The Mysterious Satoshi Nakamoto: Who Is The Bitcoin Creator?

On October 31, 2008, in the wake of the financial crisis, one or more anonymous individuals, hiding behind the pseudonym Satoshi Nakamoto, published the founding white paper of bitcoin. The goal: to create a means of payment whose security would not be ensured by a central bank or by financial organizations, but by an unbreakable cryptology and an emission regulated by a software with rules that are almost impossible to modify. In other words, decentralization as an answer to the abuses of Wall Street. Nearly 18.7 million bitcoins have been created since the first block was issued on 2 January

The Mysterious Bitcoin Creator

the mining, which was then worth just over $20. The total number of coins in circulation is currently at around 16 million. This makes the bitcoin the largest digital currency in terms of market capitalization and in terms of circulation. The bitcoins were created during the first block, which was published on January 4, 2009. Their circulation increased exponentially, with many individuals and companies opting to buy the virtual coins in order to protect them against potential fluctuations in the value of the US dollar. Why Is It Still Growing? Bitcoin is based on cryptographic algorithms and the encryption algorithm is protected with a special key known as the private key. The code can be changed, but the transaction will remain valid only if the private key is also changed.

The Search for Satoshi Nakamoto

Although the identity of Satoshi Nakamoto is not known, speculation runs wild. There are those who doubt that a single person, not a group of individuals, can have written such a complex piece of code, and not let it out to the world. Still others have speculated that Nakamoto is a group of many people. Some experts even believe that the digital money Satoshi Nakamoto created and his description, could be an elaborate scam that will never see the light of day. Bitcoin Users Struggle with Security Issues The main problem of bitcoin is the mining. Mining is the system that is used to protect the network and prevent double-spending. However, each Bitcoin miner only has the chance to get a new block.

What is Bitcoin?

Bitcoin is, in essence, a new digital currency that is independent of the financial system. With no central authority or banking system behind it, Bitcoin cannot be cloned. On the other hand, it is mined by a consensus of users who use their computers to verify transactions and increase the number of coins that they have to spend. Each bitcoin, therefore, has a physical trace in the form of a string of digits and a key that provide information about the computer that has used them. At the moment, there is a total of 11 million bitcoins in circulation (two million have already been lost), and each one costs about $10 to obtain.

The Future of Digital Currency

With bitcoins the financial industry has already entered the 21st century. With bitcoins the globalized world of finance has already entered the 21st century. A generation that has grown up with a first-class Internet browser in their hands will have a first-class financial system in their hands. Indeed, the bitcoins of the world will belong to the people who make it useful to them in the future: ordinary citizens. In the next 30 years the world will change even more than in the last 300, but there will be no significant changes without an adoption of new and superior technologies, which will call for the change of paradigms and the strengthening of the values of financial pluralism.

Conclusion

It is now clear that the bitcoin network is very popular, with over 80,000 merchants accepting payments in bitcoins and an ever growing number of hobbyists using the currency. The decentralized nature of bitcoin made it impossible for any bank or financial organization to manipulate the system. It remains to be seen whether the bitcoin concept is more than a passing fad and whether the creators of the cryptocurrency are still alive. Source: Coindesk.com Safehaven.com is a marketing site offering information on the protection of your physical as well as financial assets. The site is published by SRD Corporation. Safehaven.com is not affiliated with Japanaium. This article is for information purposes only. There are risks involved with investing including loss of principal.