The creator of Bitcoin assumed a fake identity with the pseudonym of Satoshi Nakamoto and he created the first Bitcoin whitepaper at the end of 2008.
Nakamoto embedded the following text: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” Many people think that Bitcoin comes from the movement of cypherpunk. Nakamoto wrote an essay where he declared: “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”
The results show that Nakamoto was the adept of both economics and computer programming to create a secure system as Bitcoin.
Before 2008 there is no name of any programmer as Satoshi Nakamoto. The system that Satoshi used was so intelligently that nobody cannot be track it. The question is why a person with so much knowledge would prefer to remain anonymous?
Possible reasons for Nakamoto’s anonymity
Nobody knows if the main reason of Nakamoto was to create a peer-to-peer payment system. Maybe therefore he decided to keep his name anonymous. Many announcements by Nakamoto could be an investment advice and may result in price movements. It is possible that Nakamoto decided to stay anonymous in order to avoid all possibilities of a conflict of interest?
Avoiding the attention of authorities
Another reason for what Nakamoto decided to remain anonymous, would be to avoid the attention of authorities.
For example, in 1998, resident of Hawaii whose name is Bernard Von NotHaus, created a private currency, Liberty Dollar. The currency was good at that time, but in 2007 the FBI and the Secret Service followed him. In 2009, the police found NotHaus guilty of creating a “private coin or currency systems to compete with the official coinage and currency of the United States.”
Bitcoin, instead, is available for all of us to use it. This means that you can use Bitcoin to pay for both legal and illegal services. With fiat currency you ca pay both services. It is possible to extrapolate that Nakamoto may have faced a similar fate had he revealed his true identity.
Satoshi Nakamoto:Who could he be?
During the time, there were more people that pretended to be Satoshi Nakamoto. For example, in 2016, Craig Wright claimed to be Satoshi Nakamoto. Vitalik Buterin, the founder of Ethereum, accused Craig Wright to be a fraud. Then he also posted fake announcements on blogs.
Another person that claimed to be Satoshi Nakamoto was Hal Finney. He was the first one that received Bitcoin from Nakamoto in 2009. He was also the first person who downloaded the Bitcoin client, but he refuted to be Nakamoto until his death.
The third one who is candidate for the identity Satoshi Nakamoto is Nick Szabo. He designed a currency that he called Bitgold who was prior to Bitcoin.There are similarities to Bitcoin’s design. This has led to widespread speculations that Szabo is Nakamoto. Others have speculated that Nakamoto may be a group of people who pooled their knowledge in order to create the system.
The important thing is that the technology works without knowing the real identity of Nakamoto.