Satoshi Nakamoto, creator of the Bitcoin
I know who Satoshi Nakamoto is. Every blog wishes to come out and say this and really mean it. The name Satoshi Nakamoto has been a mystery not only to the crypto world but to anyone that has ever heard of Bitcoin. Up to date, nobody knows who Satoshi Nakamoto is. In fact, people can tell whether it is a single person or a group.
Back in 2008, the domain Bitcoin.org was registered. The name behind the registration was Satoshi Nakamoto who came up with the Bitcoin whitepaper which terms Bitcoin as a Peer-to-Peer Electronic Cash System. Communication to this mysterious person or persons was electronically meaning there is no background information about him or them.
Sources say that Satoshi Nakamoto involvement ended in 2011. It is said that he last wrote to a fellow crypto developer that he is moving to other things. But what did Nakamoto by “moving to other things”? Did he move to create another cryptocurrency or he was leaving not to be involved with crypto again? That is still a mystery. Even after the value was shooting and the coin was gaining popularity worldwide, the man still chooses to be anonymous.
But, how could a person who came up with an idea that was to save people from the corrupt bank systems in the housing bubble burst of 2007? The persona in his writings that he left behind, points out the breaches that Central banks have in the processing of loans and money transfer. People have to trust the banks with their details and credentials. Banks in return lend users a fraction of their reserves but they need a total disclosure of the users’ information. Nakamoto came up with Bitcoin with an aim of removing the banks as intermediaries in the transfer of value.
Satoshi Nakamoto, potential identities
The identity of Satoshi Nakamoto has stayed unknown for all the years. Many names have been put forward claiming to be the real Satoshi. Here are some;
This is a lucky man. He just happened to share a name with the anonymous Satoshi Nakamoto. Japanese-American engineer who lives in California, he was alleged by Newsweek to be the creator of Bitcoin. Newsletter put forward an article about Dorian Nakamoto, this article made Dorian hire a lawyer. Dorian complained of losing his privacy because his location could be traced.
The article that was published in 2014, followed Dorian, not for a lot but the name. Bitcoin owners then offered to raise money in form of Bitcoin as a way of saying “sorry” to Dorian. The fundraiser that was started by Bitcoin entrepreneur Andreas Antonopoulos raised 100 coins. Researchers later removed Dorian from the list of who might be the real Satoshi Nakamoto.
The late Hal Finney is also a man who entered the list of who could possibly be Satoshi Nakamoto. Finney was a developer who claimed to have had communication with the real Satoshi Nakamoto but never had a chance to meet the mysterious person.
Hal Finney was a console developer. He was mentioned amongst the people who created Bitcoin but he refused the claims. He also mentioned mining the first 10 coins which he received directly from Satoshi Nakamoto. Before his death in 2014 he wrote confirming that he is not Satoshi and the Satoshi’s identity is a mystery to him too. He locked his coins in an offline account hoping they will be worth “something” as part of the inheritance for his heirs.
The Australian entrepreneur brought the crypto world to a pause when he said he is Satoshi Nakamoto and he could prove it. He provided the disputed code as proof of creation. He got back up from Gavin Andresen a Bitcoin developer who said “I am 98% certain that Craig Wright is the real Satoshi Nakamoto”
Craig’s claims brought unrest amongst Bitcoin users and other big bodies like the FBI. There was a tight demand that he proves his allegations. Later he deleted his post apologising for not having the strength to prove the break of the earliest keys.
Everyone is still waiting for that proof from Craig Wright maybe he is the real Satoshi Nakamoto nobody knows.
Nick Szabo the Bit Gold creator could be the anonymous Satoshi Nakamoto. He has been claimed to be the creator of Bitcoin. Szabo created Bit Gold back in the late ‘90s. He is a very secretive man but what most people forget is the article he wrote back in 2005 on Bitgold. He referred to the coin as one that would not depend on third-party trust.
Szabo has openly talked about Bitcoin early days, the technology behind its creation. He is open and has the right knowledge. His insight and his involvement with cryptocurrency since the early days have led to the accusations that he is Satoshi Nakamoto. New York Times had an article about Szabo being Satoshi nevertheless he denied the allegations. His simple tweet explains it all. “Not Satoshi, but thank you.”
Satoshi Nakamoto’s anonymity has made the world think of his identity. There is a group of researchers that are dedicated to finding his real identity. Crypto online family has been mentioning people even Elon Musk. Yes, the owner and CEO of Tesla has been amongst the people alleged to be Satoshi Nakamoto.
What is clear about Satoshi Nakamoto’s Identity?
There are leads that help the world understand some things that clearly point features about Satoshi Nakamoto. These characteristics have been put across by researchers and some of the people that have had a chance to interact with them electronically;
- Satoshi Nakamoto may be more than one person
This is seen with the sophistication in Bitcoin’s code. It is foolproof and the type of knowledge and mastery to create it cannot be coming from a single person. If it is a single person, they are pure genius.
2. They are of British origin
Most of the writings that Satoshi left behind are in English. Native British English. They call their apartment flat and looking at the time most posts were made, they were made in UK daytime hours.
If you see these signs, that’s him
Although the identity of Satoshi Nakamoto has been anonymous, there are things that will likely prove it is them if they happen.
a) Moving their Bitcoin
It is believed that Satoshi Nakamoto mined close to 1.1 million coins in the initial Bitcoin mining. If Satoshi tries to move this huge number of coins may be from a wallet to another wallet then it will be clear that it is them.
Only 21 million Bitcoin will ever be mined. Satoshi owns 5% of these. Therefore any movement of such a percentage of Bitcoin will raise alarm. At the current Bitcoin price, Satoshi Nakamoto is worth over $40 billion.
b) Pretty Good Privacy, they need to click that
If Satoshi posts anything using their PGP, it will mark the end of the search. It will prove that it is them. PGP is a unique signature that is given to a user’s name and if Satoshi posts anything with his PGP then it will reveal their identity.
Is Satoshi Nakamoto not excited about Bitcoin’s success?
Everyone would ask, “Is Satoshi Nakamoto not excited about the success of Bitcoin?” Just like Joshua Davis for a Newyorker story tries to explain how it would feel to have such success and decide to be anonymous.
The success of Bitcoin has been tremendous. In 2020 Bitcoin price went up by approximately 225%. Bitcoin is one of the most successful and stable coins to be created. All the coins that came after it are called altcoins because they are an alternative to Bitcoin. They were created with an aim of solving some of the shortcomings faced with Bitcoin. These problems include Bitcoin being slow, and the shift from its initial purpose. Bitcoin was initially meant for exchange and now it is mostly used for the storage of value.
Looking at where Bitcoin started, it is easy to say that it is more of a success story than a loss. But even with all that success, the founder has not seen it appropriate to come forward. Is he dead or alive? The answer is still nobody knows.
Why will Satoshi Nakamoto continue being anonymous?
Pressure is rising and whether it is a group or a single person, Satoshi may be tired of the hide and seek. The question has been asked too many times but no clear and right answer has ever been given. Critics are now saying, if Satoshi Nakamoto has not come out then he will never come out. The success of the coin cannot be hidden anymore, his move to uncover his identity would be right now.
The right time may be now but Nakamoto giving his identity now will have consequences. His anonymity has advantages to the crypto community and the coin at large. American businessman Dan Pena in an interview talked of the consequences that may come with Satoshi Nakamoto giving his identity. Pena mentions Bitcoin loss of value. Everyone who started Bitcoin will start selling very fast and that is how Bitcoin will lose it.
When Craig Wright came out claiming to be Satoshi Nakamoto, Bitcoin price reduced. The same thing happened in 2020 on Twitter when a handle @whale_alerts reported a transfer of 40BTC. They claimed that Satoshi was moving their coins. The price of Bitcoin reduced by 4% after the news came out.
With all the claims, how about the world answer these question; what if Satoshi sold all his coins when the price was still low and now he doesn’t have anything. People have expectations of his worth. What if he is worried about not fulfilling them?
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