Bitcoin Founder Satoshi Nakamoto. Photo credit: CBC
Despite Bitcoin’s record-breaking fall from its $68,000 price last Nov., it is still the most popular virtual currency.
Even with its unprecedented rise to fame, there isn’t much information is available about its founding members.
Satoshi Nakamoto is known as the inventor of Bitcoin. If you look at the history of Bitcoin, you will find that a whitepaper has been published on decentralized network in 2008 by Nakamoto, who does not identify himself in the article.
The sole aim of creating Bitcoin was to help people to make payments online without the intervention of any financial institution or custodian authority.
Unlike traditional currency, virtual currency or electronic cash was designed to be created, traded, distributed and stored through a decentralized ledger system.
The unidentified man or a group of developers introduced a website with the domain name Bitcoin.org. The true identity of the creator or owner of the website remains protected.
In October 2008, Nakamoto published the Cryptography Mailing List through a website called metzdowd.com, where he stated, “I’ve been working on a new electronic cash system that’s fully based on peer-to-peer transactions and people, with no trusted third party.” He was not identified in the article.
On January 3, 2009, the first genesis block was formed in the course of mining. The genesis block, which is also known as Block 0 contained single line of text, which stated: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This was considered proof of mining on the date. On January 8, 2009, the group announced the first edition of the Bitcoin Software, while on January 9, 2009, Block 1 was created and mining commenced.
Even though the identity of the mysterious Nakamoto has never been revealed, his sole purpose in creating Bitcoin had never been a mystery. He created the innovative technology to minimize the influence of financial elites and allow people to own their currency.
Since its inception, Bitcoin remains an open-sourced mechanism. This signifies that no one can control, maintain or regulate Bitcoin in its entirety. Bitcoin was created in response to the Great Financial Crisis (2007-2008), where even some of the world’s largest banks failed to deal with the economic crisis.
In the beginning, Bitcoin had no financial value and at that time miners tried to solve complex mathematical problems just to win novelty. The first Bitcoin transaction was made on May 22, 2010, and since then the value of Bitcoin has skyrocketed exceptionally.
Some believe that Nakamoto is not a real figure; it is perhaps a pseudonym of a group that developed Bitcoin.
However, over the years a few names have emerged as the suspected creator of Bitcoin. They are Dorian Nakamoto, Craig Wright, Half Finney and Nick Szabo.
However, when contacted, all of them confirm their involvement with the creation and introduction of Bitcoin.
Today, the market value of a single Bitcoin is nearly $20,000 and whether we know who Nakamoto is in real life or not, his invention will continue to excite. Bitcoin is the brainchild of a talented computer coder and we believe the digital currency will continue to be recognized as a mainstream currency in the future. Here is an example of how to buy and sell bitcoin using the bit index ai platform.
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