12 years since the Genesis block: A reminder of what Bitcoin is really about – CoinGeek

12 years since the Genesis block: A reminder of what Bitcoin is really about – CoinGeek

Happy New Year, and Happy 12th Genesis Block anniversary! The Genesis Block timestamps the beginning of the Bitcoin blockchain—and since Bitcoin SV (BSV) is the only blockchain that still maintains Bitcoin’s original protocol, it’s BSV’s holiday alone to celebrate.

The Bitcoin Genesis Block is also known as Block #0, and was not “mined” in the way subsequent Bitcoin blocks were. Instead it was constructed by creator Satoshi Nakamoto, aka Dr. Craig S. Wright, as a reference point and hard coded into the protocol software, using a key value pre-computed externally. Bitcoin Block #1, mined six days later using the protocol’s proof-of-work algorithm after Satoshi released the software to the public, marks the true “beginning” of Bitcoin as we know it today. You can read more details and trivia on Bitcoin’s birth story here.

Satoshi’s easter egg

We can’t talk about the Bitcoin Genesis Block without mentioning the now-famous “easter egg” Satoshi coded into the original 50 Bitcoin coinbase. It reads:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

If only government bank bailouts were our biggest economic problem in 2021! Dr. Wright has said he included this line as a real-world timestamp to mark Bitcoin’s beginning, and also as a call for accountability and transparency. Bitcoin was created on capitalist principles (sadly lacking in today’s economy) with built-in incentives to reflect them. It is neither anti-bank nor anti-government, but exists
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