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Satoshi Nakamoto: will the secret identity of Bitcoin’s Creator ever be revealed?

Satoshi Nakamoto: will the secret identity of Bitcoin’s Creator ever be revealed?

Bitcoin, irrespective if you’re a crypto trader or not, is a term known by the majority of people worldwide. After all, cryptocurrencies have not only gained ground but are already a major highlight in the financial market. What many seem to know little about is their creator: Satoshi Nakamoto!

One of the great mysteries that permeates the world of cryptocurrencies and Bitcoin is just that: who is, or was, Satoshi Nakamoto. Keep in mind that even today ‘his’ identity is still unknown. And there is no clear information whether he is a real person or a group, for example.

In order to talk a little more about this subject, we have prepared this post that explains some of the characteristics, facts and mysteries of Bitcoin’s founding father.

Check them out!

In this article we will discuss:

Who is Satoshi Nakamoto?

How can you know that Satoshi Nakamoto is the creator of Bitcoin?

Why did Satoshi Nakamoto create Bitcoin?

What do we know about Satoshi Nakamoto?

What are the curiosities about Satoshi Nakamoto?

Who is Satoshi Nakamoto?

By publishing the article “Bitcoin: A Peer-to-Peer Electronic Money System.”, Satoshi Nakamoto introduced himself to the world as the creator of Bitcoin. However, it has been over 10 years and his real identity is still a mystery.

What we can say is that Satoshi Nakamoto has already introduced himself as a man. Lives in Japan and is between 40 to 50 years old. Nevertheless, many people who study Bitcoin’s codes made by Bitcoin doubt the veracity of this presentation. This simply because there is no hint of Japanese writing, not even code documentation at all.

How can you know that Satoshi Nakamoto is the creator of Bitcoin?

In this impasse of really knowing who Satoshi Nakamoto is, many skeptics have sprung up along the way, who even questioned if he really is Bitcoin’s father. Over the past 10 years, many candidates for the creator of cryptocurrency have emerged.

The fact is that it is possible to know that Nakamoto is the creator of cryptocurrency, because the first bitcoin block that was mined is his. That is, there is evidence that it was its user who mined this and other pioneer blocks.

Recently, in 2016, an Australian businessman named Craig Wright presented documents that prove to be the creator of Bitcoin. Among these documents is the cryptographic key behind these early blocks known to have been mined by Nakamoto.

Nevertheless, there is still some doubt from the Bitcoin community if it is really the creator of Bitcoin.

Why did Satoshi Nakamoto create Bitcoin?

In his Bitcoin release paper, Nakamoto recounted some of his motivations for creating Bitcoin. One thing is certain, all of them are based on weaknesses of the traditional payment system, and we’ll talk more about them now.

First and foremost, it must be understood that the basis for all this involves the fact that online shopping keeps growing. Today, consumers can buy what they want in the comfort of their home, receiving the order within a few days at home.

In this sea of ​​opportunity that is the internet, there are still some weaknesses related to the payment system. See below what these include.

Trust in third parties

The first issue Nakamoto noted is the confidence that it is necessary for financial transactions to take place. After all, it was not possible to perform these transactions without the act of a payment intermediary, which is usually the financial institutions.

Then, for each transaction made, the user must trust that the chosen financial institution will debit the correct amount from his account and thereby credit the exact same amount to the recipient’s account.

In addition, trusting that this will be done only once, without causing double expense. As well as trusting that the security system of this company is efficient to protect the financial data of its customers.

Even so, it is noted that the system is not 100% fraud proof, credit card data theft, among other criminal actions can take place.

High transaction fees

Another issue that bothered Nakamoto was the high cost of transactions made by financial institutions. After all, this value is passed on to users who hire the service, which would then be passed on to their customers.

That is, in the case of product sales, the increase in purchase value grows, discouraging more transactions from happening. In the end, everyone loses because of this high cost that is charged for payment processing by financial institutions.

Risks of transactions being fraudulent

Finally, another weakness that motivated the creation of Bitcoin and cryptocurrencies themselves is the lack of clarity regarding fraudulent transactions. What we mean by this is that it is impossible to know if there is a fraud even before it happens.

Whether you like it or not, this creates a risk for the transactions that are performed in this system. In practice, a salesperson will never know with 100% certainty if the sale made is actually true. Therefore, this scenario adds a little more uncertainty and insecurity when an online transaction is performed.

So keep in mind that Bitcoin is designed to address these issues and bring a better alternative to the world of online buying and selling.

What do we know about Satoshi Nakamoto?

Now let’s talk a little more about what we know about Satoshi Nakamoto. Especially about his fortune as well as his professional path.

Nakamoto’s fortune

Some Bitcoin and encryption experts have analyzed the fortune Nakamoto was made by mining Bitcoins. Be aware that he mined many of the early blocks of the Bitcoin network.

Thus, this work has allowed it to accumulate to a fortune of about 1 million Bitcoins that have not yet been spent. If we convert that value to the present day, that’s more than $ 10 billion – not bad, is it?

Last Contact Made

Nowadays it’s hard to know what his life is like and what he’s working on, among other things. However, there are records of his last email contact he sent in April 2011, telling a developer that he has moved on to do other things and that the Bitcoin community is in good hands.

He apparently turned away from the development and strengthening of cryptocurrency. Although it is not clear what he is currently doing.

Professional career

Regarding his professional career, the only certainty was his work in developing Blockchain and Bitcoin.

Many say he has even worked for the US government, which would be interested in creating an encryption system. Since Bitcoin is based on this technology, the theory is valid, but not likely at all.

Therefore, we can assume that Satoshi has always been involved in technology and software development. Other information will only be proven when we know his real identity.

What are the curiosities about Satoshi Nakamoto?

You may have already realized that this is an open topic. And so many issues have been observed over the years. We have separated some of them for you to understand better.

Name meaning

The meaning of his name is curious to say the least, but it provides us with some hints as to the genius that Satoshi really is:

  • Satoshi means smart and fast thinking.
  • Naka means relationship;
  • Moto means foundation, birth, origin.

Thinking in this way only reinforces the theory that perhaps his name was formed to provide further evidence that he truly created one of the most intelligent algorithms. But of course there are only theories about it, nothing very concrete.

Individual or group of people

Although we have previously discussed the above Craig Wright story, which supposedly proves who the creator of Bitcoin is. There are still doubts about Nakamoto’s real identity. Many do believe that it is not only one person, but rather a group of people  who chose the name to represent the group effort and vision.

On the internet you can find various theories on the subject, as well as the possibility of several people actually applying to be Nakamoto, but to this date, no one has come up with a solid theory about this mystery.

Mysteries of his identity

Finally, we will talk about why his identity is still considered a true mystery. Firstly, it should be noted that it was never found by anyone, that is, there is no indication that it really exists.

Another point is that, even though this is not his real name, his contribution to the financial and technology markets is invaluable. Hence, the question remains as to why the real creator, or creators, has not come out and revealed himself as the true founding figure of this impressive piece of technology.

Satoshi Nakamoto’s true identity is still very unclear, isn’t it? But most importantly, this figure created Bitcoin, revolutionizing the world of the internet, technology and the financial market, so it deserves all our respect.

Did you like this post? Learn more, now about how the Bitcoin value is set!

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