Back to Course

1. Beginner Course

0% Complete
0/0 Steps
  1. 1. What are these cryptocurrencies?
  2. 2. Bitcoin - the story of a technological revolution
  3. 3. Satoshi Nakamoto, who is the creator of Bitcoin?
  4. 4. Vitaly Buterin – the creator of Ethereum
  5. 5. What is Blockchain, and how does it work?
  6. 6. What is an NFT token?
  7. 7. What is money?
  8. 8. Cryptocurrencies vs fiat money, which will win?
  9. 9. What is DeFi (Decentralized Finance)?
  10. 10. DeFi: opportunities, advantages and disadvantages of decentralized finance
  11. 11. What is an altcoin?
  12. 12. Stablecoins - What are they?
  13. 13. Cryptocurrency wallet - what is it?
  14. 14. Why do we talk about bull and bear markets?
  15. 15. Security in the crypto market - what rules are worth following?
  16. 16. What is the seed phrase in cryptocurrencies?
  17. 17. Dogecoin and memecoin - what are they?
  18. 18. What is a Ponzi scheme?
  19. 19. What is a Soft and Hard Fork?
  20. 20. Blockchain - examples of use
  21. 21. Is blockchain safe?
  22. 22. Smart Contracts - what are they?
  23. 23. What is Ethereum? 
  24. 24. Liquidity in the cryptocurrency market
  25. 25. What is cryptocurrency mining?
  26. 26. What is the mining difficulty?
  27. 27. Inflation and its effects on financial markets
  28. 28. What is compound interest, and how does it work?
  29. 29. Cryptocurrency wallet diversification
  30. 30. Blockchain and NFT games - how to make money on them?
  31. 31. Decentralized Apps – what are they?
  32. 32. What is Proof of Work (PoW) and what is Proof of Stake (PoS)?
  33. 33. What is Proof of Burn (PoB)?
  34. 34. What is the Proof of Authority (PoA) consensus mechanism?
  35. 35. What Are Privacy Coins and Are They Legal?
  36. 36. What is CBDC - central bank digital money?
  37. 37. What is Cryptocurrency Airdrop all about?
  38. 38. What are the types of blockchain networks?
  39. 39. Key differences between ICO, IEO and STO
  40. 40. What is IoT - the Internet of Things?
  41. 41. What is the difference between Circulating Supply and Total Supply?
  42. 42. Everything you need to know about gas fees in Ethereum!
  43. 43. The most important cryptocurrency acronyms/slang you need to know!
  44. 44. Halving Bitcoin - what is it, and how does it affect the price?
  45. 45. What is the Fear and Greed index for cryptocurrencies?
  46. 46. APR versus APY: what is the difference?
  47. 47. Snapshot from the world of cryptocurrencies - what is it?
  48. 48. Know your customer (KYC) and Anti-money laundering (AML) what are they in the cryptocurrency industry?
  49. 49. What is a whitepaper? What is its purpose, and how do you write it?
  50. 50. How do you transfer cryptocurrencies?
  51. 51. What is EURT? How does it work?
  52. 52. What is an Initial Farming Offer (IFO)?
  53. 53. What is Regenerative Finance (ReFi)?
  54. 54. Bitcoin Pizza Day
  55. 55. What Is Stagflation and Why Does It Have a Negative Impact on the Market?
  56. 56. What are decentralized DAO organizations, and how do they work? What are DAO tokens?
  57. 57. CyberPunks - the story of the most popular NFT collection in the crypto industry!
  58. 58. Michael Saylor, Self-Proclaimed Bitcoin Maximalist
  59. 59. AI blockchain - a new look into the future?
  60. 60. The Bored Ape Yacht Club (BAYC) - the story of the popular NFT collection!
  61. 61. Who is Changpeng Zhao, CEO of Binance?
  62. 62. What is blockchain network congestion, and how does it work?
  63. 63. Azuki NFT collection guide: everything you need to know about it!
  64. 64. Who Is Craig Wright, the Alleged Creator of Bitcoin?
  65. 65. What Is Bitcoin (BTC.D) Dominance?
  66. 66. What is WorldCoin? Everything you need to know about this cryptocurrency!
  67. 67. Who is Brian Armstrong - CEO of Coinbase?
  68. 68. The 10 most expensive non-fungible tokens (NFTs) ever!
  69. 69. Web3's most popular social media platforms! Will they replace the platforms we know?
  70. 70. Cryptocurrency wallets: Hot Wallet vs. Cold Wallet - key differences!
  71. 71. Gavin Wood: Blockchain Visionary and Co-Founder of Ethereum
  72. 72. The memecoin story: madness or great investment?
  73. 73. Blockchain versus databases: key differences!
  74. 74. NFT Art: The digital art revolution - history and examples!
  75. 75. Who is Galy Gensler and the SEC? How does the Securities and Exchange Commission (SEC) affect the cryptocurrency market?
  76. 76. On-chain analysis in the cryptocurrency world: Everything you need to know about It
  77. 77. What are utility tokens and what use do they have in the cryptocurrency sector?
  78. 78. Can you pass on your cryptocurrencies after death? How do you pass on a cryptocurrency inheritance?
  79. 79. What is the Howey test? What application does it have in cryptocurrencies?
Lesson 3 of 79
In Progress

3. Satoshi Nakamoto, who is the creator of Bitcoin?

Satoshi Nakamoto – the man of mystery. Being interested in cryptocurrencies, you have surely come across this name more than once – a pseudonym without a face. Who is the creator of Bitcoin and the technological revolution? The true identity of the creator is unknown. For more than a decade, the author of Bitcoin has been hiding from the world. Why? We do not know the answer to this question either. Although there are many unknowns in this matter, we can be sure of one thing – Satoshi still owns Bitcoin.

Satoshi Nakamoto – creator of Bitcoin

On October 31, 2008, Satoshi Nakamoto revealed a Bitcoin whitepaper called the manifesto. It was titled “Bitcoin: a peer-to-peer electronic cash system”. Although many years have passed since its publication, it still appears on Wanting to decentralize the exchange between individuals, he developed a complex protocol that allows the exchange of digital currency without an intermediary, thanks to blockchain and smart contracts. If you are just starting your adventure with cryptocurrencies, you should definitely take a peek at this document. It allows you to understand what led the author to create it.

What is important – Satoshi did not invent blockchain. He developed a decentralized currency that was based on blockchains. In 2009, Bitcoin was officially launched. However, long before that date, the mysterious pseudonym appeared on forums or emails. In 2011, communication broke down. 

Satoshi Nakamoto – a man of mystery. Who was he? Is he still alive? Let’s break down this topic into its prime factors. 

Satoshi Nakamoto – a person, group of people or…?

There is not enough evidence to support either theory. The dominant opinion on the Internet is that Nakamoto was a specific person. You will also find supporters who believe that a team of computer scientists, cryptographers, and cyberpunks is behind the creation of Bitcoin.

Based on the nickname, it is said that Satoshi was a Japanese born on April 5, 1975. On the other hand, considering his level of English, which was very high, he could have come from an English-speaking country. Communication with the creator took place in European times, so we can assume that he did not live in Japan.

Surprisingly, inside the genesis block, Nakamoto left a message that stated: “The Times newspaper January 3, 2009: UK Chancellor to rescue banks for second time”, when the UK government bailed out the banks. Many people have interpreted this as an assessment of the current monetary system, while others see it as a time marker. This message has also been the subject of theories regarding the identity or location of Satoshi Nakamoto, assuming he was from London.

Another theory portrays Nakamoto as a young college student who was frightened by what he did for the economy. Where did this concept come from? Satoshi was very intelligent. It is known that he knew economics and was an above-average mathematician. He programmed; however, his code was not professional. After discovering the consequences his actions would have on the world economy, he got scared and completely disassociated himself from cryptocurrencies.

You will even hear that Satoshi Nakamoto is a government organization. The truthfulness of this thesis is supported by the nickname used. Satoshi from Japanese means “wise / sober thinking”, naka translates as “inside / relationship”. Moto means “origin / foundation”. Putting the words together, we get the phrase “Think soberly inside the foundation”. 

Theorists also linked Nakamoto’s identity to the Silk Road exchange. It was the largest drug exchange. Transactions were carried out using cryptocurrencies, among other things. Why this strange connection? On March 20, 2013, a transaction was made for 1000 BTC. The cryptocurrencies went into a wallet set up just 4 days after the launch of Bitcoin. There was also speculation that Ross Ulbricht – the founder of Silk Road – was the creator of Bitcoin, but he denied this insinuation. Could Ross have very well-known Nakamoto, who funded the creation of the entire exchange? The matter cleared up relatively quickly. The owner of the mysterious account was Dustin Trammell, and he used Silk Road as an intermediary for illegal transactions. Dustin also denied speculation that he was the creator of the flagship cryptocurrency. And with that, we have once again failed to solve the mystery swirling around Nakamoto.

Well, as many supporters, as many theories. Do we know anything for sure about his biography? Yes! During the years of his activity and bitcoin creation, Nakamoto actively participated in forums related to bitcoin. He believed in his project and improved it all the time. He was active until mid-2010, while in April 2011, the creator vanished without a trace. His last words sent to one of the developers were: “I’m busy with other things now”.

The real Satoshi – the candidates

Most of us would like to be the real Satoshi. It comes with recognition, fame and, let’s not deny it, money. For a decade, discussions about his true identity have not been silent. There have been several acceptable candidates:

Craig Wright

In 2015, he declared that he was the creator of Bitcoin. His statement was confirmed by people who are well-known in the Bitcoin community. Even members of the Bitcoin Foundation and the developers themselves stood behind his theory. However, as many supporters, as many sceptics. In 2019, an Australian computer scientist and businessman even filed a copyright claim for the white paper and the original Bitcoin code. The case has not been cleared until now.

Nick Szabo

Computer scientist, creator of “Bit Gold.” He was known long before Bitcoin was created. The way he spoke and the hours of activity were very similar to Satoshi’s communication. Hence, he became another potential candidate. Nick denied being Nakamoto, but the cryptocurrency community was not entirely convinced by his assertions.

Dorian Nakamoto

The name and his background: Japanese-American – already implied a lot. Moreover, what is interesting – after his birth, his real name was Satoshi. For many years, he used to live in the neighbourhood of Hal Finney. He worked in the technology and financial industries. In one interview, he confirmed that he was the one who created Bitcoin. However, he quickly denied his words, claiming that he had misunderstood the question. Since then, he has maintained that he is not who they think he is.

Hal Finney

An early user of Bitcoin, recipient of the first transaction using it. He was a developer and one of the first cyberpunks. He died in 2014. Despite being the most likely candidate, he always denied it.

Elon Musk

CEO and founder of SpaceX and Tesla. He is suspected of inventing Bitcoin. He himself denies it and points to Nick Szabo as the creator. According to Musk, this is the logical solution to this age-old mystery. 

Nakamoto – creator of a technological revolution

Satoshi Nakamoto’s project to decentralize exchange and interaction via the Internet has started a true technological revolution. BTC is now publicly known and is in the spotlight of state and banking institutions. It attracts both individuals and institutional funds, and the anonymity of its creator has played a major role in the development of this interest.

This currency belongs to no one and everyone at the same time. The Proof-of-Work consensus protocol allows every person to become an actor in this network. Bitcoin may have been a failure, but it has managed to overcome all the difficulties.

We hope that the real Satoshi Nakamoto can be found in the near future. It is very likely that Satoshi Nakamoto is a single person, an heir of philosophy. This biggest mystery of the internet and financial world, keeps many people awake at night. It is possible that it will never be solved. 

And in your opinion, who is Satoshi Nakamoto? A person, a group, or an organization?

Exchange cryptocurrencies with Kanga Exchange