RE: Musing Posts

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Musing Posts

in musing-threads •  6 years ago 

How was the first bitcoin created?

Since the transfer of funds is what creates Bitcoins, how was the first created?

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Transfer of funds doesn't create bitcoin, mining does.  Transfer just moves coins around.

New bitcoins are created in every block, even one empty of transactions (though that hardly ever occurs any more.)

The original bitcoins were created by Satoshi himself.  You can see the initial block 0, and the first bitcoins, in any Bitcoin block explorer: https://www.blockchain.com/btc/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

The account which contains all the initial Bitcoins can be found here: https://www.blockchain.com/btc/address/1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

Block 0 is special because it didn't depend on any previous block. The Bitcoin software is configured to accept it as a special case; block 1 is the first "real" block, but even block 0 created bitcoins.

Creation of the first Bitcoin which was 50btc was achieved due to mining. The creation was the first block of it kind which is usually called Genesis block or in other way block 0.

Yes the creation is by mined by means of hashing algorithm but there is a difference in Bitcoin mining which is *it only contain one transaction*

From my understanding once the block in the process of mining is successful it's hash is going to hardcoded into the Bitcoin clients source code. This was how namamoto created the first block and the chain begins and continue till now.