January 3rd is Bitcoin’s Genesis Day and is celebrated by the crypto community as the day the first BTC block was released in 2009.

The Bitcoin Association of Hong Kong is one of the first to celebrate Genesis Day, when Asian markets open the first week of trading in 2022.

Club too to speak added that this would be a good time to make sure your bitcoins are in a wallet that you control, mentioning both public and private keys.

“Happy Genesis Block Day! Today Bitcoin is 13 years old. This is also a great day to withdraw funds to a wallet that you own and control! ”

The day is also known as the “Proof of Keys Celebration,” an event proposed by Bitcoiner pioneer Trace Mayer. Website Celebrating this annual event, Proof of Keys offers Bitcoin holders an incentive to take control of their assets.

Brief history of Bitcoin

On January 3rd, 2009 Satoshi Nakamoto published the Genesis Block with the first 50 Bitcoins on Sourceforge. He also left a message on the blockchain at the time, quoting the headline in the British newspaper Times:

On January 3, 2009, the minister was on the verge of bailing out the banks.

Nakamoto started writing the white paper in 2008 and published it in October of that year.

The concept of a decentralized, anonymous, trusted currency emerged after the 2008 financial crisis, which left responsibility for the banks.

Satoshi neither supports the modern banking system nor does he like partial reserve banks. A partial reserve bank is a bank that takes deposits and issues loans or investments, but only has to reserve a fraction of its liabilities for deposits. Basically, the bank is using money that it doesn’t own.

Satoshi wants to get rid of banks and seedy middlemen whom he believes are corrupt and unreliable. As such, he created a more community-centric digital currency.

13 years later, Bitcoin is still going strong with a market cap of nearly $ 900 billion. It is currently held by billionaires, banks, celebrities, governments, and corporations. This is evidence of how far BTC has come in its brief existence.

The precarious banking situation and economic uncertainty are also in crisis again.

Bitcoin price outlook

On Genesis Day last year, BTC was trading for just over $ 32,000. Since then, it’s up about 47% to its current price of around $ 47,000.

The asset is still consolidating in that range as it fell below $ 50,000 in December. Support seems solid here at the moment, but BTC has been in a downtrend since mid-November.

Source: Tradingview

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page