Last Updated on January 2, 2018 by Marie Bautista
But who is Satoshi Nakamoto?
In November, 2008, Satoshi Nakamoto published a white paper on cryptocurrency.
In his white paper, he wrote about how “Commerce on the internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments.”
Satoshi Nakamoto’s Solution and how the concept of bitcoin came about
Satoshi Nakamoto’s solution to this monopoly was simple. He envisioned an electronic cash system “based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”
His 8-page white paper then went on to explain the electronic system that could serve this purpose.
The cryptocurrency he proposed were “coins” that would be made from digital signatures and spent on a peer-to-peer network.
This was how bitcoin was created.
Who was this genius behind the bitcoin concept?
I have always thought that Satoshi Nakamoto’s photos would be all over the world wide web and that his identity would be so obvious.
After all, his bitcoin idea has blossomed into a massive financial game changer!
However, when I googled who Satoshi Nakamoto is, no article every claimed who the real Satoshi Nakamoto is.
The search for Satoshi Nakamoto has been on since he disappeared off the grid in 2011.
In fact, his identity was in question from the very beginning! It may be a pseudonym, may be one person, or a group of people. Nobody even knew if Satoshi Nakamoto is a man or a woman!
Satoshi Nakamoto’s Identity Remains a Mystery.
Satoshi Nakamoto, founder of bitcoin, announced in 2011 that he is moving on to another project. People speculated that he took over one million bitcoins that he has accumulated over the years with him.
When Nakamoto released the bitcoin software in 2009, there was no value attached to the bitcoin. Kristoffer Koch was writing a thesis on encryption that year and as part of his research spent the grand sum of $27 on five thousand bitcoins. It was not until 2010 that bitcoin trading began and the highest price that year was 39 cents for one bitcoin.
Who is Satoshi Nakatomo? No one really knows.
From the beginning, the big question was, who was this Nakamoto character. When he folded up his digital world and walked away, the hunt became serious. Part of it is curiosity and part of it is the knowledge that with the control of so many bitcoins, Nakamoto could substantially rock the bitcoin’s value. One million coins could flood the market, affecting the value of bitcoin.
Possible Satoshi Nakamotos.
Craig Steven Wright, an Australian entrepreneur, came forward to say he was Satoshi Nakamoto. Then there was Dorian Satoshi Nakamoto, an American, who claims that he is not the founder of bitcoin.
Joshua Davis wrote an article for The New Yorker in the fall of 2001. He thought that Nakamoto could be Michael Clear, a graduate student in cryptography at Dublin’s Trinity College. Or possibly Vili Lehdonvirta, a Finnish economic sociologist who used to be a games developer. Adam Penenberg, an investigative journalist, speculated that Nakamoto may be the pseudonym of Neal King, Vladimir Oksman, and Charles Bry.
Davis and Penenberg did analyses of the writing style and word choices to narrow down their search. These are just a sampling of the suggested real-life identity of the bitcoin founder.
The mystery continues.
To date, no one knows the real identity of Satoshi Nakamoto.
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