Who invented Bitcoin?

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

This is the opening line from an email that awaited those on a cryptography mailing list back in October 2008. A message which announced the arrival of Bitcoin. Who was behind it? An individual or group going by the name of Satoshi Nakamoto, the creator of Bitcoin. 

In the years that followed, the identity of Satoshi Nakamoto has been hotly contested. Numerous individuals and groups have been rumoured, but all attempts to finally identify Satoshi Nakamoto have fallen short. 

Satoshi Nakamoto and the early stages of Bitcoin

After announcing Bitcoin to the world, Satoshi Nakamoto continued to play a crucial role in its early development. They communicated and worked with a growing community, made up of developers and users. This insight, guidance and coding skills of Nakamoto in Bitcoin’s early years was crucial to its future success.

Satoshi Nakamoto’s disappearance

After their initial involvement, Satoshi Nakamoto gradually withdrew from public view. By 2010, Nakamoto had ceased communication with the Bitcoin community. The abrupt disappearance fueled speculation and curiosity, leading to countless theories about the true identity of Nakamoto.

Some have suggested prominent computer scientists and cryptographers, while others think it is a famous tech leader, such as Elon Musk. One of the key figures and most likely creator from Bitcoin’s early days was Hal Finney, a computer scientist who received the very first Bitcoin transaction from Satoshi. However, Finney denied he was Bitcoin’s creator and died in 2014.

Why is the identity of Satoshi Nakamoto a mystery?

In early discussions with members of the cypherpunk community, Satoshi claimed that in the cases of centralised, disruptive tech companies, such as Napster, it was relatively easy for governments to close down the website and bring criminal charges against developers.

This may explain why Bitcoin’s creator has chosen to remain anonymous, to avoid scrutiny from governments and regulators. In a final message from Satoshi to an early Bitcoin developer in 2011, the creator said they had “moved on to other things” and that the future of Bitcoin was in “good hands”.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.