What is the Genesis Block? A Beginners Guide.
Bitcoin Genesis Block
What is the Genesis Block? A Beginners Guide.

By Bragato18 | Bragato18 | 17 Feb 2020


On January 3, 2009 the first event on the Bitcoin blockchain occurred. Its founder placed an important notation indicating the intent behind what he had just created.

The London Times ran a cover story entitled "Chancellor on Brink of Second Bailout for Banks". This newspaper headline was quoted and embedded into the first transaction ever to be included in the new Bitcoin blockchain, by Satoshi Nakamoto.

The block containing this transaction was called "The Genesis Block".

Satoshi Nakamoto started coding the first implementation of Bitcoin in C++ in May 2007. In August of 2008, he sent two private emails to cypherpunks, Wei Dai (b-money) and Hal Finney (recipient of the first Bitcoin transaction), asking them for feedback on early versions of the Bitcoin white paper. They both gave Satoshi positive feedback.

A couple of months later, Satoshi published the Bitcoin white paper to a cryptography mailing list.

Bitcoin P2P e-cash paper

(The link to "Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto, October 31, 2008" is in resources.)

 

The response from publishing the Bitcoin white paper was muted at best, some of the cypherpunks were a bit curious. 

It was took a further two months work for Satoshi to finalise the code. And on January 03, 2009 Satoshi finally open-sourced the codebase and launched the Bitcoin network. A few eager coders like Hal Finney ran the initial client and submitted bug reports. But early on it was mostly Satoshi himself that was running the software and mining Bitcoin.

Early Bitcoin Client

(Early Bitcoin Client dated 03/01/2009)

The Bitcoin network gradually was gaining followers. Early tech communities such as Slashdot caught on to this interesting experiment and the word spread gradually.

At the end of 2009 Bitcoin had some users running the software but it did not have a price or value. That would all change in May 2010 when the first ever Bitcoin purchase was made.

Laszio sent a message on May 18, 2010 12:35am. "I'll pay 10,000 bitcoins for a couple of pizzas..like maybe 2 large ones so I have some left over for the next day. I like having pizza to nibble on later. You can make the pizza yourself and bring it over to my house or order it for me from......." No it did not say Uber EATS.

Pizza for bitcoins?

It is interesting to note that the message was read 327851 times. Thats a lot of pizza lovers.

Bitcoin now had a price or value. The rest is now history and best left for another day.

 

Feel free to use the "Comments". I appreciate any feedback and I won't be offended and don't intend to offend others.

 

I'll finish with a 2008 Satoshi Nakamoto quote

Its very attractive to a Libertarian point of view if we can explain it properly. I'm better with code than words though.

 

 

 


Bragato18
Bragato18

I am a sun sea and sand person, makes chocolate, grows organic vegetables, rides a Vespa and collects crypto. Happy to publish things of a general nature. https://twitter.com/PaulBridgman8 Direct Message for more details


Bragato18
Bragato18

Bought our 1st pieces of BTC, July 2017. The process was daunting and confusing. Could easily given up & put it in the too hard basket or have fallen victim to one of the many scams or pitfalls. Grateful to a friend of my son's, who had been in this space for awhile, giving me some good advice & steering me in the right direction. That experience has helped shape my desire to share what I learn. Also always had a morbid fascination with Snake Oil Salesman & their sales pitch; Bitconnect, USI Tech..

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