After Satoshi published a paper entitled: Bitcoin: A Peer-to–Peer Electronic Cash Systems” on October 31, 2008 (the birth of Bitcoin), the world is now aware that Bitcoin was born.
The Bitcoin whitepaper describes the problems with central electronic payment systems such as banks and financial institutions, while also suggesting a decentralized peer to peer protocol that can be tampered with to solve the issue.
Simply put, Satoshi’s paper stated that he had a solution. This would allow individuals to create their own banks and transact with one another without the need for a third-party to complete the transaction.
The protocol proposed is built on a cryptographically secured system that is the foundation for what is now known as the backbone of cryptocurrency today, blockchain technology.
Through its Proof-of Work algorithm, the decentralized system solves trust issues and the Byzantine fault. This algorithm allows for new updates to be made if at most 51% of the network agrees.
The Birth of a Trillion Dollar Industry
The first Bitcoin block was mined two months after the whitepaper had been published. It was mined on January 3, 2009. The cryptocurrency has grown to be big money and also created a trillion-dollar industry in just over a decade.
Coinmarketcap reports that the crypto market total is over $2.5 trillion. Bitcoin holds 44.2% of this value, with a market capital of $1.1 trillion. This makes it the most valuable cryptocurrency ever.
Bitcoin has increased by more than 2,066,670,000% in the past decade, with the first ever recorded trading price of $0.003 being traded on the Bitcoinmarket exchange.
Contrary to most crypto projects, Satoshi Nakamoto didn’t conduct any public sales or fund raising for Bitcoin’s launch. As of today, the primary cryptocurrency was mined first by the crypto community and then by large bitcoin mining companies.
Satoshi Nakamoto: Who are you?
One of the greatest mysteries in crypto is Satoshi Nakamoto’s identity. Because he disappeared from the crypto scene in 2010, no one knows the identity of the man who created Bitcoin.
Satoshi, who are you?
There has been much speculation over the years about who it might have been, but Satoshi remains elusive despite all attempts to identify his mysterious founder. Some even believe that “he” may be dead.
Craig Wright claims that he invented Bitcoin, and has been involved in numerous legal battles to prove that he is Satoshi Nakamoto.
Reports claim that the creator of Bitcoin’s protocol owns more than one million bitcoins, worth more than $60 trillion at current market prices. These five facts about Satoshi Nakamoto are a great way to learn about Bitcoin’s pseudonymous creator.
Marla Brooks – Financial Analysis
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