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Who Invented Bitcoin and Why? The Secret Behind Satoshi Nakamoto
Bitcoin is the most popular cryptocurrency and one of the most popular options for investing. Yet, despite its popularity, one question remains unanswered about BTC: who created Bitcoin?
Who is Satoshi Nakamoto?
Satoshi Nakamoto is the creator of Bitcoin. Nobody knows the person hiding under the nickname Satoshi Nakamoto, or, at least, there isn't any valid assumption about who Satoshi might be. In other words, the mystery of who started Bitcoin remains unsolved.
There are many speculations on the web about who Mr Nakamoto is. Is he a Mr, to start with? For all we know, he may not even be a he. Most crypto experts believe that a whole team operates under this probably made-up name. Nakamoto doesn't even have to be one person, as it seems a bit difficult for a single human being to come up with something as revolutionary as the Bitcoin network.
Of course, the internet is filled with various speculations and false assumptions about who Satoshi Nakamoto might be. For example, Elon Musk stated that he was almost sure that the person behind BTC was Nick Szabo, a legendary cryptographer. Szabo ran a project called Bit Gold in 1998, which aimed to become the digital currency but failed.
Here's when things get interesting. Aston University Centre for Forensic Linguistics published a study in 2014 that analyzed Szabo's writings and compared them to Bitcoin's whitepaper. The evidence suggested an apparent similarity in the writing style between the whitepaper and other published works by the American computer scientist of Hungarian descent.
The third piece of evidence is Szabo's comment on his blog in 2008, where he shared his thoughts on creating a live version of a currency that only existed hypothetically in Szabo's writings.
The question of who is most likely behind Bitcoin has a simple answer: Nick Szabo. But is he really Mr Nakamoto himself? None of this is strong evidence, unfortunately. Despite all of that, there's proof that suggests Szabo is not Satoshi Nakamoto. Namely, the famous scientist has clearly stated that he had nothing to do with Bitcoin and its creation.
Is Satoshi Nakamoto the Person Who Owns Bitcoin?
Bitcoin isn't a private company. It's a distributed network run by computers all over the world. Therefore, Satoshi Nakamoto doesn't own the Bitcoin network. Still, it's safe to assume that the person who invented Bitcoin and the concept of blockchain owns a good deal of BTC. In fact, two wallets are currently associated with Nakamoto, and they hold approximately 1,125,150 BTC. Therefore, whoever Satoshi Nakamoto is, he is a multi-billionaire at the moment.
Who Invented Bitcoin Mining?
Bitcoin mining was also invented by the man who invented Bitcoin, Satoshi Nakamoto. Nakamoto came up with the entire ecosystem revolving around BTC, including the mining process that uses computing power to enter new blocks into the chain. This is known as the Proof-of-Work consensus mechanism and is already used by other popular blockchain networks, such as Ethereum.
What Would Happen if the Person Who Invented Bitcoin Ever Stepped Forward?
If the person who claims they invented Bitcoin went public, the initial reaction wouldn't be that immense. This is because there were already such cases in the past, and all of them had no solid evidence to prove they were the Bitcoin inventor. However, if that individual somehow proved that they were indeed Satoshi Nakamoto, that would make some waves in the crypto community.
Of course, it would be difficult to predict the long-term consequences of such an event, but a short-term result would probably provoke further volatility in Bitcoin's price. Depending on who invented Bitcoin currency and how they would act once they are doxxed, things would most certainly take an unforeseeable turn.
Why Did Satoshi Nakamoto Invent Bitcoin?
It isn't easy to understand the real reason for inventing Bitcoin. It will remain a mystery as long as Nakamoto goes around incognito. That person probably just wanted to offer ground-breaking technology to the world and eliminate inflation rates. This one is the humanitarian approach, but perhaps the inventors' motives were more individualistic, seeing Bitcoin as a way to get rich. We may never find out.
However, Nakamoto probably succeeded in whatever their plan was, as Bitcoin's popularity skyrocketed in the last couple of years, making it the most popular digital currency globally.
Final Thoughts - Who Invented Bitcoin?
Bitcoin was launched in 2008. Since then, we haven't managed to answer who invented the Bitcoin network. Despite numerous speculations, the only information we have is that Bitcoin was created by a person or people called Satoshi Nakamoto and that Nakamoto is most likely a pseudonym.
At this moment, we have to face the possibility that we might never be able to find the actual creator behind Bitcoin. After all, this mystery around the creator's identity makes for a significant part of the bitcoin buzz.
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