The third of January is Bitcoin Genesis Day, which is widely celebrated by the crypto community as the day the first BTC block was released in 2009.
As Asian markets awoke to begin the first trading week of 2022, Hong Kong’s Bitcoin Association was among the first to celebrate Genesis Day.
The Association also stated that now is a good time to ensure that your Bitcoin is stored in a wallet that you control, referring to both public and private keys. The event was suggested by Bitcoiner pioneer Trace Mayer and is also known as the “Proof of Keys celebration.”
A Brief History of Bitcoin
On January 3, 2009, the enigmatic and still-unidentified Satoshi Nakamoto published the Genesis Block, which included the first 50 bitcoins, on Sourceforge. He also left a message on the blockchain at the time, quoting a headline from the Times newspaper in the United Kingdom:
“The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks.”
Nakamoto began working on the whitepaper in 2008, and it was published in October of that year.
The idea for the anonymous, trustless, decentralised currency arose in the aftermath of the 2008 financial crisis, which they blamed on banks.
Satoshi was an outspoken critic of the modern banking system, particularly fractional-reserve banking. When a bank accepts deposits and makes loans or investments but is only required to hold reserves equal to a fraction of its deposit liabilities, this is referred to as a fractional reserve requirement.
Bitcoin Cryptocurrency in 2021-22
In 2021, cryptocurrency attracts more money than all prior years combined. With the popularity of digital assets and related initiatives rising, and many of them skyrocketing in price, various experimental enterprises are finding funding.
Do you need any more evidence that 2016 was the year when digital assets became mainstream? Consider the fact that venture capital investors have put about $30 billion into cryptocurrency, more than in any prior year for the barely a decade-old technology combined.
According to transaction statistics gathered by PitchBook Data Inc., this is nearly quadruple the previous high of about $8 billion in 2018 or the year following Bitcoin’s more than 1,300 percent breakthrough gain.