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Crypto Prices

Who is Satoshi Nakamoto?

Written by  Jan 21, 2020

Satoshi Nakamoto remains a mystery, no one knows who he is, or where he is, the only thing we have at this point, regarding the creator of the Bitcoin and the pioneer of the first decentralised payment system, are just pure speculations.

Satoshi Nakamoto invented bitcoin and the technology that powers the whole decentralised financial system, the 'Blockchain'.

The thing to keep in mind is that no matter what Bitcoin’s price will be in the future, the real treasure is the Blockchain, due to the fact that it will have the same impact on the wold or maybe even better, as the internet had in the 1990’s.

The main thing that you may or may not know about Satoshi Nakamoto, is the fact that he was nominated for the Nobel Prize in Economics, and he is a multi-billionaire.

No one knows what he looks like, it is possible that he may not be even a single person, and the name may be a cover-up, for an organisation of people, that came together with the sole purpose of starting a new era in the digital realm.

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There are many theories behind his secret identity:

In the 1980’s there was a group of computer hackers, called The Cypherpunks, mostly programmers that wanted to create privacy in the digital world, most of them were people that believed in the freedom of speech, liberty and also privacy on the web, also that everyone should be connected, with no government interference.

These Cypherpunks experimented with the idea that the web could be a platform that can be used in sending digital money freely with no interference from middlemen.

In this movement where David Chaum, the inventor of Digi Cash, a computer scientist and also a pioneer in cryptography and privacy-preserving technology.

Nick Szabo, the inventor of the Bit Gold, all of these where cryptocurrencies, thus they were nowhere near as popular as the Bitcoin, due to the fact that at that time it was hard to implement the technology that now power the peer-to-peer network. When you are using the web, you depend on the internet services provider and also respect the law of each country, although when you got apps like PayPal, sending money to a friend can be perceived as a peer-to-peer experience, but this companies still have to settle transactions with banks, the old fashioned way, this require roughly 3 days of paperwork through an old and expensive system called swift.

After the 2008’s stock market crash, the financial system was ready for an update, in October 2008, Satoshi Nakamoto wrote a paper called “Bitcoin, A Peer-to-Peer Electronic Cash System” he also sought the help of the so-called Cypherpunks in bringing his idea of the Blockchain to life, a computer network that is 100% peer-to-peer, with no fear of interference or middlemen. in essence a financial system that acts as a distributed and decentralised ledger that uses Bitcoin as a digital currency.

Bitcoins are created by using a process called mining, which is a process of computers attempting to solve a math problem, once the math problem is solved, the miner is rewarded with a Bitcoin, in the beginning, Bitcoin was only worth fractions of a penny.

The Blockchain is also located on a network of computers that does not exist in any physical location. This implies that no government has the ability to shut it down or control it.

blockchain
Also see: What is Blockchain?

On January 3rd, 2009, Bitcoin was finally released, many of the people that worked on this project newer met or spoke on the telephone, chatting mostly by email, the majority were anarchists and libertarians with the goal of living life free from government rules.

At first, the world saw Bitcoin, as a tool for no good, because in 2011 a website called The Silk Road appeared and using a special web browser called Tor, could be accessed to search the Dark web, where you could buy drugs, hit orders from assassins, and most of the transactions where done using Bitcoin.

In 2017 the price of Bitcoin got as much of $20.000 per Coin, in theory, Satoshi Nakamoto should be one of the richest men in the world, thus he decided not to spend a dime, leaving his money untouched.

Many of the users of Satoshi’s blockchain, saw its great potential in building their own business on top of the platform, due to the fact that it was open source and many could build on top of it. One example is Vitalik Buterin, a young Russian who was only 17 years old when he discovered bitcoin and it’s possibilities, and only a couple of years later, at age 19 he created the cryptocurrency Ethereum and also founded a publication called Bitcoin Magazine.

Many supported Bitcoin simply because they believed in the philosophy behind it, Satoshi Nakamoto was never trying to be a leader, thus the level of reverence that people have for him can be compared to a cult with ease.

In 2014 somewhere in Arizona, the FBI discovered and arrested a man that could possibly be the entity behind Satoshi Nakamoto, even if he was later on cleared of all charges, he quickly became a celebrity and even got the sympathy of people who donated Bitcoins to him as an apology, donation that quickly got to $273,000.

Summary

People have very different opinions about who Satoshi really is, many of them claim that he would be Elon Musk, Bill Gates, or even a cover-up for the NSA. If the real Satoshi Nakamoto will remain in the shadow and, of course, many questions will remain unanswered, why did he never spend the bitcoins from his wallets, and what kind of thoughts he has about what his creation has become?

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Paul Saunders

Crypto tech journalist, Paul specialises in Crypto news having worked and traded in the field for over 5 years and has previous Blockchain admin roles to his credit. His knowledge and experience in Crypto tech is very important to us and his contribution is invaluable.

1 comment

  • Simon V
    Comment Link Simon V Friday, 08 May 2020 12:20

    I don't think we will ever find out!

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