During the 2008 global financial crisis, the Federal Reserve used its power to intervene in the supply and circulation of money. A developer behind the alias “Satoshi Nakamoto” found this unreliable and then worked on the creation of a new payment network that enables a fair and transparent payment system and completely digital money.
In 2009, Satoshi Nakamoto published the first Bitcoin specification and proof of concept in a White Paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” online, which also marked the birth of Bitcoin’s underlying technology — Blockchain.
Three months later, Satoshi Nakamoto produced the first block of Bitcoin, “The Genesis Block”, on a small server located in Helsinki, Finland. He obtained the first 50 bitcoins as a reward.
Satoshi didn’t reveal much about himself and his true identity has yet to be verified.