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Satoshi Nakamoto

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Glossary Crypto Heroes Satoshi Nakamoto Lesson

Satoshi Nakamoto is a name that is widely recognized in the crypto spaces. Satoshi Nakamoto is recognized as the creator of Bitcoin and the one who brought the idea of cryptocurrencies to the limelight. However, it is not known whether Satoshi Nakamoto is an individual or a group of people hiding behind a pseudonym.

Brief History

On a P2P Foundation, Satoshi Nakamoto revealed that he was a male born on April 5, 1975, and resides in Japan. However, speculations on the real identity of Nakamoto has been directed on various cryptography and computer science gurus from the US and Europe who are not of Japanese descent.

In October 2008, Nakamoto authored and published Bitcoin’s white paper which was published on the cryptography mailing list in metzdowd. The whitepaper described what was Bitcoin digital currency and how it would be used. The whitepaper was referred to as “Bitcoin: A Peer-to-Peer Electronic Cash System.”

In 2009, Nakamoto developed the Bitcointalk forum posting the first message in the same year using the name Satoshi.

In January 2009, the first Bitcoin software was launched which was the first blockchain network or platform and led to the release of the first batch of Bitcoin cryptocurrencies. On January 9, 2009, Nakamoto released version 0.1 of the Bitcoin platform on Sourceforge.

Nakamoto mined the genesis block of Bitcoin also known as Block 0 on January 3, 2009, and in the process scooped 50 Bitcoins. He embedded ‘The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks’ in the Coinbase transaction of the genesis block. It turned out to be The Times headline on January 3, 2009.

Nakamoto was active in Bitcoin development until December 2010 when he disappeared.

Possible Identity Speculations

Programmers and coders have described Nakamoto as an intelligent coder who left little if any, a clue as who he was but there have been numerous attempts to unmask the genius.

Although he indicated he was Japanese, some have argued that it is highly unlikely given his mastery of perfect English as well as the Bitcoin software not being documented in Japanese but in English. Similarly, British English was used in source code comments as well as forum postings fueling the speculation that Nakamoto or one person of the consortium was from Commonwealth origin. Moreover, on the first Bitcoin block that was mined by Nakamoto contained a headline from The Times which is an indication that he was reading the London’s newspaper during Bitcoin’s inception.

To date, no individual or entity has ever known who Nakamoto is and all that is there among the crypto enthusiasts are only speculations.

Nakamoto’s Net Worth

Satoshi Nakamoto is among the richest people in the crypto space. He is generally estimated to own about 1.1 million Bitcoins or 5% of the entire number of Bitcoins that are in existence.

When Bitcoin hit its peak at the end of 2017, Nakamoto was estimated to be worth about USD 20 billion. This made Nakamoto be among the top 50 richest people in the world at that time.

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