Crypto

Satoshi Nakamoto: The Mysterious Father of Bitcoin

feb 18, 2022 | min read

To this day, the world does not know the identity of the bitcoin creator. Who is really behind the revolutionary blockchain technology? Search with us - who is Satoshi Nakamoto?

Bitcoin is considered one of the most important innovations and technological inventions since the invention of the Internet. Blockchain technology, which is often said to cause a cross-sectoral revolution, gives us freedom from a fundamental point of view. Many are still not fully aware of the power of blockchain as a decentralised tool. However, Satoshi Nakamoto recognised it and thus remains anonymous. But who could be the "mysterious father" of bitcoin?

Bitcoin and its beginnings

The foundations of today's cryptocurrencies as we know them were laid by Satoshi Nakamoto in 2008 when he described the operation of the bitcoin protocol in his work Bitcoin: a peer-to-peer electronic cash system. A year later, the blockchain was in process, and Satoshi Nakamoto extracted the first block, known as the "Genesis block".

Satoshi Nakamoto realised the first bitcoin transaction with a cryptocurrency fan named Hal Finney. Remember this name; we will mention it thereinafter. Finney received ten bitcoins from Nakamoto. Others also included were Nick Szabo and Wei Dai. The first commercial transaction took place in 2010 when developer Laszlo Hanyecz paid 10,000 bitcoins for pizza. This day is celebrated in the crypto world as Bitcoin pizza day.

However, Satoshi Nakamoto suddenly fell silent in 2011. Satoshi last communicated on April 23, 2011, when he wrote to one of the developers that he "had moved on to other things" and believed that the future of bitcoin was "in the right hands". It was the last known digital clue left by the anonymous bitcoin creator.

Searching for unknown identity

People speculate who is behind the pseudonym Satoshi Nakamoto from the very beginning. Although he stated he lives in Japan, several experts assume that he is not Japanese due to his excellent English. According to many, Satoshi Nakamoto may even be a team of people, as the bitcoin code is designed too well for one person to stand behind.
According to a perfect British English in comments on various forums, Satoshi Nakamoto, or a team member, could have British roots. This statement is also supported by many expressions typical of the British dialect, which Satoshi Nakamoto used in communication. Furthermore, an abridgement from the London press article coded in the first block mined by Satoshi Nakamoto adds certainty to the hypothesis that Satoshi would correspond to a person living in the United Kingdom.

The US NSA allegedly knows the identity of Satoshi Nakamoto. The US Security Service has verified the identity of the bitcoin creator to determine whether it is a Russian or Chinese instrument that threatens the security of the United States.

Who is Satoshi Nakamoto?

Many of the people mentioned below were later directly involved in the development of bitcoin or were prominent figures in the community from the very beginning.

Nick Szabo

An American IT specialist who worked before bitcoin on a similar project called Bit Gold. Satoshi Nakamoto himself cited this project. Nick Szabo focused on cryptography, and his technical background and education put him at the top of the list of "suspects". Nick Szabo is also known for using pseudonyms in the past.

Hal Finney

He was the first to receive a bitcoin transaction from Satoshi Nakamoto's wallet. Finney worked for PGP, which developed communications encryption software. Finney was a cryptographic pioneer. He had extensive experience with encryption and considered himself a cyberpunk for whom it was important to maintain freedom and anonymity. Hal Finney was put into cryogenic sleep in 2014, where he is now waiting for a cure for the amyotrophic lateral sclerosis he has been diagnosed with. Interestingly, Finney had a neighbour named Dorian Satoshi Nakamoto.

Craig Steven Wright

He was the only one to declare himself to be Satoshi Nakamoto. However, he changed his mind when asked to prove his claims with private keys from Satoshi Nakamoto's bitcoin wallet. Many prominent figures in cryptocurrencies, including the Ethereum co-founder Vitalik Buterin, have publicly identified him as a cheater. Craig is also accused of stealing tens of billions of dollars in cryptocurrencies from his deceased colleague David Kleiman.

1,000,000 bitcoins

While Satoshi Nakamoto owns private keys from his wallet, he is one of the wealthiest people in the world today. He has 1,000,000 units of bitcoin in his wallet, i.e., 5% of the total amount in circulation, which, at today's market value, represents enormous fortune. However, since Satoshi Nakamoto fell silent, his wallet has remained inactive.
The public speculates that Satoshi Nakamoto may be dead, and his bitcoins are lost forever.

Whether a person or a team of people, Satoshi Nakamoto created and gave the world a cryptocurrency to put financial freedom in the hands of ordinary people so that financial institutions would not have control over this currency. Likely, we will never know the identity of Satoshi Nakamoto. And it's not even necessary.

Bitcoin lives its own life as programmed. We do not know the creator of bitcoin - this fact adds increased security to this new technology. It highlights that bitcoin is indeed the first decentralized currency worldwide that no one can control and manipulate - not even the creator himself, the mysterious Satoshi Nakamoto.