Bitcoin creator Satoshi Nakamoto — an in-depth investigation into the mysterious identity

In 2008, Satoshi Nakamoto suddenly appeared on cryptography mailing lists. He published the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” and launched the Bitcoin network the following year. This marked the birth of the world’s first digital currency without a central authority. However, to this day, nothing is known about the person who created this revolutionary technology. Even their real name remains a mystery.

The true identity of Satoshi Nakamoto—Multiple candidates emerge

Many hypotheses have been proposed regarding who Satoshi Nakamoto might be. Several individuals have been suggested as candidates, but none have been confirmed with definitive evidence.

The most widely considered candidate is cryptographer Hal Finney (1956–2014), who was also an early Bitcoin transaction partner. Stylistic analysis pointed out similarities between Finney’s writing and Nakamoto’s, but he denied this during his lifetime. After his death from ALS in 2014, the true identity remains undisclosed.

Next, attention has been drawn to Nick Szabo. Known for conceptualizing “Bit Gold,” a precursor to Bitcoin, linguistic analysis has indicated similarities in writing style with Nakamoto. However, Szabo has consistently denied being Nakamoto.

In the cryptocurrency industry, Adam Back, the developer of “Hashcash” based on proof-of-work theory, is also considered a strong candidate. Nakamoto was one of the first people to contact him, and Cardano’s founder has even described him as “the most likely person.”

Other candidates have been investigated through various documentaries and media reports, but no conclusive evidence has emerged.

Satoshi Nakamoto’s enormous wealth—Estimated 900,000 to 1,100,000 BTC

Another major mystery about Satoshi Nakamoto is how much Bitcoin he owns.

Analyses by early Bitcoin researchers suggest that Nakamoto may have held approximately 900,000 to 1,100,000 BTC. This estimate is based on analyzing specific mining patterns during the early block era. Similar mining activity with the same characteristics was observed, strongly indicating it was conducted by Nakamoto himself. The fact that there were almost no large-scale competing miners at the time also supports this estimate.

However, this is purely a statistical inference, and Nakamoto has never publicly disclosed his holdings. The actual amount remains unverified and unknown.

The innovative mechanisms outlined in the white paper

The white paper published by Nakamoto in 2008 outlined the fundamental concepts of Bitcoin. The key points are as follows:

Decentralized value transfer: A system that enables direct value exchange between individuals without a central authority.

Transparency of records: Transaction data is recorded on a public ledger called the blockchain, shared among all participants.

Solving the double-spending problem: A mechanism to prevent the same coin from being spent multiple times through technical means.

Proof of Work: A computational process to verify the order and validity of records.

At the time, these approaches were highly innovative. Today’s Web3 era, with its crypto assets and blockchain infrastructure, is built upon the fundamental principles Nakamoto introduced.

Why does Nakamoto remain anonymous?

There are no clear statements from Nakamoto himself explaining why he has not revealed his real name and has maintained complete silence since 2011. However, considering Bitcoin’s characteristics and the circumstances at the time, several motivations can be inferred.

Personal security: Even in early Bitcoin days, its potential value was recognized. If the creator’s identity were revealed, the risk of threats aimed at assets or physical harm would increase dramatically. Protecting privacy makes it necessary to remain anonymous.

Ensuring system independence: Bitcoin is designed on the principle of “no central authority.” If the founder continued to be involved, their influence could become excessive, undermining decentralization. Nakamoto’s complete withdrawal allowed development and operation to be independent of any single individual.

Philosophy of system trust: Bitcoin is built on trust in the technology itself rather than in a charismatic leader. The emphasis is on transparent rules and code, rather than on a figurehead. Nakamoto’s choice to stay out of the spotlight fostered a culture where “how it works” is valued more than “who made it.”

The mystery continues—Nakamoto’s legacy

The true identity of Nakamoto remains unknown. The only confirmed facts are that he published the white paper in 2008, launched the Bitcoin network in 2009, and ceased communication with the community in 2011. Since then, there have been no further messages from him.

Regarding holdings, the estimated 900,000 to 1,100,000 BTC remains a statistical estimate. All previous guesses about his identity lack definitive proof.

Nevertheless, Nakamoto’s anonymity may have become one of the key factors behind Bitcoin’s success. The fact that the creator did not appear publicly and that an open environment was created for developers worldwide allowed Bitcoin to continue evolving.

Trust in the system itself and liberation from dependence on individuals—these are the core principles Nakamoto envisioned from the start. The mysterious creator’s anonymity symbolizes the decentralized ideal he designed, making it a powerful testament to the principles underlying cryptocurrency and blockchain technology.