The early pupil of the anonymous creator of Bitcoin, Satoshi Nakamoto, Martti Malmi, also known as Sirius, recently revealed more than 250 emails he had exchanged with Satoshi, offering insightful information about the early stages of the cryptocurrency and Satoshi's intentions.
The emails reveal that Satoshi made it clear that Bitcoin is not intended as a means of investment or profit-making. Its actual goal is to develop a peer-to-peer electronic cash system that enables decentralized, safe transactions.
Notably, Satoshi stated, "Bitcoin is a peer-to-peer network based anonymous digital currency," in an email sent on May 3, 2009. Peer-to-peer (P2P) refers to a system in which there is no central authority in charge of creating new money or monitoring transactions. Rather, the network's nodes manage those responsibilities collectively.
The proof-of-work (PoW) consensus algorithm used by Bitcoin is energy-efficient; Satoshi noted that it uses less energy than conventional banking systems. He pointed out that without the assistance of a reliable third party, the PoW algorithm is the only way to enable a peer-to-peer electronic cash system
In order to draw in new users, Satoshi also stressed the significance of designing an intuitive user interface and providing a comprehensive explanation of how Bitcoin functions. He recommended building a website that included a FAQ section and a detailed guide on how to use Bitcoin.
"It would be sweet if there was some way to horn in on a market like that as the official virtual currency gets clamped down on with limitations," wrote Satoshi in an email dated August 24, 2009.
The emails also show that Satoshi was in favor of starting a website where people could exchange Bitcoins for other currencies like euros. He pointed out that this would facilitate users' conversion of Bitcoins into other currencies, increasing accessibility and usability.
That's fantastic; I could probably persuade a donor to send you money, which you could then exchange for euros and distribute using user-friendly channels. Even though I don't want to, I can still conduct an exchange business on my own. On August 24, 2009, Satoshi responded in writing to Malmi's request for a trade.
Notably, since then, Satoshi's vision has changed, leading to the establishment of multiple Bitcoin exchanges and increased usability and adoption. One such exchange, run by Martti Malmi, was first designed with input from Nakamoto and is now known as Bitcoinexchange.com. As an advisor to the exchange at its inception, Nakamoto promoted sensible approaches over auction-based systems, such as fixed exchange rates.
Malmi's disclosures demonstrate Nakamoto's steadfast adherence to the core tenets of Bitcoin, which are decentralization, accessibility, and usability as electronic money. This dedication highlights how Satoshi's vision is still relevant today, even as Bitcoin develops and adjusts to new situations.