Everything you need to know about the Bitcoin Genesis Block
Despite its short history, Bitcoin is considered a revolution in the concept of money. Stories about its origins and its pseudonymous founder, Satoshi Nakamoto, are told as if they are centuries old and prophetic. The reverence shown by enthusiasts is also a wonder considering that no one knows about the early days of Bitcoin or the identity of its founder. With this in mind, we decided to go back to where it all started, the Genesis Block, and look at some of the mysteries it holds.
Once upon a time…
It was the era of the housing crisis. The world was in deep turmoil reminiscent of the Great Depression and caused by the greed of top bankers. As is often the case, the government considered a bailout for these troubled banks.
Public money was used to correct the few greedy decisions. No one could say or do anything because the people had already dealt with their wounds from the crash.
Spurred on by the helplessness of the masses, Satoshi Nakamoto decided to work on a project that would take the middle man out of the equation. The idea was as simple as it was revolutionary – just people and money. No banks.
The age of Bitcoin
Satoshi developed a blockchain-based currency that operated on a proof-of-work protocol so secure that no government or other body would be able to tamper with it. He published the Bitcoin Whitepaper on Halloween 2008, and so began the blockchain era, the Bitcoin era.
His anonymity has worked synchronously to promote the idea that Bitcoin was above every man. It probably reminds people of masked heroes who work for the greater good without much recognition.
Genesis Block
We know that bitcoin must be mined to be made available for circulation, and this mining takes place in the form of blocks. Blocks are essentially like pages in a ledger that keep a permanent record of transactions. With each new block mined, the previous one is closed with all information about the transactions.
The first Bitcoin block ever mined was by Satoshi himself and it is now known as the Genesis block. It was mined on January 3, 2009.
“Genesis” could be a biblical reference for two reasons. First, the Genesis block paved the way for Bitcoin as we know it today. It was a testimony to the refined genius of its creator. Second, the next block was mined six days later – unlike today, where a new block is mined every 10 minutes or so. It is like how God rested for 6 days after creating the universe.
Of course, no one knows for sure why this was done. But today, every first block in every blockchain is called the same, Genesis Block.
The cult status
The Bitcoin Genesis Block had 50 bitcoins in it that were never used or could not be used. Some believe it was by design, others believe it was the only mistake ever made on the Bitcoin project by Satoshi.
The block was also unusual, also because it had two extra leading Hex zeros (000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f) unlike other early blocks in the BTC blockchain.
The reward from the block was sent to this address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa. To date, the address has more than 66 BTC, of which 50 remain unusable. Bitcoin believers around the world still send small amounts of BTC in gratitude to the creator, similar to dropping pennies into a fountain. (Apart from here, the crowns can never be recovered)
The hidden message
The Genesis Block also had a hidden message inside. The message was a headline in a British daily which read: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.
This served two different purposes – it proved that the genesis block was not mined until January 3, 2009 (due to the timestamp), and it also spoke against the fundamentals of BTC.
The Genesis block, more than being special for its identity, is special for what it signifies: the beginning of the era of decentralization. The possibility of flawless finances. The possible end of rescue operations.
