Overview
BTCMining this first-ever block rewarded 50 bitcoins to its creator, Satoshi Nakamoto, and set in motion Bitcoin's blockchain - an open, transparent ledger allowing peer-to-peer transactions without centralized intermediaries.
The launch of Bitcoin via its genesis block laid the groundwork for a decentralized financial system outside the control of governments, banks, and institutions.
The Bitcoin genesis block is the first block of data ever mined on the Bitcoin blockchain network. Mined on January 3, 2009, this block was generated by Bitcoin's creator Satoshi Nakamoto.
It represents the starting point of Bitcoin's blockchain, setting in motion the first ever cryptocurrency and decentralized payment system.
The genesis block contains a quote embedded in its coinbase transaction - "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" - assumed to be a timestamp and comment on the instability caused by fractional-reserve banking.
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