An increase in crypto users and the urge to know more about it, a sudden question rises in each curious mind. Who was the first person to establish a currency like crypto? Where was the equation derived from? And who invented the process of mining?
With an increased rise in this curiosity, the majority of people are now gaining their trust in using this form of digital assets. To answer the question, This phenomenon was invented by a person named Satoshi Nakamoto or else known as the Father of Bitcoin. Satoshi was the first person who introduced the rise of cryptocurrency in the world of finance in 2008, though he disappeared abruptly three years later. Satoshi’s email on April 23, 2011, was assumed as a farewell when he wrote to his fellow Crypto developer, “I have moved on to other things, assuring that the future of bitcoin was in good hands”. Satoshi was not heard after this.
ROLE OF INTERNATIONAL MEDIA
An enigmatic character in cryptocurrency, Satoshi Nakamoto published a paper in the year 2008 that led to a sudden jumpstart and development of cryptocurrency in the global world today. However, it is still yet to prove whether Satoshi refers to a single person or a group of people. After which various media outlets raised the question of Satoshi Nakamoto, focusing upon the need to find the developer.
Print organisations like the New York times made a news splash in the year 2014, claiming that a Japanese American man was the founder of bitcoin named Dorian Nakamoto. A face-to-face interview was conducted with Dorian where he clearly stated and informed the Associated Press that he had nothing to do with Bitcoins. Another case where Forbes claimed that they had connections to Hal Finney, who was a late cryptographic pioneer and lived next door to Dorian, was proved as a weak statement for the same.
SATOSHI NAKAMOTO’S APPROACH TO CRYPTOCURRENCY
Based on studies, A decentralised approach was invented by Satoshi which resulted in the discovery and creation of Blockchains. The main purpose of which was to add transactions to the end of previous timestamps. This was done by miners based on proof work, creating a historical record that cannot be accessed by a third or second party. These transactions and blockchain portals are meant to be kept secure because of the computational power that is needed to reverse them.
In fact, this particular record of transactions can be seen across distinct nodes in the system, making it impossible for a third party to access or gain control over it. This makes sure no third party can rewrite the ledge for their benefit, eliminating the risk factors and scam threats for crypto users.
SATOSHI’S NAKAMOTO HISTORICAL ASPECTS
The first version of the Bitcoin system was worked out by Satoshi in the year 2009. During the time, communication with Satoshi was held only electronically, that is through digital signals. The lack of historical and personal details of Satoshi made it difficult to confirm the actual identity and the person behind the name “Satoshi Nakamoto”.
The relation between Satoshi and crypto however came to an end in the year 2010 with a farewell text to his fellow workers mentioning that he had moved on to other things and now will have no connections to crypto through an email text. With an increasing rise in cryptocurrency popularity and growth, many investors and the general public believes that this inability to identify the face behind the name “Satoshi” had led to remarkable speculation towards his identity.
Based on studies, it has been estimated that the value of crypto can rise to $50 billion under the control of Satoshi Nakamoto’s. We have been given a maximum number of generated bitcoins being 21 Million, the presence of Satoshi can have a remarkable effect and market power in the world of finance today.
Satoshi gave his approach of crypto being a decentralised currency and came up with the idea of bitcoin in 2008 and disappeared in 2010. Since then the identity has been anonymous with no further communication. The immediateconnect is rising and so is the crypto market, investors believe crypto to be the future of finance in the global market.