Ethereum: Why can’t the genesis block coinbase be spent?
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Ethereum: Why can’t you spend Coinbase?
At first glance, it may seem surprising that you cannot spend a highly liquid Coinbase, Ethereum (ETH) cryptocurrency. Finally, we saw countless internet markets and payment systems use the ether to facilitate purchases and sales. However, there is a basic reason for this restriction.
According to Bitcoin Wiki, which contains detailed information about Bitcoin, Genesis Block, also known as “the first block in blockchain”, is unique. This block contains the first 50 BTC (bitcoins), which were extracted when creating a bitcoin network.
The problem is not the value or deficiency of the ether itself, but rather about how it was arranged when creating blocks. As a result of this unique Genesis block, the 50 BTC award for the creation of each new block is associated with the total number of existing coins – namely 21 million – not directly.
To understand why, consider that the Bitcoin network is based on a decentralized Open Source protocol called Blockchain. Creating each new block includes a solution to a complex mathematical puzzle, and when creating blocks, a number of corrected coins are required to award a prize to Górnik.
The problem is that when the 50 BTC prize was initially broken, it wasn’t really anyone. The creators of Bitcoin (Satoshi Nakamoto) simply distributed the first 50 BTC among themselves as a gesture of generosity and a way of testing the protocol.
As a result, most of the 21 million existing coins remain unrelated, including Holdings Ethereum Coinbase. This is due to the fact that Block Genesis Awards have been designed so that they are used only to create new blocks in the Bitcoin network, and not to transfer the ether directly from one wallet to another.
This fundamental distinction between Bitcoins and Ethereum has significant implications for interaction with these two popular cryptocurrencies. While Ethereum can still be trading on markets, such as Coinbase, its native cryptocurrency cannot be issued or transferred using traditional payment systems due to this unique freestive blocker.
Application
To sum up, the reason why Ethereum Coinbase farms cannot be published is rooted in the way the genesis block is distributed when creating blocks. The 50 BTC award for creating each new block is directly related to the total number of existing coins and is not directly transferred between the portfolio. This fundamental distinction between Bitcoins and Ethereum emphasizes the unique nature of each cryptocurrency and the way they are designed to act in appropriate ecosystems.
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