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Who created Bitcoin? - Satoshi Nakamoto

BitForex Editor
Oct 19, 2020

Who is Satoshi Nakamoto?

Satoshi Nakamoto is usually seen as synonymous with Bitcoin and always seems to come up, especially in talks relating to bitcoin. The name Satoshi**Nakamoto** is an alias or pseudonym used by an individual or person responsible for the creation of bitcoin. It is said that the name was used in other to hide their identity. In the modern world today, one thing that remains the biggest mystery is the true identity of the creator of bitcoin. Over the years, there have been numerous theories, each speculating what or who Satoshi Nakamoto really is; some people are of the opinion that it is a group of people, while some believe it is a man. Another sect is of the belief that it is a woman, while others believe it is a non-existent person.

Satoshi Nakamoto is believed to be a male born on April 5, 1975, as well as of Japanese descent. However, most people doubt this because of his native-level command of the English language as well as his preferred choice of working hours more consistent with the time zone of the U.K than Asia. The name “Satoshi” is a popular Japanese boy’s name, which means “one with wise ancestry,” and as we already know, Satoshi Nakamoto is presumed to be a male.

What do we know so far about Satoshi Nakamoto?

It has been half a decade, and yet the man or person who was responsible for the creation of bitcoin has successfully remained anonymous. It was even stated that his closest partners had no available information of who he was and had only communicated with him through emails. Over the years, there had been false claims, hidden clues, and falsely identified figures who seemed to have fit the bill; however, every trail seemed cold with no meaningful information of who Satoshi Nakamoto really is.

Now while we may not know the real identity of Satoshi Nakamoto, here is one thing we, however, know about him; Satoshi Nakamoto who is the creator of the protocol used in the bitcoin cryptocurrency; by creating this asset helped to solve the double-spending problem for a decentralized digital currency, which was unlike anything the world had ever seen. Satoshi published the original “whitepaper,” which described a blueprint for a “Peer-to-peer” electronic cash system in October 2008, and he released version 0.1 of the source code in January 2009, which launched the cryptocurrency by mining the genesis block. Satoshi, for about one and a half years, continued to work on the software project before disengaging from active development.

Till today, no one knows why Satoshi Nakamoto made the decision to disappear without cashing out some of the billion dollars which his early minted coins are now worth or importantly without ever revealing his true identity. This has resulted in outright conspiracy theories, speculations as well as educated guesses. Researchers have thoroughly gone over the few data point left behind by this mysterious individual. Some have gone as far as trying to analyze his writing style and vocabulary, all in a bid to find some hint or clue to his true identity.

Possible Identities Of Satoshi Nakamoto

Though there are still a lot of doubts pertaining to Satoshi Nakamoto’s real identity, speculation about his actual identity has been traced back to a number of computer science experts and cryptography, most of which are of non-Japanese descent. One of them is Dorian Nakamoto, who most people believed to be the creator of Bitcoin after it had been published by Newsweek Magazine. This resulted in a media frenzy which greatly disturbed his life. Dorian, on the other hand, denied having anything to do with the creation of cryptocurrency by later on accepted the role of a mascot for the bitcoin community.

Another person also believed to be Nakamoto Satoshi was Hal Finney, who was a cryptographic pioneer and also happened to be the neighbor of Dorian Nakamoto. Finney had the necessary skills to build a cryptocurrency, having been a developer for PGP Corporation as well as a Caltech engineering graduate.

Nice Szabo was another person who was speculated to be Nakamoto Satoshi as he was a cryptocurrency, smart contracts as well as blockchain pioneer. People who believe that he created bitcoin often make references to his 2005 proposal for a decentralized currency, which will be known as “bit gold,” which made use of similar concepts that apply to bitcoin today. There were also other people who were speculated to be the real Satoshi Nakamoto, including Craig Wright, who declared himself the real Nakamoto Satoshi; however, all efforts to prove his claim did not seem to make people believe he was the brain behind bitcoin; however, some people are of the opinion that he might actually be the “one.”

What is Satoshi Nakamoto's Networth?

We are all aware that the first bitcoin was mined by Satoshi, the pseudonymous creator of the network; however, have you stopped to consider how rich he would be if he spent everything he/she mined during bitcoin’s early days.

How do we calculate how rich Satoshi Nakamoto is?

The designer of RSK, by the name of Demian Lerner in 2013, decided to find out the total amount of bitcoin which had been mined by Satoshi and how much of it he still had in his bitcoin wallet. Based on research done by others, it was fair to say that it was quite much. Sergio based his assumption on the logic that throughout the year 2009, the hash rate remained at a minimum level of 7 million hashes per second, which was based on the idea that the only one contributing to the network at that period was a lone miner.

To better explain how a small hash power of 7 million per second is, think about how much computing power is concentrated on the bitcoin network. Today, miners contribute over 12 million (which is just an estimate; the actual number is way higher) hashes per second towards mining bitcoin. It was also noted, according to Sergio, that these 7 million hashes per second were similar to the amount of hash rate in the first 14 days that Bitcoin came into being; Sergio also stated that at that point, the only miner was Satoshi.

How rich is Satoshi Nakamoto currently?

As of 2011, bitcoin was worth a total of 1 dollar, which means that in 2011, Satoshi owned 1 million dollars. Now, if we want to calculate Satoshi’s current worth, it is vital to take into account the bitcoin hard fork. A hard fork can be defined as a radical change to a blockchains network protocol, which makes previously invalid transactions valid.

Today, there are around 40 hard forks, and Satoshi is in possession of a copy of all the hard forks to date, which now brings about the question; how much is Satoshi’s current worth? Looking at bitcoin alone, Satoshi has an estimated 11.76 billion dollars, including 12 billion dollars in hard forks.

As of 2017, Satoshi Nakamoto's net worth was 19.6 billion dollars, and at that time, bitcoin was 20,000 dollars. This made him the 44th richest person in the world. Nakamoto Satoshi is likely to claim the number 1 spot on Forbes billionaire to become the richest person in the world if bitcoin reaches 110,000 dollars.

We may never know who Satoshi Nakamoto really is, but the truth remains that his bitcoin cryptocurrency has changed the world as a whole by introducing a system of decentralized currency. The world continues to search for the real Satoshi Nakamoto even though some members of the bitcoin community believe in letting sleeping dogs lie.

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