Thursday, 11 January 2018

Creator Of Bitcoin (THE UNTOLD MYSTERY)

I have been posting  recently a lot on cryptocurrency and bitcoin but first, we should know how it all started and who is the bitcoin creator?

Bitcoin has been first written and still, everyone doesn't know who the developer or developers are behind it today as it’s still been a mystery.

 But according to the Wikipedia and some good sources, the founder of bitcoin and who devised first blockchain database is Satoshi Nakamoto as told by some unknown people.

Basically, bitcoin was written in 2007 but it didn't come out till 2009, however, the coding was done by developers as they worked really hard in 2007 and then in 2008 the white papers were released and published on the cryptography mailing lists by a programmer or a group of programmers calling themselves Satoshi Nakamoto.

Now for those of you who aren't aware of what white papers are? It's basically like a blueprint for a cryptocurrency which outlines the main goal of this project like what is it going to do and what its purpose is?

So the white papers were published under the title of Bitcoin: peer-to-peer electronic cash system On January 3rd, 2009 and the first block was mined so in order to earn cryptocurrency and bitcoin one needs to do mining.

Mining requires computers also be called as "Mining Rigs" on which mining is done as we just need to set it up once and the system will mine the coins itself depending upon the other factors like haste rate, difficulty and so on. Six days after that on January 9th, 2009 Satoshi Nakamoto released Version 0.1 BTC update which was the first update towards the blockchain system and so the Bitcoin software was uploaded to Source Forge.

 Nakamoto also created this website along with some other developers and he's listed permanently as the founder on this website.

 Satoshi Nakamoto for years has been working with other people online communicating on forums, emailing and still no one has any real clues who he is? Is he really a person or some group?  Where they're based? Is still a mystery.

After two years of collaborating with Gavin Andresen and other developers, Satoshi Nakamoto decided to hand over the project to Gavin and he ceased all involvement with the Bitcoin project in December 2010.

On April 23rd, 2011 Satoshi was seen once again when he sent an email to a software developer Mike Hearn and he basically said in the email that he has moved on to other things that are better as compared to the bitcoin project.

But what was the real reason behind this whole is something that nobody is aware of as it could be a business move or he was just not interested in that project now so can't say anything.

Nobody really knows exactly what's going on but sometimes your mind just burn out and thinks that he was working hard on this so why did he opt out.

Anyways after giving the control of the project Gavin really worked from 2010 to 2014 and after that, he passed it on as well but before doing so he just started a Bitcoin foundation that primarily raised capital funds for the cryptocurrency comes from then on no one is aware of specifically what Satoshi has done or is up.

Let's know more about Satoshi Nakamoto

He was born on April 5th, 1975 and some people suspect that Satoshi is claiming to be Japanese. He is 64 years old who lives in Temple City, California but some people don't believe him because he has a very strong command of English.

Therefore people start doubting but it doesn't mean he is lying and also there is no substantial evidence for him being Japanese.

So let's just understand the meaning of his whole name and for that, I will break his name into parts to explain it in an easy way as possible.

So Toshi stands for bright or wise, Naka means inside and Moto means foundation.
There's also another translation which means Satoshi is born from the ashes like a phoenix and Nakamoto which means central origin so basically born from the ashes of centralization.

But these are just guesses made from his name which can or cannot be true as there's actually a very big science behind names because names and brands are one of the most important things while starting a company online.

Some known people who say that they were the creators of bitcoin or was involved were Wei Dai, Hal Finney, and Dorian Nakamoto but there are no proofs of that as well.

Why Satoshi Nakamoto Is Hiding His Real Identity?

Satoshi does not want to reveal himself in front of the whole world if he could then probably he would be a billionaire but it looks a bit shady as bitcoin is gathering a lot of popularity among the people all over the world and it is highly volatile.

So due to its overhyped and no government role, it's very difficult to handle. Newsweek represented Satoshi Nakamoto as secretive, solitary and a bit paranoid because every time someone tries to have a word with him then this man tries to avoid the attention and is not at all interested in being under the spotlight.
Bitcoin is a cryptocurrency which does not have any physical presence as it’s based on hope and faith of the people which believe that it is valuable. People have a strong confidence in Bitcoin and they truly believe that its rules won’t be changed which can destroy its value in future.

So as long as he was around, people would worry that he could do anything and even has the audacity that would destroy the investments made in bitcoin by them.

After that, no one took that risk to make future changes in bitcoin as there was no real person who owns the bitcoin network.

Therefore it was a smart decision made by Satoshi to be away from the bitcoin project for so long time just to make people believe that bitcoin is truly outside anyone's control.

According to the recent news on 24th May 2017, Satoshi has roughly owned 1 million bitcoins with him which is in billion dollars as of now which adds him on the richest people list this year.

Share your views on this article by commenting below. Also let me know if you want me to cover any topic related to crypto trading.

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