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Satoshi Nakamoto: Bitcoin founder revealed?

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It has been 12 years since Satoshi Nakamoto published the  blueprint for the first digital currency that will take  the world by storm and become the biggest digital asset of the decade. 

Satoshi picked 31st October 2008 to publish the White Paper. The paper contained information on how the digital currency will operate. Satoshi explained how the currency, which would have a digital signature, would facilitate payments between two people without any financial institution or third party.

Today, that paper can be said to have given birth to over $400 billion in market cap alone. The paper was so well crafted that one could tell that Satoshi was a genius of some sort. 

But the name, “Satoshi Nakamoto” remains a pseudonym for the great mind behind bitcoin. The real Identity of bitcoin’s creator is still unknown. 

All that is known of the creator of the biggest cryptocurrency in the world is that he’s a Japanese man born on April 5, 1975. This information is still, however, disputed by many on account that the kind of English he uses looks very native.

It is surprising that the creator of one of the greatest inventions of the decade is unknown. This mystery has spurred a lot of interesting speculations, with some people claiming to be Satoshi Nakamoto. A lot have tried to follow the less than visible footprints left by the mysterious Satoshi, but all that was discovered hasn’t gotten the world any closer to knowing who Satoshi is. 

The real Nakamoto

Although no one knows who the real bitcoin founder and creator is, there’s a face we’ve attached to the mystery man, and he’s also a Nakamoto— but not “the Nakamoto”. 

Dorian Nakamoto is most likely the face you’ll see when you Google Satoshi Nakamoto. In March 2014, Dorian Nakamoto unwittingly became a celebrity when Newsweek magazine ousted him as bitcoin’s Satoshi Nakamoto. But when Dorian was asked about bitcoin, he had no clue what it was about. Newsweek arrived at the conclusion that Dorian was Satoshi Nakamoto because he was a computer engineer for financial information services companies. 

While Dorian Nakamoto is not the real Satoshi Nakamoto, he helps attach a face to the unknown Nakamoto, a mascot of some sort.

Other proposed Nakamotos 

Hal Finney was the first person to receive a bitcoin transaction. A Caltech engineering graduate and a developer for PGP corporation, Hal had what it took to be Satoshi Nakamoto. An interesting coincidence is that Hal is Dorian Nakamoto’s next door. Hal was also the first person to improve the bitcoin source code after the real Nakamoto pulled out.

Unfortunately, Finney died in 2014 before he could give more insight into bitcoin. His body is, however, preserved by the Alcor Life Extension Foundation, should the technology to bring him back to life be invented, a chance to ask him all he knew about bitcoin could present itself. 

Nice Szabo was another man likely to be the real Nakamoto but he denies he’s not the bitcoin founder. However, Szabo created something that was similar to bitcoin, back in 2005. He called it “bitgold”. The concept was perfected in 2009 and hence, the birth of bitcoin. If Szabo hadn’t denied the claims, he might have been the man considered to be the real Nakamoto.

Craig Wright, on the other hand, did not deny the fact that he could be the real Nakamoto. In fact, he had a lot of strong people in the crypto crowd believing he was the real Nakamoto for a while. The Australian business man tried to prove he was the real bitcoin founder and creator through many ways, including suing people who didn’t believe him. 

Elon Musk was also considered to be a Nakamoto but the billionaire opted out of the race to be a Nakamoto. Musk’s involvement in crypto is mostly as a meme online. Being the founder of a host of powerful and successful companies, Musk could have very well been the creator of bitcoin.

Whoever Satoshi is or are, he has also refused to cash out the billions his early mined coins are now worth. 

Why someone would create something as incredible as bitcoin and not want to be associated with it is as much a mystery as knowing who Satoshi Nakamoto is. 

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Bolu Abiodun is a recent graduate of Theatre and Media Arts, Federal University Oye-Ekiti. A journalist with over a year's experience on the job. A former editor at American Media company Project Forward, he is a skilled content creator, social media manager and digital marketer.

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The Great Mining Migration from China to the U.S. Explained

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Coming off the heels of China’s now infamous crypto crackdown, the mining rate in the U.S. has now surpassed that of China for the very first time. With a hashrate – a term used to describe collective computing power of miners around 35.4% in July, the hashrate in the U.S. is up 428% compared to September 2020.

In a move dubbed the “great mining migration“, miners in China had been moving towards more crypto friendly countries since May, when the Chinese government called for a crackdown on bitcoin mining and trading. Some of the locations thought favorable enough to entice mining operations include Central Asia, Eastern Europe, the U.S. etc.

However, it is important to bear in mind that mining operations are extremely energy taxing. For said reason, many of the bitcoin miners who had migrated to the U.S. set out for the U.S. state of Texas, one with one of the lowest energy prices in the country. Another favorable advantage for miners moving to Texas is the crypto-friendly political atmosphere regarding cryptocurrencies.

A criticism often levelled at bitcoin mining is that it is bad for the environment and certainly so seeing the enormous amounts of energy bitcoin mining requires, most of which is supplied from fossil fuels. The mining migration has brought about a trend where miners are actively seeking out renewables and or nuclear power, especially in the U.S. Miners are now clustering around states such as Washington, New York and unsurprisingly Texas.


The U.S. is not the only country to have benefitted from the aftermath of Beijing’s anti-crypto policies. Kazakhstan, the central Asian nation has also seen its share of the global hashrate grow with current levels around 18.1%, just behind the U.S. However, many believe that the Central Asian nation is just a junction on the larger trend of miners moving westward. Also, considering that most of Kazakhstan’s energy is derived from coal and a new law to further tax crypto miners in 2022, It stands to reason that many mining operations will eventually migrate from Kazakhstan.

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Bitcoin.org gets hacked, scammers run BTC giveaway scam

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Earlier today, Bitcoin.org, the oldest cryptocurrency website registered by the founder of Bitcoin, Satoshi Nakamoto, recently got hacked. Scammers ran a BTC giveaway scam with a promise to return double the amount users send to the named address. In the end, the scammers were reported to have collected $17,764 before the website was taken down. The website was inaccessible for a few hours after the incident, but normal service has been resumed.

To bring users’ attention to the hack, a pseudo-anonymous Twitter account with the name Cobra took to Twitter to reveal the news and claimed that the website may be offline for some days. He also clarified through his tweets that Bitcoin.org has never been hacked and that the breach must have been due to a lapse on the part of Cloudflare- the web provider that the website is hosted on.

“Bitcoin.org hasn’t been hacked, ever. We move to Cloudflare, and two months later we get hacked. Can you explain where you were routing my traffic too? Because my actual server didn’t get any traffic during the hack” he tweeted.

The scam on the website was perpetrated through a giveaway. Visitors on the website were greeted with a popup, asking them to send crypto to a Bitcoin wallet via a QR code and receive double the amount in return. The fake message showed that the Bitcoin Foundation was giving back to the community and that the giveaway will be limited to the first 10,000 people. This was made to draw more people into the scam.   According to an analysis on the scam address done by Reddit Sleuth, it was presumed that a chunk of the 0.4BTC came from the scammers themselves to add an element of credibility to the claim. At the time of writing this report, Bitcoin.org is once again, back to life.

How popular is the Bitcoin giveaway scam?

Bitcoin giveaway scam is quite popular among hackers as it allows them to make fast money without tampering with anyone’s wallet. In 2020, Twitter handles of top crypto celebrities, politicians and influencers were hacked to run Bitcoin giveaways. While the scammers were apprehended, the value of Bitcoin was not affected.

Today’s scam on Bitcoin.org did not affect the price of the coin either. Despite the Evergrande debt crisis and the fluctuations bedevilling the crypto market within the week, Bitcoin increased by 2.05% within the last 24 hours, thereby moving from $42,789 to $44,378.

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El Salvador’s Bitcoin adoption – What you need to know

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El Salvador made history (and headlines) after becoming the first nation to endorse and approve the world’s most popular cryptocurrency, Bitcoin, as a legal tender. The move makes Bitcoin acceptable for transactions within the Central American country alongside the U.S dollar, which has been serving as the paper currency since 2001. This comes after the so-called “Bitcoin Law” came into force after passing legislation in June of 2021. El Salvador’s government announced that it had purchased 400 Bitcoin in 2 tranches of 200 each and plans to get more in the future.

The move to adopt Bitcoin has been justified by the government’s need to boost financial inclusion in the country. It is estimated that 70% of El Salvadorans do not have access to financial services and the government believes that Bitcoin can help close the gap. The Bank of America has outlined a few benefits that they believe will result from El Salvador’s bitcoin adoption. These include promotion of financial digitization, streamlining remittances as well as opening the country to digital currency miners. However, not all agree that the move is a step in the right direction.

Amongst the detractors of the scheme are the International Monetary Fund and the World Bank, each having warned El Salvador about the risks of Bitcoin’s use as legal tender. The World Bank has been irked by what it described as “environmental and transparency shortcomings” with bitcoin, while the IMF cited “economic and legal concerns” in relation to the move.

Other than the push back from these international bodies, there has been some internal opposition to the adoption of Bitcoin. Citizens had held protests over Bitcoin’s adoption in August and about 67.9% of respondents in a poll said they disagreed with the government’s decision to adopt crypto. The results of the poll showed that 8 in 10 people had little confidence in the use of bitcoin as the currency.

In spite of the criticism, El Salvador’s government is moving forward and has reportedly installed 200 Bitcoin ATMs across the country. And in response to the World Bank’s environmental concerns, El Salvador’s president, Nayib Bukele, has said the country plans to power mining activities using renewable energy from the country’s volcanoes. In order to incentivize the use of Bitcoin in the country, any citizen who signs up for the country’s “Chivo” wallet will get 30$ worth of bitcoin.

All in all, the adoption of a cryptocurrency by a sovereign nation is seen as a testing ground for many, as this is a use case Bitcoin has never experienced in its 12-year history. Countries such as Brazil and Panama seem to be watching the move to draw insights on whether to follow suit.

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