Looking into the history of Bitcoin will inevitably uncover a specific name; Satoshi Nakamoto. It is Nakamoto that is credited with the establishment of Bitcoin, making the person an extremely important figure. It is also speculated that Nakamoto is fabulously wealthy, having mined an estimated 1,000,000 BTC. This amount translates into multiple billions of United States dollars.
The only problem is that no one knows who Nakamoto is. More to the point, it isn’t even known if Nakamoto is a single person, or perhaps even a group of persons. But how could a massive, multi-billion dollar market all be thanks to a single, unnamed entity? Let’s take a closer look.
Bitcoin And Blockchain
An entity named Nakamoto established Bitcoin in 2008. The Bitcoin.org domain was registered, a paper detailing how cryptocurrency would work was published, and thus the ball got rolling. To be more specific, the idea of digital currency was not new in 2008. The concept had been dabbled with previously, though every model was hindered by a specific problem. Namely that cryptocurrency could easily be duplicated.
It was Nakamoto that solved the problem with blockchain. Blockchain, as it is used today, keeps track of transactions across multiple systems, essentially making unintended currency duplication an impossibility.
After Nakamoto established blockchain, saw to the initial setup, and facilitated initial mining, they disappeared in 2010. Though, this doesn’t mean that the person or persons stopped being involved. Rather the disappearance of the name Nakamoto simply means that the entity moved on to a different online presence. It is absolutely possible that “Nakamoto” is still around today, perhaps having simply outgrown the pseudonym.
Either way, Bitcoin is still without question amongst the best crypto coins, if not the best crypto coin. So whoever Nakamoto is they certainly achieved success on an incredible level.
Why Is Nakamoto Anonymous?
It isn’t clear why Nakamoto chose to remain anonymous. Though, speculation suggests that the person or persons simply wanted to avoid being the face of a world-changing new currency. There is no telling what sort of publicity the entity would have had to deal with, though certainly wouldn’t have been able to live a normal life. Remaining anonymous was, by all accounts, probably the best course of action.
Who Is Nakamoto?
There are many theories as to who Nakamoto is, with most assuming it to be Hal Finney. Finney is a programmer that has been involved in Bitcoin since the beginning. He was the first to receive a Bitcoin transaction, making him a true pioneer. As coincidence would have it an engineer named Dorian Nakamoto lives within a few blocks of Finney, making it seem likely that Finney chose the pseudonym based on nearby inspiration.
On the other hand, strong evidence points to Craig Wright and David Kleiman. A court case played out between the pair over a few years, with Wright claiming to be Nakamoto and demanding payment from colleague Kleiman. After a $100 million court ruling, it seems that the pair, at least in some regard, were responsible for the creation of Bitcoin.