Who Invented Bitcoin and Why? The Secret Behind Satoshi Nakamoto

Updated by Mike Lorente verified symbol on July 12, 2022

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.

The truth about the bitcoin creator

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.  

Our final opinion about the bitcoin's inventor

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.

Latest News View all

Global Poker: Fall Carnivall

September 26, 2022

Global Poker never ceases to amaze us! This time they are welcoming autumn in no other better way than with their first-ever Fall Carnival event that will go on from September 26th to October 2nd! Bear with us with this short article where we will explain anything you need to know about this fun event!

Read more

Global Poker: Micro Thunder Series V

September 09, 2022

Once again one of the top US and Canadian social poker casinos, Global Poker, will be hosting the legendary Micro Thunder Series for the fifth time! From September 11th to 18th you will be able to witness the madness where over 22,260,000 in Gold Coins and over 74,200 in Sweeps Coins are guaranteed in total prizes. Find out how you can participate with a small purchase and potentially win tremendous amounts.

Read more

Most Popular

100 Best Payout Online Slots

November 23, 2021

It is common for a gamer to want to know about the best slots to play. And this includes the ones that are the best for payouts. Of course, there are various developers operating today, creating entertaining, high-quality slot games with amazing payouts included. Therefore, we have put together a selection of the best payout online slots for you to experience and separated them into their respective developer sections.

Read more

Biggest Gambling Cities Across the Globe

August 13, 2021

Gambling is not something that is restricted to one specific area of the world. In fact, it is present in more countries than you may know, be that in an official way or a bit more of an underground format. Whatever the case may be, gambling has become an appealing pastime for many people all over the globe. So much so that various cities around the world have risen to obtain the status of being the biggest gambling locations today.

Read more

Euro 2020 Final Odds Italy vs England - Who Will Win It?

July 09, 2021

Italy and England will face each other on Sunday at Wembley in what has been an existing European Championship tournament. Hosted a year later due to the pandemic, the Euro 2020 will come to an end on Sunday at 3 pm, with the final taking place at Wembley. Is it coming home? Or is it coming to Rome? Let’s see what the bookmakers say.

Read more

How Do No-Risk Bonuses Work?

June 09, 2021

Let’s face it, most of us love a bonus. These are the joyous treats that keep us ticking and give us that little bit extra. Making us feel welcome at our favourite online casinos, or rewarding us for our loyalty. They come in all different shapes and sizes these days, as sites compete for our business.

Read more

Biggest Online Jackpot Wins of Last Year

March 26, 2021

It is always a momentous occasion when someone wins an online jackpot from a casino. And while many of us believe that they do not come around so frequently, several big winners were recorded in 2020. So, keep playing and you never know, you could be the very next person to claim a jackpot payout. Let’s have a look at the biggest online jackpot wins of 2020.

Read more

Bankroll Warriors Gets New Host for 2021

February 09, 2021 CasinoTopsOnline is re-launching its exciting slots and casino Twitch stream Bankroll Warriors with a brand new host for 2021. At different times in his life, Dreezy has been a professional poker player, gambler, esports bar owner, trucking business owner and Twitch streamer. Read more

£100 Deposit Bonus UK

February 07, 2021

UK online casinos that offer a £100 deposit bonus are quite common, especially as we see an increase in the number of online casinos, which results in greater competition between them - and better offers for players!

Read more

Bankroll Warriors is Back With HUGE NEWS

February 03, 2021

Bankroll Warriors is our hit casino podcast, offering you a look into the world of the best slot games online at the top casinos around. So get right for lights, camera, and spin! Whether you’re after discovering the best bonuses or just after some suggestions for a new game, our new all-star streamer team has got what you need.

Read more

5 Favourite Slots by European Players

December 01, 2020

Europe is a hotbed for casino gaming activity, and there’s little wonder. With locations like Monte Carlo, London and Malta all playing host to exciting casino escapades, it has quite the popular appeal for players. It is also due to this that many online casino slots have become popular in their own right with players from the continent. So, which ones can be considered the five favourites of European casino players? We’ve got a look at each of these and their inbuilt features below.

Read more

New Series of Podcasts by Our Very Own Bankroll Warriors!

November 12, 2020 Bankroll Warriors, better known as Jon Pardy and Drew Gonzalez, have teamed up with CasinoTopsOnline to provide viewers with a series of exciting, livestreamed games at the best online casinos. A combination of casinos hand-picked by experts and the professional play brought to you by the Warriors themselves will take casino livestreaming to a whole new level. Read more
Mike Lorente
Mike Lorente verified symbol Author
639 Articles gmail linkedin
Mike has worked as a freelance writer, focusing mostly on writing reviews and opinions on online casinos. In these past years, he has come to know in-depth how casinos operate and what to look for when choosing a casino. He is always happy to share new tips and strategies aimed to help you in your gaming journey. Based in Spain, Mike is a specialist in casino games and a master when it comes to online slot machines, sharing his strategies and tips on our website.
More about this author

Reviewed by Julia Attard, Senior Author