The mystery of Bitcoin's creation: Why is Satoshi Nakamoto still anonymous today?

In 2008, a person who appeared on cryptography mailing lists released a white paper that would change the world. The person’s name was “Satoshi Nakamoto.” However, this name remains shrouded in mystery. Even after more than 15 years, no one has answered the questions of who Satoshi really is, where he lives, or what his intentions were.

The Traces Left by Satoshi Nakamoto

The story begins with the 2008 white paper

Satoshi Nakamoto first appeared in 2008. At that time, the world was shaken by a financial crisis. Amidst this chaos, he published a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.”

This document detailed a decentralized digital currency system that does not require a central authority. In 2009, the Bitcoin network went live, and the world’s first practical cryptocurrency was born.

The Innovative Ideas Embedded in the White Paper

The mechanism proposed by Satoshi was revolutionary for its time:

• Value transfer without a central authority: A protocol enabling direct value exchange between individuals without banks or government intervention
• Record keeping via blockchain: A public ledger that records all transactions transparently and tamper-proof
• Solution to double-spending: A technical mechanism to prevent the same coin from being spent multiple times
• Verification through Proof of Work: A mining-based mechanism to ensure transaction validity

These elements form the foundation of current blockchain technology and Web3.

Development Period and Disappearance

Satoshi Nakamoto was directly involved in the early development of Bitcoin. However, in 2011, he ceased communication with core developers and completely disappeared from the public eye. Since then, he has made no new public statements.

The Bitcoin Holdings of Satoshi Nakamoto

Enormous Early Mining Assets

While Satoshi Nakamoto’s identity remains unknown, researchers have estimated how much Bitcoin he might hold.

According to investigations by multiple analysis teams, Satoshi is believed to have held approximately 900,000 to 1,100,000 BTC. This represents about 4.3% to 5.2% of the current total supply of Bitcoin—a vast amount.

Basis for the Estimate

The basis for this estimate includes:

• Consistent mining patterns recorded on the early Bitcoin blockchain
• The near absence of large-scale competing miners at that time
• Stylistic analysis of the white paper and technical features indicating activity by the same individual

However, this is purely a technical analysis-based estimate, and Satoshi has never officially disclosed his holdings.

Why the True Identity Remains a Mystery

Personal safety and asset protection

The potential high value of Bitcoin was recognized from the early days. If Satoshi’s identity were revealed, his personal assets could be targeted. Maintaining anonymity was likely a necessary choice to protect himself and his family.

Protecting the essence of Bitcoin

The core philosophy of Bitcoin, as designed by Satoshi, is “trust in a system, not in individuals.” If the founder remained publicly active, his charisma and influence could unduly affect the protocol’s development.

His disappearance was a strategic decision to realize this philosophy. By stepping back, Bitcoin became a system that does not depend on any single individual but operates through code and consensus mechanisms.

Liberation from power structures

Caution against centralized financial systems is evident throughout the white paper. If the creator retained power, it would become a new form of centralization. Satoshi’s decision to step away can be seen as an effort to avoid this contradiction.

The Leading Candidates for Satoshi Nakamoto’s Identity

Over more than 15 years, journalists, researchers, and the crypto community have pursued Satoshi’s true identity. Several prominent candidates have emerged in this process.

Hal Finney (1956-2014)

Cryptographer Hal Finney is known as the recipient of the first Bitcoin transaction. He was a pioneer in cryptography, and there is evidence suggesting a connection to Satoshi.

Stylistic analysis pointed out similarities with Satoshi’s writing, but Finney consistently denied any involvement. He passed away from ALS in 2014, and the truth remains unrevealed.

Nick Szabo

Computer scientist Nick Szabo proposed a decentralized currency concept called “Bit Gold” in 1998, before Bitcoin. Linguistic analysis shows notable stylistic similarities to Satoshi Nakamoto’s writings.

However, Szabo has consistently denied being Satoshi, and the true identity remains unknown.

Adam Back

Developer Adam Back, creator of Hashcash—the predecessor to Proof of Work—also is considered a strong candidate. He was one of the first people Satoshi contacted, and his technical influence on Bitcoin is clear.

Cardano’s founder has stated that Back is the “most likely” candidate, but Back himself has not revealed his identity.

Other hypotheses

In the HBO documentary “Money Electric: The Bitcoin Mystery” (2024), multiple candidates and hypotheses were examined. However, none have produced conclusive evidence, deepening the mystery.

The Legacy of Satoshi Nakamoto

The fact that the creator’s identity remains unknown is, in fact, a testament to Bitcoin’s strength.

The system is built on mathematics and consensus mechanisms, not on any individual. Even after Satoshi’s disappearance, Bitcoin continues to be improved, supported, and used by developers worldwide.

Trusting the system itself rather than individual charisma—this may have been Satoshi Nakamoto’s most important philosophy.

Bitcoin, as enigmatic as its creator, continues to shape part of the global economy today.