The search for bitcoin’s founder: who invented cryptocurrency?

The identity of the pioneering cryptocurrency’s founding father(s) has remained a mystery since a whitepaper published by a programmer going by the pseudonym Satoshi Nakamoto surfaced in 2008. However, there are plenty that have worked with the bitcoin founder to make it a success.

Satoshi Nakamoto

‘What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party’ – Satoshi Nakamoto, 2008.

For a cryptographically secured digital currency built on a system that requires no central authority, it is unsurprising that its creator has stayed in the shadows. In fact, this is one of the reasons for the success of bitcoin, and the other cryptocurrencies it has inspired since.

What is bitcoin and how does it work?

Satoshi Nakamoto is the pseudonym of one or more programmers that, in late 2008, began circulating a whitepaper, ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, that outlined a vision to create a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.

While there has been numerous individuals suspected of founding bitcoin (including PayPal founder and Tesla chief executive Elon Musk and a Japanese-American who just happened to be named Dorian Prentice Satoshi Nakomoto), the world is no nearer to discovering the creator’s true identity than it was ten years ago.

However, there are some known individuals that have been elemental in turning bitcoin from a low valued cryptocurrency more associated with money laundering and illicit drugs to one that has managed to soar to almost $20,000 in December 2017 and challenged the perception of a world accustomed to ‘fiat’ currencies and financial institutions.

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Source: The search for bitcoin’s founder: who invented cryptocurrency? | IG AU