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Satoshi Nakamoto
Satoshi Nakamoto

About Satoshi Nakamoto

Satoshi Nakamoto, the pseudonymous creator of Bitcoin, remains amongst the most enigmatic figures in the world of cryptocurrencies. Despite the internet’s extensive research, there has not been any luck that would help to reveal Satoshi’s real identity. Not even whether he’s an individual or a group of people. Nevertheless, the creation of Bitcoin has had a significant impact on the world’s financial landscape which has sparked a revolution and helped the world adopt a new digital currency. 

In the following profile, facts relating to Satoshi Nakamoto’s background, his inspiration for Bitcoin, his contribution to the development of Bitcoin, and controversies that have arisen along it will be discussed. 

The early life of Satoshi Nakamoto

According to the internet, Satoshi Nakamoto was born on 5 April 1975, bringing his age to 48 in 2023. This makes some people question if he’s Dorian Nakamoto, a renowned Japanese-American systems engineer who shares the same birth date. Others on the internet believe Satoshi Nakamoto is a British University professor because of his repeated usage of British English while writing Bitcoin’s whitepaper. Unless facts are verified, all of such claims can only be ruled as rumors. 

Involvement in Bitcoin 

The 2008 global financial crisis influenced Satoshi Nakamoto’s primary motivation to develop Bitcoin. In addition, As per Bitcoin’s whitepaper, Nakamoto was also inspired by a Chinese Computer Scientist known as Wei Dai, who advocated for a new form of money that must be built using cryptography, which will ensure it is immutable and cannot be controlled by any government. On January 3, 2009, Nakamoto’s struggle paid off, and he mined the first Bitcoin.  

Although there’s a general consensus regarding Bitcoin as the first digital currency ever created, that’s not true. Before Satoshi Nakamoto, several other software developers tried building a digital currency, but their efforts did not have the same impact as Satoshi’s efforts. What made the most significant difference with Bitcoin was the use of Blockchain technology that runs on a decentralized ledger, ensuring complete immutability over the original number of Bitcoin. 

Nakamoto achieved this through the help of a “distributed public ledger” that helps to effectively keep records, verifies and validates Bitcoin transactions. Due to this, ever since Bitcoin’s inception, no hacker has ever managed to infiltrate it, making Bitcoin 100% secure from hacks or downtime. Something that’s not possible in a centralized system and never will be. 

Contribution to the Crypto Community

Satoshi Nakamoto revolutionized the traditional functioning of the financial world by inventing Bitcoin. This is because Bitcoin has increased the level of financial inclusion compared to the past. Furthermore, Bitcoin’s influence inspired the development of Ethereum and several other altcoins. Bitcoin has also helped blockchain technology to be adopted in numerous other industries.

Vision and Philosophy

Satoshi Nakamoto believed in the concept of equality and decentralization. Something that’s visible in Bitcoin as it is both; it doesn’t discriminate on who can own it and is run on a decentralized system of miners located in every part of the world, working entirely independently. In addition, Nakamoto also believed in pseudo-anonymity, allowing Bitcoin to run entirely on the community’s trust.

Nakamoto also believed that all things must come to an end, pointing toward banks and large corporations that have had firm control over people’s money. With Bitcoin, he was able to deliver a jolt to an industry that has remained untouched for several decades.

Controversies to Bitcoin 

As more and more large banks and financial institutions have opened crypto trading desks, Bitcoin is starting to become centralized, something that was not intended during its inception. Large banks and financial institutions having access to Bitcoin means they can influence and manipulate its price. In addition, Bitcoin whales also have a massive say in its price as they control a good chunk of Bitcoin, ultimately having a massive effect on Bitcoin’s price. This also lets Bitcoin fall into the hands of a few powerful and less deserving. 

However, despite this, many people remain optimistic because Bitcoin is not going anywhere anytime soon, and once the world actually starts to adopt it, these issues will not seem as worrisome as they are at the moment. Especially given the right technological advancements put in place and governments clarifying their laws on the use of cryptocurrencies

Controversies and criticism

Satoshi Nakamoto’s lack of public face is one of the reasons why are not convinced of Bitcoin. Satoshi’s anonymity makes some people believe Bitcoin is a big Ponzi scheme.  Additionally, Nakamoto’s wallet also holds 1 million Bitcoins, which are roughly worth $29 billion at today’s Bitcoin’s price – this makes many people question if Nakamoto wanted something inclusive without him having to play the biggest part or not. However, since the inception of Bitcoin, the wallet has not been used and probably might not be in the future

However, while the criticism of Nakamoto’s anonymity holds weight, many experts like Andrew Lokenauth, founder of Site, say this is for the better as it makes Bitcoin truly for the community by eliminating a hierarchical model. 

The bottom line

The world does not know Satoshi Nakamoto’s real identity, but this has not stopped his creation of Bitcoin from growing and being adopted by people stretched across different parts of the globe. On the other hand, several large financial institutions are being disrupted due to Bitcoin’s adaptation. However, many in the industry believe for Satoshi’s true vision to come alive, it will take some more time. 

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