Satoshi Nakamoto: The Genius Behind Bitcoin

Satoshi Nakamoto: The Genius Behind Bitcoin

The world never realized how powerful a digital currency could be until one was created. Since Bitcoin’s beginning in 2009, its popularity and global influence has grown exponentially. With distrust in governments around the world rising, consumers are turning to Bitcoin for its decentralized security system. The ease of making peer-to-peer transactions globally also quickly drew in enthusiasts. However, many people around the world continue to wonder: where did Bitcoin come from, exactly?

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The Founding Of Bitcoin

Surprisingly, the truth is that nobody knows for sure who the creator of Bitcoin is. People have used the alias Satoshi Nakamoto for years. In 2008, Nakamoto released their first paper, detailing the Bitcoin cryptography protocols. Later, in 2009, they release the first Bitcoin software client. They continued to participate in the growth and development of Bitcoin for the next two years.

All of Bitcoin’s technology is open source. This means that it is developed by the community, and anyone can work on it. Nakamoto interacted with others who were developing the software, but hid their identity throughout the process. They only ever communicated digitally. In 2011, Nakamoto removed his or herself from the world of Bitcoin development. The reason for this change was cited as a desire to work on other projects. To this day, no one knows exactly who Nakamoto is, although there are plenty of theories. Many people assume that Nakamoto is a Japanese male because of their alias. However, this is impossible to prove.

Who Is Nakamoto?

Satoshi NakamotoNakamoto’s Bitcoin system is completely unique and very unconventional. No one knows exactly how long they took to create the system before releasing it to the public. The complexities of Bitcoin, as well as the mining system, are so detailed that they had likely worked on it for years, before putting it into action. It is also suspected that they mined many of the system’s early Bitcoins personally. Since the value of Bitcoin has skyrocketed in the seven years it has been available, they would now be in possession of a significant fortune.

For years after Bitcoin’s creation, many people had been suspected to be Nakamoto. These included engineers, developers, mathematicians and economists. For the most part, everyone who has been publicly suspected of being Nakamoto has denied it. The evidence for these accusations has mostly been taken from language comparisons between the papers Nakamoto wrote and various other publications. Various conspiracy theories about Nakamoto also exist. The most popular of these is that Nakamoto worked for a major world government. However, there is no real motive for this, as the whole point of Bitcoin is that it is decentralized.

A Possible Identity

In May of 2016, Australian computer scientist Craig Steven Wright released a blog post
claiming to be Satoshi Nakamoto. Wright had been suspected of being Nakamoto in the past, and there are many pieces of evidence that support this claim. However, none are definitive enough to completely confirm that Wright is Nakamoto.

For Wright to completely prove his identity, he will need to release cryptographic information related to the development of the Bitcoin system. He has released keys to one of the early Bitcoin transactions linked to Nakamoto, which is a strong piece of evidence that Wright is, in fact, Nakamoto. However, the secretive nature of Bitcoin ensures that Nakamoto’s identity will always be difficult to prove thoroughly.

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