Who Is Satoshi Nakamoto?

Jump to page contentsdropdown-arrow

Who Is Satoshi Nakamoto?

One of the most mysterious names of the 21st century, Satoshi Nakamoto is the person or group responsible for the creation of Bitcoin. Nakamoto wrote the Bitcoin White Paper and created its reference implementation. His actions would lead to a revolution in peer-to-peer technology and give rise to Blockchain technology.

An Unresolved Mystery

While Satoshi Nakamoto could be the proper name of the individual behind the invention of cryptocurrencies, it is more likely a pseudonym used to protect the identity or identities of those involved. This name was used as the author behind a white paper which was mailed to a group of cryptographic enthusiasts who advocated for a more decentralised economy.

Although his name sounds Japanese, the fluent English used in the white paper led many to believe that his background was from the West. Many theories about his life and existence persist, and several individuals have been identified as possibly being Nakamoto, but nothing is yet confirmed. What is certain is that through that influential white paper, an entirely new industry emerged.

How did Bitcoin come to be?

Work on the first cryptocurrency began in 2007. Satoshi had the goal of designing a system which would be able to support different transaction types without requiring any intermediaries.

In October 2008 Nakamoto’s white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was released and was quickly followed by the first Bitcoin software in January 2009. Through the use of predicative script, the software was able to allow specialised codes and data fields which would form the basis of the technology.

Satoshi Nakamoto mined the first block of the Bitcoin blockchain, also called the Genesis Block. He received 50 Bitcoins, which remain, for the larger part, in his possession to this day. When Bitcoin reached its highest-ever price in December 2017, his Bitcoin was worth $19 billion, making him the world’s 44th richest person.

Nakamoto collaborated with various developers on the software until around June 2010, when he gave control of the source code repository to Gavin Andresen. He also spread ownership of several domains to other key members of the then small crypto community.

His Legacy

Satoshi’s impact on the world is undeniable, and whilst it is difficult to say whether his true identity will ever be known, the world has changed as a result of his actions. Today, Bitcoin and thousands of other cryptocurrencies are traded across the world. Cryptocurrency exchanges, such as Coinbase, allow you to buy Bitcoin using fiat currency, offering several convenient payment methods, such as cards and PayPal.

Although the use of crypto as a payment method is not yet as popular as some would have hoped for, you can already use Bitcoin to buy a variety of goods and services online. You can also use different cryptocurrencies to make transfers to third parties, without having to go through the lengthy and expensive process offered by banks and other financial institutions.

Beyond cryptocurrency, Satoshi Nakamoto’s legacy extends into the Blockchain technology he helped develop, and the promise which this decentralised and trustworthy system can improve the world. The implementation of smart contracts, the integration of Blockchain and AI, and the link between Blockchain and IoT are just a few areas where Satoshi’s efforts will be felt for decades to come.

Recently Similar Guides

cex-promotion exmo-promotion

Latest Guides

Changelly,Exchange Platforms,Intermediate,Shapeshift

An Alternative To Shapeshift

Shapeshift is a popular instant cryptocurrency exchange which allows users to trade a variety of cryptocurrencies. As it gained popularity it ended up becoming a victim of its own success, experiencing a rising number of issues and even multiple hacks. Today, Shapeshift has improved its services, yet its reputational damage lingers, with many looking for […]

20 August, 2019
Intermediate,Investment,Trading

Best CFD Brokers

When you’re an experienced investor who understands the movements of a certain market, you may wish to broaden your horizons and try more advanced trading products. Contracts for Difference (CFDs) could be one such product for you. Working with an online broker, you can trade CFDs in a variety of markets and countries, with a […]

16 August, 2019
Intermediate,Investment,Margin Trading

Your Ultimate Guide To CFD Trading

Contracts for Difference, better known as CFDs, are a trading product which is ideal for speculating on financial markets. Best-suited for experienced traders, understanding what CFDs are and how they work can be somewhat confusing. This detailed guide will explain all you need to know about them, and if they are the right trading product […]

14 August, 2019
Binance,CoinEx,Exchange Platforms,Intermediate

An Alternative To Binance

Binance is one of the largest cryptocurrencies in the world, offering a range of features at competitive prices. The exchange, which is based in Malta, accepts users from around the world and is a much-loved platform by the crypto community. Binance: An Overview Trading over 100 different cryptocurrencies, Binance can cater to traders looking to […]

9 August, 2019
Coinbase,Exchange Platforms,Intermediate

An Alternative To Coinbase

Coinbase is one of the world’s largest cryptocurrency exchanges, trusted by millions around the world. It is based in San Francisco, USA, and it is considered to be the largest Bitcoin broker today. Apart from being a traditional centralised exchange, Coinbase encompasses several other cryptocurrency-related services, such as a wallet and developer API. Due to […]

9 August, 2019
Advanced,Bitcoin,Intermediate,Investment,Margin Trading,Trading

5 Ways To Short Bitcoin

Short selling Bitcoin and other cryptocurrencies is a way to make money when the value of a coin drops. It is an advanced investment option, better suited to experienced traders due to the high risks involved. This guide will show you five different ways to short sell Bitcoin. What Does Short Selling Bitcoin Involve? Short […]

7 August, 2019
Cryptocurrency,Intermediate,Investment,Trading

How To Day Trade Cryptocurrency

Although cryptocurrencies were first invented by Nakamoto as a way to facilitate payments and get rid of financial intermediaries, they quickly evolved into trading assets due to their high volatility. As a result, asset and forex traders from traditional markets began trading crypto, as a way to turn a profit. While there are many ways […]

6 August, 2019
Bitcoin,Intermediate,Investment,Trading

How Can I Make Money With Bitcoin?

The constantly developing cryptocurrency industry is leading to new opportunities for you to make money with Bitcoin. Often likened to the goldrush which hit California in the nineteenth century, Bitcoin has generated some great returns for the more astute amongst its adopters. Today, there are many creative ways to make money with Bitcoin, and you […]

2 August, 2019