Overview#Satoshi Nakamoto is the name used by the pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper in October 2008, and created and deployed bitcoin's original reference implementation.
Satoshi Nakamoto came into existence with mining the bitcoin network genesis block (block number 0) on 3 January 2009, the bitcoin network came into existence with mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. Embedded in the coinbase transaction of this block was the text:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
The text refers to a headline in The Times published on 3 January 2009. This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by Fractional Reserve banking.
Except for test transactions, Nakamoto's coins remain unspent since mid January 2009. At bitcoin's peak in December 2017, these were worth over US $19 billion, making Satoshi Nakamoto possibly the 44th richest person in the world at the time.