Business / Finance

Who Is the Founder of BTC?

Bitcoin was founded in 2008 by the pseudonym Satoshi Nakamoto but nothing much is known about it.

Nov 29, 2022 | By LUXUO
Golden bitcoin replica on computer circuit board

The virtual currency has been a hot debate for over a decade now. And if there is one widely used cryptocurrency that a month does not go without hitting the headlines is Bitcoin.

Bitcoin is one of the most valuable cryptocurrencies that has ever been created. Bitcoin coin price surpassed US$60,000 in April 2021, setting new records as the most expensive coin. But who is the mysterious founder of the world’s most well-known cryptocurrency? Keep scrolling down to learn more.

When Was Bitcoin Developed?

Bitcoin was founded in 2008 by the pseudonym Satoshi Nakamoto. It was the concept of a paper known as peer to peer electronic cash system. The white paper highlighted how Bitcoin would work, eliminating the need for intermediaries.

Why Was Bitcoin Invented?

Although Satoshi remains unidentified, his objective of creating Bitcoin wasn’t a mystery. He aimed to take financial control back from the elites. That means ordinary people will have a chance to participate in decentralised financial systems. Thus, he designed Bitcoin perfectly so that no one has the power to control it. He made it public so that anyone could take part.

Bitcoin features modern financial system fragility without intermediate fee transactions. In other words, the idea of decentralisation was meant to eliminate the need for intermediaries. These include systems of government, financial systems, and other financial institutions. Besides its decentralisation, Bitcoin also ensures optimal security.

This coin had no monetary worth until a few months after the Bitcoin launch. It was just mined for novelty. The first real Bitcoin transaction occurred on May 2010, when a Florida man exchanged two US$25 pizzas for 10,000 BTC. It was the first world Bitcoin transaction that ever happened. Since then, the value of BTC has kept increasing exponentially.

Who Is Satoshi Nakamoto

Satoshi Nakamoto is a pseudonym of the person or a group who founded Bitcoin. While Bitcoin has seen an increase in popularity in the past years, the identity of Nakamoto remains a mystery.

However, Nakamoto wasn’t the first name familiar with the crypto industry. Some people have posted messages via email using the same name years before the Bitcoin foundation.

Possible Identities of Satoshi Nakamoto

Two years after involvement in Bitcoin, Satoshi left the cryptocurrency industry. His last correspondence was an email he sent to another Bitcoin developer on April 2011. Ever since there has been no communication from Nakamoto, he never revealed any personal details about himself.

Over decades now, nothing has ever been as mysterious as the identity of Nakamoto. Several suspicions have fallen upon many people, but they deny it. For instance, Dorian Nakamoto, a Los Angeles resident, vehemently denied a 2014 Newsweek report claiming he was the founder of Bitcoin. Another report from The New York Times revealed Nick Szabo denying claims that he is the owner of Bitcoin. Other individuals who have been suspected of being the creator of Bitcoin include Craig Wright and Hal Finney. But they all confirmed they were not Nakamoto.

What Are the Notable Accomplishments of Satoshi Nakamoto

One of the greatest accomplishments of Satoshi Nakamoto is the white paper he published in 2008. The paper described a decentralized peer-to-peer protocol that allowed secure online transactions.

The decentralised system is deemed as a solution to the double-spending issue. In other words, the virtual currency can be duplicated into multiple transactions. It is something not found in physical currencies.

Solutions to deal with double-spend issues have been there before. Only they involved the use of intermediaries, which resulted in additional charges. Nakamoto came up with a decentralised technology that allows secure and free transactions.

Speculated Nakamoto’s Net Worth

Although Nakamoto’s identity remains a mystery, the estimated value of BTC under his control is about 1 million. Given that the estimated total number of BTC is 21 million, Nakamoto is worth 5 per cent of the total BTC. The total value, however, depends on the Bitcoin coin price and the market condition.

Myths and Mysteries about Satoshi Nakamoto

Despite all efforts trying to reveal the real identity of Nakamoto, he remains a mysterious, unknown person. Let’s look closely at some fascinating bits of information about Nakamoto.

Is Nakamoto a Real Person?

Without Nakamoto’s real identity, no one knows if he’s a one person or a group of characters using a pseudonym. But it is safe to conclude that real people were behind the BTC foundation.

Nakamoto Is Fluent In British English

Yes. The whiter paper established by Nakamoto revealed he is fluent in English, especially British English. That is why some people believe that Nakamoto is British. Nakamoto also used British English when mailing fellow BTC developers like Finney, as revealed in some email correspondences.

Nakamoto Is a Coding Guru

Expert coders have accepted that Nakamoto is a highly talented computer coder who built BTC with 31,000 coding lines. Perhaps that is why the system remains safe and secure. And this is the reason the platform has never been hacked since its foundation.

The Bottom Line

So, who is the founder of Bitcoin? Satoshi Nakamoto. The development brought by this person or group of people has revolutionized many aspects of today’s life. Many industries believe that Bitcoin may sooner become the currency of choice.

For more business reads, click here.

Back to top