The Creators of Bitcoin and Who Controls it

Bitcoin was the brainchild of a person or a group of people that go by the pseudonym, Satoshi Nakamoto — their identity(s) continue to remain unknown to this day. With the first instance of Bitcoin being traced back to a white paper published by Nakamoto titled “Bitcoin: A Peer-to-Peer Electronic Cash System”, Nakamoto made the crypto world into what it is today. (Read: Who is Satoshi Nakamoto?)

This air of secrecy over the Bitcoin project is understandable because it was paramount that nothing happened to the code at the time of programming otherwise, we wouldn’t have known Bitcoin like we do today. Due to the sophistication and foolproof nature of Bitcoin’s code, it might not be too much of a stretch to assume that a team of developers is responsible for the work behind the scenes.

Another interesting idea being floated is that this team or individual is from the UK, owing to the English that has been used in the forum posts and white-papers and the fact that they have been posted during the daylight hours of the UK. In 2011, Nakamoto left the development of Bitcoin for good, and nobody has heard from him since. If we will ever discover the identity(s) of Nakamoto is unknown, but what is sure is that Nakamoto has changed the way the world perceives currency forever.

Bitcoin is by its very nature a decentralized currency, nobody controls it – there is no governing body. The Blockchain technology that it is based on ensures that the people who control it are essentially, the users (Read also: What is Blockchain?). The Bitcoin software itself is open source, and individuals can modify the code if they so choose for their personal use, without affecting the public software.

But, if enough people on the chain made this modification, it would affect the overall code of Bitcoin. The ongoing development and maintenance of Bitcoin, however, is done by a group of developers that are part of the open source team. They are the ones responsible for releasing updates to the Bitcoin software client.


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