Satoshi Nakamoto

Satoshi Nakamoto is the name of the person (or persons) credited for the creation of bitcoin (BTC).

His or her true identity is unknown even to this day, although several people have come forward claiming to be Nakamoto.

Nakamoto first introduced the world to the Bitcoin network in 2008 by writing an academic whitepaper, outlining the Bitcoin network’s technical specs and suggesting it could be a new online payment system.

In January of 2009, he released version 0.1 of the bitcoin software online, followed by the launch of the bitcoin network by defining the genesis block.

He worked on source code updates himself throughout 2010 until he ultimately handed off the project to other community members in late 2010.

Then he disappeared.

His vision ultimately led to the creation of the first blockchain database.

The timing of the release of the Bitcoin whitepaper coincides with the Global Financial Crisis of 2008 and peak distrust of traditional financial institutions that were bailed out by world governments.

Related Terms

Bitcoin (BTC)

Bitcoin (BTC) is most well known as a digital decentralized cryptocurrency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries, such as payment gateways or banks or routing services. Think of bitcoin as Internet money, that you can send and receive directly, to and from anyone, and you can use it to pay for stuff.

Satoshi (Sat)

A Satoshi is the smallest unit of measure for the price of bitcoin. A single satoshi, or “Sat”, is equal to 100 millionths of a bitcoin. A bitcoin (BTC) can be divided all the way down to 8 decimal places or 0.00000001 BTC. 100 million sats are equivalent to 1 bitcoin. Satoshis are named after […]

Pseudonymity

In blockchain security, the pseudonymous nature of certain blockchains keeps a network user’s identity hidden from other network users while still linking all of the transactions made by that person to a pseudonymous identity that CAN be tracked by almost anyone.

Whitepaper

A technical document or report that explains how a cryptocurrency works. It provides a vision of the roadmap the developers will take, proving details about the purpose of the asset, what it does, what it solves, and how the team will go about accomplishing this.

Genesis Block

The very first block or first few blocks recorded on a blockchain or blockchain-based protocol. The genesis block is often called Block 0 or Block 1. The genesis block sets the foundation for the rest of the blocks that are added to form a chain of blocks. That’s where we get the word “blockchain”. The most famous genesis block, and the very first Bitcoin block, called the Genesis Block, was created on January 3rd, 2009, by Bitcoin’s infamous and mysterious creator, Satoshi Nakamoto. Some consider this date to be the start of the cryptocurrency revolution – the start of it all!