Bitcoin has just achieved an incredible milestone, i.e., the price has crossed ₹1.08 crore for the first time in history. This digital currency, which was virtually worthless in 2009, has now become the most valuable asset in the world. But behind the success lies one of the greatest mysteries of the digital age, as nobody knows who actually created it.
The only clue we have is a mysterious name, Satoshi Nakamoto. This anonymous creator changed the world of finance forever and then simply vanished without a trace. So let’s read today the fascinating story of Bitcoin and explore why the creator chose to remain hidden.
Birth Of Bitcoin
The year 2008 was a nightmare for the global economy. The world was experiencing one of the worst financial crises in history. People everywhere were losing faith in banks and governments as they were collapsing due to poor financial policies and reckless banking decisions.
It was during the scare that an anonymous person using the name Satoshi Nakamoto presented a revolutionary idea. He published a concept paper that outlined how to create a completely new type of digital currency, one that would work without any interference from banks or governments.
On January 3, 2009, Satoshi created the first block, which is known as the Genesis block. This marked the official birth of Bitcoin. The purpose was simple yet revolutionary: to provide a currency that is decentralized, meaning no single institution could control it.
This was Bitcoin’s answer to the financial crisis, a currency that belongs to the people, not to the banks or governments.
The 10,000 Bitcoin Pizza
May 22, 2010, became a historic date in the journey. A Florida-based programmer named Laszlo Hanyecz made a post on the Bitcoin forum that would go down in history. He wrote, “I want to buy two pizzas for 10,000 bitcoins.”
At that time, Bitcoin was so new and worth so little that 10,000 bitcoins were valued at just $41.
Jeremy Sturdivant saw Laszlo’s post and decided to help. He ordered two pizzas from Papa John’s and had them delivered to Laszlo’s address. In return, Laszlo sent Jeremy 10,000 Bitcoin through the Bitcoin network.
Why did this transaction change everything?
The simple pizza purchase was groundbreaking for several reasons:
- First physical purchase: This was the first time Bitcoin was used to buy something real in the physical world.
- Proof of concept: It proved that Bitcoin wasn’t just a digital currency. It could actually function as real money.
- Historic value: Those bitcoins are now worth more than ₹10,000 crore.
Today, people jokingly call these the world‘s most expensive pizzas. If you calculate the cost for a slice, each of the eight slices would be worth approximately ₹833 crore.
Who Is Satoshi Nakamoto?
The biggest mystery is its creator. Nobody knows who Satoshi Nakamoto really is. We don’t even know if Satoshi was one person, a group of people, or just a pseudonym.
Satoshi’s Journey
- 2008: Satoshi posted a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System on an online cryptography mailing list. This was the world’s first introduction to digital money.
- 2009: Satoshi released the first Bitcoin software and launched the network. He mined the first Bitcoin block himself.
- 2009–2011: Satoshi remained active on forums, helping developers and suggesting improvements to Bitcoin.
- 2011: Satoshi suddenly disappeared. In one of his last emails, he wrote, “I am now working on other things. Bitcoin is in good hands.”
The Great Mystery
Satoshi’s wallet contains about 1 million bitcoins, worth billions of dollars today, but these coins have never been moved or touched. This adds to the mystery. Why would someone with access to such enormous wealth never use it?
Some people believe Satoshi was a Japanese programmer, while others think it was a group of several people working together. The truth remains unknown.
Three Reasons Why Satoshi Stayed Anonymous
The decision to remain anonymous wasn’t random. There are three competing reasons why he chose to hide his identity.
- Security concerns
- Bitcoin was designed to challenge the entire global financial system. If Satoshi had revealed his identity:
- Governments and central banks might have targeted him.
- Criminals could have tried to kidnap him for his massive Bitcoin wealth.
- He could have faced legal troubles from authorities who saw Bitcoin as a threat.
- Bitcoin was designed to challenge the entire global financial system. If Satoshi had revealed his identity:
- Maintaining decentralisation
- He wanted Bitcoin to be truly decentralised, free from control by governments, banks, or even himself. If he had become the face of Bitcoin:
- People would have started following his every word.
- It would have been influenced by one person’s opinion.
- This would have gone against Bitcoin’s core principle of decentralisation.
- He wanted Bitcoin to be truly decentralised, free from control by governments, banks, or even himself. If he had become the face of Bitcoin:
- Avoiding speculation and conspiracy theories
- By staying anonymous, he avoided questions about his motive.
- People couldn’t question whether he was using it for personal gain.
- No one could accuse him of working for a government or a corporation.
- The focus remained on Bitcoin technology rather than its creator’s identity.
How Bitcoin Actually Works
It might seem complex, but its basic concept is quite simple. Think of Bitcoin as digital money that lives in your digital wallet, just like how you store photos on your phone.
Key features of Blockchain:
- Everyone can read it, but nobody can change or delete what’s written.
- It is shared across multiple computers, making it extremely secure.
- Every transaction is recorded permanently.
Mining Explained Simply
When you send bitcoins to someone, the transaction needs to be verified. This is done by miners who use powerful computers to solve complex mathematical problems.
Think of mining like this: imagine there is a lock with millions of keys. Miners try different keys using their computer power. The first miner to find the correct key gets rewarded with new bitcoins.
Limited supply: Only 21 million will ever exist. Unlike regular money that governments can print endlessly, Bitcoin has a strict limit. This scarcity is one of the reasons why Bitcoin’s value keeps increasing over time.
The Biggest Holding Today
According to reports, Satoshi Nakamoto mined approximately 1.1 million bitcoins in Bitcoin’s early days. These coins are stored across 22,000 different wallets and have never been moved. Their current value exceeds ₹11 lakh crore.
Interestingly, a report from December 2024 revealed that US spot ETFs now hold almost the same number of bitcoins as Satoshi. However, it is difficult to determine exactly who holds more.
The Impact And Future
The journey from worthless digital currency to crossing ₹1 crore represents one of the most remarkable success stories in financial history. It has:
- Challenged the traditional banking system
- Introduced blockchain technology to the world
- Created a new asset class worth trillions of dollars
- Inspired thousands of other cryptocurrencies
The mystery of Nakamoto adds an extra layer of intrigue to the Bitcoin story. Whether he was a single genius programmer or a group of brilliant minds, Nakamoto created something that has fundamentally changed how we think about money and the financial system.
Today, as Bitcoin crosses a new price milestone, we are reminded that sometimes the most revolutionary ideas come from the most unexpected places, and sometimes the greatest creators choose to let their work speak for itself, rather than seeking personal fame or fortune.
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