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Author Topic: How 1st ever Bitcoin generated  (Read 199 times)
rddsd7
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December 05, 2017, 06:00:39 PM
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As i know new BTC s are generated while transacting (a.k.a Mining). So, my doubt is how the hell initial BTC was created?? Chicken or Egg??
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December 05, 2017, 06:13:33 PM
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As i know new BTC s are generated while transacting (a.k.a Mining). So, my doubt is how the hell initial BTC was created?? Chicken or Egg??
Haha a very interesting question but I think the first block could have been an orphan block which might not have any transaction in it. Its possible to have such blocks as the system is bound to mine a block average every 10 minutes irrespective of the number of transaction. It happened when satoshi mined the very first block mentioning the date and time. Correct me if I am wrong.
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December 05, 2017, 06:18:50 PM
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I think the first block could have been an orphan block . . . Correct me if I am wrong.

You are wrong.

As i know new BTC s are generated while transacting (a.k.a Mining). So, my doubt is how the hell initial BTC was created?? Chicken or Egg??

You are misunderstanding how bitcoin works.

BTC are assigned by a miner to himself using a transaction.  When the miner is building the block, he includes a special transaction (commonly called the "coinbase" transaction or the "generation" transaction) in the block that pays new bitcoins to himself.  He can include additional transactions in the block if he wants to (and will gain the transaction fees from those transactions which chooses to include), but he is not required to do so.  The only transaction that is required is the transaction that pays the miner his block reward.

So, in the beginning Satoshi created a transaction that paid himself 50 BTC.  Then he built a block from that transaction.  Then he completed the proof-of-work on that block.  No chicken or egg problem there.

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