14 years ago on Jan. 3, 2009, Satoshi Nakamoto launched the Bitcoin network and block zero at approximately 1:15 p.m. (ET) on a Saturday afternoon. Satoshi’s technology allows “online payments to be sent directly from one party to another without going through a financial institution.” Since Bitcoin was born it changed the financial system significantly, and it sparked an entire cryptocurrency economy worth more than $800 billion in value.
The History and Significance of Bitcoin’s Genesis Block: 14 Years Later
Today is the 14th anniversary of the genesis block, otherwise known as block zero, the first Bitcoin block that bootstrapped the network. Block zero is special because there are no ancestral blocks before it, and it was hardcoded into the software so it would have an official starting point and every node can validate the blockchain from the very beginning.
Because block zero is hardcoded, the coinbase reward of 50 BTC stored within the first block can never be spent. The
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