Well to address this question we first need to assess the importance of what a private key is. It is a sophisticated form of cryptography that allows the user to access their cryptocurrency. It’s integral to the security aspect of blockchain technology that protects a user from unauthorized access to funds.
Blockchain technology is extremely disruptive in nature. Many old school investors have called bitcoin a fluke and outcome of fickle thought but the development of this technology took 40 years of immense research trial and error. Advancements in computer science have finally made it possible to create a global store of wealth and payment network intrinsically bound together. Brexit Trader is the future of money and every transaction. The person who created this revolution is still unknown.
It’s still a mystery who is/are Satoshi Nakamoto is. The name is a presumed pseudonymous person or persons who were responsible for the development of bitcoin.
He was the first person to devise a blockchain database. He used this technology to develop a Peer to Peer (P2P) electronic cash system that has the capacity to essentially revolutionize the banking sector.
Nakamoto started writing the code for bitcoin back in 2007. On 18th August 2008 one of his team members registered the domain name bitcoin.org. He then published a white paper on the cryptography mailing list at metzdowd.com describing his work. On 9th January 2009 version 0.1 of the bitcoin software was released on SourceForge defining the genesis block of bitcoin, block number 0, which had a reward of 50 bitcoins. Nakamoto worked on the development of this software till mid 2010. All modifications to the source code were made by himself . It is said he later on gave control of the source code repository and network alert key to Gavin Andresen and transferred several related domains to prominent members of the community and disappeared from the limelight.
Bitcoin is the most easily accessible and durable store of wealth to be ever created
- Has a fixed supply
- Can be sent anywhere around the world over the internet every minute of the day
- Divisible into 100million pieces
- Completely software bases hence no physical presence
- Gets stored in a digital wallet which is extremely secured because of private key
The most remarkable factor of this system is that it is decentralized, anyone with an internet connection can use the system while their transaction is being verified by the largest computer network in history, unlike our banking system that relies on a central party to authorize our financial arrangements
Major companies have ramped up their investments in bitcoin because of its undeniable unique factor that makes it revolutionary. Payments gateways have started incorporating bitcoin payments and over 330million people have already used this system.
Bitcoin has shot up in value over the past few years. The current valuation of bitcoin exceeds over $1trillion. Now every bitcoin user has their own unique wallet. Nakamota as the founder of bitcoin had his own wallet that accounts for 5 percent of the total no. of bitcoin to be ever mined. The current valuation of that account is around $60billion.
The significance of this wallet is not just the humongous amount but also the no. of units he owns. If Nakamoto plans to sell a fractional part of his holding it could completely upend the cryptocurrency market.
Conclusion
Nakamoto developed this technology to end the control of financial elites and put it in the hands of the common man. Bitcoin was always open source, that is anyone can participate in its development. While Nakamoto was the spearhead of the project
developers came together in bitcoin forums to contribute code and work on the project. The users running the bitcoin software were always the ultimate authority.