CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,071.00
  • ethereum
    ETH$1,649.28
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Bitcoin Turns 14: Genesis Day and Satoshi’s Idea of Monetary Sovereignty

    Bitcoin Turns 14: Genesis Day and Satoshi’s Idea of Monetary Sovereignty

    Author: Chayanika Deka

    Last Updated Jan 3, 2023 @ 15:27

    After an annus horribilis of a year, Bitcoin stands resilient. In fact, it just turned 14!

    The streak of bankruptcies and price declines has dampened glimmers of positive progress. But Bitcoin just turned 14 today. January 3 is known as Bitcoin Genesis Day for the first block of BTC ever mined by Satoshi way back in 2009, which paved the way for the cryptocurrency as we know it today.

    The first block on the network hosts a single transaction – the 50 BTC block reward – sent to the pseudonymous creator(s) for mining it. The BTC mining rewards are yet to be touched.

    Since the creation of Satoshi’s revolutionary monetary system and its intrinsic currency, a lot has changed.

    ‘Chancellor on the Brink of Second Bailout for Banks’

    The Genesis block essentially reflects Satoshi’s rejection of the centralized infrastructures of the current fiat system. The developer, instead, believed in decentralized pillars that were cryptographically secured in a mathematically verifiable digital system.

    Clearly, the old system was failing, shaking people’s faith in banks. Building a new one without all of the controls and perils meant that coincided with the climactic unraveling of the global economy was a major milestone.

    Satoshi did not stop there. Before mysteriously disappearing, they covertly coded into the genesis block with an “Easter Egg.”

    “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

    The above text is a headline for an article in the edition of The [London] Times about the British government’s failure to stimulate the economy after the 2007-08 financial crisis. The message was clear. The creation of genesis block on the same day as news of an imminent bank bailout is certainly symbolic.

    Bitcoin was designed to serve the exact purpose that financial institutions, which are considered too big to fail, failed to do. Unlike traditional banks, Bitcoin cannot be bailed out. There is no middleman, no third party, nor any sort of corporate entity to meddle between the asset and the consumer.

    Bitcoin’s Consistent Popularity

    No amount of doomsayers and mainstream media declaring Bitcoin dead can actually make the blockchain stop. The crypto-asset has experienced four major bull/bear cycles since its inception.

    More than a decade later, Bitcoin remains the most popular cryptocurrency option, despite the creation of thousands.

    Data from Nasdaq and Ycharts, as shared on Reddit this week, revealed that there is no dethroning the king coin any time soon. While Ethereum recorded more than fourfold with 408.5 million ETH transactions in 2022, Bitcoin still remains the most searched crypto. It even reported a steadier transaction volume in its network than its rival.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    Tags: Bitcoin Satoshi Nakamoto
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Chayanika Deka
    More posts by this author

    Chayanika has been working as a financial journalist for three years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin

  • bitcoin
    BTC$23,071.00
  • ethereum
    ETH$1,649.28
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!