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The founder of Bitcoin, Satoshi Nakamoto, is a pseudonym for the person who prepared the original Bitcoin white paper. He was the person to paint a vision of a peer-to-peer electronic cash system and mined the first blockchain of Bitcoin.
Although this person’s real identity has not been confirmed, he built a legacy that impacted the whole world’s economy.
In 2008, Satoshi Nakamoto wrote a paper explaining the basic protocols of the Bitcoin blockchain. It addresses the double-spending problem and how a peer-to-peer network can act as a solution to that.
To understand double-spending, let us take an example:
Let’sLet’s say you spend Rs.20 on a packet of chips. You give it to the shopkeeper and no longer have it in your possession.
However, digital currencies do not have any physical form. So, even after spending it in a transaction, it may not be removed from your possession. As a result, you can use it more than once, leading to “double spending”.
Nakamoto solved this problem by verifying the authenticity of transactions based on a specific consensus mechanism called Proof-of-Work. The Bitcoin blockchain adds a timestamp to the transaction information every time one occurs. For every transaction, the majority consensus mechanism confirms it. This method served as the best solution to the problem of “double spending”.
Crypto investors have tried to solve the “double spending” problem by engaging trusted 3rd party intermediaries who would verify the cryptocurrency spending by a holder. However, unworthy and corrupt people have caused problems many a time. Thus, Nakamoto had decided to remove the human factor altogether.
According to Nakamoto, a decentralised approach for transactions using ledgers, a network, Merkle roots and trees, timestamps, incentives, cryptography, and a consensus mechanism were the solutions to this problem.
As the record of transactions is distributed in a system of nodes present worldwide, it is extremely difficult for a hacker to gain access and rewrite the ledger.
Bitcoin was the world’s first mainstream cryptocurrency. Initially, it did not get much attention, but as the crypto’s value peaked, it made headlines. However, its value is based on demand and supply, so its worth remains volatile.
Like Bitcoin, many other cryptocurrencies have cropped up in recent times, like Ethereum, Litecoin, Cardano, etc. They are called Altcoins and follow the same principle of operation as Bitcoins.
Experts assume that Satoshi Nakamoto has approximately 1 million Bitcoins. Therefore, out of the 21 million Bitcoins that can be mined, his crypto wallet contains a stake of 5%. In the current economic scenario, that would amount to a significant amount of wealth.
Satoshi Nakamoto’sNakamoto’s real identity may be a mystery. However, the revolution he has brought about in the world of currency and investment will be remembered forever.