01/06/2023
Highlights on Genesis Block dedicated to its recent 14th anniversary:
⚡️ The Genesis Block was the first block of the Bitcoin blockchain created by Satoshi Nakamoto when he launched the Bitcoin network in 2009.
⚡️The Genesis Block was mined on January 3, 2009 at 6:15:05pm UTC/1:15pm EST.
⚡️ The text of the Genesis Block message, "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," refers to a headline in The Times newspaper on that date.
The message is thought to be a reference to the financial crisis of 2008.
⚡️ The creation of the Genesis Block marked the beginning of the Bitcoin network and the start of mining.
Mining is the process by which new blocks are added to the Bitcoin blockchain and how new Bitcoins are created.
⚡️ The Genesis Block had a special transaction called a “coinbase,” which minted new Bitcoins and rewarded the creator (minter) of the block. In the case of the Genesis Block, this reward was 50 Bitcoins.
⚡️ But the Genesis Block reward isn’t spendable. The 50 Bitcoins it created are not counted on the blockchain.
⚡️ Satoshi Nakamoto did not "premine" Bitcoin . He did not set aside coins to reward himself. He spent money on computing power like everyone else. 🧡
Hope you’ve enjoyed highlights, tag someone who needs to read it in the comments🚀