Satoshi Nakamoto Bitcoin creator — Why we should celebrate the brilliant, secretive, selfless, cypherpunk and creator of Bitcoin.
Unless you’ve been living under a rock for the last decade, you would know that the creator of Bitcoin is Satoshi Nakamoto.
Of course, no one knows who Satoshi really is. That name is likely a pseudonym name to protect his or her true identity.
After publishing the white paper on Bitcoin over a decade ago, Satoshi communicated with some of the early Bitcoin adopters on chat forums and through email. But once Bitcoin started to take off, Satoshi disappeared and has not been heard from since April 2011.
In short, Satoshi Nakamoto created a revolutionary technology then disappeared without ever taking credit.
Most people would want the credit for being the genius that created a sovereign savings account and digital peer-to-peer electronic cash system that can not be debased by inflation. But not Satoshi, he or she just wanted what was best for society as a whole.
In this article, I will discuss why Satoshi Nakamoto, the Bitcoin creator, should be celebrated as one of the revolutionary change makers of our time.
Let’s dive in.
Satoshi Nakamoto Bitcoin Creator — Why He/She Should Be Celebrated
Satoshi Nakamoto Bitcoin Creator — Why He/She Should Be Celebrated
Created A Revolutionary Technology
Every generation has its share of legendary innovators.
Most recently, we had the late Steve Jobs. Before him, we had Henry Ford, Nikola Tesla, and Albert Einstein.
And currently, we have Elon Musk.
But I’m here to argue that Satoshi Nakomoto should be added to this list.
He created a revolutionary peer-to-peer digital cash system that will likely change the future of money forever.
Although I am not a fan of the dog coins and the cryptocurrency frenzy, it was Satoshi’s white paper that spawned all of this.
Satoshi single-handedly changed money.
Satoshi Is Selfless
In my previous point, I alluded to a few of the legendary innovators that received recognition for their contributions to society.
In Satoshi’s case, he forfeited the recognition and fame because he cared about the project more than himself or herself.
Of course, the pseudonym will go down in history and maybe that’s enough for the Bitcoin creator.
I mean, it would be quite a thrill to be smart enough to create something for society and watch it succeed behind closed doors.
But that wouldn’t be enough for most people. They would want the fame and recognition that comes along with it.
On the other hand, Satoshi Nakamoto is truly a humanitarian. He or she is not someone who is just sitting around on Twitter attacking billionaires. Satoshi created something that helps less fortunate people escape totalitarianism and hyperinflation.
Satoshi Nakamoto Is Absolutely Brilliant
Another reason that Satoshi should be celebrated is because he or she is brilliant.
Simply put, Satoshi was smart enough to understand that Bitcoin would only succeed without a name or face behind it.
For instance, Bitcoin would be harder to trust if it had a CEO behind it.
Without a name or face, Bitcoin is the brand. There’s no single person available to question it, which makes it truly a peer-to-peer system. The fact that there is no middle man is what makes it unlike the financial infrastructure of the past.
Satoshi was smart enough to understand this.
But that is honestly not giving Nakamoto enough credit.
In addition, Satoshi is obviously a brilliant programmer. At the same time, he or she clearly has a firm grasp on the economics of the current financial system.
“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.” – Satoshi Nakamoto
It’s hard to find enough words to describe how astonishingly brilliant Satoshi Nakamoto really is.
“It’s very attractive to the libertarian viewpoint if we can explain it properly. I’m better with code than with words though.” – Satoshi Nakamoto
Satoshi Created A Debasement Proof Sovereign Savings Account
In countries like Canada and the U.S., we have access to many different investment vehicles to offset inflation.
But if you live in a country like Venezuela, which is going through unbelievable hyperinflation, investment options are limited.
People in countries with high inflation literally have to watch their income disappear before their very eyes. The buying power is getting decimated.
However, as long as they have a cell phone and access to the internet, Bitcoin provides a debasement proof sovereign savings account for the less fortunate.
In countries like Venezuela, Bitcoin might be the best way to escape, grow wealth, and avoid having their money eroded away.
Satoshi Provided A Solution For Inflation And The Debt Crisis
Unfortunately, it’s not just counties like Venezuela that are experiencing inflation.
Nowadays, even Canada and the U.S. are beginning to have their buying power eroded away.
For example, inflation is at a 30 year high in the U.S.. Of course, this is partially due to the pandemic.
But in my view, this does not qualify as an excuse. It’s literally the job of the current administration to make the best choices for the economy to thrive.
Without going into too much detail, plenty of different choices could have been made to offset inflation. It’s as if most of the decisions are being made based on feelings and not in the best interest of the people. Moreover, are you aware of the debt crisis in America? How will this even end? But instead of holding themselves accountable, they want to point the finger at billionaires and say the current situation is “transitory.”
As if printing money at historic levels wasn’t going to lead to this. Even people who are not economists saw this coming.
Furthermore, anyone with half a brain could see that billionaires create jobs and companies that contribute to economic growth. The money is actually better in the hands of someone like Elon Musk than it is in the hands of some suit-wearing public representative.
Anyways, Bitcoin is the perfect solution.
It’s great for adding an extra layer of diversification to an investment portfolio, and it provides an alternative option to holding cash.
Most importantly, Bitcoin is digital gold. It’s a new investment vehicle to offset inflation. Obviously gold isn’t working as a hedge anymore.
Satoshi Created A Pure Money Market
Satoshi created the first pure money market in the history of mankind.
Instead of money market that can be edited by printing more of it, Bitcoin is a digital ledger that is backed by math. It can’t be altered.
Also, Bitcoin’s success is entirely dependent on people collectively believing in it.
The fact that it is doing so well over the past year, in my opinion, is directly correlated to how poorly the current money market is being managed. People are genuinely starting to lose faith in fiat currencies.
In other words, Bitcoin is doing well because people want a more pure money market.
To quote Peter Thiel, “the crypto market is the pure money market and it is telling us that the epistemically closed bubble around fiat money in the U.S. is heading towards some crisis point.”
He Hasn’t Cashed In
If I haven’t convinced you to celebrate Satoshi Nakamoto yet, I have another strong argument — he’s not greedy.
Satoshi Nakamoto has never cashed in the stake he or she holds, which would be worth over $70 Billion at today’s Bitcoin prices.
According to the Independent, Nakamoto’s Bitcoin holdings would make him or her the 15th richest person on the planet.
However, the creator of Bitcoin has yet to cash in.
So, Satoshi is either attempting to protect their identity, or they are selflessly contributing to the wealth of others.
As Satoshi put it, “Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone.”
Privacy, Fraud Prevention And Cryptography
In addition to everything else that I’ve mentioned, Satoshi Nakamoto contributed to privacy through cryptography.
In an age where companies like Facebook collect and make money off people’s data, Nakamoto created the infrastructure for a more private future.
Although it’s possible to view every transaction that takes place on the digital ledger, it’s not possible to determine the owner of a Bitcoin wallet.
Additionally, the next version of the internet will be built on the blockchain technology that Satoshi unleashed. The second largest cryptocurrency, Ethereum, allows smart contracts to be built within each block of a blockchain. Simply put, the next generation of the internet could be built on this network. And it would be a more private way to interact and transact online.
What’s more is that Bitcoin could prevent fraud. Unlike the current transaction system online, where it’s impossible to determine if someone has enough money to pay for something, Bitcoin makes transactions easier to verify.
Peter Thiel Suggested To Celebrate The Bitcoin Creator
I sincerely admire Peter Thiel as an investor, independent thinker, and philosopher.
He is one of the best investors of all time and a Bitcoin maximalist based on some of his recent comments. So, I try to soak up every word I can from him.
During a recent speech, he fantasized about going back to a time where we have ticker tape parades to celebrate individuals.
Guess who his candidate for the first celebration would be? Can you guess it?
Satoshi Nakamoto.
Final Thoughts — Thank You Satoshi Nakamoto Bitcoin Creator
I’m not sure if we will ever know who Satoshi Nakamoto really is.
But even if we don’t, we should be thanking him or her.
As such, I wrote this post as a thank you.
Thank you, Satoshi Nakamoto.
Thank you for what you have contributed to society.
You are truly one of the revolutionary innovators of our time.
Related Posts On Bitcoin To Check Out
Bitcoin ETF — How To Gain Exposure To Bitcoin With An ETF
How To Buy Bitcoin In Canada (Comprehensive Guide To Buy And Store Bitcoin)
Stocks That Track Bitcoin – 5 Stocks With Exposure To Bitcoin
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