— Ch. 1 · Genesis And Development —
Satoshi Nakamoto.
~5 min read · Ch. 1 of 6
The work of writing bitcoin's code began in the second quarter of 2007. On the 18th of August 2008, a specific domain name was registered at bitcoin.org. A website appeared at that address shortly after. Nakamoto published a white paper on the 31st of October describing a digital cryptocurrency titled Bitcoin: A Peer-to-Peer Electronic Cash System. This document appeared on the cryptography mailing list at metzdowd.com.
On the 9th of January 2009, version 0.1 of the software launched from SourceForge. The network started with block number zero. This genesis block carried a reward of 50 bitcoins. Embedded within the coinbase transaction was text reading The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. That headline came from the UK newspaper The Times published on that same date. Observers interpret this note as both a timestamp and a comment on banking instability.
Nakamoto continued to collaborate with other developers until mid-2010. He made all modifications to the source code himself during that period. Control of the repository passed to Gavin Andresen later that year. Network alert keys transferred to prominent community members. In 2011, an email to co-developer Mike Hearn stated he had moved on to other things. No further communication followed.
The Wealthy Ghost
As of 2021, estimates placed Nakamoto's holdings between 750,000 and 1,100,000 bitcoin. These coins remain untouched since 2010. Their value fluctuates wildly over time. At their the 14th of July 2025 price of more than $123,000 each, these were worth nearly $135 billion. This figure would make him one of the world's wealthiest people if he is indeed a single individual.
In November 2021, when bitcoin reached a value of over $68,000, his net worth would have been up to $73 billion. That amount ranked him as the 15th-richest person in the world at the time. The wallet holding these assets has sat dormant for over a decade. No transaction has ever originated from this specific address. The silence surrounding these funds adds to the mystery of the creator's fate.