Undoubtedly, Bitcoin has laid the foundation for the rapid development of Blockchain technology. It all started after the financial crisis of 2008 when the whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System” was shared by Satoshi Nakamoto on a cryptography forum. The whitepaper was a response to the shortcomings of the traditional financial system that erupted during the crisis.
Who is Satoshi Nakamoto
Satoshi Nakamoto appeared in the world of finance as the so-called father of Bitcoin. But after three years of establishing the world’s first cryptocurrency, he was disappeared from the face of the earth. In 2011, he sent a farewell message to a fellow Bitcoin developer saying, “I’ve moved on to other things”, he added, the future of Bitcoin was “in good hands”. Since then nobody has heard from him again.
Bitcoin just not led to the foundation of a new asset class but also introduced a mysterious person or persons called Satoshi Nakamoto in the crypto world– a pseudonymous identity that had not been identified even 13+ years later.
Regardless of Satoshi’s identity, On 3rd January 2009, the first Bitcoin block (named as the genesis block), was mined and awarded the first 50 Bitcoins of the total 21 million to Satoshi. Today, Satoshi is said to own over 1 million Bitcoins which is the equivalent to 5% of the total number of circulated bitcoins.
Why Satoshi Nakamoto chose a pseudonym
Let’s recall the basic idea behind Bitcoin stated in the whitepaper – a peer-to-peer form of digital cash that allows one party to make online payments to another without involving any financial institute. This statement makes it clear that the idea was to introduce a decentralized network for the masses.
If Nakamoto had chosen to reveal his identity to the public, it would have become the central element of the decentralized system. So, to keep the focus on the core concept of Bitcoin, Nakamoto probably preferred to stay out of the spotlight.
Since the inception of Bitcoin, various communities have made multiple attempts to decipher the real identity of Satoshi. Even, various behavioral and linguistic studies were carried out, which led people to believe that Satoshi resided in England as the phrases used in the whitepaper or other communication were British. Other people who analyzed the posting timings on the forum led them to believe that Satoshi was living in Eastern or Central time zones.
The other researchers suggested that Satoshi is not one person because the level of expertise in different fields of economics, cryptography, psychology, and computer science could only be exercised by more than one person.
These hypotheses on Satoshi’s identity did not just end there, some people also suggested that Elon Musk is the creator of Bitcoin, but Musk denied all the claims directed toward him. Throughout the history of Bitcoin, wild speculations have been rife such as Satoshi is a woman, he/she is a member of the Yakuza, a money launderer, etc.
Satoshi’s identity is a mystery in the cryptocurrency market. In today’s world anonymity is not easy to pursue but Satoshi has successfully kept His identity secret which is beyond imagination.
The efforts to unveil Satoshi’s identity will continue and there will be many more speculations about who the real person is. But, for now, we can believe that he/she is a person or group of persons who challenged the traditional financial institutes with the 21st century’s greatest invention – Bitcoin.
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