The creator of Bitcoin is a mystery, known only as Satoshi Nakamoto, and all efforts to identify him have proven fruitless for many reasons, including legal and centralization concerns.
Bitcoin first appeared under the mysterious name ‘Satoshi Nakamoto.’ This name was attributed to a person or group of people who have remained unidentified since its creation 17 years ago. Several attempts have been made by different crypto exchanges, enthusiasts, securities, and institutional bodies to unmask this person or group.
However, our mystery persona seems eager to keep their anonymous track, or they have just chosen to remain in the dark to protect the decentralized Blockchain and Bitcoin.
Who is Satoshi Nakamoto?
Over the years, a pseudonym has remained associated with the creator of Bitcoin: Satoshi Nakamoto.
However, this figure’s real identity has remained a mystery until now. Although different attempts have been made to unravel him, no one or group has been able to successfully trace a face to the creator.
In addition to this mystery, it was gathered that Nakamoto’s Bitcoin wallet, which holds around 1.1 million BTC, has remained untouched since 2009. It could shake the entire cryptocurrency market if these coins were ever moved.
The Origins of Bitcoin
Few people could have predicted that a domain name registered under the alias bitcoin.org would evolve into a thriving ecosystem utilized by global financial markets. Yet today, its adoption is rapidly growing across nations.
Shortly after the domain was registered, the mysterious figure Satoshi Nakamoto introduced the world to Bitcoin by publishing its first white paper, A Peer-to-Peer Electronic Cash System. Although it is nine pages long, Nakamoto exhaustively explained how digital signatures and a Proof-of-Work (PoW) system could prevent double-spending.
This revolutionary concept quickly transformed digital currency transactions and elevated Bitcoin to a trillion-dollar market capitalization asset.
In addition, Satoshi Nakamoto adopted the fundamental idea of Wei Dais b-money and used cryptography to create a safe, impenetrable, immutable digital currency system after realizing the benefits of peer-to-peer networks.
In January 2009, the Bitcoin network officially launched. Nakamoto mined the first-ever block, known as the Genesis Block, and inscribed a message within it:
“The Times 3 January 2009 Chancellor on brink of second bailout for banks.”
This message provided a timestamp and suggested that Nakamoto may have been motivated by his dissatisfaction with the established banking system.
The First Bitcoin Transaction
According to reports, Satoshi Nakamoto made the first known Bitcoin transaction a few days after the cryptocurrency’s debut, sending 10 BTC to cryptography specialist Hal Finney.
Nakamoto was the only miner for ten days, earning over a million Bitcoin.
It is important to mention that the 10-coin transfer from Satoshi Nakamoto may have been just “a test,” but it was more than that. Many people believed that it was a small yet significant leap of faith.
That simple transaction helped set the Bitcoin revolution in motion and forever secured Finney’s place in its history.
Interestingly, because Bitcoin transaction records are public and permanent, users can still look up this historic transfer on any blockchain explorer today.
The Disappearance of Satoshi Nakamoto
Per the report, from November 2009 to December 2010, Nakamoto was an active participant on the Bitcointalk.org forum.
He regularly engaged in discussions about Bitcoin’s development.
He interacted with early adopters, addressing topics such as its future direction, security, and technological advancements. Unfortunately, in stark contrast to his previous activity, Nakamoto sent his final email in April 2011, stating the following:
“I’ve moved on to other things and will probably be unavailable.”
After that, all communication from Nakamoto ceased. His last known action was handing over Bitcoin’s code repository control to Gavin Andresen, a known software developer.
Since Nakamoto’s disappearance, his Bitcoin wallets have remained untouched, and no verifiable messages have been sent from him. In a significant development, in 2014, a brief post appeared on his old P2P Foundation account. Through this post, he denied the claims that a Japanese-American man, Dorian Nakamoto, was the real Bitcoin creator.
In 2022, previously unseen emails between Satoshi Nakamoto and cryptography expert Adam Back were revealed in court. These messages, dating back to 2008, showed Nakamoto discussing early Bitcoin concepts.
According to Forbes, a trove of emails disclosed during a London court case brought by the Crypto Open Patent Alliance (COPA) against Craig Wright came to light.
It is worth noting that Wright has always claimed, without evidence, to be Satoshi Nakamoto. The revealed emails include messages between Nakamoto, crypto pioneer Adam Back, and early Bitcoin code contributor Martti Malmi.
Additional emails, revealed in 2024, provided further insight into Nakamoto’s concerns about Bitcoin’s energy consumption. He emphasized that Bitcoin should be viewed not as an investment but as a new form of money.
Clues About Nakamoto’s Identity
Some clues suggest that Nakamoto was likely not Japanese, despite the name.
He used British English in his writings, favoring spellings like “favour” instead of “favor”, and the reference to The Times newspaper in the Genesis Block hints at a UK connection. He never used kanji or Japanese phrases, which raises further questions about his origins.
Researchers analyzing Nakamoto’s forum activity found that he rarely posted between 5 AM and 11 AM GM. This suggests he lived in Europe or the Americas. His absence during those hours indicates that he likely slept, reinforcing that he was not based in Japan.
In February 2025, Coinbase executive Conor Grogan identified on-chain transactions linking a Satoshi-associated wallet to a Canadian crypto exchange, Cavirtex.
If Cavirtex collected KYC (Know Your Customer) data before Kraken’s acquisition in 2016, Kraken might hold records that could finally unmask Nakamoto.
Who Could Be Satoshi Nakamoto?
Over the years, several individuals have been suspected to be Nakamoto. While some have denied it, others remain strong candidates.
- Hal Finney, the first recipient of Bitcoin, was a cryptographer and key figure in Bitcoin’s early development. Some speculate that his death in 2014 explains why Satoshi’s Bitcoins remain untouched.
- Nick Szabo, a cryptographer who created Bit Gold, a predecessor of Bitcoin, is considered a strong candidate. His writing style closely matches Nakamoto’s; he was an early advocate for decentralized digital currency.
- A British cryptographer, Adam Back, was one of the first people Nakamoto contacted about Bitcoin. However, emails released in 2024 suggest that he was not Nakamoto.
- Len Sassaman, a security expert involved in cryptography, passed away in 2011. Some believe his death coincides with Nakamoto’s disappearance, adding to speculation.
- Craig Wright, an Australian entrepreneur, has repeatedly claimed to be Nakamoto. However, in March 2024, a UK judge ruled that Wright was not the creator of Bitcoin.
- Elon Musk was also once speculated to be Nakamoto, but he denied it, stating that he lost the small amount of Bitcoin he once had.
Unfortunately, despite these theories, no one has proven they are Nakamoto.
Why Did Satoshi Nakamoto Stay Anonymous?
There are several possible reasons why Nakamoto chose to remain anonymous.
One may have been his desire for Bitcoin to remain decentralized and free from any single point of control. By staying behind the scenes, he ensured that Bitcoin could operate independently, reducing the risk of manipulation or centralization.
Another reason could be legal concerns. Bitcoin challenges traditional financial systems, and governments might have attempted to shut it down or take legal action against its creator. Remaining anonymous helped Satoshi Nakamoto avoid such risks.
Personal security is another factor. With over $100 billion in Bitcoin, Nakamoto is among the wealthiest individuals in the world. Given that large Bitcoin holders have been targeted for kidnappings and extortion, maintaining anonymity may have been a necessary precaution.
How Much Bitcoin Does Nakamoto Own?
Nakamoto is estimated to have mined 1.1 million BTC, making him one of the richest individuals in the world.
As of February 2025, his holdings are worth over $107 billion. At Bitcoin’s all-time high of $108,786 in January 2025, they were worth $119 billion.
Some researchers believe Nakamoto deliberately limited his mining activity to keep Bitcoin decentralized. Others speculate that he might be deceased, making it impossible to access his fortune.
Interestingly, people continue sending Bitcoin to Nakamoto’s original wallet as a tribute or attempting to “flush him out” by triggering tax laws.
What If Satoshi Nakamoto Returned?
If Nakamoto were to reappear, the impact on Bitcoin and the financial world would be enormous. One of the first challenges would be proving his identity.
He would likely need to move Bitcoin from one of his original wallets. If he did, the realization that over a million Bitcoins, previously thought to be lost forever, were suddenly active again could cause massive market fluctuations.
Governments might demand unpaid taxes or investigate him for financial disruption. Given the increasing regulatory scrutiny of cryptocurrencies, his return could spark legal battles and affect Bitcoin’s development.
Nakamoto’s original writings and forum posts have long been the foundation of Bitcoin’s philosophy. Still, his return would allow him to comment directly on the network’s evolution and possibly shape its future.
Bitcoin’s Growth After Nakamoto’s Exit
One undeniable fact is that Bitcoin’s founders, though still a mystery, changed how we perceive money and financial markets.
Who would have thought that beyond being a digital asset, Bitcoin would become legal tender in a country like El Salvador? While some still view cryptocurrency as a bubbling shadow, Bitcoin and other digital assets have undeniably transformed the global economy.
Bitcoin has engendered financial inclusion in ways conventional financial institutions have failed.
For example, people in crisis zones and underbanked regions received donations in Bitcoin when fiat currencies were inaccessible. Likewise, online transactions and international payments have become more effortless, providing a decentralized alternative to traditional payment systems.
According to CoinMarketCap, Bitcoin remains the largest cryptocurrency by market capitalization, valued at $1.92 trillion. In the last 24 hours, the total cryptocurrency trading volume reached $15.86 billion, with Bitcoin holding 46.89% of the market and trading at $97,279.90.
The influence of Bitcoin continues to reach new levels every moment. This proves that Nakamoto’s creation has stood the test of time and remains a major player in the global financial ecosystem.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
