Crypto Academy

Satoshi Nakomoto

Satoshi Nakomoto

5 min reading

Find out who Satoshi Nakamoto is and what role he played in Bitcoin creation.

Who is Satoshi Nakamoto

Who Is Satoshi Nakomoto?

Bitcoin is the most discussed cryptocurrency, but the details of its creation are still unknown. So who is behind the emergence of Bitcoin? It is high time to get the answer.

Satoshi Nakamoto is the pseudonym of one person or group of people who developed Bitcoin and created the first version of the software where it was implemented. For a very long time, attempts were made to reveal the real identity or group of people behind this name, but none of them were successful. Information about this person has been collected for eight years. But it was not possible to learn something from the biography of Nakamoto. No one knows what language Nakamoto speaks since childhood – Japanese or English, his age is unknown, etc. Then, in 2009, Nakamoto indicated the age-37 years. This means that the man who revolutionized the global financial system was born in 1972. According to another version published in the profile of the off-bank P2P fund, Nakamoto was born on April 5, 1975, in Japan.

Bitcoin Creation

First of all, the history of bitcoin began during the cryptographic research of the XX century. The logical conclusion of the research was the Nakamoto invention. He wrote a paper that focuses on the study of digital currency. The author called this work the “Bitcoin White Paper”.

Bitcoin originated in 2007 when Satoshi Nakamoto wrote the Bitcoin code. The following year, a white paper was already released through an online domain, Satoshi’s article describes how Bitcoin works using computer networks. Moreover, the goal was to eliminate third parties while executing digital transactions. In 2009, BTC was released for people worldwide, and it was the beginning of bitcoin history. The first bitcoin miner was Gal Finney who then mined ten Bitcoins and became one of the earliest Bitcoin users. Interesting to know that Wei Dai, Nick Szabo, and Gavin Andresen are also bitcoin-enthusiasts.

How much Bitcoin does Satoshi Nakamoto own?

It is said that the creator of Bitcoin  – Satoshi Nakamoto – owns 1,125,150 BTC (about $10.9 billion). This is the conclusion reached by analysts of the Whale Alert project, which is popular in the crypto community in their research. Whale Alert specialists built their analysis based on the analyst Sergio Dimian Lerner’s “extra nonce” method. According to Sergio Dimian Lerner, the operations of Satoshi Nakamoto can be distinguished from the general number by using a pattern that he called “Patoshi”. As a result, analysts concluded that 22,503 of the first 54,316 blocks were mined by the creator of Bitcoin. According to Whale Alert, Satoshi Nakamoto continued to mine BTC due to the risks associated with a possible 51% attack on the cryptocurrency network in the early periods of its development.

Why Satoshi Nakamoto chose anonymity 

The most important argument was that Satoshi decided not to “be in the public eye” as a precaution. Bitcoin technology has taken root in cyberpunk!  Cyberpunks are activists who advocate for the use of cryptography, as they promote social and political change. It is believed that Satoshi was wary of becoming vulnerable to attacks from all sides. He was quite far-sighted and foresaw it. Thus, he decided to remain anonymous for his benefit.

However, we can conclude that the identity of the creator may not be as significant as exploring the Bitcoin future. The blockchain is considered to have a huge potential in many areas of human activity. Critics argue that the growth potential can overload the system. Hence, this will not justify the reason for Bitcoin’s development, namely the decentralization of the currency.

In general, even without knowing who Satoshi Nakamoto is, we are happy to use the results of his technology, and even other Blockchain projects have taken their beginning from it.