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Author Topic: How many bitcoins were there in the beginning?  (Read 1540 times)
cindylove
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June 01, 2011, 03:01:18 PM
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Does anyone know how many bitcoins there were on day 1 of bitcoin? I mean there needed to have been a seed amount not including mined coins since mining is processing transactions so other coins need to exist before mining coins are created. Who got these coins? Huh
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rezin777
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June 01, 2011, 03:02:33 PM
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http://blockexplorer.com/block/00000000839a8e6886ab5951d76f411475428afc90947ee320161bbf18eb6048

Edit: Wrong Block.
nanotube
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June 01, 2011, 03:05:01 PM
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this is the genesis block:

http://blockexplorer.com/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

rezin777, you linked to block 1, which is the second block in the chain. Smiley (counting starts from 0)

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June 01, 2011, 03:05:52 PM
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this is the genesis block:

http://blockexplorer.com/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

rezin777, you linked to block 1, which is the second block in the chain. Smiley (counting starts from 0)

Doh! Thanks for fixing my error.
hazek
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June 01, 2011, 03:10:37 PM
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Does anyone know how many bitcoins there were on day 1 of bitcoin? I mean there needed to have been a seed amount not including mined coins since mining is processing transactions so other coins need to exist before mining coins are created. Who got these coins? Huh

There were no coins in the beginning. When the first block was mined, first 50BTC were created. That's how it started.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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Meni Rosenfeld
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June 01, 2011, 03:14:27 PM
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Even today some blocks have no transactions except for the generation transaction.

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June 01, 2011, 03:26:40 PM
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There were no coins in the beginning. When the first block was mined, first 50BTC were created. That's how it started.

In the beginning was the Word, and the Word was with Bitcoin, and the Word was Bitcoin. He was with Bitcoin in the beginning. Through him all things were made; without him nothing was made that has been made. In him was life, and that life was the light of men. The light shines in the darkness, but the darkness has not understood it.

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June 01, 2011, 07:13:01 PM
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Even today some blocks have no transactions except for the generation transaction.

"Greedy" miners ignoring free transactions of whatever priority (space allowing, of course) that are pending really sucks. And they are also hurting themselves, they just may be too dumb to know it - by causing transaction verification to be slower, they may be turning off other potential users of bitcoin - some of those potential users  may have invested allowing miners to receive higher prices for their coins.

Really short-sighted and tilting. Once the block reward is reduced, sure, but not now.

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June 01, 2011, 07:15:29 PM
 #9

There were no coins in the beginning. When the first block was mined, first 50BTC were created. That's how it started.

In the beginning was the Word, and the Word was with Bitcoin, and the Word was Bitcoin. He was with Bitcoin in the beginning. Through him all things were made; without him nothing was made that has been made. In him was life, and that life was the light of men. The light shines in the darkness, but the darkness has not understood it.


Hey, stop horning in on my phoney religious shtick.

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