Fourteen years ago, on January 3, 2009, Satoshi Nakamoto launched the bitcoin network and block zero at approximately 1:15 pm ET on Saturday. Satoshi’s technology enabled “online payments that allow money to be transferred directly from one party to another without going through a financial institution.” Since Bitcoin’s birth, it has transformed the financial system and ignited an entire cryptocurrency economy worth more than $800 billion in value.
History and significance of Bitcoin’s Genesis Block: 14 years later
Today is the 14th anniversary of theGenesis Block. It is the firstblock, called Block Zero. Block Zero is known as the firstblock that bootstrapped the network. Block Zero is special because there are no earlier ancestor blocks and it is hard-coded into the software, so it has an official starting point and all nodes can validate the blockchain from the beginning.
Since block zero is hard-coded, the coin-based reward of 50BTCis stored within the blockchain. The BTCstored within the first block can never be spent; the 50 BTCare stored at the bitcoin address “” 1A1zP” and over the past 14 years, numerous dust transactions sent to the wallet have been identified at this address. In other words, as of this writing, bitcoin address 1A1zP has 68.56BTCstored in the wallet; BTC is in the wallet and can never be spent; BTC