What Is BitCoin & Who Is Satoshi Nakamoto?

The biggest mystery around Bitcoin still remains unsolved. It concerns the people or person who created it. The name is Satoshi Nakamoto, but this is a moniker. Till this day it is still unclear who are the innovators who introduced the Bitcoin blockchain network and its native currency.

This mystery is one of the most prominent aspects that make people get into crypto. But it is not the only reason. There is a lot to learn and know about both the technology and the cryptocurrency.

What is a fact, on the other hand, is that Bitcoin still remains a leader in the list of cryptocurrencies by market cap. It is one of the most preferred tradable assets sought-after by people across any cryptocurrency exchange platform.

Good to Know

The reason why so many people find the Bitcoin or some of the Altcoins as a suitable way to invest their funds, is because of the price of the assets. As decentralized assets, no central authority can regulate the prices. That is why people who bought Bitcoin tokes for virtually no money in 2015, let’s say, woke up to be millionaires in 2017. But the thing is that people perceive this intrinsic value with something to exploit, take advantage of it and make a profit. And they reach out for the Bitcoin asset without really understanding what it is and what is its potential.

It is understandable why people prefer not to go too deep into the inner workings of cryptocurrencies. But their technology is the sole reason why people associate them as something capable of storing value. The so-called blockchain introduced a revolution.

That is why you need to understand at least a little bit what is Bitcoin all about. You can do that using the so-called whitepapers and the extremely valuable information they hold.

Bitcoin Whitepaper – All You Need to Know

The decentralization of the Bitcoin was preceded by the release of the so-called whitepaper document. It represents a blueprint, a detailed report, and an explanation of a specific topic.

Nakamoto released the “Bitcoin: A Peer-to-Peer Electronic Cash System” in October 2008. A few months later, in January 2009 the Bitcoin was decentralized. Those who read the whitepaper knew what was about to change. Those who didn’t read it were left behind until 2017 when they decided to dive headfirst.

Today, even the skeptics are interested in how the cryptocurrency works, what its blockchain technology does, and how they can take advantage of all that.

Why Did That Happen?

If you read the Bitcoin whitepaper, you might understand why this innovation is so important. But there would be things you would also fail to understand because this is technology after all, and not everyone is well-versed in tech. To put it in simple words, the blockchain became an encrypted publicly distributed ledger that could not be hacked or modified. The transactions recorded in it could not be reversed. In other words, this became one of the safest ways to store information and verify transactions.

The craze for Bitcoin was huge and it still is. Nakamoto’s open-source network is the first digital payment system of its kind. This cryptocurrency, its creators, and the technology it utilizes laid out a solid foundation for innovation.

Did the Rest Follow Suit?

Currently, there are 1,800 known crypto coins out there, each of them trying to get some of the spotlight reserved for Bitcoin. Some have failed and their value is not growing, but some managed it. These are the currencies that took the experience of the Bitcoin and introduced another innovation. Improved on what already exists.

Such assets, worth mentioning, are Ethereum and the Ripple native currencies. But it was not the tokens that helped them built a reputation, it was their networks:

1. Ethereum – they introduced the idea of the smart contract system that possesses various beneficial applications; they gave programmers the ability to develop their own applications on the network.
2. Ripple – they created an extremely cheap native currency that can help people minimize their transactions on the Ripple network virtually to zero.

Other developers of cryptocurrency networks feel the urge to innovate bigger and better than the competition. Technology is the one thing that will give them a competitive advantage and put their currency at the top of the market lists.

Satoshi Nakamoto & His Example

Even though the mystery has not been solved yet, people do not give up. They still want to know who Satoshi Nakamoto is. It is in our nature to want to learn, know, and understand everything. And when it comes to a person like that, this instinct activates.

The speculations and rumors who he might be spread wide and far. Even Elon Musk has been pointed out as one of the possible identities. Of course, he denied these claims. But it is a fact that people want to know who Nakamoto is. Some even speculate Satoshi Nakamoto is a whole group of people.

Why is that? His creation caused a revolution in the technological field. But it also created a whole new financial ecosystem. We are yet to see if global finances will be forever changed by the creation of both the payment system and its native currency. Of course, there are those who are still skeptic about cryptocurrencies in general.

Bitcoin & Cryptocurrencies’ Ban

Some countries have banned the use of the currency. Its status as a legitimate payment method or commodity varies significantly. Some have banned completely its usage for trading, others have just restricted it. The Bitcoin is not the only one to get a ban, it is about the industry as a whole.

Crypto Currencies & the Future

There is a saying that the future is now, and this cannot be more correct. Technology evolves every day, cryptocurrencies constantly reshape our reality and digital world. We are living the future right here and right now.

But there are many things that we are yet to witness. Probably the most exciting of them is the future development of the blockchain technology. It has already been adopted by numerous global companies, financial institutions, and banks. It is admittedly one of the best ways to store information in the form of a ledger.

You can also be a part of this future. Just do it with care, don’t rush into an adventure you don’t understand. Like I said, cryptocurrencies are more than just tradable assets to buy and sell on the exchanges:

1. Learn more about the technology on which they run;
2. Explore the opportunities they provide to the people who use the tokens and the networks;
3. Assess their ability to offer innovation (Ripple is the perfect example of a cryptocurrency with a lot of potential yet to be developed);
4. Decide whether such investment initiatives are down your alley.

Just because it is trendy and everyone is involved with cryptocurrencies in some way, does not mean it is safe. There have been many scams and schemes exposed, like the latest OneCoin by Ruja Ignatova scandal. These are risks you will face in the industry.

But the fact remains, this is one of the most lucrative ventures you can join. As long as you are smart about it and you can find the right tools, nothing can stop you from succeeding in the cryptocurrency industry.

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