Why people sending transitions to Satoshi's first bitcoin wallet

[shahzadafzal]

This is the first bitcoin wallet 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa created by Satoshi and first block reward of 50 BTC was sent to this address.

Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.

I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?

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[o_e_l_e_o]

Why do people through money in to wells, fountains, or other water features? Why do people send coins to any "burn" address?

Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.

But for sure we know any coins sent to this address will be frozen forever.

We don't know that. The original 50 BTC coinbase transaction cannot be spent, but as far as we know, Satoshi still owns the private key and any other coins sent to that address could be spent in the future. And even if not, then these coins could well move in the future thanks to advances in quantum computing. They are not provably lost.

[jonyroy43]

This is the first bitcoin wallet 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa created by Satoshi and first block reward of 50 BTC was sent to this address.

Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever for info.

I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?

https://i.imgur.com/xgWTgC7.png

The cumulative sum held in bitcoin addresses https://clicksud.mobi/clicksud/ have been dormant for more than nine years is well in excess of $20 billion, according to data from BitInfoCharts.

This is nearly 2 per cent of bitcoin’s entire market cap, while recent analysis from crypto market intelligence firm Glassnode estimated that roughly one third of all bitcoins are owned by long-term holders.

[Pahom]

Hard to answer this question. Maybe it's kind of donation, but Satoshi will not use it so I really don't know why people do this. Some people also throw money to fountains and seas so as to come back to this place, so maybe they send Bitocin to this dead address for luck or something like that. Moreover there is no reason for people to "burn" there Bitcoins, it is reasonable only for teams of tokens so as to support the price.

[tbct_mt2]

Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.

We don't know what is the private key of that address and who is owning it. It might be lost forever or it is still in hands of satoshi or someone else. We don't know it so the assumption that it is lost forever is not true.

I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?

Only sender knows it.

What we know is it makes noise. That can be one of possible reasons. Some of other reasons are mentioned by o_e_l_e_o.

[virasog]

Hard to answer this question. Maybe it's kind of donation, but Satoshi will not use it so I really don't know why people do this. Some people also throw money to fountains and seas so as to come back to this place, so maybe they send Bitocin to this dead address for luck or something like that. Moreover there is no reason for people to "burn" there Bitcoins, it is reasonable only for teams of tokens so as to support the price.

This does not come under the definition of donation. Sending your bitcoin to an inactive address means that you are throwing away your money.
Better give that money to some poor or the needy , rather than sending them to this address 

[Lucius]

@o_e_l_e_o  stated all the possible reasons why people make such transactions, and I would agree that it is probably mostly for the reason that people throw money into fountains, out of sheer superstition that something like this brings good luck.

What I would add as a reason is that some may think that Satoshi will one day show up and send them something back, and as far as I can see all these transactions are very symbolic, even below the $1 value. It’s like some kind of lottery for the future, or so it seems at the moment.

[witcher_sense]

Of all the possible reasons why people may send their coins to the first-ever bitcoin address, the following ones I consider the most common: tributes to Satoshi, mistakes, self-advertising. First, despite all speculations and research, people don't know for sure which addresses belong to Satoshi and which are not, but the very first address is surely his, which is why people choose it when paying tribute to Satoshi Nakamoto. Second, it is no surprise that many people keep sending their coins by mistake to that address because it is being mentioned widely in numeral guides, articles, books, etc. People reading some guide for newbies on the Internet will want to test how bitcoin transactions work, and consequently, send bitcoin to the first seen address. Third, some people use the genesis address for advertising or attracting attention by sending a transaction with a text message attached to OP_RETURN output.

[yazher]

Even though we have this multiple reasons that probably sounds right, the real explanation does not really matter because the address has not been used since the beginning and the amount that is sent there does not gonna move the market price either way. But since it came from multiple addresses, their reasons might be one of the past opinions of the users above. nevertheless, it's good to see that after all the success of bitcoin, there are some people who realize and give some value to the first bitcoin address that has been created.

[Accardo]

Why do people through money in to wells, fountains, or other water features? Why do people send coins to any "burn" address?

Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.

But for sure we know any coins sent to this address will be frozen forever.

We don't know that. The original 50 BTC coinbase transaction cannot be spent, but as far as we know, Satoshi still owns the private key and any other coins sent to that address could be spent in the future. And even if not, then these coins could well move in the future thanks to advances in quantum computing. They are not provably lost.

Do you think that quantum computer will come into existence in the nearest future looking at the nature of Qubits how it can get destroyed by any kind of heat or even the environment? Considering the number of qubits required for a quantum computer to function or solve problems correctly something close to 100,000 qubits. And IBM is promising to build a QC with just 1000 qubits in 2023, which is not yet certain if it's a means of deriving funds from desperate investors.

From the recent news about how Quantum computers may not get completed anytime soon or at all I think those funds would stay there for as long as the development of quantum computers is complete.

[o_e_l_e_o]

Do you think that quantum computer will come into existence in the nearest future

Talking about quantum computers capable of solving the ECDLP and recovering/stealing lost coins. In the near future? Absolutely not. At some point in the future? Almost certainly.

Only coins which have been sent to outputs which cannot be spent, such as OP_RETURN outputs, are provably lost. Coins sent to burn addresses or lost addresses with no known private keys are not provably lost and may be recovered in the future. It will take decades or more, but we cannot say these coins are "frozen forever", as OP did.

[Welsh]

This does not come under the definition of donation. Sending your bitcoin to an inactive address means that you are throwing away your money.
Better give that money to some poor or the needy , rather than sending them to this address  

Technically, assuming that the address will never be accessed again (though read the above response by o_e_l_e_o ), you could argue that it's a donation to the rest of the Bitcoin network by reducing the total amount of Bitcoin, therefore in theory making everyone's Bitcoin more valuable in the long run.

Though, that's probably not the reason they're sending Bitcoin to the address. I imagine its for telling the story at the local pub.

[BlackHatCoiner]

Satoshi still owns the private key and any other coins sent to that address could be spent in the future.

However, we hope they don't. That would really upset the market. They probably own a much larger amount of money than those 18.5 BTC, so it'd be really idiotic on behalf of them to spend from it.

Can you imagine consolidating 3,177 UTXO? The transaction will take a block itself.  

Do you think that quantum computer will come into existence in the nearest future

I'm convinced this won't happen within this or the next decade. There may be FUDs, but it won't realistically threaten Bitcoin to the point they will start reversing public keys.

[Welsh]

I'm convinced this won't happen within this or the next decade. There may be FUDs, but it won't realistically threaten Bitcoin to the point they will start reversing public keys.

Almost certainly, won't happen in the next ten years. Several decades to have a quantum computer capable. Then, it likely wouldn't be the priority of such a device to attack Bitcoin, and would likely be limited to government. Its likely that it wouldn't be a direct attack on Bitcoin, but rather the addresses being considered insecure once the device is around, since it could be attacked at any point.

Despite the FUD going around, quantum computers are no where near threatening Bitcoin, and if we consider the pace that the development of quantum computers is going at, it definitely won't be in the next ten years.

[o_e_l_e_o]

so it'd be really idiotic on behalf of them to spend from it.

At the end of the day, Satoshi's coins can be used in any way that Satoshi chooses. If those coins are held on P2PK addresses until they are stolen by quantum computers, so be it. If Satoshi decides to dump them all on the market at once, so be it. If Satoshi decides to move them around just to freak people out for the lulz, so be it. As with all bitcoin, the owner can do whatever they like with their coins, regardless of how it will affect the rest of us and regardless of what we think.

Can you imagine consolidating 3,177 UTXO?

There have been bigger: https://blockchair.com/bitcoin/transaction/54bf51be42ff45cdf8217b07bb233466e18d23fd66483b12449cd9b99c3a0545

[m2017]

This is the first bitcoin wallet 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa created by Satoshi and first block reward of 50 BTC was sent to this address.

Although we don't know if this wallet created or if it was randomly hardcoded without any private key, since the this 50BTC can't be spent. But for sure we know any coins sent to this address will be frozen forever.

I'm wondering why is this address still receiving transactions from random people like almost every day. Is it not like burning your bitcoins?

Could it be that the Creator is having fun in this way out of the boredom of waiting for ToTheMoon?   

Is there an owner from this forum among these transactions? Maybe they will voice the reason for their actions.

Do you think that quantum computer will come into existence in the nearest future

Talking about quantum computers capable of solving the ECDLP and recovering/stealing lost coins. In the near future? Absolutely not. At some point in the future? Almost certainly.

At this point, half of forum members had their one’s hair stands like a mountain. 

[VanityWallets2015]

This is interesting this is the first time to see the first Bitcoin wallet and I'm not really aware and come to my mind to look for it in few years. I think the reason is that maybe as a form of thank you or some kind of good luck or ritual, as what I see they only send few amounts so it's more like a wishing well or thank you well or something like that.

[kryptqnick]

Why do people through money in to wells, fountains, or other water features? Why do people send coins to any "burn" address?

Maybe as "thank you" or other tribute to Satoshi. Maybe for luck. Maybe just to they can they say they gifted some satoshis to Satoshi. Maybe as a symbolic sacrifice to pave the way for $100k.

It's a good list, but there are some nuances I'd like to mention. For example, when money is thrown into fountains, it often goes to charities. It's, of course, not the reason people throw money into fountains, but still, it doesn't really get taken out of supply. As for sending coins to 'burn' addresses, sometimes people actually do it as a way of getting some shitcoins that use a 'proof of burn' protocol (you burn BTC and get these shitcoins instead). So this action might have a purpose, although probably doesn't cover all cases when people send money to such places. As for a thank you, I think it's probably the main reason. Also, I do hope Satoshi will be able to use them one day.

[dkbit98]

This could be someone desperate like Craig Wright Faketoshi doing some next level mind games, sending few sats to original Satoshi address just so he can later claim he send it to himself.
If you think this sounds to crazy than you don't know Faketoshi and what he is capable of doing, just to get recognition for being a Bitcoin creator.
He lost his first court battle against COPA and more of them are coming in January so anything is possible from him including throwing away some of his money.
I didn't conduct any deeper transaction analysis, and it's possible that other people are doing us a favor burning more bitcoin every day.


https://blockpath.com/search/addr?q=1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
https://www.breadcrumbs.app/reports/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa/

[Fundamentals Of]

It is probably just to say thank you to Satoshi. And many are probably just sending little amounts just to feel something in sending Bitcoin to the one and only founder. The amounts being sent are noticeably small ones. Many are just hundreds or a few thousands sats. Others seem to be just dust amounts. It's just that with so many transactions the amount accumulated so big that it has even reached tens of Bitcoin in total.