Genesis block - the first Bitcoin block and history from team Satoshi Nakomoto

Tomki91

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According to information on the blockchain.info portal, the first block number 0 was excavated on January 3, 2009. The first transaction in history took place at 18:15 (server time), guaranteeing a commission of 50 BTC

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Initially, ideas for the development of Bitcoin and other cryptocurrencies appeared only on the bitcointalk.org forum. It is from there that we have most of the information about the origins of BTC, its first developers and finally about Nakamoto entries. Satoshi wrote a total of 575 posts between 2009 and 2010, describing contemporary economic problems and explaining how Bitcoin can deal with these challenges. On December 12, 2010, the pioneer said goodbye to the forum members. He informed that he had passed on the development of the project to other people and that he himself was leaving. After that, hearing about him was lost.

The genesis block has a symbolic significance, it is a symbol of monetary sovereignty and the embodiment of Satoshi's philosophy, where the centralized politics of the fiat system is rejected in favor of a decentralized cryptocurrency.

The date of the creation of the first BTC block, which was created at the height of the global financial crisis, is also not a coincidence. The message embedded in the hexadecimal code of the base block after decryption reads: "The Times 03 / Jan / 2009 Chancellor on brink of second bailout for banks."

The above message relates to the headline of an article in The Times on the day Bitcoin was launched. The then UK Treasury Chancellor was then debating a second bailout for UK banks that had suffered as a result of the financial crisis.

Satoshi Nakamoto was knowledgeable about what was happening in monetary policy and about the threats to fiat economies. He considered the practices of central banks and domestic and private banks that led to the financial crisis as a threat to both customer confidence and traditional valuations, as mentioned in a February 2009 post.

Why did Nakamoto leave?
There are many theories as to why Satoshi withdrew from cryptocurrency development. The most popular one is that Nakamoto may have been spooked by interest from the FBI. The US Federal Bureau of Investigation picked up the topic fairly quickly, and there was a risk that the world's largest economy so closely tied to centralized financial systems would try to "kill" Bitcoin before it could spread its wings.

 
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