Probably one of the most mysterious names you’ll here within the entrepreneurial real is Satoshi Nakamoto, the creator of Bitcoin. Satoshi Nakamoto is actually a pseudonym that belongs to the creator or co-creators of Bitcoin. There are many guesses as to who they might be, but nothing concrete has been discovered to definitively say who Nakamoto really is. Though their real identity may be unclear, it is clear they’re a genius, as is evident through their work.
Nakamoto sought to create a decentralized digital currency that left behind the need of banks, payment processors, and governing bodies. The idea of a decentralized currency was nothing but a dream for the longest time but Nakamoto was able to bring that dream into reality. Built into it’s design are things like capped supply to mimic scarce resources and secure wallets that can be software or hardware based, not to mention the block chain structure of Bitcoin. By incorporating these concepts, Bitcoin became secure which is the biggest hurtle for convincing would be users of a digital currency. In order to get Bitcoin outside of a transaction you have to “mine” it. Mining consists of having a computer solve complex computational calculations that become increasingly difficult over time.
Now that we know a little of how it works we can truly appreciate the genius behind the idea. Never in anyone’s wildest dreams would the think of creating a new currency that could rival all other current currencies. However, many people have found the allure of using crypto currencies and have dedicated vast amounts of time, money, and other resources to attain Bitcoin. It takes a very smart and innovative mind to come up with an alternative to one of the oldest concepts in human history, currency. If nothing else, we also get hilarious stories of companies first accepting bitcoin and people buying what would later become 50,000 dollar pizzas with the amount of bitcoin they used.
I like that you made a point about Nakamoto’s identity being unknown. Some entrepreneurs rely on their status or reputation for success, but Nakamoto eliminated that possibility entirely. Bitcoin received recognition for the concept and not for the creator, which is really telling of how brilliant the idea is.
Bit coin is a very interesting idea and is something that can be used for more than just transactions. There are many entrepreneurial ventures that could be done still with the idea.
I think that bitcoin is one of the most interesting inventions of the modern day. The idea of a currency that is not made by a country and not tied to a government is incredibly unique. I assume Nakamoto hides his name out of fear of foreign intelligence agencies, but it still is interesting to think about why he uses a pseudonym.