Satoshi Nakamoto is a mysterious figure who is widely credited as being the creator of the world’s first cryptocurrency, Bitcoin. Although his true identity remains unknown, Nakamoto is believed to have been the driving force behind the development of Bitcoin and its underlying blockchain technology. He is considered to be one of the most influential figures in the cryptocurrency world, and his work has revolutionized the way we think about digital currencies and money. CryptoNewsHerald is proud to present an in-depth look at the life and legacy of the enigmatic Satoshi Nakamoto.
Who is Satoshi Nakamoto?
Satoshi Nakamoto is one of the most mysterious figures in the history of cryptocurrencies. And despite numerous attempts to expose the creator of bitcoin, perhaps this is the case when such secrecy has only benefited the world of cryptocurrencies. After all, the main thing that Satoshi Nakamoto wanted to achieve was the complete independence of financial instruments. And its deanonymization can become one of the main vulnerabilities of bitcoin.
In October 2008, a user named “Satoshi Nakamoto” published an article Bitcoin: A Peer-to-Peer Electronic Cash System» in the cypherpunk mailing list is the famous bitcoin white paper. In it, he described a decentralized settlement system that does not require the mediation of a third party, such as a bank. And just two months later, in January 2009, the genesis block of bitcoin was mined.
The idea of solving the basic problems of the existing financial system, in particular politics, prompted Satoshi Nakamoto to create the first cryptocurrency. depreciation of fiat currencies central banks.
What is known about Satoshi Nakamoto?
Satoshi Nakamoto’s activities were closely associated with the cypherpunk community, whose ideology has always been based on the importance of privacy and data protection. Torrents, VPNs, and e-signatures are all ideas that, in one way or another, have been brought to life through the efforts of cypherpunks.
Cryptocurrencies were no exception – before Bitcoin, there were many attempts to create a decentralized settlement system. But it was Satoshi Nakamoto who was the first to propose a working model.
Until now, no one knows for sure who is hiding behind this pseudonym. It is believed that with equal success it can be a person of any gender and origin, and perhaps even a whole group of developers who wish to remain anonymous.
In your profile on the site P2P Foundation Satoshi Nakamoto indicated that he was from Japan, but this information has been questioned more than once. At least, many signs indicate that Satoshi Nakamoto worked and corresponded from London.
For example, Satoshi always published all his messages during working hours corresponding to the London time zone, and the hash of the Bitcoin genesis block contained a link to the headline of the article “Chancellor on brink of second bailout for banks” from the London newspaper The Times.
In addition, in his letters, Satoshi often used words that are unique to native English speakers. The white paper of bitcoin was also written in perfect English, which, moreover, was never translated into Japanese. However, it cannot be ruled out that in this way Satoshi was simply trying to confuse the tracks.
Disputes do not subside and at the expense of the estimated date of birth of Satoshi. According to one version, Satoshi chose the date April 5, 1975 not by chance, and in fact it is a reference to significant events in the history of the financial system.
Exactly 5th of April In 1933, US President Franklin Roosevelt signed an executive order that prohibited Americans from accumulating and storing gold. The Americans were able to regain this right only in 1975 year.
Perhaps in this way Satoshi wanted to emphasize the imperfection of the modern financial system, and at the same time show the world what role he assigns to bitcoin in the future. We can say that this reference turned out to be prophetic – today many people call the first cryptocurrency “the second gold”.
The name has also been questioned more than once, in which, according to experts, there could also be a hidden meaning. In Japanese, the word “Satoshi” means “wise” or “clear thinker”. The word “Naka” can be translated as “Inside”, and “Moto” – “Basis, Basis”.
At the same time, if the name is broken down into hieroglyphs, then together the words “naka” and “moto” can be interpreted as meaning “In the book.” In any case, it turns out something like “clear-thinking at the bottom” or “wisdom in the book” (in the white paper of bitcoin?).
Why did Satoshi Nakamoto disappear?
From the early days of his appearance, Satoshi paid great attention to anonymity. He always accessed the network only through the secure Tor browser and carefully concealed his identity. While others wondered if Satoshi could be crazy, followed the phases of his sleep, and even suspected him of having links with the Yakuza, Satoshi continued to work on the Bitcoin source code along with other crypto enthusiasts.
Discussing in the chat the existing problems of bitcoin and ways to solve them, Satoshi remained an authority for everyone for a long time, and any bugs and shortcomings of the network were always solved only with his participation. However, over time, Satoshi’s policies and actions regarding bitcoin have increasingly come under criticism.
Eventually this led to him removed his name from the bitcoin copyright statement, updated the bitcoin.org website to include contact information for other active developers.
The last time Satoshi Nakamoto appeared online was almost 11 years ago, on April 26, 2011. That day he wrote a short letter to one of his associates Gavin Andresen (to the creator of the first bitcoin faucet), in which he gave him a copy of the cryptographic key from the bitcoin security alert system and wrote a few words about his vision for the further development of the network.
Since then, attempts to expose the real identity behind the pseudonym Satoshi Nakamoto have not stopped.
Who was called the creator of bitcoin?
According to many in the community, the most likely candidates so far are Nick Szabo and Hal Finney.
Nick Szabo is an American cryptographer who, back in 1998, created the first concept of a digital currency, calling it Bit Gold. Unfortunately, in those years, the ancestor of Bitcoin could not gain popularity due to many technical limitations.
Szabo himself has always rejected his involvement in the creation of bitcoin.
Another likely candidate is Hal Finney, another cryptographer whose address was sent on January 12, 2009 first bitcoin transaction.
Finney himself actually communicated with Satoshi Nakamoto and supported his plans for bitcoin, and later even published his correspondence in confirmation. However, many still believe that Finney’s correspondence could simply have been faked in order to divert prying eyes from himself.
Unfortunately, Finney died in 2014. But there is a chance that one day he will still be able to tell us the truth! The fact is that Finney was buried in a not quite traditional way. His body was cryopreserved.
There were also those who, on the contrary, vehemently proved their involvement in the creation of the first cryptocurrency. Among them is the Australian scientist Craig Stephen Wright. Over the years, he provided various evidence, but contradictions flashed here and there in his words.
At first, he stated that in 2008 he discussed the idea of creating bitcoin with his partner, computer forensic scientist Dave Kleiman, and later in a courtroom meeting he said that he first met Kleiman only in August 2010. The cryptographic keys that Craig provided as proof that he was Satoshi Nakamoto were also backdated.
There is another funny suggestion, which says that the pseudonym Satoshi was chosen by a group of researchers in a consortium of four companies: SAmsung, TOSHIba, NAKAmichi and MOTOrola. But so far no one has been able to prove or disprove this theory.
In total, there have been at least nine candidates in the entire history of bitcoin, but no one still knows who Satoshi really was: a man, a woman, or a group of people. And, in the grand scheme of things, it probably doesn’t matter. After all, if his identity is revealed, the foundation based on complete decentralization may be shaken.
How many bitcoins does Satoshi Nakamoto have?
Satoshi Nakamoto is not just a legendary person, but also one of the richest people: he owns more than 1 million BTCwhich today is estimated at approximately $ 40 billion!
Of course, this is not surprising, because Satoshi was the first to start mining bitcoins. At the beginning of the development of the network, the complexity of mining was very low, and for obvious reasons there was no competition. Therefore, it was not difficult for the creator of bitcoin to quickly accumulate such a huge amount of coins on their wallets.
How Satoshi Nakamoto can affect the price of bitcoin?
The identity of Satoshi Nakamoto must remain undisclosed. At least this is what most professional traders and many other participants in the crypto market think today. If it is deanonymized, bitcoin will formally acquire a “master”, which means that in the minds of many people it may cease to be completely decentralized and lose its main advantage.
Any statements by Satoshi or even his death can cause the destabilization of the first cryptocurrency and the entire market as a whole. The same thing will happen if he suddenly wants to sell all his assets. Satoshi Nakamoto, whoever he is, still owns almost 5% of the total emission of the Bitcoin network, which can significantly affect the BTC rate and sow panic.
Found a mistake in the text? Select it and press CTRL+ENTER
CryptoNewsHerald Newsletters: Keep your finger on the pulse of the bitcoin industry!
Satoshi Nakamoto is a mysterious figure who is credited with being the creator of Bitcoin and the blockchain technology that it is built upon. Even though the world may never know the true identity of Satoshi Nakamoto, their impact on the world of digital currency has been immense. From creating Bitcoin to the many other digital currencies that have come after, Satoshi Nakamoto has changed the face of the digital currency world forever.