Satoshi Nakamoto: why is he important to Bitcoin?

Written by Vladislav Akelyev
Written by
Investing reporter
3   min.
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You may have heard the name Satoshi Nakamoto at least once in your life. If not, you may have heard of cryptocurrency, or more directly, Bitcoin.

Many people mechanically discount e-currency because of the large number of projects that have failed in this area since the 1990s. I hope it is obvious to everyone that the collapse of those systems was solely due to their centralized nature. I think this is the first time we are trying to create a decentralized, untrusted system

Satoshi Nakamoto

What does Satoshi Nakamoto’s name have to do with Bitcoin?

This is the only name that has been seen in Bitcoin’s white paper. The Bitcoin white paper is the original proposal to the public to adopt Bitcoin and a decentralized system in the crypto-economy.

Thus, it is believed that the person who is identified as Satoshi Nakamoto is considered the inventor of Bitcoin and the man who revolutionized the modern market.

Satoshi Nakamoto

No one has been able to prove who he really is. There is a huge amount of compote doctrine about the man hiding behind the name Satoshi Nakamoto.

Does anyone have any idea who Satoshi Nakamoto really is?

No one has been able to prove who he really is. There are a great many doctrines of the compote about the person hiding behind the name Satoshi Nakamoto.

Anyone involved in the creation of Bitcoin has failed to provide much insight into his real identity. Apart from that, Satoshi made sure that he only met other people online to avoid being identified.

When did Satoshi Nakamoto go missing?

Whoever he was, he began working on Bitcoin (BTC) and the decentralized system a long time before it went public. All communications with Satoshi Nakamoto from other software developers were conducted electronically, which made it impossible for them to actually test the real person behind Satoshi. On 31 October 2008, he published a white paper on Bitcoin for the public.

Satoshi Nakamoto continued to contribute personally to Bitcoin’s creation until 2010 when he handed over absolute control of Bitcoin to software creator Gavin Andersen. The last news to come from Satoshi Nakamoto in that year was when he finally announced in an email that he had “moved on to other things.” Since then, not once has official contact with Satoshi been made public.

Is he the World’s Richest Man?

Including if Satoshi is, his 1.1 million Bitcoins would not be enough for him to be crowned as the world’s richest man. According to Forbes magazine, Amazon founder Jeff Bezos is believed to be the world’s most luxurious man as of February 2021. The richest man in the world as of February 2021 is Jeff Bezos, the founder of Amazon, followed by Elon Musk, the CEO of Tesla Motors. Following the list are the Arno family and Bill Gates.

Jeff Bezos

Finally, how much is Satoshi really worth in the current market, and where would he be listed in Forbes magazine?

If we were to measure Satoshi’s price as of February 2021, when Bitcoin hit its all-time high of $58,330.57, then:

1,100,000 BTC * $58,330.57 ≈ $64,163,627,000.

Satoshi’s tentative position would be $64 million.

That would put him in the 16th space among the richest people in the world, slightly behind Tencent founder and CEO Ma Huateng.

This shows the impact Satoshi Nakamoto would have on the larger economy, even if he really isn’t.

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