Source: elevenews.com

What Do We Know About Satoshi Nakamoto, The Founder Of Bitcoin

Bitcoin is undoubtedly one of the most important, if not the most crucial, inventions in the modern financial business. The cryptocurrency industry has rendered all traditional payment methods obsolete. Not just that, but because of its user-friendly approach, cryptocurrency is well-liked by the general population, and even though many countries consider it illegal, it is still widely traded by users globally.

One of the most often discussed topics in the Bitcoin community is Satoshi Nakamoto, Bitcoin’s founder. Many mysteries surround this person, which is why we decided to take a closer look at him and set down what information is flying in the cryptocurrency regime and general financial market. Let’s have a look at the specifics.

Satoshi Nakamoto Transformed The Financial Industry

Source: thefintechtimes.com

In 2008, Satoshi Nakamoto created Bitcoin. He sold the first Bitcoins to a cypherpunk known as Hal Finney not long after. Users primarily used Bitcoin on the illegal market during its early years. However, there were other advantages to this cryptocurrency, which is why interest in it grew exponentially with each passing year.

Bitcoin’s value reached an all-time high of over $19,000 in 2017, shocking the world. Even though it plummeted immediately after, the world was finally convinced that Bitcoin is a genuine deal and that it can be used to generate a lot of money. As a result, thousands of new people began to join the network and invest in it.

The trading process grew significantly more accessible, and the chances of success improved with the introduction of reliable trading platforms. To learn more about a reliable trading website, visit this site.

And, if that wasn’t enough, Bitcoin outperformed all other payment methods in terms of ease of transaction and flexibility. It provides significantly greater protection to its customers by granting them some sort of online anonymity.

All online transactions done using it are instantaneous, and because banks aren’t involved, consumers don’t have to pay any unnecessary fees. All average costs that apply to various transactions are also significantly reduced.

All of these factors combined to make Bitcoin the most refined currency on the market, and Satoshi was able to transform the financial industry completely. But who exactly is Satoshi?

But Who Is The Real Satoshi Nakamoto?

Source: crypto-economy.com

You may already know this, but Satoshi Nakamoto is not a real person. Bitcoin’s founder goes by this pseudonym. Nobody knows this person’s true identity at present. To add to the intrigue, we have no idea whether Satoshi is male or female, nor do we know his or her age or nationality. Satoshi’s ability to stay a mystery for the past 13 years is exceptionally remarkable, but it is getting to the world’s curiosity of unraveling their identity.

What Does The Rumours Imply?

A handful of closely related developers worked together in the early days of Bitcoin to get the digital currency off the ground. Hal Finney and Nick Szabo were the developers among them. However, a systems engineer with the same name as Satoshi Nakamoto became entangled in the rumor.

Dorian Nakamoto’s (who was also on the team) birth name is Dorian Satoshi Nakamoto. A tremendous surge of media attention followed the 64-year-old Japanese-American systems engineer after a profile in 2014 revealed that he was Satoshi Nakamoto.

He then came out and admitted that he was not Satoshi Nakomoto. Hal Finney was a prominent programmer in the cypherpunk subculture, which gave rise to the concept of Bitcoin and cryptocurrencies. He was a part of the Bitcoin development team right up until the first transaction, which he received.

Finney died unexpectedly in 2014. However, it was uncovered that he resided just a few blocks away from Dorian Nakamoto, leading some to believe that the pseudonym came from him.

Others had cited Nick Szabo, a member of the same cypherpunk milieu as Finney. He wrote extensively on the concepts that underpin Bitcoin, even proposing a decentralized currency called “bit gold” years before Bitcoin was founded.

When speaking about the early days of digital currency, Szabo has denied being Nakamoto and has frequently referred to Nakamoto as another individual (whose identity he is not aware of).

Craig Wright, an Australian professor, and businessman is one of the most colorful characters proposed as Satoshi Nakamoto. Wright was suspected of being the person behind Bitcoin in two pieces published by Wired and Gizmodo, but additional investigations revealed that he was the victim of a sophisticated scam. He still claims to be the man behind the currency, though.

What are Satoshi’s Bitcoin holdings?

Source: cointelegraph.com

Because we don’t know Satoshi’s true identity, it’s difficult to say how many Bitcoins he or she owns. However, according to certain claims, he controls a large number of Bitcoins worth around $40 billion. If that’s the case, Satoshi would be one of the world’s wealthiest persons.

Statue of Satoshi Nakamoto

On September 16, 2021, Bitcoin’s pseudonymous creator Satoshi Nakamoto’s first-ever statue was revealed in Budapest, Hungary. The bronze statue commemorates the enormous contribution to the disruption of traditional currency, although the mythical creator’s name remains a mystery to the rest of the world. It is currently on exhibit at Budapest’s Graphisoft Park.

The bust depicts a person wearing a hoodie with the Bitcoin (BTC) emblem embroidered on it. The face has been molded with imprecise features to stress Satoshi Nakamoto’s anonymity. A video shows a crowd of people around the statue taking pictures and films during the ceremony.

Andras Gyorfi, co-founder of the “Statue of Satoshi” initiative and editor of crypto news portal Kripto Akademia, as well as Debreczeni Barnabas, CEO of Hungarian crypto exchange Shinrai, were in attendance at the unveiling ceremony, and they even addressed the audience.

Conclusion

The final word on who is behind the name “Satoshi Nakamoto,” or if it is a group of persons involved in the creation of Bitcoin, has yet to be determined. Perhaps one day, Nakamoto will come forward and expose his actual name. However, until then, we can all wait and give more air to this story.

Read Also:

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