A brief history of Satoshi Nakamoto and Bitcoin

satoshi nakamoto
satoshi nakamoto

Bitcoin: electronic money created in 2009 by Satoshi Nakamoto. The legend says that Satoshi Nakamoto started working on the concept of Bitcoin in Japan in 2007 (and it is rumored that Nakamoto is actually a collective pseudonym for more than one person).

In August 2008, Bitcoin.org was registered as a domain and the first version of the cryptocurrency was published in January 2009. The first exchange rate determined the value of a Bitcoin equal to 1 $ = 1,309.03 BTC. using an equation that includes the cost of electricity consumed by the computer that generated the Bitcoins.

Bitcoin is a virtual currency, but you can use it to buy real items, such as cars or food. Anyone can create it, and it is not subject to the control of the banks.

bitcoin miner

Who is Satoshi Nakamoto ?

In 2016, Craig Wright, a 45-year-old Australian computer security officer, claimed to be Satoshi by displaying emails and supporting documents and using cryptographic keys used only by Satoshi in front of The Economist and BBC journalists. Then he changed his mind and withdrew everything. His fascinating and paranoid story was told by the Scottish journalist and writer Andrew O’Hagan in The Secret Life, released last year and published in Italy by Adelphi; It is particularly interesting because O’Hagan had received from Craig the task of writing his biography and, therefore, is full of anecdotes and first-hand impressions.

satoshi nakamoto

The book compiles two other contemporary stories: that of a personality completely invented by O’Hagan that takes charge of the identity of a dead child and that of Julian Assange, who, like Craig, asked O’Hagan to write a book about him. The following is an excerpt in which O’Hagan describes what kind of Craig he was when he was young and from where he obtained the pseudonym of Satoshi Nakamoto, and we already understand why his collaborators called him “like Steve Jobs, only worse”.

Brief story about Satoshi Nakamoto

“His mother told me that sometimes he was in school.” It was not easy for him, “he said,” but after a while I sent him to Padua College, “a private Catholic school in Brisbane,” where he excelled. Of course, it was different. He dressed in a mask and had an obsession with Japanese culture. I had these samurai swords. “

“Like a child?”

“Dressed like a samurai, with those strange wooden shoes and everything.” He also made noises, his sisters complained because they were embarrassed: “We are in the park with our friends, and he is running with his webbed feet.” He had a small group of nerdy friends in the eighties: they came to our house with their tortoiseshell glasses playing for hours in Dungeons & Dragons “.

Reading Wright’s ideas about creation, he could not stop thinking about his karate teacher and the role he played in the child’s life. An extemporaneous observation of his continued to buzz in my head. It referred to the abduction, and as a possible meaning of the concept of “freedom” could reside not only in the martial arts, in the ability to defend themselves, but in the ability to create. But “He instructed me a lot of Eastern philosophy and gave me the tools to be myself”.

¿Satoshi Nakamoto?

Wright said. One day, Mas told him about Tominaga Nakamoto. “He was a Japanese philosopher-trader, I’ve read translations of his works, things from the mid-eighteenth century.” Weeks later, while we were having tea in the kitchen of the house that Wright had rented in London, I noticed a book on the desk with the titleVissions of virtue in Japan by the Tokugawa. At that time he had already started working and was anxious to clarify the name issue.

“So that’s where you said you took Nakamoto’s name?” I asked. “The eighteenth-century iconoclast who criticized all the beliefs of his time?”

“Yes”.

“And Satoshi instead?”

“It means” ashes, “he replied.” Nakamoto’s philosophy is the middle way of commerce, the neutral way. Our current system must be burned down and rebuilt. That’s what the cryptocurrency is for: it’s the phoenix … ».

“So satoshi is the ash from where the phoenix …”.

“Yes. And Ash1 is also the name of a stupid Pokémon character, the child with Pikachu.” Wright smiled. “In Japan, Ash is called Satoshi.”

“So, basically, did you call the inventor of bitcoin as Pikachu’s friend?”

“Yes. This is going to make a lot of people angry.” It was something he often said, as if disturbing people was an art.

Bitcoin chit chat ?

There has been a lot of talk about Bitcoin and cryptocurrencies in general, after the big drop in the value they had recently: except for a few exceptions, they lost up to 40 percent and the total cryptocurrency market has gone from around of 700. Around 440 billion dollars.

Understanding how cryptocurrencies work and why they are revolutionary is not easy and, to help you, you can read the “explanations” in Bitcoin and Ripple that we published in the Post. However, knowing its history is fascinating, particularly that of Bitcoin and its legendary founder, Satoshi Nakamoto .: nobody knows who he really is and, for years, magazines, newspapers and computers have tried to discover his identity, among revelations , accusations and denials.

The possibility of coining new Bitcoins is not infinite. In fact, there is a specific limit, which is 21 million units. The availability of new currencies, as we read in Wikipedia, “grows as a geometric series every 4 years, in 2013, half of the possible currencies will have been generated and for 2017 three quarters”. The figure of 21 million bitcoins generated will be reached in 2140.

How safe Bitcoin users are ?

In each bitcoin it is written who is its owner. This way you can only spend it once, a system to avoid possible scams.

The database of who owns each Bitcoin is divided among those that make up the P2P network.

bitcoin safe

There is not, at least for now, any law that prohibits this type of currency. On the other hand, its lack of location and the use of a P2P network as a circuit makes regulation and control almost impossible.

It is said that the use of bitcoins guarantees anonymity. This is partially true. The transactions of each Bitcoin address, as we read on the official website, are public and are stored forever on the network. In other words, anyone can consult the activities of each Bitcoin address. The name of the holder, however, is not in any way evident until he himself reveals it during a transaction.