Sixty Billion Dollars, a Process, and the all-important Question: Who Invented Bitcoin?

| Updated on March 27, 2024

That’s clear. A certain Satoshi Nakamoto is the Bitcoin inventor. The problem with this: The name is probably just a pseudonym. In October 2008, Nakamoto published a nine-page white paper that is considered the foundation of Bitcoin. He then sent this to a group of cryptographers. The author described how a decentralized electronic cash system could work in this letter. The idea became a reality in January 2009, and Nakamoto mined one million bitcoins in Bitcoin’s first year. At current rates, that asset is worth nearly $60 billion. Well, why wouldn’t there be? There are innumerable things you can purchase with Bitcoin. It would stand Nakamoto amongst the wealthiest individuals in the world. You can also know how to mint an NFT on Solana .

However, the process is about this sum and about 1000 patents, which Nakamoto developed on security, scaling, and privacy around the Bitcoin protocol.

Know about Satoshi Nakamoto

The identity of Satoshi Nakamoto is a mystery. This is not surprising because anonymity is also under the Bitcoin system. The basic principle of this digital currency is that it is not managed centrally and is not tied to any institution or person. If Nakamoto revealed his identity, he would violate this basic principle of anonymity.

At first glance, the name Satoshi Nakamoto suggests that he is Japanese. However, according to experts, language analyses of the posts tend to indicate a person with an English-American mother tongue.

Whether a person or a whole group is behind the name, Nakamoto also remains unsolved. It is also a mystery why this Bitcoin million has not changed. Not a fraction of it has been purchased or exchanged to this day.

Forum entries and discussions on relevant IT platforms show that Nakamoto has been involved in Bitcoin development for about two years. But at the end of 2010, all trace of him was lost. After that, no more posts under this name have been published.

Why were Bitcoins Invented?

The guiding principle behind Bitcoins and all other cryptocurrencies is to create a wholly independent and counterfeit-proof payment system that does not depend on the decisions of banks or governments. 

The great financial crisis of 2008 had a lasting impact on the emergence of cryptocurrencies. Moreover, the effects of this financial crisis are still impacting today. Because many people lost all their savings or investments that were once planned as retirement provisions, this led to an overwhelming loss of investor confidence in established financial markets.

What is the Florida Trial about?

An inheritance process in Florida could reveal Nakamoto’s identity. If someone can prove their identity, they would be entitled to billions. In any case, the evidence is insufficient. The jury will have three weeks to decide at the trial, which opened on November 1.

Who is in Court?

The family of computer forensics expert David Kleiman, who died in 2013, and 51-year-old Australian programmer Craig Wright are on trial. Whether Wright invented Bitcoin, as claimed and whether the late David Kleiman helped him.

Know about Craig Wright

Entrepreneur Craig Wright claimed in May 2016 that he is the inventor of Bitcoin. He took the pseudonym Satoshi Nakamoto from the Japanese historical philosopher Tominaga Nakamoto. Wright released a digital signature that Nakamoto’s private cryptographic key could only generate. However, it later revealed that it was only a copied signature from 2009. Despite failing to provide proof, Wright continued to cling to Nakamoto.

Wright’s attorney said in court; he would present evidence that his client was the sole creator of bitcoin.

Know about David Kleiman

David Kleiman passed away. However, his family wants to prove that David co-wrote the white paper with Craig Wright. As a result, the Kleinman family also claims ownership of the most significant digital treasure in history. David Kleiman’s brother Ira argues that Kleiman and Wright are behind the pseudonym “Satoshi Nakamoto” and co-developed Bitcoin. Ira Kleiman accuses Wright of betraying his brother to get Kleiman’s bitcoins.

How can the Riddle be Solved?

It is uncertain whether the court will clarify the authorship of bitcoin. There is only one proof of Satoshi Nakamoto’s identity: his private key, which controls the account and thus a million bitcoins. Cashing in even a tiny fraction of that fortune would reveal his identity. Thanks to the blockchain, all Bitcoin accounts are publicly visible during transactions.

Why Nakamoto, or those who claim to be, never made this move is another mystery that is likely to remain unsolved.

John M. Flood

John is a crypto enthusiast, Fintech writer, and stock trader. His writings provide guides to perform your best in the crypto world and stock planet. He is a B-Tech graduate from Stanford University and also holds a certification in creative writing. John also has 5 years of experience in exploring and understanding better about the FinTech industry. Over time, he gained experience and expertise by implementing his customized strategies to play in the crypto market.

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