If you have ever researched Cryptocurrencies or Bitcoin, you have probably heard the name Satoshi Nakamoto at least once. Satoshi Nakamoto is the pseudonym of the inventor of Bitcoin.
In this article, we will explain about Satoshi Nakamoto, who is said to be the creator of Bitcoin, as well as the characteristics of Bitcoin.
Who is Satoshi Nakamoto Really?
We will begin by discussing Satoshi Nakamoto’s true identity and his relationship to Cryptocurrency.
Satoshi Nakamoto is the man who is said to be the creator of Bitcoin. However, we still do not know who Satoshi Nakamoto is at this time. For this reason, there is a lot of speculation about him around the world.
Satoshi Nakamoto is the developer of Bitcoin (BTC)
In 2008, a paper was published on the Internet outlining the ideas underlying the Bitcoin (BTC) system. The author of the paper was Satoshi Nakamoto.
The paper created a buzz, and it is said that in 2009, the Bitcoin (BTC) protocol and mining system were developed under Nakamoto’s direction.
The reason for the use of the word “allegedly” is that Satoshi Nakamoto’s true identity is not well known to the public.
Bitcoin (BTC) has changed the investment system.
Satoshi Nakamoto was also nominated for the 2016 Nobel Prize in Economics. Bitcoin (BTC) was such an invention.
However, Mr. Nakamoto ceded control and disappeared from the public eye.
Why did Satoshi Nakamoto decide to remain Anonymous?
Despite being the inventor of the century, Satoshi Nakamoto has never made an official appearance. The members of the Bitcoin (BTC) development team have only exchanged words online.
Although his name sounds Japanese, it is not known whether it is his real name or not. Nakamoto retired in 2010 and has not been heard from since.
Mr. Nakamoto has left only his papers and business correspondence on record. Therefore, there is little evidence to identify Mr. Nakamoto.
Some believe that he did not reveal his identity because he was concerned about the distribution of Bitcoin (BTC).
There has been a lot of speculation, including whispers that he made the developer anonymous to avoid creating a centralized system, but the truth remains in the dark.
Where is Satoshi Nakamoto Today?
Various users have speculated about the identity of Mr. Satoshi Nakamoto, the man who built such an outstanding system as Bitcoin (BTC).
One theory is that he is “Mr. Craig Steven Wright. Mr. Wright is an Australian computer scientist who once admitted to being Mr. Nakamoto himself. However, he has since stopped talking, inviting slander and libel after his statement.
The “Isamu Kaneko” theory also surfaced. Mr. Kaneko was world famous as a genius computer scientist. Technically, he could have invented Bitcoin (BTC), but he died suddenly in 2013.
In addition, “John McAfee” a well-known cybersecurity expert, has publicly stated that he knows who Mr. Nakamoto is. He received an email from a user named “Satoshin,” indicating that Nakamoto may have been part of a multi-person team.
However, none of this is conclusive evidence, and no one has been able to identify Mr. Nakamoto. Rather, new theories are growing.
Satoshi Nakamoto released Bitcoin White Paper
The 2008 paper that started it all was titled “Bitcoin: A Peer-to-Peer Electronic Cash System“. The paper under Satoshi Nakamoto’s name has been translated into 28 languages as the origin of Bitcoin (BTC).
The paper clearly presented the concept of crypto assets, such as “electronic currency allows money to be exchanged without the use of financial institutions.” The concept of Cryptocurrency was clearly presented, such as.
What is Bitcoin (BTC)?
First of all, Bitcoin (BTC) is a type of Cryptocurrency exchanged over the Internet. Bitcoin (BTC) uses the P2P system, which is characterized by the fact that data is allocated and managed by each user’s terminal.
It does not require a centralized institution like a bank. Transactions can also be conducted without depending on a specific company.
Moreover, fees are much lower than those for conventional currencies. Transfers can be completed directly from anywhere in the world to anywhere in the world.
For example, there is no need to exchange “dollars for euros. Bitcoin (BTC) users can share economic activities with each other regardless of nationality or region.
What is Blockchain?
In Bitcoin (BTC), a management method called “Blockchain” is also of interest.
The role of the blockchain in bitcoin is to serve as a “ledger” in which the entire transaction history is recorded.
Normally, the disadvantage of internet transactions is that data is concentrated on servers, etc., which can lead to hacking damage, which has been a concern. Many Internet users may doubt the safety of Cryptocurrency because it is a transaction involving assets.
However, blockchain prevents hacking damage by recording data in a decentralized manner. It also provides countermeasures against data tampering and system failures. In effect, it is a system whose safety is guaranteed.
Advantages and Disadvantages of Bitcoin
The advantage of Bitcoin (BTC) is that its issuance is limited. Therefore, as scarcity increases, so does the price. Another advantage is that security can be trusted due to the blockchain system.
Transactions are also transparent and fraudulent activities are less likely to occur. In addition, since the currency is not dependent on governments or financial institutions, it can hedge against the risk of national bankruptcy.
In contrast, the security risk of exchanges is a disadvantage. Even if Bitcoin (BTC) itself is secure, there is no guarantee that the exchange will be hacked and assets will be leaked. Furthermore, since the state does not guarantee the value, the exchange could go bankrupt.
Summary
Cryptocurrencies have gained worldwide attention since Bitcoin (BTC) was developed by Satoshi Nakamoto. Cryptocurrencies are not dependent on the state or banks and can be traded relatively freely among investors. The advantage is that they are easy to use for electronic payments and investments, as long as the differences from legal tender are well understood.