16 Years of Bitcoin Legacy By U.Today

U.Today – On January 12, 2009, a landmark event occurred that would change the landscape of digital finance forever. Satoshi Nakamoto, the creator(s) of Alias, conducted the first peer-to-peer (P2P) transaction on the Bitcoin network.

This historic moment in block 170 saw Satoshi transfer 10 bitcoins to computer scientist Hal Finney, making him the recipient of the first bitcoin transaction. As was common in the early days, the transaction cost was 0 Bitcoin.

This first transaction came three days after the first open source Bitcoin client was released online. On January 9, 2009, Satoshi Nakamoto released version 0.1 of the Bitcoin software. Finney was an early adopter of Bitcoin, installing software and participating in conversations that would improve Bitcoin.

On January 10, 2009, Vinny made history with the first ever Bitcoin-related tweet: “Run Bitcoin.”

The Genesis block, also known as Block 0, was mined by Satoshi Nakamoto on January 3, 2009. Similar to subsequent Bitcoin blocks, 50 BTC were rewarded, but this could never be spent.

16 years on

Vinnie received 10 Bitcoin from Satoshi, which was worth $0 in 2009. Depending on market conditions, the same amount of Bitcoin today could be worth hundreds of thousands of dollars.

Sixteen years later, Bitcoin has evolved into a global financial phenomenon with a current market value of approximately $1.84 trillion.

At the time of writing, Bitcoin is down 1.45% over the past 24 hours to $92,560 after hitting an all-time high of $108,268 on December 17.

Regarding the price of Bitcoin, on the macroeconomic front, this week will give investors a clearer picture of the state of the economy after last week’s surprise jobs report sent stocks lower. A stronger-than-expected non-farm payrolls report raised concerns that the Federal Reserve may proceed cautiously moving forward, casting doubt on further interest rate cuts.

This article was originally published on U.Today