Connect with us

Bitcoin News

The Unseen Face Behind Bitcoin

Published

on

By

Since the inception of Bitcoin in 2009, the big nut that we have been unable to crack still lies on the identity of Satoshi Nakamoto. Who is he? So many assertions have been made concerning his identity but none has revealed to the world, the man or men behind the name. There is no doubt that the development of bitcoin has been traced to him but doubts surely abound as to his identity.

Claims of Being Satoshi

Several attempts have been made to unveil the personality or personalities behind the development of Bitcoin. However, these attempts have been frustrated by the involvement of various individuals in the implementation of cryptocurrencies like Hal Finney, Nick Sabo, Dorian Nakamoto and many others including Craig Wright who publicly claimed to be Satoshi Nakamoto. Ian Grigg thereafter asserted that Satoshi Nakamoto is not one human being but a team.

The identity of Satoshi Nakamoto can only be traced to the invention of bitcoin and the implementation of the first blockchain. Whoever Satoshi Nakamoto is, he remains an unsung hero. He is the first crypto billionaire and holds more than five per cent of bitcoin in circulation. Satoshi brought the Bitcoin network into existence on January 3, 2009, by mining the first block of the ledger. He encoded a text within the block that said, “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.” At that time, there was a global financial situation and it was likely that he was alluding to it.

Prior to 2008, there was no record of a programmer named Satoshi Nakamoto. Also, people have been unable to track the email address and website that he used to one source. Some speculations claim that the creation of Bitcoin was a collaborative effort due to the fact that the bitcoin whitepaper was well crafted in both economics and computer programming.

Why Anonymity

Many theories have been postulated for why Satoshi decided to remain anonymous. First, some claimed that he might be avoiding becoming a de facto leader of the decentralized peer-to-peer payment system he was creating. Also, he might have wanted people to put their trust in the system and not in him taking his every word as investment advice. Also, it may be likely that he wanted to stay away from the radar of the authorities knowing that creating an alternate currency might likely put him in a difficult situation. For instance, Bernard Von NotHaus was found guilty in 2007 of creating a private coin that the authorities claimed was competing with official coinage and currency of the United States.

The identity of Satoshi is still yet to be discovered, however, this, however, has not deterred people from investing in the technology or building real-life projects around it.

 

 

 

 

 

What do you think about Satoshi remaining anonymous? Share your opinion with us in the comment section below.
 
 
Image credit: pixabay,
 
 
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.