What is Bitcoin?
Bitcoin (BTC) is the world’s number one widely adopted cryptocurrency. Bitcoin is a digital currency, unlike cash, that is not controlled by centralized banks or any one central authority. Bitcoin is a decentralized cryptocurrency in which the Bitcoin network runs simultaneously on multiple computers in multiple locations to perform transactions.
Every Bitcoin transaction is recorded in a distributed ledger called a blockchain. Blockchain technology allows every transaction of Bitcoin to be tracked. The supply of Bitcoin is finite and the maximum total amount of Bitcoin is 21 million.
Bitcoin can also be “earned” as a reward through certain reward credit cards or online loyalty programs like Swagbucks, InstaGC, or Cinchbucks.
Who Invented Bitcoin?
On October 31st, 2008, Satoshi Nakamoto published the Bitcoin white paper, Bitcoin: A Peer-to-Peer Electronic Cash System, on a cryptography mailing list. Satoshi Nakamoto saw the need for a peer-to-peer online payment system that is secure, safe, and decentralized.
The cryptocurrency community has speculated that Satoshi Nakamoto is the pseudonymous person or group of persons involved in the development of Bitcoin. Satoshi Nakamoto collaborated with other developers on the Bitcoin software until mid-2010 to modify Bitcoin’s code himself.
Several people have claimed to be the inventor of Bitcoin but Satoshi Nakamoto’s true identity is unknown and has never been verified. Several speculations have leaned toward cryptography and computer science experts.
Hal Finney was the first person other than Nakamoto to use the Bitcoin software and make improvements to the Bitcoin code. Andy Greenberg, a Forbes journalist, affirms that Hal Finney lived a few blocks from a man named Dorian Nakamoto. Greenberg theorized that Hal Finney may either be a ghostwriter on behalf of Dorian Nakamoto or that Finney has simply used Nakamoto’s identity.
Dorian Nakamoto is a Japanese American and is a computer engineer. Dorian Nakamoto has denied connections to being Bitcoin’s creator and has no knowledge of cryptocurrency.
Another candidate as Satoshi Nakamoto is Nick Szabo who is a decentralized currency enthusiast and published a paper on “bit gold”. A blogger Skye Grey has linked Nick Szabo to the Bitcoin whitepaper through the process of studying linguistic styles. Nick Szabo has denied being the Bitcoin founder Nakamoto.
Satoshi Nakamoto’s true identity shall remain anonymous and continue the mystery surrounding the Bitcoin creator. Even a monument was announced in honor of Satoshi Nakamoto in Budapest, Hungary for Bitcoin’s development.
When Was Bitcoin Invented?
Bitcoin came into existence on January 3, 2009, with Satoshi Nakamoto mining the genesis block of Bitcoin. The block reward at this time was 50 BTC.
How Much is Satoshi Nakamoto Worth?
With Satoshi Nakamoto being the inventor of Bitcoin means that Nakamoto is also the first person to mine Bitcoin. Between January and July 2009, it is estimated that Bitcoin creator Satoshi Nakamoto has mined as many as 1.1 million Bitcoin. Nakamoto’s net worth is estimated to be up to $73 billion at the time of Bitcoin’s price rally of November 2021, making him the 15th wealthiest person in the world.
Is Craig Wright Really Satoshi Nakamoto?
Craig Wright, a computer scientist, claims to be the inventor of Bitcoin and the person behind the pseudonym Satoshi Nakamoto since 2015.
The Bitcoin community is not convinced Craig Wright is Bitcoin’s creator because he has not provided proof that he has control of the Bitcoin private keys of addresses associated with Satoshi Nakamoto. The crypto community will accept Craig Wright as Bitcoin’s creator if he can move those Bitcoins that have remained inactive since Satoshi Nakamoto withdrew from the public.
How Many Bitcoins Are Left?
The total number of Bitcoins that can ever exist is 21 million Bitcoins. Currently, there are about only 18.9 million Bitcoins in existence. This leaves about 2.1 million Bitcoins left to be mined.
Who Owns Bitcoins Now?
No one person or entity can claim ownership of Bitcoin just like nobody owns the internet. Bitcoin is a decentralized digital currency meaning no government authority or central bank can manipulate it.
Nothing in this article should be construed as financial or tax advice. Please consult a qualified financial professional and/or tax advisor for advice.
Cryptocurrency will be offered to Swagbucks members as a reward option in 2022. Members will be able to redeem their eligible earnings for a gift card to buy cryptocurrency on a platform that sells Bitcoin and/or other cryptocurrencies.
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