Latest News

On Genesis Day, Bitcoin becomes 13 years old, and we’re celebrating

As Asian markets awoke to begin the first trading week of 2022, the Hong Kong Bitcoin Association was one of the first to commemorate Genesis Day.

The Association also recommendes that you double-check that your Bitcoin is in a wallet that you control, which includes both public and private keys. The date has as the “Proof of Keys celebration,” is by Bitcoin pioneer Trace Mayer.

This annual anniversary is commemoration on the Proof of Keys website, which encourages Bitcoin hodlers to take control of their assets.

“Happy Genesis Block day! Today, Bitcoin is 13 years old. It’s also a great day to withdraw your coins to a wallet you own and control! #ProofofKeys 🔑”

— Bitcoin Association 香港比特幣協會 (@bitcoinorghk) January 3, 2022

The Genesis Block containing the first 50 bitcoins was released into Sourceforge on January 3, 2009, by the enigmatic and yet anonymous Satoshi Nakamoto. At the time, he also placed a note on the blockchain, quoting a headline from the Times newspaper in the United Kingdom:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

The whitepaper was started by Nakamoto in 2008, and it was published in October of that year.

The idea for the anonymous, trustless, and decentralized money arose in the wake of the 2008 financial crisis, which they blamed on the 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 for retaining reserves equal to a portion of its deposit liabilities, this is fractual reserve banking. The bank is effectively using money it does not have.

He goes to build a more community digital currency. Then, in order to avoid banks and unscrupulous middlemen, as he considers them as dishonest and unreliable.

Bitcoin is still going strong thirteen years later, with a market capitalization of about $900 billion. Billionaires, banks, celebrities, governments, and companies now own it, demonstrating how far BTC has come in its brief existence.

The banking nonsense and economic upheaval have reached a new crisis point.

Last year on Genesis Day, BTC was trading for just over $32,000. It has risen roughly 47 percent in value since then, and is now valued at around $47,000.

The asset is continuing consolidating in this range, which it has been in since December 28. That’s, when it goes below $50,000. Although support appears to be strong right now, BTC has been drifting downwards since mid-November.

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.