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9 Dec 2020

Satoshi Nakamoto: 9 Interesting Facts You Need To Know

Nisha Ramesh

Satoshi Nakamoto is nothing less than a suspense-filled, mysterious character from a movie.

But it is not a movie but an actual reality.

He (she/they) is a mystery that the crypto enthusiasts around the globe wish to unfold. Multiple stories and theories are and have been floating on the internet about Satoshi.

But to be honest, nobody knows the whole truth.

Is it an individual? A group of people? An American? A Japanese? Why is Satoshi in disguise? etc…

Story of Satoshi Nakamoto

Satoshi is the creator of Bitcoin, who started writing the code for it in 2007.

Later, Satoshi launched the whitepaper of Bitcoin to his mailing list that had some ardent believers of decentralisation and cryptography.

After which, Satoshi had an active involvement in Bitcoin development until 2010 along with other developers. During which Satoshi never gave out too much to any of the developers and hence has successfully been able to hide his identity till now.

The internet though giant is a tiny interconnected world, and for someone to remain confidential for so long is no joke.

The fact that nobody has ever seen or heard Satoshi yet is just amazing.

Interesting Satoshi Nakamoto Facts

1. Satoshi Nakamoto is a pseudonym

Satoshi Nakamoto is not the real name of Bitcoin’s creator(s); it is the name used to launch Bitcoin to the mailing list. And since then, all the communications about the development of the coin and network have been under this name only.

It is the pen name used to launch Bitcoin in 2009 by a developer sitting in some corner of the world.

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2. He Could Be She, & She Could be They 

Nobody knows who Satoshi Nakamoto is; It could be a man, a woman, or a group of people who invented Bitcoin.

Nobody has ever seen or heard Satoshi.

All the communications that ever took place between Satoshi and other developers on the Bitcoin network were via email. And that too was before Satoshi moved away from the project in 2010.

3. Satoshi Owns One Million Bitcoin

Yes, whoever Satoshi, owns one million Bitcoin from the total supply of 21million. These one million coins are worth $ 19.4 Billion at the time of writing this. You can now convert INR to Bitcoin at the best rate.

A report from Sergio Demian Lerner known as “The Well Deserved Fortune of Satoshi Nakamoto, Bitcoin creator, Visionary and Genius,” supports the claim that Satoshi owns this massive chunk of total Bitcoin supply.

Sergio found that during the period Satoshi was active; thousands of blocks were mined using the genesis block. And only one entity mined all the blocks, which signals it could be Satoshi but for one person to mine so many blocks is not feasible.

4. Satoshi Has Only Spent 0.0005% of 1000000 BTC

Programmer Sergio Demian Lerner found out that Satoshi has only spent 0.0005% of the total Bitcoin holdings.

He had a close eye on the transactions of the ledger and found some transactions that looked identical to the rewards earned by Satoshi.

Why isn’t Satoshi spending his holdings? Is Satoshi waiting for Bitcoin to reach its full potential?

These may be some questions that may linger in many’s minds, but we will only know this with time.

5. Satoshi Last Communicated In 2011

Satoshi’s last correspondence was on April 26, 2011, where he emailed Gavin Andresen.

“I wish you wouldn’t keep talking about me as a mysterious shadowy figure; the press just turns that into a pirate currency angle. Maybe instead make it about the open-source project and give more credit to your dev contributors; it helps motivate them.”

Satoshi’s unforeseen disappearance rather gave rise to multiple theories about why he left. But, Satoshi is too smart to leave so abruptly.

Maybe because it is a decentralised space, when Satoshi realised that the network can survive without him and has a community that backs it, he left.

6. 0.00000001 BTC of 1 BTC Is Named as Satoshi

Initially, it was suggested that one-hundredth of a Bitcoin should be named a Satoshi. But, later the community agreed upon calling one hundred millionths of a full bitcoin as a Satoshi.

The smallest unit of Bitcoin is called Satoshi as a tribute to the creator of the protocol.

7. Innumerable conspiracy theories 

We may not have enough facts about Satoshi, but what we do have is a  bunch of mystery theories being told and framed.

The widely famous speculation is that Dorian Nakamoto is Satoshi Nakamoto. However, he denied all the premises, but some still believe this theory to be true.

The next theory could be a reality where Hal Finney was believed to be Satoshi Nakamoto. Clues like, he was on Satoshi’s mailing list and was conversing with him on emails supports this theory.

This is not it:

Many theories around Nick Szabo or the group of companies (Samsung, Toshiba, Nakamichi and Motorola) being Satoshi Nakamoto are also around. However, there is no solid proof behind any of the stories.

8. Satoshi Nakamoto Made the first-ever BTC transaction 

Satoshi Nakamoto made the first-ever transaction on the Bitcoin network, and of course who else would. You can also buy Bitcoin, for the first time with COinSwitch.

But the argument was not about the first transaction; it was about why did he make the first transaction to Hal Finney. This transaction is also one reason, the conspiracy theory of Hal Finney being Satoshi Nakamoto is so popular.

And if it has any truth in it, then the mystery of Satoshi Nakamoto will always remain speculative as Hal Finney died in 2014 because of a serious illness.

9. Nobel Prize Nominee

People with the highest accolades in economics are qualified for Nobel Prize nominations.

And Bhagwan Chowdhry, a professor of finance at UCLA in 2015 nominated Satoshi Nakamoto for a Nobel Prize in Economic Sciences. Although as you would have guessed, Satoshi never went to accept the prize, and the professor accepted it on behalf of Satoshi.

This is just the tip of the iceberg!

There is much more to Satoshi Nakamoto mystery. These are just some fun facts that the cryptizens have been able to speculate about Satoshi.

Many believers are still in the process of discovering more about Satoshi, and we too have our eyes on it, so as the Satoshi’s story unfolds, I will keep you updated !!

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Nisha Ramesh

Content Writer

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