Satoshi Nakamoto and the Inception of Bitcoins Part 1

Innovation and inventions has been a driver for advancement in technology from the early days. The world remembers the people who make a breakthrough in any field that could prove to be helpful for the whole society. History is filled with inventors who have dedicated their entire life to a goal that they are able to achieve finally. Today, we will shed some light on one such innovator who made an impact on business and trading.

Background

As we entered into the 21^st century, the internet turned into a necessity from being a luxury. Initially, no one thought it could bring about a significant change in many different fields. As time passed, many applications started to trickle in and some of them created an impact in different fields. The internet gained popularity among the masses. After this, businesses also started to take it more seriously. The internet penetrated every field you can think of and now it has become an integral part of several different industries.

The impact of the internet can be seen everywhere, from healthcare to business, sports to entertainment. When you talk about the business world, paper currency was replaced by credit and debit cards but many security issues created doubts in the mind of users. Even today, many people are still reluctant to share their credit card details online. Although online payment security has improved significantly, there still are security breaches being reported.

This created a vacuum and the need for a universal online payment solution that could ensure secure transactions online. This gave rise to the concept of digital currency. Many researchers and scientists put in their effort to develop a solution that could facilitate users who want to buy things online. This need was further fueled by the popularity of E-commerce. Finally, the wait came to an end when Bitcoins were developed.

Satoshi Nakamoto

The credit for developing the first crypto-currency commonly, known as Bitcoins, goes to Satoshi Nakamoto. A 64-year old Japanese by origin who lives in California, USA, in a strange turn of events, he was denied credit for being the creator of Bitcoins and hired a lawyer to ensure he received the criedt. Basically, Nakamoto developed the Bitcoin protocol in 2008 and then went on to launch Bitcoin software client in 2009. He also published a paper to support his Bitcoin protocol in 2008.

There is not much information about him known publicly because he used to be reserved and doesn’t discuss  his personal life with anyone. He worked on other projects with open source teams. His future plans are to explore the different domains and sideline himself from the digital currency business. He developed the algorithm that changed the world of business and money forever. There are many misconceptions about his personality and many people have made many false claims about him.

Other People Involved

It is still unclear that whether Santoshi developed Bitcoins or some other person deserves the crown. Some of the names that are taken in this regard are Michael Clear, Martii Malmi, Jed McCeleb, Michael Weber, Hal Finney, Nick Szabo and many more have been named in place of Satoshi as the founder of the first digital currency known as Bitcoins.

Michael Clear, a cryptography graduate has denied any such claims publicly. Joshua Davis, New Yorker journalist has made this prediction about Michael Clear after analyzing Nakamoto’s writings. Martii Malmi has been involved with cryptocurrency from the early days which made some people vote in his favor. Jed McCeleb, cofounder of Rapple and founder of Mt Gox, was also been given preference over Satoshi Nakamoto.

According to another popular belief which tilts the scale in the favor of a computer scientist by the name of Donal O’Mahony purely based on a paper he published on Digital Payments. In May 2013, Ted Nelson, who is an internet veteran named Professor Shinchi Mochizuki, but he also admitted there is not much evidence to prove him as the main person behind Bitcoins. Who really is the founder of Bitcoins is still a mystery that needs to be solved. Irrespective of the creator, the innovation has certainly made a huge impact on ecommerce, in fact any business which operates online regardless of industry.