The year 2021 marks 12 years since the launch of Bitcoin. Until now, the identity of the blockchain founder remains undisclosed and mysterious. Users around the world wonder: how many bitcoins does Satoshi Nakamoto have? Some experts say that behind this pseudonym may hide not one person, but a group of developers. Be that as it may, it was the author of the idea of decentralized cryptocurrency who initiated changes in the entire global financial system.
Satoshi Nakamoto’s personality
With the growing popularity of bitcoin, the community began to show attention to the founder’s persona. In 2008, an article authored by Satoshi Nakamoto was published, which described the basic principles of a peer-to-peer payment system using the technology of continuous data chains protected by cryptographic tools – blockchain. Less than a year later, on January 3, 2009, the first block in the Bitcoin network was created, which marked the beginning of the cryptocurrency era.
For 3 years after the launch, the creator was actively involved in discussions with the community and the development team, but in 2011, communication with him was cut off.
To this day, enthusiasts from cryptocurrency forums and journalists are still investigating to determine the truth. During this time, there have been several high-profile whistleblowing claims, but no conclusive evidence has been presented.
| Real Name | Description |
|---|---|
| Hal Finney | Several researchers at different times have come to the conclusion that he may be the founder of bitcoin. In favor of this assumption is the first transaction in the BTC network, which was sent to him. Journalists also found Hal’s post on the forum in 1993. Even then he described the technology of cryptocurrency trading cards. Unfortunately, the programmer himself passed away in 2014. |
| Craig Wright | The self-proclaimed bitcoin creator claimed his rights to the White Paper and sought through the courts to restrict its distribution on bitcoin.org. As evidence, Craig tried to present his old post in which he described the future cryptocurrency. Community members found out that the post had been changed retroactively, thus convincing him of lying, and gave him the unofficial nickname “Feiktoshi”. |
| Dorian Nakamoto | In 2014, an American journalist published an investigation in which she cited evidence that the creator was a Japanese-born physics scientist living in California. Getting an interview with him was not possible, as Dorian called the police, and evasive answers did not allow to establish the truth. |
| Nick Szabo | Programmer from the United States, who back in 1998 described the idea of decentralized cryptocurrency – Bit Gold. A graphological analysis with the help of neural networks showed 99 percent stylistic similarity between the Bitcoin White Paper and his notes from 1998. |
The identity of Bitcoin’s creator is shrouded in mystery that will likely never be solved. At this point, even if the real Satoshi wanted to reveal himself, it would be extremely difficult to convince the crypto community
A rough estimate of Satoshi Nakamoto’s condition
The exact amount of cryptocurrency that is stored in the wallets of the author of bitcoin is unknown. Research work conducted in conjunction with technical experts in blockchain architecture has allowed us to come closer to understanding the size of Satoshi Nakamoto’s fortune. Sergio Lerner, thanks to the analysis of data on the power of the network, came to the conclusion that starting from the zero block to 36,288th block, mining was carried out by a single computer. Thus it is established that this node mined 1.1 million BTC coins. This amounts to $64 billion as of December 2021. The calculation does not include coins obtained by branching the original blockchain into Bitcoin Cash and other forks.
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A potential bombshell for the cryptocurrency market
Bitcoin’s total market capitalization at the end of 2021 is $1.06 trillion and daily trading volume exceeds $34 billion. It follows that $64 billion, while a huge amount of individual ownership, would not have a long-term negative impact on the entire market if the entire volume of the currency was sold at the same time. There used to be a belief that this amount of coins would crash the exchange rate to zero, now it is possible for the exchange rate to fall over several trading sessions in the short term.
There is an opinion that at the very beginning of the launch of the cryptocurrency, its creator mined bitcoins not for personal enrichment, but to protect against the 51% attack.
People are still sending their BTC to Satoshi
The Genesis wallet is the very first address on the Bitcoin network and supposedly belongs to the creator. To this day, some users send coins to this account to show their appreciation. As of December 2021, Satoshi Nakamoto had accumulated 68.5 bitcoins, or $3.9 million USD, on the balance of the wallet. During the entire time, 3145 incoming transactions and not a single outgoing transaction have been recorded.
The bottom line
Whoever the creator of the world’s first cryptocurrency turned out to be, the ideas and principles that went into the algorithm significantly impacted the world. There are 3 pillars that make bitcoin unique:
- Decentralization.
- Transparency.
- Immutability.
The growing popularity of the market shows the high demand for blockchain technology. Development teams are integrating new methods and tools not only in the financial sphere.
Twelve years after its launch, bitcoin is still the most famous cryptocurrency in the world and ranks first in terms of market capitalization.
Frequently Asked Questions
β Why did Nakamoto stop making contact?
It is assumed that he stopped communicating with the community when a well-coordinated team was formed around the project, and the algorithm itself proved its solvency and hackability.
π‘ Why was the first cryptocurrency named Bitcoin?
The first part of the name represents a binary number (bit) as a unit of measurement for the amount of information. Together with the second part (coin), they form “digital money”.
π What is blockchain?
The underlying technology behind bitcoin is a registry where any user can make entries. A copy is stored on multiple nodes on the network and is available for public viewing.
β When will the last BTC be mined?
It is programmed that a new block is generated no more often than once every 10 minutes, and the total amount is limited at 21 million coins. According to mathematical calculations, if no changes are made to the algorithm, the last bitcoin will be created in 2140.
π° Why is the rate of cryptocurrencies rising?
The price depends on the balance of supply and demand in the market: if buyers outnumber sellers, the quotes go up.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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