Today 13 years ago, the time had come: the Bitcoin blockchain was brought to life thanks to its inventor Satoshi Nakamoto. The first transaction on the Bitcoin blockchain started on January 3, 2009. Its unknown inventor had written a message on the first Bitcoin block, the so-called Genesis block. Back then, no one could have imagined what would become of her 13 years later.
Happy Birthday Bitcoin! Today 13 years ago, or to put it another way, 716,921 blocks ago, Satoshi Nakamoto created the first block with 50 BTC back then. That was the beginning of the oldest and most successful blockchain in the world, which today claims a market capitalization of almost 900 billion US dollars.
Genesis Block and Bank Rescue
The anonymous inventor launched the Bitcoin network only two months after the publication of the Bitcoin whitepaper. In the white paper that he published on October 31, 2008, he explained how the new monetary system works. About two months later, the theory became practice.
In block zero, that is, the Genesis block, a message was also hidden with the first transaction:
The Times 03 / Jan / 2009 Chancellor on the verge of a second bank bailout
This news relates to the cover story of The London Times newspaper of the same name. For many crypto enthusiasts, the reference is clear. You see in this message a hidden criticism of the current banking and financial system. After all, in the wake of the financial crisis, there were bank bailouts and great social unrest.
With the “Be your own bank” narrative, the Bitcoin phenomenon has become an antagonist to the existing centralized banking system. Libertarian circles, in particular, see Bitcoin as an opportunity for a monetary system that dispenses with the state and banks.
What happened to Bitcoin?
As successful as Bitcoin is currently (excluding the current side phase), the cryptocurrency is now more than ever in the hands of traditional financial players. Meanwhile, it is both institutional investors and individuals who have Bitcoin as an asset. In the course of this, states and regulatory authorities are creating regulatory barriers to the old “Cypherpunk money.”
Bitcoin has established itself not as a currency, but as a store of value. The fact that digital gold protects purchasing power is now considered the primary use case for Bitcoin. The payment function in the sense of a currency has long been secondary.
However, this in no way diminishes the added value that Satoshi Nakamoto brought to the world 13 years ago. The countless millions that enter Bitcoin every day show that there is a demand for a digital safe haven that cannot be manipulated by central banks and states.
And while the price may not currently serve as a birthday present, the hashrate has at least been set at an all-time high: a proud 203.5 EH / s. You can read more about it here.