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The largest cryptocurrency, Bitcoin (BTC), has shown its strength in 2023 and today celebrates its 15th birthday. The journey that began with the release of the Genesis block by Satoshi Nakamoto on January 3, 2009, is commemorated each year as “Bitcoin Genesis Day”.
“Chancellor on Brink of Second Bailout for Banks”
The 50 BTC reward earned by Bitcoin’s anonymous creator, Satoshi Nakamoto, for mining the first block has remained untouched for the past 15 years. Nakamoto’s inclusion of a message in the first block of Bitcoin, rejecting the centralized structures of the traditional financial system, indicates that the largest cryptocurrency is based on decentralized blocks supported by cryptography, secured without central controls.
The 2008 Global Economic Crisis shook confidence in the traditional financial system and banks, making Nakamoto’s creation of Bitcoin during this period significant. Nakamoto decided to build a new system without central controls as the global economy began to unravel.
Nakamoto never failed to leave an indelible surprise message in Bitcoin. The timestamped message in the first block was the title of an article from The Times newspaper, indicating the failure of the British government’s efforts to revive the economy after the 2007-2008 global economic crisis: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
A System Too Big to Fail
Bitcoin was designed as a system too big to fail, unlike traditional financial institutions. It is completely immune to external interventions like bailout plans because it is not governed by any central authority. Despite being declared dead many times, Bitcoin’s four major bear and bull cycles since 2009 demonstrate its consistent popularity.
During this time, many rival cryptocurrencies, generally referred to as altcoins, have emerged, but Bitcoin continues to stand out as the most popular. The expected green light for the US’s first spot Bitcoin ETF in the coming days also indicates that institutional participation will continue to grow exponentially, maintaining Bitcoin’s leadership. Although the popularity of Ethereum (ETH), the largest smart contract platform, has been increasing lately, Bitcoin still remains the most preferred cryptocurrency.
