Between 2008 and 2012, a pseudonymous programmer (or programmers) going by the name Satoshi Nakamoto shared with the world an incredible vision and the code to build it.
Who is Satoshi Nakamoto?
Satoshi Nakamoto is the name used by the person or persons who originally developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin’s original reference implementation. As part of the implementation, Satoshi Nakamoto also devised the first blockchain database. In the process, Satoshi Nakamoto was the first to solve the double-spending security/fraud issue. Satoshi Nakamoto was active in the development of bitcoin up until December 2010. Since 2010 many people have claimed to be Satoshi Nakamoto but when pressured for hard proof, all have failed to convince the community of their claim. You can read the Bitcion Whitepaper here.
On 9 January 2009, Nakamoto released version 0.1 of the bitcoin software on SourceForge, and launched the network by mining the genesis block of bitcoin, which had a reward of 50 bitcoins. Embedded in the coinbase transaction of this block was the text: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks“, referring to a headline in the UK newspaper The Times published on that date. This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.
Nakamoto continued to collaborate with other developers on the bitcoin software until 2010, making all modifications to the source code himself. He then handed over control of the source code repository and network alert key to Gavin Andresen, transferred several related domains to various prominent members of the bitcoin community, and stopped his recognized involvement in the project.
What is Bitcoin?
Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. It came to life in 2009 when it was released as open-source software. Bitcoin is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Bitcoin provides a store of value and a method of transaction.