Bitcoin 10 years: Exchange BitMEX celebrated the anniversary of the first cryptocurrency Satoshi congratulations to The Times

In the room The Times of January 3, 2019 appeared advertising exchange BitMEX, timed to the tenth anniversary of the Genesis block of Bitcoin. Thus the user of the trading platform I wanted to thank the Creator of the cryptocurrency Satoshi Nakamoto. The cover of The Times was not chosen arbitrarily, because the title of this newspaper was in the first block of Bitcoin.

Grand anniversary

Message Bitmex also has “Easter eggs” — a little below is the hash of the transaction encrypted.

w#/ ThanksSatoshi /BTC.COM/��mm,���CA4Z_IGQ�~YVM܈H����{�|�|###B#b)#�

Today at 18:15 UTC, the Bitcoin blockchain will officially be 10 years old. Address with the first reward of the Genesis block has already received over 16 bitcoins as a gift. It is noteworthy that he is Satoshi can’t spend the first 50 bitcoins mined. Based on the rules of cryptocurrency mining, these coins will always remain in his wallet.

A short time later, after a hasty mining of the Genesis block, Satoshi explained some of the main principles of Bitcoin.

“You could say that coins are issued by the majority. They are available in a limited and predetermined quantity.Indeed, there is no one who could play the role of the Central Bank to regulate money supply with the increasing number of users. In this case we need a trusted party, as long as the software cannot know the real value of things.In this sense, bitcoin is more similar to precious metal. Instead of changing the proposal, we leave it fixed, therefore, the value of the asset is starting to grow. With the growth of the user base, that process will accelerate and lead to a vicious circle. Each new user alone increases the value of the coins, which, in turn, attracts even more users.”

Over the past few years Bitcoin has repeatedly been criticized, many analysts constantly predict “impending death” of bitcoin. However, all this negativity did not prevent the first investors in Bitcoin to make huge profits.

The post Bitcoin 10 years: Exchange BitMEX celebrated the anniversary of the first cryptocurrency Satoshi congratulations to The Times appeared first on FineCrypto.

FineCrypto

Banks consume three times more electricity than the bitcoin network

The power consumption of the bitcoin network has become quite a hot topic lately, especially among the opponents of cryptocurrencies.

According to the researcher’s energy problems at the University of Pittsburgh Katrina Kelly-Pete, a discussion about the energy consumption of the bitcoin network is moving in the wrong direction.

Kelly-Pete says that all who talk about this issue do not understand the foundations of systems of renewable energy sources:

Electricity production can increase in scale, while maintaining minimal impact on the environment. Instead of focusing on how much energy is used in the bitcoin network, the discussion should focus around what is the source of this energy.

Kelly Pete did not contest a huge amount of electricity needed for the bitcoin network, but also notes that the entire banking system consumes “about 100 terawatts”, and it is three times more than the bitcoin network.

Even if the size of the cryptocurrency market will grow to 100 times, the total power consumption does not grow more than 2 percent of total energy consumption.

According to Kelly-Pete, the focus should be aimed at reduction of environmental damage in the production of electricity for the bitcoin network.

The post Banks consume three times more electricity than the bitcoin network appeared first on FineCrypto.

FineCrypto