Satoshi Nakamoto can be understood as the founder of Bitcoin, who also devised the first of the blockchain database. No one exactly knows who he really is. He is supposed to be of Japanese origin, but this is disputable. Satoshi Nakamoto is considered as a pseudonym used by a person or a group of people who don’t want their identity to be revealed. He presented the white paper on bitcoin and all the necessary information regarding it, the same day he introduced Bitcoin. The main drawback of digital currency was the issue of double spending. A digital currency once used can be used again, as the token can easily be duplicated. This phenomenon was removed through Bitcoin, as it used P2P network to govern the transactions.
Journey of Bitcoin
Satoshi Nakamoto presented the white paperon Bitcoin in 2008, explaining in detail, the concepts used and future prospects. It was on January 3, 2009, when the Bitcoin network was first introduced by Satoshi Nakamoto. He himself was the first miner of the genesis block of bitcoin. He was rewarded with 50 bitcoins. At present, Satoshi has a total of 1 million bitcoins, which sums up to nineteen billion US dollars in 2017. The money has never been spent by Nakamoto except for the purpose of test transactions. Satoshi worked in close collaboration with other data scientists and developers to improve the Bitcoin network, and participated in the Bitcointalk forum, answering all the questions regarding Bitcoin. He was very active in the network in the subsequent years, until when he finally disappeared in 2011. The reason is still unknown to the public.
Deciphering Satoshi Nakamoto
Ever since his disappearance, the quest to find out the true identity of Satoshi Nakamoto has only increased. There have been many guesses and theories regarding the nationality of Satoshi. It is strongly believed that he is not Japanese, but British or American. This can be attributed to the British slangs he has used in some of the forums, and also the time stamps of transactions. There are also many other proofs leading to the fact that Satoshi Nakamoto is possibly British. Some of the most popular guesses as to who Satoshi is included Australian computer scientist and businessman Craig Wright and American computer scientist Nick Szabo. The former has claimed to be Satoshi Nakamoto in an interview to BBC in 2016 and said that he had all the proofs too. But this has not been proved yet. Nick Szabo is the most eligible candidate to be Satoshi but has denied the possibility. Hence, the identity of Satoshi Nakamoto remains a mystery.
Why did he vanish?
Like his identity, no one can definitively say why Satoshi Nakamoto chose to leave Bitcoin. At present, Satoshi owns 5% of the total bitcoins available. Only the rest of the amount is available for the miners and traders. This has increased the scarcity and value of the Bitcoin. If Satoshi reveals himself, it can lead to the flooding of the market, decreasing the value of the Bitcoins. This can be one of the reasons why he remains incognito. The other reason may be that he simply likes his privacy and doesn’t want to bask in the limelight.