Who Is Really Behind Bitcoin (BTC)?
✍️ 16 December, 2022 - 13:50 👤 Editor: Jakub Motyka
- A pseudonymous individual called Satoshi Nakamoto is the inventor of Bitcoin.
- His real identity remains mysterious since he left the project. Who is behind Bitcoin?
- The latest news about cryptos is on our Telegram channel.
Satoshi Nakamoto is the pseudonymous Bitcoin creator whose whereabouts remain a mystery. Nobody knows who Satoshi Nakamoto is since he left the Bitcoin (BTC) project in 2009. In October 2008, Nakamoto wrote a whitepaper that laid the foundation for Bitcoin –where he described the digital currency as a peer-to-peer electronic cash system.
In a post on the P2P foundation forum dated February 11, 2002, the anonymous developer wrote that ‘‘I have developed a new open source P2P cash system called Bitcoin. It is completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. He went ahead to urge the online community to ‘‘give it a try, or take a look at the screenshots and design paper’’.
BTC Has Attracted Millions Of Miners And Users Since Satoshi Disappeared
Since the whitepaper was published, millions of miners joined the network to mine bitcoin – a term referring to transaction verification. Besides, millions hold the digital currency as a form of payment. Bitcoin has since risen to become the largest blockchain in the world, with its native cryptocurrency, BTC having a market cap of $340 billion. The digital asset was trading at $17,680 at the time of this writing.
Satoshi was active in the early development of bitcoin – laying down the theoretical structure, publishing bitcoin whitepaper, sending emails, and engaging the online community. However, that stopped in 2010, when he left the project without revealing his identity.
The last email by Nakamoto was in 2011 when he wrote ‘‘I have moved to other things.’’ Nakamoto also replied in 2014 that he was not Dorian Nakamoto, in response to claims that he was the Japanese physicist named by Newsweek magazine as the investor of Bitcoin.
Rumors About Who Satoshi Nakamoto Could Be
Since Satoshi disappeared, several rumors have emerged about the identity of the blockchain developer. Some have even moved to court, claiming that they are the mysterious person. Australian computer scientist Craig Wright filed for US copyright for the bitcoin whitepaper and the original code in 2019 - claiming that he is Satoshi Nakamoto. Although he was awarded both claims, pundits argue that anyone can file for such copyrights.
Something also of concern is the net worth of Satoshi Nakamoto. It is believed that the anonymous developer owns at least 1 million bitcoins, valued at about $17 billion at the current price. Some experts also believe that the stash could be part of the reason Satoshi could be hiding.
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