You can get money in many ways. Some earn their money from their jobs and businesses. Some are lucky to find it.
While others steal it or make copies of it and hope for people to be victims of fraud. But in the case of Satoshi Nakamoto, an ingenious computer encoder, he invented his own kind of money. On January 3, 2009, he created a new and digital currency which he called bitcoin. The bitcoin’s creation was with thirty-one thousand lines, without any need for printed paper, silver, or copper.
Satoshi Nakamoto stated that a significant financial crisis motivated him to create Bitcoin. It took him more than a year to write its software. His plan was to create a currency that unstable financial policies would not affect and unfair bankers and politicians would not manipulate. Nakamoto, who introduces himself as a 36-year-old Japanese man, designed Bitcoin for software to fully control. It will release a total of twenty-one million bitcoins, wherein the majority will be released in the next twenty years.
Every ten minutes, the software distributes coins, similar to a lottery procedure. And the people who are on the lookout for the coins, called miners, will repeatedly play the lottery until the fastest miner wins the highest amount of money.
The interest in Nakamoto’s crypto increased as much his identity did
People’s interest in Nakamoto’s crypto money gradually increased. The number of people who also committed their computers to the lottery grew more and more. Also, with a number of forty-four crypto exchanges, a lot of exchange avenues came up.
This enabled anyone with bitcoins to trade them for dollar or euro currencies. The process happens when a creative computer engineer mines for bitcoins. Anyone could buy the bitcoins that were mined. Initially, a single bitcoin had a value of less than 5 cents. But around the end of 2010, sellers and dealers slowly started accepting bitcoins. Which led to the bitcoins’ speedy increase in value. It also happened that by June 2011; a single bitcoin was worth more than twenty-nine dollars.
A revolution in markets transpired, but because of this, the price for crypto coins decreased to almost five dollars. Despite the decline in value, Nakamoto was still able to create thirty-five million dollars’ worth of bitcoins. With more than seven million circulating bitcoins in the market.
Despite this innovation in currency, Nakamoto himself seemed to be just a set of codes where his identity, email address, and even the website he used to create bitcoin were undetectable. He has never revealed his true identity. Even after hundreds of posts written flawlessly in English and after working with other developers to improve his codes and software.
The facts about his identity were controversial. Especially because of the note he left for another developer, indicating that he has moved on with creating bitcoins and will be pursuing other things.
