Who Is Satoshi Nakamoto?

Jump to page contents

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.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar Guides

Latest Guides

Cryptocurrency

Best Crypto Credit Cards List

What Are Crypto Credit Cards? Cryptocurrency has taken the world by storm and it has revolutionalized the financial sector and further laid an argument for cryptocurrency as the future global currency. There are now several things you can do with cryptocurrencies. You can trade, invest and exchange for goods and services. Another innovation that cryptocurrency […]

24 September, 2021
Altcoins,Litecoin

All you need to know about Litecoin ATMs

Litecoin has the reputation for being the second cryptocurrency that was created after Bitcoin, so it makes sense that Litecoin ATMs are on the rise. It can be used as a medium for payment anywhere around the world without any interference from a third party. Litecoin has $11 billion and a maximum supply of 84 […]

1 September, 2021
eToro

Comprehensive Guide For eToro UK Users

eToro is a fintech start-up and is considered among the first pioneers of social trading. It was founded in 2007 in Tel Aviv, Israel. It is headquartered in Greater London, United Kingdom, with offices in Limassol, Cyprus, Sydney, and New Jersey in the US. The fact that it’s headquartered in London makes it appealing to […]

26 August, 2021
Crypto Mining,Cryptocurrency

Make your Own Cryptocurrency

Cryptocurrency is a decentralized digital currency that is not issued by a central financial authority. Cryptocurrencies are also used as a form of exchange for products, services, and also fiat currencies. The majority of these cryptocurrencies are created by tech and financial companies to serve specific purposes. For example, the Ethereum technology is used for […]

19 August, 2021
Bitcoin,token

Crypto Coin Vs Token — Which One To Choose In 2021?

There are so many things to learn about cryptocurrency, the learning never stops. When it comes to Crypto coin Vs Token, there are a few things you need to know to be able to differentiate between these two digital assets. Some of the things you need to know about these crypto-assets include their definitions, functionalities, […]

11 August, 2021
Analysis

Is Reddcoin a good investment in 2021?

Reddcoin is a decentralized cryptocurrency that serves as a digital peer-to-peer medium of exchange with no central authority issuing or regulating it. It was launched in 2014, a year most consider as the peak of cryptocurrency creation and blockchain technology. There is a total supply of 28 billion with a circulating supply of the same […]

3 August, 2021
Analysis,Litecoin,Technology

Is Litecoin a good investment right now?

Litecoin is popularly known as the second cryptocurrency to be created, as it came to life in 2011 by a former Google employee, Charlie Lee. It is an open-source software that aids peer-to-peer cryptocurrency transactions. It is quite similar to Bitcoin and most times referred to as an altcoin or spinoff of Bitcoin. We cover […]

21 July, 2021
Altcoins,Analysis

5 Top Altcoins That Will Explode in 2021

Cryptocurrency is a concept known to virtually every human on the face of the earth. From the launch of the first cryptocurrency, Bitcoin, it has gradually become an acceptable financial concept that has the potential to take over from the traditional fiat currency. Apart from Bitcoin, which is widely known as the most popular and […]

14 July, 2021