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Satoshi Nakamoto: what do we know about the inventor of Bitcoin?

  • bitcoin
  • satoshi
MineBest Team

MineBest Team

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8 min read
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30.09.2021

It’s been over 12 years since the launch of Bitcoin. But we still know very little about its creator – Satoshi Nakamoto. Where is he now? How many Bitcoins does he have? Is he even real? Let’s take a look at the gossip and reveal some facts about one of the most notorious inventors in the world.

The invention of printing. The creation of the steam engine. The Moon landing. Breakthrough events affect humankind and set a whole new course for history. But when it comes to Bitcoin, the story so far is even more extraordinary.

The minor invention

Bitcoin was launched in 2009. At first, it was a cause of excitement for a few tech zealots. But soon, people started spreading the news through online forums, and newcomers flooded the network.

At the time of writing, Bitcoin is the world’s largest cryptocurrency. The market value of its network reached USD 1.2 trillion on April 14, 2021.

market value of bitcoin

The manifesto

Even if you’re new to crypto, you’ve probably heard about Satoshi Nakamoto, a mysterious figure behind the creation of Bitcoin.

Nakamoto described his idea in a whitepaper, presenting Bitcoin as a Peer-to-Peer Electronic Cash System.

A whitepaper is a document that contains technical details about the project and a description of it. It’s a touchpoint between the creator and the community.

But for Bitcoin, its whitepaper was more like a manifesto.

When it was published in 2008, people learned that Bitcoin would be a foundation for a decentralized monetary system.

It was the first-ever pattern of this kind.

Obscure-inventor-Satoshi-Nakamoto-MineBest

The problem solver

Satoshi made various interesting and important points in his whitepaper.

He stated that peer-to-peer networks could be helpful for tracking and verifying transactions. He also addressed the issue of double spending.

One of the most important rules mentioned in the document is that only network users can mine coins. Third parties, even trusted ones, didn’t get that opportunity.

There’s also information about an incentive for miners who receive coins as a reward for spending time and resources. To prevent inflation, Satoshi thought to halve the rewards every four years.

Nakamoto described the Bitcoin network as a chain of blocks, hence the name blockchain.

Bitcoin’s network is constant and transparent in nature.

Over time, blockchain has become extremely popular. Other cryptocurrencies and various fields have adapted this technology to their needs.

The mystery beneath

It’s been many years since the first transaction of Bitcoin. But the genesis coin survived many ups and downs and continues to lead the crypto market.

Its creator, on the other hand, remains off the radar.

Mystery is often a pretext for creating gossip. Satoshi Nakamoto has become the subject of quite a bit.

Some intriguing theories

It’s highly probable that “Satoshi Nakamoto” is a pseudonym of the Bitcoin whitepaper’s author rather than a real name.

Some people analyzed this alias and found that “Satoshi” means “sage” in Japanese. The meaning of “Naka” is “a relationship,” while “moto” translates to “origin.”

It all makes sense, doesn’t it?

A deep dive into the whitepaper revealed that Satoshi used the pronouns “we” and “I,” which could suggest that Satoshi is either an individual or a group of people.

Another interesting fact is that despite the pseudonym being of Japanese origin, the whitepaper was written in excellent English.

Satoshi-Nakomoto-who-is-it

Link to the first Bitcoin transaction

Attempts to discover Satoshi’s identity led to the first-ever Bitcoin transaction. On January 12, 2009, Hal Finney, a computer scientist, received BTC 10 from Satoshi Nakamoto.

It turned out that Dorian Nakamoto lived in Finney’s hometown lived Dorian Nakamoto. He was a Japanese American and a retired physicist and engineer. Some people in the crypto community believe he may be the father of Bitcoin.

Fans of conspiracy theories think that Bitcoin might be the joint effort of four companies. These are Samsung, Toshiba, Nakamichi, and Motorola. One message on Twitter is the alleged proof that sparked a lively discussion on social media.

A few facts

There are many rumors about Nakomoto, but far fewer facts. Among other things, we know that Nakamoto was nominated for the 2016 Nobel Prize in Economics.

Additionally, the smallest unit of Bitcoin is named after its inventor (1BTC = 100,000,000 Satoshis).

Nakamoto always communicated digitally and never used phones or any other physical means of contact. You can find a complete list of Satoshi’s emails, forum posts, quotes, and other messages on the Satoshi Nakamoto Institute’s website. This is all that has been published since the introduction of the concept of Bitcoin.

What’s interesting is that when Bitcoin was in its infancy, Nakamoto asked Wikileaks, an organization responsible for distributing hundreds of classified documents, not to accept donations in BTC.

Nakamoto played the role of a protector at that time. He figured that obtaining transfers in this form would jeopardize the growth of Bitcoin.

Many people also wonder how rich Satoshi Nakamoto is.

It’s obvious that Nakamoto was the first person to mine the cryptocurrency. Early in Bitcoin’s existence, he mined 1.1 million Bitcoin. This fortune is now worth $30 billion. Nakamoto is now one elusive billionaire.

Nakamoto the eraser?

Can Nakamoto destroy Bitcoin? As a creator of cutting-edge technology, he might also have something of a God complex after all.

That could lead him to eradicate the whole Bitcoin network someday. Fortunately, it would be a challenge to go through with it. The reason is decentralization.

Bitcoin has gone a long way in this matter. It’s almost impossible for it to be taken down by any single entity or even a group of entities.

Satoshi-Anonymous-Bitcoin-inventor-MineBest

Why stay anonymous?

Is Nakamoto a man? A woman? A company? Or a group of cyber subversives? Since Bitcoin’s launch, there have been plenty of theories about Nakamoto’s identity.

He could enjoy celebrity status. Yet, he chooses to live in the shadows.

What is the bottom line? Apparently, Nakamoto cares more about offering people groundbreaking technology than focusing on himself. Being in the spotlight is not his desire.

Besides, excessive attention might not have been good for Nakamoto. After all, he designed a new kind of money and an entire monetary system that may change the fate of banks and other centralized financial institutions.

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