10 Years Ago Today, The First Bitcoin Block Was Mined
Bitcoin Network Turns 10
The 10th anniversary of Bitcoin’s block zero has marked, not having any state of confusion with the whitepaper Bitcoin, a 10th birthday which has commemorated, on October 31, 2018, in remembrance of the day the whitepaper is titled as Bitcoin, A Peer to Peer Digital Electronic Cash System was released. Many cryptocurrency news channels have earlier reported that BitMEX, a Seychelles-based bitcoin cryptocurrency exchange has marked the milestone day by posting an advertisement, with a message, “Thanks Satoshi! We owe you one: happy 10th Birthday, Bitcoin, that too on the front-page edition of the British daily, The Times.
The purchase of ad space in The Times by BitMEX’s is never random, as on the day that the genesis block was mined. Satoshi Nakamoto, the creator of Bitcoin, embedded a headline that had graced the paper on that day reading: “Chancellor on the brink of the second bailout for banks.” This was at the height of the global financial crisis when major financial institutions, especially in Europe and the United States of America, were being bailed out. The headline was about the plans by Alistair Darling, ex-Chancellor of the Exchequer in the United Kingdom, to bail out British banks for the second time. Notably, the global financial crisis has understood to have inspired Nakamoto, so that to develop an alternative currency, which would not be debased by the governments and which could not require the trust to be placed in a centralized institution. On February 11, 2019, it was made clear in a forum post he published. The main and the root problem with this conventional currency is all the trust that is essentially required to make it happen. The central bank must be trusted not to debase the currency, but the fiat currency history is full of breaches of that trust. Banks must be trusted to hold our money and transfer it digitally or electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.
With the incidents took place, on this day ten years ago, just as there was timid gloomy news in the economy, the same seems to have repeated itself on the day, the advertisement of BitMEX has graced on the front page of the newspaper. For instance, the headline story, calls attention to student debt, which has now raised for some time, has concerns that just like sub-prime mortgages, that has triggered the financial crisis of 2008-2009, even the educational loans could also lead the world into another financial crisis. Moreover, the newspaper, The Times has also featured a main storyline that suggesting the world could be heading into an economic growth slowdown after the sensation of iPhone maker Apple, in China the downward in the sales have revised its guidance for the first quarter.