Decoding the enigma of Satoshi Nakamoto, a person or group who created Bitcoin (BTC), is a question that’s scratching the itch of many cryptonians. So it’s completely understandable that while trying to solve this mystery, one might easily forget the whole point behind the legendary cryptocurrency in the first place. It doesn’t really matter who Satoshi is because this way we all get to shape the future of Bitcoin.
Because there’s no definite answer to the question of who Saroshi is, various theories circulate on the Internet. The craziest one is probably that he is the devil, and the coin is the mark of the beast.
A slightly less peculiar, but nonetheless questionable suggestion holds that Bitcoin is a project of the U.S. secret services that needed a way to send untraceable funds to top-secret international missions.
Or maybe, it was the a large super-power in an effort to reduce its dependency on the US dollar. Perhaps it was a byproduct of AI that was aiming to take over the world, or aliens gave it to us, and now we’re a node in the universal proof-of-stake blockchain.
For a long time, Hal Finney, the person who received the first ever Bitcoin transaction and a notable cypherpunk himself, was suspected of being Satoshi. Nick Szabo, a cryptographer known for his research in digital contracts and a cypherpunk, too, also seemed like he might fit the shoe.
In 2016, however, Craig Wright, an Australian computer scientist and businessman, publicly claimed that he was the main part of the team that created Bitcoin. Yet, many regard his claims as false.
A currency of the people
As you probably know, the Great Recession of 2007-2008 destroyed the belief that central banks could always prevent depression and recession. Bitcoin, issued in 2009, was, in a way, a response to a central-bank managed currency where value is derived from the relationship between supply and demand and the economy.
What makes Bitcoin appealing is that it is not managed by any central entity. Instead of having to place or trust in a bank or any other third-party – instead we derive confidence from the Bitcoin protocol which takes away the need to trust anyone (on the blockchain).
The mechanism behind Bitcoin suggests that everyone and no-one have control over it at the same time. The database of the coin is cryptographically protected against fraud, the supply of the coin runs according to a deflationary logic, and value is determined by market demand.
“We” decide on Bitcoin’s value
So if Bitcoin suggests that everybody and no-one at the same time have control over it, how does it work? Simply put, the community controls it.
It has not always been like that, though.
The proof-of-work mechanism requires that different nodes compete for discovering new blocks to add to the chain – however, in 2008-2009, there were hardly a dozen people to run the network.
Back then, a shortage of miners was a serious problem, because the whole point behind the coin was the notion of a decentralized ledger. Ironically, the dark web community contributed a lot to solve this problem in 2010-2014, and once the system was carried far and wide enough, Bitcoin was able to upgrade to the surface web.
From the very beginning, the whole point behind cypherpunks’ Bitcoin was decentralization, creating a better currency than what was available at the time, and really opening up our minds to reimagine prosperity.
Whatever happened to the Founder of Bitcoin or who it was exactly, we might never find out. We’d like to believe there is wisdom in this.