• January 3 is known as Bitcoin Genesis Day, as it marks the first block of BTC ever mined by Satoshi in 2009.
• The first block on the network hosts a single transaction – the 50 BTC block reward – sent to the pseudonymous creator(s) for mining it.
• After an annus horribilis of a year, Bitcoin stands resilient and in its 14th year, it has made immense progress in terms of its usage and acceptance.
Today marks a special day in the world of cryptocurrency – Bitcoin Genesis Day. January 3rd marks the first block of BTC ever mined by Satoshi way back in 2009 – a moment that changed the course of the future of money.
Satoshi Nakamoto, the pseudonymous creator(s) of the Bitcoin protocol, mined the first block of BTC on January 3rd, 2009. This block of BTC, known as the genesis block, hosted a single transaction – the 50 BTC block reward – sent to the creator(s) for mining it. This marked the start of the Bitcoin network and the first step in Satoshi’s vision of a decentralized, peer-to-peer digital financial system.
Since the creation of Satoshi’s revolutionary monetary system, and its intrinsic currency, a lot has changed. Despite an annus horribilis of a year, Bitcoin stands resilient and in its 14th year, it has made immense progress in terms of its usage and acceptance.
The first use of Bitcoin, in 2009, was for the purchase of two pizzas. Back then, the 50 BTC, which was worth just a few cents, was the equivalent of $20 million today. Since then, Bitcoin has come a long way and is now widely accepted by merchants, investors, and traders alike.
The cryptocurrency has also gained mainstream acceptance and is now seen as a viable option for payments and investments. Major corporations, such as Microsoft and Tesla, have also jumped on the Bitcoin bandwagon, further legitimizing the digital asset and boosting its credibility.
Additionally, the cryptocurrency has seen a surge in institutional investments, with prominent players such as Goldman Sachs, JP Morgan, and Morgan Stanley entering the space. This influx of institutional investments has further bolstered the crypto market, pushing the price of Bitcoin to all-time highs in 2020.
As Bitcoin turns 14, Satoshi’s idea of monetary sovereignty has become a reality. With the popularity of Bitcoin and other cryptocurrencies on the rise, the world is now moving away from traditional, centralized financial systems and towards a more open, decentralized economy. This is a major milestone for cryptocurrency and a testament to Satoshi’s revolutionary vision.