Tuesday, October 4, 2022

Who is Satoshi Nakamoto?

Satoshi Nakamoto is a name that is shrouded in secrecy used by the person or persons who came up with the idea of Bitcoin (BTC). Even though it is associated with Bitcoin, the person behind the veil is unknown and that has made people believe that Nakamoto could be someone of any gender or an association of people who want to remain anonymous.

In 2008, Satoshi Nakamoto published the Bitcoin Whitepaper, a detailed document that marked the beginning of the development of cryptocurrency. This was immediately followed by the release of the first version of the Bitcoin software client in 2009, now with the nickname “Satoshi Client”. Satoshi Nakamoto did not do all these alone as there was a collaboration with others via a mailing list to achieve his plan.

In the course of working with these people, Satoshi was very discreet without revealing anything personal. The whole idea of remaining anonymous is that people should focus on the technology that is being developed rather than the person behind it. As of today, Bitcoin is far more popular and bigger than even its creator(s).

Satoshi Nakamoto’s History

Nakamoto is a name that remains a mystery to this day but the motive for creating cryptocurrency was made bare for all to know. The goal was to ensure that the dominance of a cartel known as financial elites was broken, allowing ordinary people to take part in a Decentralized Finance system.

This was made possible as Bitcoin had no third-party control and anyone could participate in the network. The creation of Bitcoin was borne out of the belief that top banks out there could someday fail as demonstrated during the great financial crisis and this limitation was addressed with the creation of Bitcoin.

The year 2008 was known for the crisis in the financial industry where the world financial market was affected greatly by the collapse of the housing market leading to the idea to create a system that will not be susceptible to such a crisis.

Bitcoin was that idea and it could be described as a blessing in disguise. With the written whitepaper, Satoshi Nakamoto used it to lay the foundation for future forms of cryptographically safe systems that are secure, trusted, and free from any restriction and licensing issues that regulatory authorities could impose.

Satoshi Nakamoto is expected to have a net worth of approximately $70 billion as of 2022. At the time of this writing, there are approximately 980,000 BTC units in early bitcoin wallets believed to belong to him.

Possible Identities of Satoshi Nakamoto

Following the creation of Bitcoin, there has been speculation as to who the person behind the development of innovative digital currency could be. This led to several undercover investigations by some journalists to get to the root of the matter. Several names came up and the prime suspects in the several covert investigations of the mystery man were: Dorian Nakamoto, Craig Wright, Nick Szabo, and Hal Finney.

According to a critical examination published by a journalist named Leah Mcgrath Goodman, she utilized a variety of criteria to determine that Dorian Nakamoto was comparable to that Satoshi Nakamoto, including mathematical ability, temperament, Japanese ancestry, and political leanings, although Dorian argued otherwise. This speculation was put to rest when Satoshi Nakamoto stated that they were not Dorian Nakamoto on an internet forum.

Also, Craig Wright, a computer expert, claimed to be the alias the world was waiting for. He wrote about Bitcoin on his blog a few months before it was formed. This contained emails and discussions about a “peer-to-peer” distributed ledger,” as well as transcripts of tax officials and lawyers’ claims about Wright’s role in the creation of Bitcoin. This was eventually proven to be a hoax, as all of the materials were backdated.

Nick Szabo’s thoughts and preoccupations, as well as his contributions to the development of bitcoin, were assumed to be those of Satoshi Nakamoto, the mystery guy who founded Bitcoin. He, on the other hand, denied being the “possible Satoshi”.

Half Finney was also suspected to be Satoshi Nakamoto as he was reportedly the first person to have worked on debugging and improving Bitcoin’s open-source code. He also received the first Bitcoin transaction in 2009 from Satoshi Nakamoto.

In fact, he was also a neighbor to Dorian Nakamoto which made it look very suspicious. With their writing styles appearing similar, it was suggested that Finney might have used Dorian as a front to mask his identity. When Finney presented the emails that he and Nakamoto had exchanged over the years, as well as his Bitcoin wallet’s history, it was proven that he was not the mystery man.

Conclusion 

Satoshi Nakamoto’s work reflects a technological accomplishment, and it’s one of the reasons why people desire to figure out who the mystery man is. He has chosen to remain anonymous because he believes that the attention should be on the technology rather than the person who created it.

There are also theories that the mystery guy the world wants to know is more than an individual, given the amount of creativity demonstrated and the complexity of coding with which Bitcoin was created.

The examination of Satoshi’s identity could lead to a number of different outcomes. For a start, about 5% of all Bitcoins are under the ownership of Satoshi Nakamoto. The Bitcoin market will come to a grinding halt if Satoshi decides to sell off the 1.1 million worth of Bitcoin, an amount that experts have confirmed that Craig Wright owns.

However, people around the world may also learn that those Bitcoins are now permanently out of reach if Satoshi is already dead, thereby having no impact on the digital currency market. As a result, disclosing the identity of the individual behind Bitcoin may have no good influence on the market for digital currencies. 

Ayo Alabi
Ayo Alabi is an experienced writer and Fintech enthusiast, passionate about educating people and helping businesses that want to see their Google search rankings surge. Her articles have appeared in a number of e-zine sites, with focus on balancing informative with SEO needs–but never at the expense of providing an entertaining read.

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