Who is Satoshi Nakamoto?
Satoshi Nakamoto is the person or people who created Bitcoin. The identity of Satoshi Nakamoto still remains a mystery. The name Satoshi Nakamoto first appeared in the Bitcoin White Paper published on October 31, 2008. Satoshi, whose real identity, age and whether he is still alive is unknown, is the owner of the first Bitcoin produced. He is also the first person to transfer Bitcoin.
Why is Satoshi Nakamoto Anonymous?
Satoshi Nakamoto, the creator of Bitcoin, concealed his identity, enabling Bitcoin to become a community-owned cryptocurrency with no owner or centralized management. Bitcoin has managed to become a worldwide accepted cryptocurrency among thousands of cryptocurrencies in the cryptocurrency ecosystem.
With Satoshi being anonymous;
- Bitcoin has not owned any.
- Bitcoin has not had a centralized administration.
- Bitcoin has become a community-owned cryptocurrency.
How Many Bitcoin Does Satoshi Nakamoto Have?
The Genesis Block is the first block of the Bitcoin blockchain created by Satoshi Nakamoto on January 3, 2009. Satoshi Nakamoto is the owner of the first 50 Bitcoin produced in the Genesis Block.
The Genesis Block was created by Satoshi Nakamoto as a reference to other miners. The Genesis Block, which acts as an anchor, differs from other blocks of the blockchain with some features. The Genesis Block has been a starting point for both Bitcoin and other cryptocurrencies using the Bitcoin infrastructure. The first 50 Bitcoin generated in the Initial Block are non-spendable, immovable.
It is not known how much Bitcoin Satoshi Nakamoto owns individually or as a group. The number of Bitcoin in the known wallet can be interpreted by considering the transactions in the wallet where the Initial Block is created.
Satoshi Nakamoto and Bitcoin White Paper
Bitcoin was first heard of by the person or persons under the pseudonym Satoshi Nakamoto on October 31, 2008, in an email sent to a cryptography messaging group. Satoshi Nakamoto made no mention of Bitcoin in his document to promote the online payment method he calls “Bitcoin: Peer-to-Peer Electronic Cash System”.
Included in the technical details of the blockchain in the Bitcoin White Paper, Satoshi proposed a reliable online payment method without the need to trust any central authority. Bitcoin was the name of both this new payment system and the currency of this system. Although the title of the document started with Bitcoin, the word Bitcoin was not used in the document.
Benefited Resources by Satoshi Nakamoto
Under the references title in the last part of the Bitcoin White Paper, Satoshi Nakamoto has listed the sources he has benefited from.
Satoshi Nakamoto has benefited from cryptographic studies, probability theory, some improved protocols and methods while developing the Bitcoin blockchain, essentially a peer-to-peer payment system.
Benefited resources by Satoshi Nakamoto:
- b-money, W. Dai, 1998
- Secure Timestamp Design by H. Massias, X.S. Avila and J.-J. Quisquater, 1999
- How to Time Stamp a Digital Document, S. Haber, W.S. Stornetta, 1991
- Improving the Efficiency and Reliability of Digital Timestamp, D. Bayer, S. Haber, W.S. Stormette, 1993
- Safe Names for Bit-Strings, S. Haber, W.S. Stornetta, 1997
- Hashcash, A. Back, 2002
- Protocols for Public-Key Cryptography Systems, R.C. Merkle, 1980
- Introduction to Probability Theory and Its Applications, W. Feller, 1957
Satoshi Nakamoto and the Genesis Block
Satoshi produced the initial block of the Bitcoin blockchain on January 3, 2009, and determined the working conditions of the blockchain and the Bitcoin payment method. The first block with the number 0 (zero) that started the Bitcoin blockchain is also called by various names such as the Genesis Block, the existence block or the zeroth block.
The Bitcoin blockchain has been working non-stop since the second block produced on January 9, 2009.
Messages from Satoshi Nakamoto
Satoshi was explaining Bitcoin and blockchain technology to users in different ways with his tutorial messages on the forums. Satoshi’s messages sometimes included critical rhetoric.
Some of his thoughts on the traditional financial system, his comments on Bitcoin and blockchain, and some of his discourses in the dialogues with users are still being discussed and interpreted today.
“The main problem with traditional currency is all the trust it takes to run it. The central bank must be trusted not to devalue the currency, but the history of fiat currencies is full of violations of that trust.”
“If you don’t believe or understand, I don’t have time to try to convince you, sorry.”
“Lost cryptocurrencies make everyone else’s coins a little more valuable. Think of it as a donation to everyone.”
Transaction History of Satoshi Nakamoto
The first transfer with Bitcoin was made on January 12, 2009. This transfer took place between Satoshi Nakamoto and Hal Finney.
Satoshi Nakamoto sent 10 Bitcoin from address 12cbQLTFMXRnSzktFkuoG3eHoMeFtpTu3S at block 170 of the Bitcoin blockchain to 1Q2TWHE3GMdB6BZKafqwxXtWAWgFt5Jvm3, known to be Hal Finney.
While 10 of the total 50 Bitcoin in Satoshi Nakamoto’s wallet were delivered to Hal Finney’s wallet, the ownership of the remaining 40 Bitcoin from the transfer with no transaction fee was transferred to another address in Nakamoto’s wallet.
This first transaction, as with all Bitcoin transactions to date, is publicly recorded in the Bitcoin blockchain.
You can access the entire transaction history of Satoshi Nakamoto by clicking here.
What is Satoshi (Sats)?
The Sats unit, which is used as a necessity in Bitcoin buying and selling transactions and transfers, is the abbreviation of Satoshi.
1 Satoshi = 0.00000001 BTC
10 Satoshi = 0.0000001 BTC
100 Satoshi = 0.000001 BTC
1.000 Satoshi = 0.00001 BTC
10.000 Satoshi = 0.0001 BTC
100.000 Satoshi = 0.001 BTC
1.000.000 Satoshi = 0.01 BTC
10.000.000 Satoshi = 0.1 BTC
100.000.000 Satoshi = 1 BTC