This note has been interpreted as both a timestamp and a derisive comment on the alleged instability caused by fractional-reserve banking. Embedded in the coinbase transaction of this block is the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks", citing a headline in the UK newspaper The Times published on that date. On 9 January 2009, Nakamoto released version 0.1 of the bitcoin software on SourceForge, and launched the network by defining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. ![]() On 31 October, Nakamoto published a white paper on the cryptography mailing list at describing a digital cryptocurrency, titled "Bitcoin: A Peer-to-Peer Electronic Cash System". On 18 August 2008, he or a colleague registered the domain name, and created a web site at that address. Nakamoto stated that work on the writing of the code for bitcoin began in 2007. Satoshi Nakamoto message embedded in the coinbase of the first block
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