What is Bitcoin Genesis Block?

[BestCoinInvestments]

January 3rd marks the day when Bitcoin blockchain started working. Some refer to this day as the real birthday of Bitcoin, despite the day when the white paper was first published on 31st of October. January 3rd was the day when the first block was mined, and the first 50 Bitcoins were issued to Satoshi Nakamoto. Eventually, people started calling it “block 0”, although previous adaptors called it Block 1.

The first block reward

In the first block which was mined in the Bitcoin blockchain, the reward was 50 BTC. It went to address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa (https://www.blockchain.com/btc/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b?show_adv=true).

An interesting fact is that these coins cannot be spent due to the Bitcoin code. So even if Satoshi once came out and wanted to claim these 50 BTC, he couldn't. It is not entirely sure if this was done on purpose.
A Redditor who goes by the nickname "theymos", explained it very well:

“This is how the Bitcoin client worked when Satoshi created it: The client maintains a block database and a transaction database. When it finds that its block database is empty, it inserts the genesis block into its block database to get things started. This block includes a transaction sending 50 BTC to 1A1z..., but the client does not insert this transaction into its transaction database. So even though this transaction is part of the blockchain, if the client sees a transaction spending this 50 BTC, it won't be able to find the 50 BTC transaction in its transaction database, and the spending transaction will be rejected. In other words, the genesis block's transaction isn't considered to be a "real transaction" by the original Bitcoin client.”

Since then, people supporting the Bitcoin movement and the creation of Bitcoin blockchain has sent small amounts of donations to the address.

To read more interesting facts on the Genesis block, visit our site: https://bestcoininvestments.com/what-is-bitcoin-genesis-block/

Hope you enjoy it, and please share your thoughts on this! 

[CryptopreneurBrainboss]

I'll say he did it on purpose (Bitcoin code making it impossible to spend that 50BTC) I see that Genesis transaction as a test. I have a question @BestCoinInvestments, i understand that donations have been sent to the address associated with the Genesis block now 66.9BTC+. My question is can those bitcoin donate be claimed by Satoshi? or it's also unclaimable like the first 50BTC.

[Bitcoin_Arena]

A Redditor who goes by the nickname "theymos", explained it very well:

Haha redditor?
He's also the admin here 

I'll say he did it on purpose (Bitcoin code making it impossible to spend that 50BTC) I see that Genesis transaction as a test. I have a question @BestCoinInvestments, i understand that donations have been sent to the address associated with the Genesis block now 66.9BTC+. My question is can those bitcoin donate be claimed by Satoshi? or it's also unclaimable like the first 50BTC.

I think they are claimable since they are not part of the original transaction.

[BestCoinInvestments]

I have a question @BestCoinInvestments, i understand that donations have been sent to the address associated with the Genesis block now 66.9BTC+. My question is can those bitcoin donate be claimed by Satoshi? or it's also unclaimable like the first 50BTC.

They are claimable! And that is what everybody is asking Craig S. Wright to prove. If the real Satoshi still have his private keys, then he could possibly access these donations. However, the first 50 BTC cannot be spent due to the Bitcoin original code.

[bitmover]

They are claimable! And that is what everybody is asking Craig S. Wright to prove. If the real Satoshi still have his private keys, then he could possibly access these donations. However, the first 50 BTC cannot be spent due to the Bitcoin original code.

Faketoshi will not be claiming anything. I don't get why people don't just ignore that psychotic lier.

I believe Satoshi made this on purpose so that nobody would ever be able to claim to be Satoshi, not even himself.
This will provide some kind of decentralization, as nobody is the creator

[jackg]

They are claimable! And that is what everybody is asking Craig S. Wright to prove. If the real Satoshi still have his private keys, then he could possibly access these donations. However, the first 50 BTC cannot be spent due to the Bitcoin original code.

Faketoshi will not be claiming anything. I don't get why people don't just ignore that psychotic lier.

I believe Satoshi made this on purpose so that nobody would ever be able to claim to be Satoshi, not even himself.
This will provide some kind of decentralization, as nobody is the creator

I wouldn't be surprised if he deleted most of his private keys.

I mean he could have kept 100 btc and he'd still have done well for himself now. I think about 300 is enough the average person lives off in a lifetime in the western world so it's plenty...

Yes those coins sent to the genesis block address can be spent. They're just normal coins. It'd be difficult but possible to overwrite the genesis block so that was a great idea to do it. You only have to trick people for an hour or so before you've made 50btc profit...

[mk4]

I wouldn't be surprised if he deleted most of his private keys.

I mean he could have kept 100 btc and he'd still have done well for himself now. I think about 300 is enough the average person lives off in a lifetime in the western world so it's plenty...

Well to be fair, if Satoshi ever plans to use the BTC for commerce or to exchange it for fiat, then that move could easily publicize and reveal his identity. It's very likely that he wouldn't move the genesis block funds at all. If he wanted to have a hold on some bitcoin, he could've easily bought some in the past from someone else for him/her/them to not be affiliated with the Satoshi Nakamoto name.

[Velkro]

it's also unclaimable like the first 50BTC.

This one, its unclaimable. Im not only one in this topic thinking Satoshi even if he have million BTC he probably deleted his private key.
Satoshi didn't create Bitcoin for money, he did it because he can and in a way for political reasons (second bailout for banks). That is enough for him, not everyone want to be rich in life, they want something more.