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October 3, 2022
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Bitcoin

– Bitcoin, cryptocurrencies and blockchain technology.

Today we have the 12th anniversary of the first block (the genesis block) being excavated in the BTC network. It was then – over a decade ago – the Bitcoin project took off for good.

What was the beginning of BTC?

Honestly, it is difficult to fully recognize January 3, 2009 as the only start of BTC. The formation of the cryptocurrency was a process. Let us remind you that earlier Satoshi Nakamoto (yes, we still do not know who he is!) Announced his manifesto in which he described the ideas behind Bitcoin. 12 years ago, however, the first block with the first Bitcoins was excavated.

Let’s look at the dates again. As we have already mentioned, on January 3, 2009, the network of the most popular cryptocurrency in years was launched. A little earlier, on October 31, 2008, Nakamoto published a document in which he explained how his digital currency would work.

However, the above is still not enough (which does not diminish the value of today’s anniversary). It should be remembered that Bitcoin was the result of many years of research conducted by cryptography supporters or even economists. Cryptocurrencies are actually a dream come true for many environments – economists from the Austrian School or cypherpunks. On the occasion of this holiday, we recommend you our article about the genesis of Bitcoin, which you can find here.

Genesis block

As can be seen from the data that can be obtained using the blockchain.info portal, the first block number # 0 was excavated exactly on January 3, 2009. The first transaction in the history of cryptocurrencies took place at 18:15 (server time) and guaranteed a reward of 50 BTC. Today, that would make over $ 1.7 million. Then practically nothing. Bitcoin has not been traded anywhere. It is worth noting that Satoshi Nakamoto waited 6 days for the next excavated block number # 1.

Currently, Bitcoin is not just exorbitantly more expensive. Yesterday it broke the level of $ 30,000 on the chart, and right now it is over $ 34,000. It’s not everything. Cryptocurrency has become part of pop culture, the BTC theme appears in top series (e.g. “Altered Carbon” – unfortunately, it was not stated how much 1 BTC costs in this gloomy, dystopian future), books or songs (about cryptocurrency were rapped, for example, on one of the last Eminem albums).

In 2020, there was also a boom in BTC among institutions. Many companies have started to invest their reserve funds in cryptocurrencies. It all started with MicroStrategy, but Michael Saylor’s company was followed by giants such as Square, Guggenheim Partners, and Ruffer Investments. PayPal, which introduced crypto-services for its clients in the USA, certainly made its contribution.

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