On October 31, 2008, a person with the pseudonym Satoshi Nakamoto published a white paper on the cryptography mailing list. This white paper directly changed the history of currency, as shown in the figure below.
Over the years, many have tried and failed to uncover the true identity of the creator of Bitcoin. While there have been several possible candidates, and even people claiming to be Satoshi Nakamoto, no one has been able to provide definitive evidence to prove their identity.
Before we delve deeper into this mysterious figure, let us first explore Satoshi Nakamoto’s past and vision through the existing information. These precious materials may reveal Satoshi Nakamoto’s true intentions.
1. The legendary story of Satoshi Nakamoto and Bitcoin
It all started with a revolutionary idea. In 2008, Satoshi Nakamoto shared his unique insights on electronic currency in a secret cryptography discussion group. His core idea was to build a decentralized digital currency system to solve the chronic problems in the traditional financial system, such as currency depreciation, inflation, and bank control.
After careful preparation and research and development, Satoshi Nakamoto successfully created a crypto-financial system in early 2009 that allowed everyone to discover and use electronic currency. This innovation was Bitcoin, which marked the birth of the world's first decentralized digital currency.
There is solid evidence that in the early spring of 2009, Satoshi Nakamoto posted a post about Bitcoin on the P2P Fund forum, detailing his original intention for creating Bitcoin.
He wrote in the post,
I developed a new open source P2P electronic cash system called Bitcoin that is completely decentralized, has no central server, and is based on cryptographic proofs rather than trust. You can try it out, or check out the screenshots and related paper I designed.
Traditional monetary institutions loaned out money during the credit bubble with little to no reserves, and we have to trust them not to let identity thieves empty our accounts and give them our privacy.
However, our privacy rights are always overridden by administrative principles, other issues, or requests from superiors.
We have reached a time when we can make money through the same means. With electronic currency based on cryptographic proof, we no longer need to trust third-party intermediaries. Our money can be safer and transactions can be easier.
The full screenshot of Satoshi Nakamoto’s original post is as follows:
Subsequently, Satoshi Nakamoto founded the Bitcoin forum and published the first message under the pseudonym "Satoshi". On the creation day of Bitcoin, January 3, 2009, he mined the first block of Bitcoin - the "Genesis Block".
The uniqueness of Bitcoin lies in its use of distributed ledger technology, which makes transactions anonymous, secure and transparent, and allows direct transactions without any intermediaries. At the same time, Satoshi Nakamoto ensures its scarcity and value by limiting the total amount of Bitcoin to 21 million.
Although Satoshi Nakamoto was confident in Bitcoin, when members of the Bitcoin community proposed using Bitcoin to help WikiLeaks break the financial blockade, he objected, believing that Bitcoin was too fragile at the time.
Although Satoshi Nakamoto's presence in the Bitcoin community has gradually become rare, his ideas and designs have had a profound impact on the development of Bitcoin. The success of Bitcoin has inspired the enthusiasm of countless innovators and entrepreneurs, and promoted the booming development of the entire cryptocurrency industry. Today, Bitcoin has become one of the most widely accepted digital currencies in the world, and the technology and ideas behind it are still constantly improving and perfecting.
In a post, Satoshi Nakamoto once left a famous saying: "If you don't believe me or don't understand my ideas, I don't have time to try to convince you, sorry." This sentence later became widely circulated and became a classic.
“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”
On April 23, 2011, the mysterious creator reappeared, left his last message, and then disappeared.
2. In-depth analysis of Bitcoin halving and the fourth halving event
Bitcoin halving is an important provision in the Bitcoin protocol. It means that the mining reward will be halved every time about 210,000 new blocks are generated in the Bitcoin network (approximately once every four years). This not only increases the difficulty of mining but also reduces the supply of Bitcoin, thereby maintaining its scarcity and value.
The fourth Bitcoin halving refers specifically to the fourth mining reward halving event in Bitcoin history. According to data, on April 20, 2024, Beijing time, Bitcoin successfully completed the fourth halving at block height 840,000, and the mining reward of the Bitcoin network was halved from 6.25BTC to 3.125BTC. This halving event may have a profound impact on the Bitcoin mining industry, market prices, and the entire cryptocurrency ecosystem.
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