsequent blockchain. For Bitcoin and almost for all its derivatives, it gives an unacceptable subsidy. The theoretical foundations of this cryptocurrency were laid by the publication of the Bitcoin whitepaper that happened on October 31, 2008. January 3, 2009, marked the first practical implementation of the world's first crypto - the introduction of a peer-to-peer and cryptographically secure system for making digital money. As shown by the Bitcoin Block Explorer tool, block 0 or in the new version of Bitcoin block 1 in very early versions of the blockchain - was received on January 3, 2009, at 13:15:05 EST, with a 50 BTC reward. Today, the remuneration will cost about $ 191,350, but at that time its value was invaluable - the first fixed price of Bitcoin trading was marked on March 17, 2010, on the now defunct bitcoinmarket.com trading platform, worth $ 0.003.

Bitcoin is Surrounded by Mystery of Any Kind

The inventor of the cryptocurrency is still unknown. This mysterious person or team of few people calling themselves Satoshi Nakamoto included the hexadecimal code with the encrypted name "Times" in the genesis block on January 3, 2009, citing the salvation of the banks of the United Kingdom. After deciphering this hidden hint with the economic and political context that gave rise to the invention of the coin, the following said: "The Times 03 / Jan / 2009 The Chancellor is on the verge of second financial assistance to banks". The consequences of Lehman Brothers bankruptcy in the fall of 2008 played a crucial role in the economic crisis, the global economic downturn and, subsequently, the controversial “too big to fail” justification for governmental intervention. At the height of the 2008 economic catastrophe, Nakamoto's innovation offered a bold alternative — digital exchange without participation of third parties, not controlled by the state, and cost saving. Ten years later, the mysterious inventor of Bitcoin still not revealed. At the time of publication, Bitcoin was trading at $ 3,831, which is 127,699,900 percent more than the first time it was launched.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.