{"id":6658,"date":"2019-08-05T07:04:11","date_gmt":"2019-08-05T07:04:11","guid":{"rendered":"https:\/\/qa-front.dev.techhub.cloud\/blog\/?page_id=989"},"modified":"2024-04-18T09:51:25","modified_gmt":"2024-04-18T09:51:25","slug":"what-is-the-genesis-block","status":"publish","type":"glossary","link":"https:\/\/paybis.com\/blog\/glossary\/what-is-the-genesis-block\/","title":{"rendered":"Genesis Block"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The \u201cbirth\u201d block of Bitcoin signalized the beginning of the world of crypto. But what is the genesis block exactly?<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is the Genesis Block?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The genesis block is the first block of a blockchain. What makes it different from other blocks is that it does not refer to previously mined blocks. Instead, it is coded, by design, into the software of the application that makes use of its blockchain and makes that first mined \u201ccoins\u201d unspendable.<\/span><\/p>\n<!--[if lt IE 9]><script>document.createElement('audio');<\/script><![endif]-->\n<audio class=\"wp-audio-shortcode\" id=\"audio-6658-1\" preload=\"none\" style=\"width: 100%;\" controls=\"controls\"><source type=\"audio\/mpeg\" src=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2019\/10\/44-What-is-the-Genesis-Block-and-why-should-you-know-about-it.mp3?_=1\" \/><a href=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2019\/10\/44-What-is-the-Genesis-Block-and-why-should-you-know-about-it.mp3\">https:\/\/paybis.com\/blog\/wp-content\/uploads\/2019\/10\/44-What-is-the-Genesis-Block-and-why-should-you-know-about-it.mp3<\/a><\/audio>\n<h2><span style=\"font-weight: 400;\">Who mined the first block of Bitcoin?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The first block of Bitcoin was mined by its creator, Satoshi Nakamoto, and the <a href=\"https:\/\/paybis.com\/blog\/what-are-mining-rewards\/\">mining reward<\/a><\/span> of 50 BTC <span style=\"font-weight: 400;\">was sent<\/span><span style=\"font-weight: 400;\"> to address 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa, on the 3rd of January 2009.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why should you know about it?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The hash of Bitcoin genesis block, 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f, contains two additional leading hex zeroes than normally required for a genesis block. What is interesting about this hash is that it contains, along with the usual information, the following text:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Times 03\/Jan\/2009 Chancellor on brink of second bailout for banks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This message refers to the headline of The Times on the 3rd of January 2009. People believe that it most likely acts as proof that the creation of the block was on the given date or sometime later. The same people believe that it serves as a statement on the unstable banking conditions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such was the confidence of Nakamoto in his coin, that he predicted Bitcoin to act as a solution for the current economic problems that both banks and other financial institutions are facing.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The genesis block is the first block of a blockchain. What makes it different from other blocks is that it does not refer to previously mined blocks. Instead, it is coded, by design, into the software of the application that makes use of its blockchain and makes that first mined \u201ccoins\u201d unspendable.<\/p>\n","protected":false},"featured_media":0,"template":"","glossary_letter":[295],"glossary_term":[276,284],"class_list":["post-6658","glossary","type-glossary","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the Genesis Block and why should you know about it? - Paybis Blog<\/title>\n<meta name=\"description\" content=\"What is teh Genesis block? What is its role of importance in the cryptocurrency world? 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