It’s Bitcoin’s birthday: The very first Bitcoin genesis block— famously known as block 0 — was mined 17 years ago today. This year, with the price of Bitcoin rebounding above $91,000, Bitcoiners have more reason to celebrate.
Bitcoin’s Genesis Block Turns 17
Bitcoin’s first block was mined on January 3, 2009. Known as the “Genesis Block,” Bitcoin’s anonymous, shadowy creator, Satoshi Nakamoto, minted 50 BTC into existence with the move.
Satoshi embedded a headline from the United Kingdom-based newspaper, The Times, in the genesis block: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” The message was a critique of legacy financial systems and government bailouts during the 2008 global financial crisis.
Before Satoshi brought the network to the world in 2009, they had published the Bitcoin white paper three months prior on October 31, 2008. A link to a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was posted to a cryptography mailing list. Two months earlier, the domain name bitcoin.org was registered on Aug. 18, 2008.
Seventeen years later, Bitcoin has reached a market value of over $1.8 trillion, making it the 8th largest asset globally, according to CompaniesMarketCap.
From Digital Experiment To Global
When Bitcoin went live, skeptics dismissed it as an obscure experiment in digital money. Nevertheless, Nakamoto’s vision began to take shape a decade later, as struggling economies began considering Bitcoin a hedge against fiat currency inflation and the US dollar’s increasing dependence.
As institutions and nation-states increasingly recognized its potential as a store of value and medium of exchange, El Salvador in 2021 became the world’s first country to make the OG crypto a legal tender. Besides giving citizens open access to the Bitcoin economy, its government has since amassed over 7,500 BTC, valued at around $679 million at current prices.
Other countries, including the US, China, the United Kingdom, Bhutan, and Ukraine, hold huge stashes of Bitcoin today.
As Bitcoin’s adoption soars, the network’s computational demands have risen meteorically. The Bitcoin network difficulty has reached a staggering 148 trillion as of press time. With the difficulty level now harder than ever, the network is even more secure— just as Satoshi intended.
Notably, prominent figures like U.S. President Donald Trump have shifted from criticism to vocal support of the world’s largest blockchain network, hauling digital currencies into the heart of policy debates and, in turn, linking crypto prices more closely to political news.
Bitcoin has also successfully managed to grab institutional attention and push a global decentralized finance movement. Spot BTC exchange-traded funds (ETFs) have pulled in billions in investor money, underscoring the flagship crypto’s evolution from a niche digital currency to a mainstream financial asset.
Source: https://zycrypto.com/bitcoin-tops-91000-17-years-after-satoshi-mined-the-genesis-block/
