Satoshi’s major breakthrough was solving the The Byzantine Generals’ Problem. The supply schedule is embedded in the Bitcoin protocol. The supply of bitcoin is deterministic and fixed at 21 million BTC. Bitcoin can be bought and sold for fiat currency or other digital currencies.īitcoin can be purchased on a cryptocurrency exchange and stored in a crypto wallet and custodian like Gemini. One satoshi is equal to 10-8 BTC or one hundred-millionth of a BTC (0.00000001 bitcoin). The smallest subunit of BTC is the “satoshi,” which is named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto. All BTC balances and transactions are recorded on the Bitcoin blockchain. It reads: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” Bitcoin Tokenīitcoin (with a lowercase “b”) or BTC is the digital asset token of the Bitcoin network (Bitcoin with a capital “B”). To commemorate this moment in time, Satoshi embedded a Times of London newspaper headline into the metadata of the first block of the Bitcoin blockchain, known as the Genesis Block. On the 23rd of April, 2011, Satoshi disappeared from the Internet, telling a developer in an email that he has "moved onto other things." Whoever Satoshi is, he is considered a polymath who possesses extensive knowledge with respect to computer programming, economics, cryptography, and peer-to-peer networking.īitcoin was born during the 2008 Financial Crisis. His writing timestamps don’t point to any particular time zone. Satoshis’ first post used American spellings, however, every subsequent post used British spellings and colloquialisms.
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Satoshi continued to update the Bitcoin source code until 2010 and wrote hundreds of blog posts in flawless English totalling 80,000 words, roughly the length of a novel.
The translation of his name offers interesting insights: satoshi means “clear-thinking” or “wise,” naka means “inside” or “relationship,” and moto means “the origin” or “the foundation.” Taken together, it could be translated as “thinking clearly inside the foundation.”
Nakamoto is believed to be a pseudonym for the individual or group responsible for Bitcoin as there is no record of a computer scientist by this name prior to the launch of Bitcoin in 2009.Īt the time, Satoshi claimed to be a 37 year-old man living in Tokyo, Japan.
Bitcoin is the world’s first cryptocurrency and blockchain.īitcoin was first described in a white paper published by Satoshi Nakamoto in October, 2008.
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