Who Created Bitcoin and Why? – Bitcoin – Bitcoin 2020

Who is the inventor of BTC?

The inventor of Bitcoin introduced himself under the name of Satoshi Nakamoto. It is actually a pseudonym whose identity arouses curiosity. Rumors even suggest a group of several people hidden behind this alias.

Bitcoin in summary

The Bitcoin (BTC) is the very first cryptocurrency, or decentralized digital currency. Launched in 2009, its operation is based on blockchain technology, which is a technology used to record, simplify and secure peer-to-peer transactions.

Blockchain network operation

The Bitcoin project was designed to avoid having to go through a trusted third party during a transaction. This virtual currency is thus neither managed by a government nor by a bank or central bank.

In addition, Bitcoin is fully dematerialized which allows the anonymity of buyers and sellers. The value of this cryptocurrency fluctuates constantly over the course of a day. You can follow the Bitcoin price in real time here.

Who is the inventor of Bitcoin?

The inventor of Bitcoin is Satoshi Nakamoto who explains his project in a white paper published in 2008. He describes in particular how to create Bitcoin. A year later, his project went from theory to practice.

What is his background?

Impossible to describe the journey of the one who created Bitcoin, for lack of being able to identify it precisely, especially since rumors are increasing. Between those suspected of being Satoshi Nakamoto, and those who claimed to be Satoshi Nakamoto, we find ourselves in a great mystery without convincing evidence.

The identity of Satoshi Nakamoto revealed (or not, the photo actually shows Dorian Nakamoto, one of the tracks abandoned in the hunt for the creator of BTC

In 2014, a journalist, Leah McGrath Goodman, claims to have discovered the identity of the creator of Bitcoin: he is a sixty-year-old Japanese-American man, whose name is Dorian Satoshi Nakamoto.

This former computer engineer had once worked for secret projects. Although he initially confessed that he was indeed the creator of Bitcoin, he then retracted, claiming that he did not understand the question, thinking that he was being asked about his former activities. This affair will conclude with a laconic message from the “creator” in person on one of his old accounts on the Internet: “I’m not Dorian Nakamoto”.

Several investigators who study Satoshi’s writing and linguistics through the document “Cryptography Mailing List” claim that it is Nick Szabo. The latter denied being the creator of cryptocurrency, although his imprint in the creation of the fundamental principles of Bitcoin is proven. In the 1990s, he was an active member of the Cypherpunks movement, a community of people interested in cryptography who campaign for digital freedom.

The suspicions then relate to Craig Steven Wright, an Australian entrepreneur in his forties. The latter claims to be Satoshi Nakamoto, statements confirmed by Gavin Andersen, one of the administrators and main developer of the Bitcoin Foundation, a non-profit association whose mission is to standardize, protect and promote the development of the Bitcoin system.

However, the words of Craig Steven Wright and Gavin Andersen are questioned by Internet users as well as by major figures in the world of cryptocurrencies, such as the creator of Ethereum. Vitalik Buterin.

By adding to this other more or less eccentric hypotheses (CIA, Elon Musk, a group of researchers made up of Neal King, Vladimir Oksman and Charles Bry or the consortium of HERmsung, TOSHIba, NAKAmichi and MOTORBIKErola), the mystery Satoshi Nakamoto currently remains unfathomable.

Why did Satoshi Nakamoto create Bitcoin?

Satoshi Nakamoto created Bitcoin in response to the traditional banking system, which is based on fractional reserves, themselves backed by debt. The inventor of Bitcoin puts it clearly forward in the very first block, the Genesis Block, which contains an article, published on January 3, 2009, in the Financial Times, whose content evokes the bailout of banks from the British Chancellor for the second time.

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Satoshi Nakamoto rejects this system based on debts and infinite growth at the expense of natural resources and the planet. He wants to replace gold, a safe haven, with Bitcoin and put an end to the mechanism of banknotes that eat away at the purchasing power of citizens. Other basic elements: the anonymity of transactions and the absence of trusted third parties. Indeed, this network works thanks to its community and to what is called “mining”. Discover here what mining is, and how to do it.

Who Created Bitcoin and Why? – Bitcoin – Bitcoin 2020
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