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Bitcoin [BTC]’s genesis block completes a decade – space celebrates completion of 10-year of decentralization

Priya

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Bitcoin [BTC]'s genesis block completes a decade - space celebrates completion of 10-year of decentralization
Source: Unsplash

Bitcoin [BTC] is considered to be the king of the cryptocurrency market, with the currency being the first of its kind that led to the inception of the rest of the coins in the market. The currency is hailed to be the gateway that gives the power back to the people by striping them away from institutions and oppressive governments.

The coin was created by Satoshi Nakamoto, whose identity continues to be a mystery in the space. Nakamoto published the Bitcoin white paper on October 31, 2008. The white paper – A peer-to-peer electronic cash system, focused on creating a digital cash that would empower an individual to transfer money to another with the intervention of a third party.

Following the introduction of the white paper, Nakamoto mined the first block of the chain, aka the genesis block on January 3, 2009.

Bitcoin genesis block transaction | Source: Blockchain

Bitcoin genesis block transaction | Source: Blockchain

The content on the genesis block was the headline of The Times newspaper of January 3, 2009, which reads:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”

This serves as the most important message in the cryptocurrency space as the majority of the space believes that the reason behind the inception of Bitcoin was because of the repeated abuse individuals have been through in the hands of banks and other financial institutions, to serve as a medium for freedom.

Since the mining of the genesis block, the cryptocurrency has marked several milestones, with many calling it a revolution just like the internet. Additionally, the coin has managed to gain the attention of the governments across the globe as some have embraced it and others fear it.

Charles Hoskinson, the CEO of IOHK said:

“Happy Birthday Bitcoin. It’s been ten years and you have already changed the entire world. I met a camel herder in Mongolia who has Bitcoin. Keep on playing Rubberband man”

Samson Mow, the CSO of Blockstream said:

“Happy 10th Birthday #Bitcoin! To put things in perspective, @btc is still a baby, but growing very fast. Gold has been “around” for ~7000 yrs & used as money for ~2700 yrs. Unlike gold though, #Bitcoin has the potential for incredibly rapid growth like that of the Internet. “

Naomi Brockwell, host of NBTV said:

“Bitcoin has been one of the most important steps towards freedom that we’ve seen in the last 100 years. Happy birthday, Bitcoin.”

Bobby Lee, co-founder of BTCC said:

“Happy 10th Birthday #Bitcoin! Ten years ago the Genesis block included the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, thus marking the birth of decentralized money. This is now forever part of Bitcoin’s blockchain & DNA. Long live Bitcoin!”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Analysis

LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus

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LocalBitcoins see steady trading volume in Russian Rouble following cash-trades exodus
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LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.

According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.

The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.

Source: CoinDance

On the basis of the above data, Russia is indeed a positive LocalBitcoins market.

The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.

Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.

LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.

Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.

 





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