Who created Bitcoin and for what purpose?
The longest-discussed mystery in the field of digital assets is who Satoshi Nakamoto was, who designed the concept of Bitcoin and created the Genesis block. Satoshi's existence, which has never been shown in public, remains a veil to this day. Of course, there are several people being mentioned as candidates, but none have yet been proven to be Satoshi Nakamoto. Currently, his name 'Satoshi' remains the unit used to refer to one hundred millionth of a bitcoin.
Satoshi Nakamoto, who is he?
Satoshi Nakamoto was the first person to develop Bitcoin in 2009. His first name, Satoshi Nakamoto, is believed to be 'Nakamoto Satoshi' as the surname 'Satoshi' is rarely used in Japan. All the information he registered on the P2P Foundation website is that he was born on April 5, 1975 and lives in Japan. However, it cannot be concluded that Satoshi is Japanese, given that the Bitcoin code or comments made by Satoshi were British and rather difficult to find in Japanese.
It is also unclear whether it is one person or a team of two or more. Also, if you look at the time period in which he published papers and opinions on the Bitcoin community mailing list in the past, most of them are distributed in the business hours of the central and eastern standard time of the United States, so it is estimated that he is a resident of the United States. It is estimated that he has around 1 million bitcoins in his wallet since he first started mining in early 2009.
Prior to his disappearance, Satoshi appointed Gavin Andrison as lead developer of Bitcoin software as his successor.
Why was Bitcoin created?
On November 1, 2008, Satoshi published a nine-page paper entitled ' Bitcoin: A Peer 2 Peer Electronic Cash System ' and proposed a new electronic money that does not require a bank. . And the first Bitcoin (Genesis Block) that implemented this proposal was created on January 3, 2009.
"A complete e-money system can be delivered directly online one-to-one. No financial institutions are required for this process."
Satoshi rejected the existing traditional financial system from the first sentence of the thesis . His antipathy to the existing financial system has a historical background.
The time he published his thesis was around the beginning of quantitative easing by the US central bank (Fed, Fed) following the subprime mortgage crisis in 2007. In September 2008, Lehman Brothers, an American investment bank, declared bankruptcy and the global financial crisis struck. Therefore, it is speculated that Satoshi recognized the risks of the centralized financial system and devised a blockchain technology that enables transactions between individuals .