What’s in the Bitcoin genesis block? #1


hello everyone welcome to prime number
channel this channel will talk about blockchain blockchain technology and all
the related stuff this video is the Genesis video for this channel so I’d
like to talk about the Genesis block of Bitcoin it has been more than ten years
since the first block was mined in Bitcoin in 2009 before we dive into the
first block of Bitcoin let me give you a quick introduction about the Bitcoin
blocks and transactions let’s take a look at it so Bitcoin is a chain of blocks
so you can see here each block consists a list of transactions the list I mean
it’s not really a computer science data structure list it’s actually a tree we
can talk about this later it’s a Merkle Tree and each block has a
hash reference to the previous block so the block append to the end of the chain
on and on so within the block the transaction is consists of both input and output so
let’s zoom in for this the transaction need to have recalled
input actually inputs and outputs so the inputs is where the Bitcoin the unspent
Bitcoin coming from and the output is where the Bitcoin sending to it’s coming
from a address and sent to another address so the rule is you have to
consume all the coins from the inputs and spend them or sent them to all the
outputs of course you can have several inputs and several outputs so among all
those transactions there actually you can say two type of transactions one is
I have like eight coins from someone and I send it to let’s say Alice Alice has
eight coins either he mined eight coins or someone sent eight coins to Alice and
this is input from previous transaction and he wants to send four coins to Bob
and that will leading to another four coins is sending to himself so again you
have to consume all the inputs so the remaining will go back to himself
there’s some left some other remainings which is the transaction fee we can talk
about this later but there is a special transaction which doesn’t have any
inputs so the inputs and transaction is a list in a data structure so that
the list would be a empty list but in the inputs there is a field called coinbase I
believe the Coinbase which we’re used to buy and sell bitcoins or other
cryptocurrencies their name is coming from here the coinbase field you can
fill in anything you want and the output is the Bitcoin your just mined so this
type of transaction is a special transaction which creates coins it
doesn’t consume anything because there’s no coin at the very beginning of the
Bitcoin and it doesn’t have any inputs the output is the coins created which is
mined okay with that in mind let’s take a look at
the first block okay this is the block number 0 and you can see there’s only
one transaction in this block and the output is 50 BTC. BTC is the symbol for
Bitcoin and it was the timestamp is 2009 January the 3rd and it received and 2009
January the 3rd and let’s take a look at the only transaction within this block I
click on this and you can see this is the transaction size the weight (new for SegWit) the
received time and the most important field is the coin based field the coin
based field is encoded of the information which decoded as The Times
January the 3rd 2009 Chancellor on brink of second bailout for banks so let’s take a look atthis ison January
the 3rd 2009 the headline is Chancellor on brink of second bailout for banks.
remember 2009 this is the second year the economy crisis happened and spread to
the whole world from United States this is a kind of insult to the capitalism
and the reason why bitcoin has to be created by Satoshi Nakamoto thanks for
watching let me know what you want to see in my video and subscribe this channel
if you like it thank you so much

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