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Everyone has heard of Bitcoin these days and more and more people are starting to invest in it. Maybe you already know some things about crypto yourself. An important name in this crypto world is Satoshi Nakamoto and behind his name there is a mystery. Do you want to know more? Then read this blog!
The mystery of Satoshi Nakamoto
One of the most mysterious figures in the crypto world is Satoshi Nakamoto. He is the or one of the creators of Bitcoin, so you would say that he is a very famous person and he is. There’s a catch however, because nobody actually knows who he is. The name is known, but the person is not. We can’t even prove if Satoshi Nakamoto is really one person or is a name under which more people are hiding. The Bitcoin white paper was published under the name Satoshi Nakamoto, which makes it one of the best-known names in the crypto world. There is also a unit of Bitcoin named after Satoshi Nakamoto; the Satoshi.
What is satoshi
Many people are talking about Satoshi, but what is a satoshi ? Well, since Bitcoin is so valuable and one Bitcoin is an awful lot of money, smaller units were created for it. The satoshi is the smallest Bitcoin unit because it is equivalent to one hundred-millionth Bitcoin. In practice, it works in the following way: if you want to buy something that is a hundred dollars, you will pay 0.00210028 BTC (Bitcoin) for it. Of course, this is not a very easy number to work with, so that’s when satoshi comes in handy. 100 dollars is equivalent to 210,028 satoshi. So this is a number that is much easier to use for smaller transactions than an actual Bitcoin.
Why is Satoshi Nakamoto anonymous?
But why has Satoshi Nakamoto remained anonymous all these years? Actually, the answer to this question isn’t that far of a stretch; it is safer. Creating a digital currency is not an easy thing to do because the internet is so enormous. Satoshi Nakamoto would run the risk of being labeled a criminal by the government if Bitcoin became bigger. By remaining anonymous he does not have this risk and so that is how he has outsmarted the government. Now that Bitcoin is so big and so many people are investing in it, they can’t really do anything about it and that’s why you should always keep this in mind.
