Bitcoin began in 2008 by a man named Satoshi Nakamoto. Upon creation it was immediately limited to a finite number of coins at 21 million. But Satoshi was smart with how he planned Bitcoin. The mining process is a reverse exponent value. This makes mining faster at the start, but slower as time goes on. But for 9 years there has been one question left unanswered, who is Satoshi Nakamoto?
Bitcoin was originally referred to as a “peer to peer electronic cash system” in the 9 page paper that first mentioned the cryptocurrency. Nakamoto released the software for bitcoin and partnered with coders and programmers in the following months after the paper. But then in 2011 Nakamoto left, and the community took over his share of the work on the cryptocurrency. At the time he held an estimated 1 million bitcoins. But why is this important?
The value of Nakamoto
Satoshi Nakamoto, the founder of bitcoin, owns roughly 5% of the total cryptocurrency amount in circulation right now. That number now is worth about 5 billion dollars. Thankfully Nakamoto has not cashed in. If he were to, the market would flood with bitcoin, and tank. The price would plummet below the current 6 thousand dollar mark.
If bitcoin succeeds in the dream of all bitcoin holders and becomes the global currency, Nakamoto would be one of if not the richest man alive. He would potentially even surpass the United States in wealth. Some analysts believe bitcoin can reach 100 thousand by 2027, if that is true Nakamoto would own nearly 100 billion dollars.
The identity of Satoshi Nakamoto is still unknown. The alias used for 9 years has kept his identity safe. No one knows if he will come forward, and even if he did, would anyone believe him without significant proof?