Who Created Bitcoin? It Turns Out This Person!

We all may ask who is the creator bitcoins and can be one of the most profitable assets today. 

It is undeniable that the development of bitcoin has been widely used in online trading systems. In the eyes of the world, these assets have a very important value for human life in the future. So, who is the creator of bitcoin?

Who Created Bitcoin?

The first Bitcoin (BTC) was mined on January 3, 2009, by someone known as “Satoshi Nakamoto.” Today, Satoshi Nakamoto is recognized as the pseudonym of the person or group of people who are the creators of Bitcoin, the invisible person or figures whose technological creations have influenced the world.

Satoshi Nakamoto was already a familiar name among cryptography enthusiasts such as computer scientists and hackers long before the Bitcoin boom.

Someone had posted on online message boards and corresponded with fellow developers via email with the same name several years earlier. Although unconfirmed, it is widely suspected that the person (or people) behind the pseudonym is also behind the communication.

Several months before mining the first Bitcoin, Satoshi Nakamoto had published a white paper on a cryptographic mailing list titled 'Bitcoin: A Peer-to-Peer Electronic Cash System.' The paper, published on October 31, 2008, outlines a cryptographically secure decentralized peer-to-peer protocol.

In the white paper, Nakamoto describes it as a “pure version of peer-to-peer electronic money” that “will allow online payments to be sent directly from one party to another without going through any financial institutions or intermediaries.”

Why Was Bitcoin Created?

Although bitcoin creator Nakamoto remains a mysterious figure, his purpose for creating the cryptocurrency, in itself, has never been a mystery.

Simply put, he created it to take financial control back from the financial elite, giving ordinary people the opportunity to take part in a decentralized financial system.

Bitcoin remains open-source, meaning that no one has the power to own or control it in its entirety. The designs are public and open to anyone to participate.

Bitcoin is a response to the Great Financial Crisis, which showed that even the biggest banks in the world can fail. It highlights the fragility of the modern financial system and calls for the decentralization of financial transactions.

Thus, cryptocurrency was born, and Bitcoin was one of the first options outside of the traditional financial system for the public to participate in financial transactions without intermediaries.

Blockchain is how cryptocurrencies like Bitcoin develop trust between users and ensure security, as it is a network-based ledger that is accessible to all participants.

Bitcoin “genesis block” was mined on January 3, 2009, by bitcoin creator, Satoshi Nakamoto, who officially launched the blockchain. The genesis block is the first block of cryptocurrency to be mined and acts as the foundation of the blockchain.

During the first few months of its existence, Bitcoin had no equivalent monetary value. Miners, people who use their computers to solve complex math problems to discover or “mine” new Bitcoins, do it for novelty only.

The Origins of Bitcon Creator Satoshi Nakamoto

Bitcoin was born after the subprime mortgage crisis of 2008, where liquidity in global financial markets was significantly impacted by the housing market collapse.

The crisis inspired the creation of Bitcoin, a fully functional form of digital currency based on a distributed ledger technology (DLT) called blockchain.

Nakamoto's white paper lays the foundation for future forms of cryptographically secure systems designed to be tamper-resistant, transparent, and censorship-resistant. The aim of this system is to enable individuals to regain financial power through a decentralized financial system.

The idea of decentralization removes the need for intermediaries, such as companies, financial systems or governments, to engage in cryptocurrency exchanges.

Transactions will be secure and tracked through the blockchain. difference with blockchains is that it is visible to all participants and securely distributed across the network.

Also read: Staking Is a Crypto Deposit, Here's the Explanation!

The Future of Bitcoins

Since its creation, Bitcoin has had a storied past, and it has not been without scandal. Originally designed to be a decentralized and borderless alternative to FIAT currency.

Bitcoin is slowly being centralized to some degree. Major banks and financial institutions, for example, have started to open crypto trading desks and depository services for cryptocurrencies.

Some would call it a "compromise," a departure from Nakamoto's original vision of a revolutionary platform that avoided financial institutions.

However, with the rise of the “Bitcoin Whales” who own most of Bitcoin, the cryptocurrency is said to have fallen under the control of a handful of elites again.

These large investors control the price of Bitcoin in the market and have the funds to set up Bitcoin mining farms. As a result, the more miners there are, the more difficult the mining is (because the math problems get more complicated).

The good news is that bitcoin creator Nakamoto's creations don't appear to be getting off the ground anytime soon. This has paved the way for the creation of more than 11,000 shapes cryptocurrencies different and continues to grow in value.

Also read: BNB and BTC analysis Friday 17th June 2022

However, the Bitcoin blockchain also needs to grow and be able to handle more transactions in a short amount of time. Until then, we'll wait and see.