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Bitcoin Genesis Block Day: 13 years old today, but it’s all the other blocks that count

Bitcoin Genesis Block Day: 13 years old today, but it’s all the other blocks that count
Written by publisher team

It’s January 3rd, the day we celebrate the anniversary of the Bitcoin “Genesis Block”. Block Zero came out today 13 years ago – and while it was barely noticed at the time, it is now an essential part of the Bitcoin myth and mystery.

In this 13th anniversary, the BSV network was responsible for more than 3.5 million transactions, about 54% of Bitinfocharts’ daily transaction pie (before XRP at 20.8%, ETH at 18%, BTC at 2.9% and BCH at 0.9%). Instead of looking back and dismantling the formation block itself, which has been done hundreds of times already, let’s celebrate that fact instead.

But first, to explain why we do not need to break it down, it is still necessary to explain what the points of curiosity are.

The formation of myths and misconceptions

The Genesis Block does not refer to Bitcoin’s “birthday” per se, as it acts as an “anchor” in time; Reference point for every other next block. The first block number 1 mined using Bitcoin software actually came six days later, and this date is the most widely considered date for Bitcoin’s birthday.

Bitcoin Block #0 appeared on the blockchain at 6:15pm UTC with coin base data containing the now-famous headline from The Times: “Advisor on the Brink of Second Bank Bailout.” There is only one deal in the block; Support 50 bitcoin block.

Today, that 50 Bitcoin is equal to $0. They cannot be spent or transferred from their Genesis Block address, so their value remains what Bitcoin was worth on January 3, 2009: nothing.

As Dr. Craig Wright has described in the past, the prime chronological address is there to establish history and prove that Bitcoin was not previously mined to give its creator an advantage and an incentive to create/inject the value of fiat currency (many block chains that followed Bitcoin included seed stocks for their founders).

He has also made it clear that the choice of title is a political comment, but not in the way many people think. It is often interpreted as an anti-bank statement, leading to an adopted mission among many early bitcoiners to “destroy” or “replace” banks. Instead, he is against the idea that governments should interfere in free markets. Bitcoin is a free and capitalist market, but it is not anti-banking.

There is more information on how to build the Genesis Block (it was not “mined”) in this article here.

What matters most in 2022

So the Genesis Block is the “node” that holds the Bitcoin thread in place. But what matters now, 13 years later, is the thread itself.

Block #0 is the anchor and reference point for BSV, BTC, and BCH – and most importantly, the transaction database that allows these three now separate networks to function. The question of who (if anyone) owns the intellectual property of this database is far from resolved. Dr. Wright has promised to settle it one way or another, and that could become a major topic in Bitcoin 2022 news.

Dr. Wright said that once he successfully proves ownership of the database, BTC and BCH networks will need to pay a license fee for him to continue operating. One of the main requirements for this deal would be to stop using the name “Bitcoin” for anything other than BSV, particularly by the BTC Core camp that was misleading investors and other members by misrepresenting BTC as “Bitcoin.” This idea would have been seen as far-fetched by most people a few years ago, and to this day, many would call it that. At this point, we have to remind you that many who have mocked Dr. Wright’s statements in the past have ended up with eggs on their faces.

And for those who support BSV like Bitcoin but wish Craig Wright’s legal battles didn’t dominate her story: These 3.5 million transactions in 24 hours are big news. BSV continues to prove that the “big block” bitcoin can scale, on-chain, to process any volume of data.

Most of the recent transactions have come from gaming actions, specifically CryptoFights – something other than Satoshi Nakamoto imagined when Bitcoin debuted. Other large amounts of microtransactions have come to weather monitoring services like WeatherSV or social media offerings, which show a range of potential use cases in the realm of big data.

Bitcoin, these days as BSV, has become the data transparency and audit tool for Satoshi’s original vision. In 2022, hyper-realism and deception took over the information landscape, and even the bragged Wayback Machine was hacked as a way to prove what was once online.

The ability to process, timestamp and verify all of the world’s information is needed now more than ever. Instead of analyzing the data in a single block, let’s estimate what’s been entered into all the blocks since – including all the data added to the Bitcoin blockchain since you started reading this article.

Watch: Dr. Craig Wright’s keynote speech at CoinGeek New York, Time is Personal Experience

New to Bitcoin? Check out CoinGeek’s Bitcoin for beginners Section, The Ultimate Resource Guide to learn more about Bitcoin – as envisioned by Satoshi Nakamoto – and the blockchain.

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