Who is the inventor of Bitcoin? That has been the key question for anyone familiar with crypto. It is believed that Satoshi Nakamoto is the alias of blockchain and Bitcoin’s one and only inventor(s). In October 2008 Satoshi Nakamoto described the white paper on the technology behind Bitcoin,called blockchain. The title of this report was Bitcoin: A Peer-to-Peer Electronic Cash System.
He asked fellow cyberpunks to develop the system. On January 9 2009, Satoshi Nakamoto launched the technology himself and called it version 0.1 of Bitcoin software.
Satoshi left many details about his identity unanswered in the document. Some of his posts at the beginning of technology development are dated, but after he saw that more and more people began to invest in blockchain, he disappeared.
Since the boom of Bitcoin and blockchain, so around the year 2014, several investigative journalists have tried to find Satoshi Nakamoto, but so far they have not been successful. Google Search Trends teaches us that the name Satoshi Nakamoto was typed millions of times in the search engine during the Bitcoin bull run at the end of 2017.
At first it was assumed that Satoshi should not be Japanese but British or Australian. Some of the expressions in the white paper were typically English terms only used by British or Australians.
Furthermore, a Swiss tech enthusiast, who was very active on the Bitcoin forum, created a timeline of Nakamoto’s updates in the early years. The Swiss, named Stefan Thomas, was able to prove that Satoshi’s updates were never done between 2pm and 8pm Japanese time. This indicates either a very strange sleeping pattern or a lie about Satoshi’s nationality.
Reasons for creating Bitcoin
There are many reasons why Satoshi created bitcoin. First, there was an event that led him to experience hardship with the current financial system—Satoshi was denied a bank account due to his lack of a permanent address in the United Kingdom. As we all know, banks ask a lot from people who wish to open an account—a minimum opening deposit, minimum balance, direct deposit, identification, proof of address, phone number, etc.
That led to Satoshi’s general distrust of central banks and government. The main problem with traditional systems is how much trust is required. Because of their centralized nature, banks need to be trusted with our money and transferring operations.
Bitcoin, the first decentralized digital currency, was created in the hopes of decentralizing the entire process, eliminating the trust required. Satoshi wanted to empower the average person. He wanted to create an accessible currency for everyone that didn’t have any nationality, boundaries, or discrimination.
Satoshi Nakamoto’s net worth
With Satoshi being the inventor of Bitcoin and blockchain, a lot of people wonder how much bitcoin he actually owns and what it’s worth. It is assumes that Satoshi owns over a million bitcoin, which puts his estimated net worth at just under 5 billion USD.