Satoshi Nakamoto: The Mystery Man of Bitcoin

Satoshi Nakamoto: The Mystery Man of Bitcoin

Satoshi Nakamoto: The Mystery Man of Bitcoin

The Hungarian capital is Budapest. The banks of the river Danube. Bronze bust. Bitcoin logo.

At first glance it would seem that there is no connection between each word. But if you put all the words together, maybe this mistake will be broken. On the banks of the Danube River, which flows through the Hungarian capital, Budapest, there is a bronze bust, a statue of a man in a hoodie with a bitcoin logo on one side. Surprisingly, the face of the bust has nothing to do with nose, ears or eyes. If you look at it, you will understand that it must be a human face, but you will never know who this idol represents. However, the face of the idol is so nicely polished that you can use the face as a mirror if you want!

There is probably no better way to accurately represent the mysterious proverbial person of the Bitcoin world. A man-made virtual transaction system has gained a solid foothold in an era. Without the help of the central bank it has been possible to transact money from one continent to another or from one country to another, for the sake of which the world has been able to push the conventional monetary system, which no one knows, no one knows. It's weird, isn't it? The man who came up with such a big change, but no one could find out his identity? At present, no matter how much we are wrapped up in our personal lives, we interact with different classes of people in our society for various reasons. Even at such a time when a person has been able to hide his full identity and have managed to hide himself successfully despite being the founder of an innovative monetary system around the world - it really deserves more attention.

That famous statue on the banks of the river Danube

Photo Caption: That famous statue on the banks of the river Danube; image source:

For those who have no idea about cryptocurrency, let me give you a brief overview. In the monetary system we are usually familiar with, multinational transactions are controlled by the central bank. But in the case of cryptocurrency, the opposite is true. Cryptocurrency transactions can be done absolutely independently, without state restrictions, without the surveillance of any bank, government or any authority. In this case, there is a record of the transaction that you are doing on the online server. A person from anywhere in the world can connect to a Bitcoin server through a personal computer. Every ten minutes the record of bitcoin transactions through miners is linked to a group called 'block' and numerous blocks are collectively called blockchains. Interestingly, any unit of cryptocurrency can be converted into cash if desired. At present, there are more than one trillion dollars worth of bitcoins in the world.

The cryptographic coding method behind the creation of Bitcoin is almost impossible to decipher. Bitcoin has been designed using the SHA-256 algorithm developed by the US National Security Agency, which is unique in terms of security. However, there have been several incidents of hacking in the Bitcoin community, but it has been seen later - they were not actually the Bitcoin network, but the website hacking. One of the major drawbacks of using Bitcoin is that since there is no central authority for transactions through it, there is no way to rectify a transaction once it has gone wrong. Suppose you have ever traded Bitcoin with the wrong person, then you have no way to correct that mistake. The use of Bitcoin is already legalized in many parts of the world today. 

One of the richest entrepreneurs in the world, Tesla Company of US billionaire Elon Musk is using Bitcoin as a medium of transaction for their organization.

The popularity of cryptocurrency is growing;

Photo Caption: The popularity of cryptocurrency is growing; image source:

Let's come back to Satoshi Nakamoto. In 2007, when the global economic downturn was hitting, a man with the pseudonym 'Satoshi Nakamote' published a white paper in PDF format in the Internet programming community. The title of the white paper was "Bitcoin: A Peer-to-Peer Electronic Cash System" (Bitcoin: A Peer-to-Peer Electronic Cash System). In that white paper, the nature or character of Bitcoin was nicely analyzed.

He claimed that Bitcoin was the most effective way to replace the traditional cash transactions that rely on the central bank. Here the two parties to the transaction do not have to think of any third party (central bank). In addition, since digital currencies will be created through sign language in this system, users will not need to worry about security. In order to bring transparency to transactions in this way, the founders of Bitcoin proposed that the servers containing the records of each transaction be made open to all. In early 2009, the first bitcoin block in history, dubbed the 'Genesis Block', was unveiled on the Internet.

Who is Satoshi Nakamoto

There is controversy over whether the person named in the white paper, Satoshi Nakamoto, is an individual or a group of more than one person. However, everyone assumed that 'Satoshi Nakamoto' was a pseudonym, and no one could be found by this name. Satoshi Nakamoto has been active on various online blogs for the next two years since launching in 2009, and has been campaigning for Bitcoin. But in 2011 he announced to the Bitcoin community that he would step down and devote himself to another field. Bitcoin's acceptance has not diminished since its departure, but has grown over time. It is estimated that Satoshi Nakamoto still owns five percent of the world's current bitcoin, valued at about ১০ 10 billion!

At various times, a number of people have spontaneously referred to themselves as the people behind the pseudonym 'Satoshi Nakamoto'. However, their demands were not substantiated due to lack of sufficient evidence. The media has often tried to identify Satoshi Nakamoto with a number of people to take advantage of the huge public interest, but all attempts have ultimately failed.

Famous media outlet Newsweek claimed Dorian Nakamoto, a Japanese-American, as the founder of Bitcoin. He later flatly denied the allegations. A programmer named Hal Finlay and one of the earliest users of Bitcoin was claimed to be Satoshi Nakamoto. Like Dorian, he thwarted this demand. 

Many have already been claimed as Satoshi Nakamoto

Photo Caotion: Many have already been claimed as Satoshi Nakamoto; image source:

Computer scientist Nick Jabo was once claimed to be Satashi Nakamoto, but he, like everyone else, rejected the claim at the end of the day. However, there was one exception. An Australian entrepreneur named Craig Wright has claimed to be Satoshi Nakamoto, but also appeared in the US Copyright Office with a famous white paper published in 2006 to claim copyright in his own name. However, there is a lot of skepticism in the Bitcoin community about whether he is the real Satoshi Nakamoto.

The biggest question is, why have the people behind the name Satoshi Nakamoto kept themselves hidden for years? A possible answer is at hand. In general, US intelligence agencies have taken legal action against individuals who have attempted to create a currency that could pose a threat to the US dollar. This is considered to be the biggest reason. Its flame has already been found. 

The FBI has described the cryptocurrency as "against federal law."

Four thousand days have passed since the establishment of Bitcoin. There have been numerous changes, with Bitcoin gaining worldwide popularity from a completely unfamiliar subject, and it has been the subject of much controversy, not only in the Internet but also in US courts. One of the biggest mysteries of the Internet world in the 21st century will be the discovery of the person or persons behind the pseudonym Satoshi Nakamoto.

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