Genesis Block: Discover the mysteries of the creation of Bitcoin

The Genesis block or in French the Genesis block is the name given to the very first block of a cryptocurrency. However, very often, when we talk about the Genesis Block, we often refer to that of Bitcoin. It is the purpose of this article to show all the mysteries surrounding the first block created by Satoshi Nakamoto on January 3, 2009.

Before we begin, let's remember what a block is. A block part of what constitutes the block-chain (a block chain in French). Blocks are often represented superimposed on each other, in a continuous series of blocks. Each block contains all the information relating to transactions that have occurred on the network and which are permanently recorded. So, a block is a permanent storage of records that cannot be modified or deleted later. This is what marks the immutable nature of the Bitcoin blockchain.

In reality, each block contains a unique "header" and each block is uniquely identifiable by the hash.

Thus, the Genesis block was the very first block of Bitcoin's proof of work and was the configuration model for all other blocks on the blockchain.

Understanding the Genesis block

You should know that we can also call the Genesis block, block 0, to mark the fact that it is the very first block created. The next block being block 1, etc.

Regarding the Genesis block of Bitcoin, you should know that the second block was only exploited 6 days after the creation of the Genesis block. This may surprise you because Bitcoin's timestamp implies that the average gap between each block is around 10 minutes.

Why such a "gap" in time between the first and second blocks? Some people believe that this is because Satoshi Nakamoto needed a few days to mine the original block and test the system as a whole. He wanted to make sure that the system was working properly.

Others have a more fanciful theory, asserting that Nakamoto would have waited precisely 6 days to echo the creation of the world by God in 6 days...The 7th day being that of God's rest.

😶‍🌫️ “The creation of the world is related in two successive stories in the first two chapters of the Book of Genesis. In the first (Genesis 1-2:4), God, an entity called Elohim in Hebrew, creates the heavens and the Earth in six days, then rests and sanctifies the seventh day. Source: https://fr.wikipedia.org/wiki/Création_(Bible)

The mysteries of the creator of Bitcoin

One of the most notable facts in the history of Bitcoin is certainly the fact that the creator Satoshi Nakamoto has completely disappeared. He participated in the BitcoinTalk forum to discuss and delve into details of Bitcoin until the last message on December 13, 2010.

Since then, we have never seen a single message from Satoshi Nakamoto. This disappearance – obviously voluntary – is not without raising many questions and fueling the mystery about Satoshi Nakamoto.

This is the last message from Satoshi Nakamoto. Source: https://bitcointalk.org/index.php?action=profile;u=3;sa=showPosts

The mystery of Satoshi Nakamoto’s disappearance also indirectly cultivates the mystery of his creation. Besides, Satoshi Nakamoto is in all likelihood a pseudonym.

The first bitcoins cannot be spent…

In parallel with the mystery surrounding the identity of the creator of Bitcoin, the mystery of Block Genesis is no less great. The Genesis Block code implies that mined bitcoins are not exchangeable. Thus, the first 50 BTC mined cannot be spent.

Is it a voluntary gesture by Satoshi Nakamoto who refused - knowingly - to receive the fruit of his work in this privileged way? Did he want to mark the profound equality he wanted to establish between himself and the other miners?

Was it a code error? One could also believe so because the Block Genesis because the code displays an error message that shows that the spending transaction is rejected. In fact, the first transaction is not considered "valid" and is not similar to the other transactions. This first transaction remains a special case and a mystery in the Bitcoin code.

We cannot decently answer these questions. This has been the subject of much debate. However, no one knows and probably we will never know.

Also, know that this is not the only “mystery” of the Genesis block.

The secret message of Bitcoin's Genesis block

Another element fuels the speculations and revives the Satoshi mystery. Indeed, the Genesis Block contains a secret message: "The Times 03/Jan/2009: Chancellor on Brink of Second Bailout for Ban". This is the headline of the English newspaper The Times published on January 03, 2009, which could be translated as: "Chancellor on Brink of Second Bailout for Ban".

Here is The Times newspaper dated January 03, 2009. Source: https://www.thetimes03jan2009.com. Today, a version of the newspaper sells for thousands of euros…

The fact that The Times is an English newspaper also gave some people the opportunity to think that Satoshi Nakamoto was English or that he lived in England at that time.

Beyond its nationality, it is above all the interpretations and the meaning of the text which are apparently the most important to consider. For many bitcoiners, this would be the clear mission given to Bitcoin.

💸 The headline of the newspaper article refers to the failure of the British government to stimulate the economy after the financial crisis of 2007-2008. The "second bailout (bailout) of the banks" implies that the first bailout failed. It also implies that a second or third bailout would also be ineffective. Thus, by choosing such a title to define the Genesis block, Nakamoto certainly wanted to make a connection with the creation of Bitcoin. For many, this shows that the goal of Bitcoin was to create a currency different from those of the banks of the traditional financial system.

We can also say that the title remains a kind of coincidence. In a more pragmatic view, we can say that Satoshi Nakamoto having launched the genesis block on January 3rd would have simply taken the headline of the newspaper of that date. However, the "coincidence" here would still be surprising because he could have chosen another quote or even the title of another newspaper (which would not talk about economics for example)...

Obviously, it would seem that the choice of this reference remains very relevant with regard to what is Bitcoin and the context in which it appeared.

The ideological legacy of the Genesis block

With the reference to The Times newspaper, we can better understand the antinomy of the currency of traditional banks with Bitcoin as a monetary infrastructure. By definition, we cannot speak of a "rescue plan" with Bitcoin.

Bitcoin runs on its own and has no intermediary between bitcoin monetary creation and users. It is a system designed to be the opposite of what the banks that we know are and of the system of monetary creation as a whole. While fiat currencies (since 1971 and the end of Bretton Woods) can be printed infinitely, Bitcoin cannot create more bitcoin than the limit imposed in the original code.

Let us remember here that the founder of Bitcoin ensured that the supply of bitcoin was limited to 21 million BTC. Just like gold for example, Bitcoin cannot be created arbitrarily as is the case with bank currencies. Gold must be mined from the earth's soil and bitcoin must be mined by mining.

What is the address of the Genesis block?

The address of the Genesis block (and therefore that of Satoshi Nakamoto) is: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa.

Here is the first BTC address which is that of Satoshi Nakamoto. We can see that the address has 68 BTC of which 50 cannot be spent. The 18 bitcoins are obviously donations sent by fervent bitcoiners…

You should know that Satoshi Nakamoto necessarily has other addresses and that this maintains and nourishes his anonymity and his mystery…

The “religious” behavior of some bitcoiners

All the mysteries and idiosyncratic mentions of Genesis Blocks also fuel the cult around Bitcoin. This shrouds the creator and creation of Bitcoin in a veil of mystery that may be difficult to demystify.

Some Bitcoin "fans" have even donated small amounts of BTC to the Genesis block address as a sort of tribute and thank you to Satoshi Nakamoto. It is indeed considered a "sacrifice" in an altar because the pieces sent into the Genesis block can never be moved again... It is ultimately, perhaps the same gesture as an offering made to a God or it can recall the fact of throwing a piece into a fountain...