Bitcoin celebrates the Genesis day today which is the day the first BTC block was released back in 2009. Let’s see what it means for the number one cryptocurrency in today’s Bitcoin latest news.
Hong Kong’s Bitcoin Association was the first to celebrate the Genesis Day as the Asian markets started trading in the first week of 2022. The Association added that it will be a good time to make sure that all of your bitcoins are in a wallet that you control in terms of private and public keys. The date is also known as the Proof of Keys celebration as BTC pioneer Trace Mayer suggested. The proof of keys website celebrates the annual event encouraging Bitcoin holders to take control of their assets.
Happy Genesis Block day! Today, Bitcoin is 13 years old. It’s also a great day to withdraw your coins to a wallet you own and control! #ProofofKeys 🔑
— Bitcoin Association 香港比特幣協會 (@bitcoinorghk) January 3, 2022
Back in 2009, on this day, the enigmatic and anonymous to this day Satoshi Nakamoto released the Genesis Block that contains the first 50 BTC onto the Sourceforge. He left a message on the blockchain at the time which was the main headline in the UK Times Newspaper:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
Nakamoto started working on the whitepaper in 2008 and published it in October the same year. The concept behind the decentralized currency came after the aftermath of the 2008 financial crisis which was mostly the bank’s fault. Satoshi was not a fan of the modern banking system and it had issues with fractional-reserve banking. This is when the bank accepts deposits and makes loans or investments but it is required to hold the reserves equal to a fraction of the deposit liabilities.
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The bank is using money that it doesn’t hold at the end of the day.
He wanted to cut out the banks and the middlemen that he saw as corrupt and unreliable, electing to create a community-driven digital currency. Thirteen years later, Bitcoin is going strong with a $900 billion market cap and it is now held by billionaires, celebrities, governments, and banks as a testament to how far BTC came in its short lifespan. The banking turmoil is also at a crisis point this year again.
As Bitcoin celebrates Genesis day, we are reminded that last year this time it changed hands for a little over $32,000 and it now trades near $47,000. the asset is still consolidating between these ranges after a fall below $50,000 on December 28th. The support seems to be at the right spot at the moment but BTC was trending downwards since mid-November.
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