Who Is Satoshi Nakamoto: Founder of Bitcoin? Blockchain Central Hey everybody and welcome to another episode of BLOCKCHAIN CENTRAL! My name is Blu and in todays episode were going to try and uncover the secret identity of Satoshi Nakamoto, the founder of Bitcoin!
Please note that this content does neither represent financial, legal, or tax advice, nor is it supposed to be understood or interpreted as solicitation to buy or sell any securities, coins or tokens. In November 2018, 10 years will have passed since the worlds most famous cryptocurrency, bitcoin, was first announced in a seminal whitepaper and the first distributed ledger was created. But even today, with serious institutional investors jumping on the Bitcoin bandwagon it is still unclear who came up with this revolutionary idea.
Until now, we only know one name which was signed on that bitcoin whitepaper: Satoshi Nakamoto. And, to make things even more mysterious, this persons last digital footprint was recorded in early 2011. But why did Satoshi want to remain unknown? Are there any indications of their true identity?
These and other questions will be discussed in the following article. Have fun! Bitcoin has undoubtedly laid the foundation for the rapid development of the Blockchain technology as we know it today. Some people would even argue that Satoshi Nakamoto deserves a Nobel Prize in Economics for his groundbreaking invention of the Bitcoin Protocol. Unfortunately Satoshi Nakamoto, the name of the inventor of Bitcoin, is only a pseudonym.
We dont know if it is a single person or a constellation of several individuals, or even if they are still alive! That one little detail could possibly hinder their ability to receive a Nobel Prize To try and understand why Satoshi Nakamoto chose a pseudonym and not his or her real name, it is a good idea to recall the basic idea behind Bitcoin. The first sentence of the Bitcoins whitepaper reads as follows: A purely peertopeer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
This opening statement makes it abundantly clear that the basic idea behind the network is decentralisation. This word describes a system that is managed and administered democratically without the presence of a central authority. If Satoshi had chosen to reveal their real identity, they would have become the central element in a decentralized system.
That would be a contradiction in and of itself. Also, if Satoshi had been a known public figure, he would have had too much influence on the direction of the Bitcoin network, soin order not to hurt the concept of decentralizationSatoshi probably chose to remain out of the spotlight. Another reason for keeping their real name confidential was probably to protect Satoshi Nakamoto from state authorities.
Since the idea of decentralization is fundamentally contrary to the principles of state control, the disclosure of their true identity would certainly have been risky for Satoshi. Within the Bitcoin network, payments can be made pseudonymously without a government agency being able to tell who sent or received funds. For this reason, Bitcoin could potentially be used by criminals to do business online. The person behind this technology would be the first point of attack for the state authorities looking to hold someone responsible for illegal activities.
By using a pseudonym instead of their real identity, the developer of Bitcoin cannot be held accountable for fraudulent behavior of the networks participants. Despite Satoshi Nakamotos great efforts to keep his or her name secret, multiple attempts by various online communities to decipher the true identity have been made over the years. Various linguistic and behavioral studies were carried out, which led some people to believe that Satoshi resided in the United Kingdom as suggested by his impeccable written English or the fact that he or she occasionally used typically British phrases. Other people analyzed their posting patterns to suggest that they must be living in Eastern or Central time zones. Other researchers suggested that Satoshi Nakamoto simply could not be just one person: their level of expertise in multiple fields including cryptography, computer science, economics, and psychologyand the ability to communicate it all fluidlycould support the hypothesis that Satoshi is more than one person.
The lack of a definite solution to this identity puzzle has led to even stranger hypotheses. The most famous rumor dates back to 2017 when it was alleged that Elon Musk, the founder and CEO of worldfamous companies such as Tesla and SpaceX, was the person behind the pseudonym. A former intern in one of his companies claimed that only Elon Musk had the intelligence and skills to create something as big as bitcoin.
Of course, for many people who were already eager enough to idolize or even deify Elon, this was enough to celebrate the CEO of Tesla as the inventor of Bitcoin. However, soon after this rumor first surfaced, Elon Musk himself went on record saying that not only was he not Satoshi Nakamoto, but he didnt even own any bitcoins, as he unfortunately lost his wallet. Doesnt really sound like the mastermind behind Bitcoin, does it? Nevertheless, many people still believe in this theory today. Other people suspect that Satoshi Nakamoto is most likely a pseudonym used by some other wellknown person from the crypto scene: for example, Charlie Lee.
The founder of Litecoin is sometimes singled as a possible candidate. In a Reddit post, a user gave a few theories on why Lee is actually the originator of Bitcoin, as well as some theories about the reasons why he developed Litecoin after Bitcoin. A clue for this theory was his Twitter handle: SatoshiLite. Once again the community was enthusiastic and thought they had finally found the person behind Satoshi.
But here, too, the person in question quickly clarified all the rumors by writing on Twitter. Of course, there will always be people who actively claim to be behind the pseudonym. But none of them could conclusively prove that they are the masterminds behind bitcoin and they seems to have vested interest in proving their identity, so there is still no consensus who Satoshi Nakamoto is. Whoever this person is, they laid the foundation for the exciting world of cryptocurrencies and the overall development of the distributed ledger technology. And, while it is quite possible that the true identity of Satoshi Nakamoto will never be clarified, it probably doesnt really matter.
Or does it? Satoshi, wherever you may be: Thank you for your excellent work! Thats it for this episode of Blockchain central, let me know in the comments whats your favorite theory for the true identity of Satoshi Nakamoto.
Make sure to hit that like button if you liked this article and dont forget to subscribe to Blockchain Central to never miss a beat! Happy investing!