You have successfully emailed the post. 200-mark it was languishing at in August 2015. This bullish period — which comes shortly before satoshi to bitcoin supply of new bitcoin is due to be halved due to a programmed rule — is making a lot of bitcoin-owners very happy, with the value of their holdings increasing by significant double-figures percentage-points.
Satoshi Nakamoto, the mysterious creator of bitcoin — whoever Satoshi is. The price of bitcoin from its inception to date. But if Satoshi were to come forward, what would happen? For starters, they would have an awful lot of bitcoin to play with.
Bitcoin is anonymous, meaning you don’t know who holds which bitcoin — but you can track the path of every bitcoin through the network, via a public ledger called the blockchain. Bitcoin developer Sergio Lerner estimated back in 2013 that Satoshi may have around 1 million bitcoin. A diagram from Sergio Lerner showing unspent bitcoin he believe belong to Satoshi Nakamoto. What’s also significant is the sheer scale of Satoshi’s holdings relative to the total number of bitcoin. Because of the way the digital currency is coded, there will only ever be a maximum of 21 million bitcoin. 46 trillion in circulation, according to the US Federal Reserve.
However, the Satoshi’s mountain of bitcoin might not actually be worth that much. Because if they were to start selling off their holdings, it would drive down the price of bitcoin due of the sheer scale of the holding. It’s like flooding the oil market with a fresh supply of oil: No-one expects it, and it will reduce demand relative to supply — pushing down prices. The current price is relatively fragile and it seems to price in those coins being effectively lost. We also don’t know if Satoshi still has access to any of their bitcoin fortune. It’s possible to effectively “destroy” bitcoin, by destroying all record of the digital wallets they are in. Without the appropriate cryptographic key, the bitcoins are rendered permanently unusable.
If Satoshi decided that they never planned to spend their bitcoin fortune after retiring from public life, it’s not inconceivable that they did this, to ensure they couldn’t be used at a later date. Satoshi Nakamoto might even be dead, and the cryptographic keys lost with them. One theory is that Hal Finney — the second person to use bitcoin after Satoshi, was in fact Satoshi himself. Finney suffered from ALS, or Motor Neurone Disease, and died in 2014. The return of Satoshi would also have significant non-financial implications. There has been debate between bitcoin users and miners about the future of the digital currency and potential technical changes to help the network scale up to meet demand. Get the latest Bitcoin price here.
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