News - You should know these 5 quotes from the inventor of Bitcoin

By Mike Hesp

You should know these 5 quotes from the inventor of Bitcoin

Satoshi Nakamoto, the inventor of Bitcoin, is still unknown today. You should know these 5 quotes from him.

Who would have thought? Bitcoin inventor Satoshi Nakamoto was not a fan of centralized banks. This Feb. 11, 2009, quote impressively demonstrates that.

Banks should be trusted to hold our money and send it electronically, but they lend it out in waves of credit bubbles without keeping even a fraction of it in reserve. We must trust them with our privacy [and] trust that identity thieves won't loot our accounts. Their huge overheads make micropayments impossible.

Satoshi Nakamoto, post in the P2P Foundation forum

Is it worth having Bitcoin in your wallet?

Is it worth having a few BTC in your wallet? Nakamoto said it couldn't hurt.

It may make sense to have some [Bitcoin] in case it catches on. If enough people think the same way, it becomes a self-fulfilling prophecy. Once [Bitcoin] catches on, there are so many applications. For example, you can just as easily pay a few cents to a Web site as you can throw coins into a vending machine.

Satoshi Nakamoto in the January 16, 2009 cryptography mailing list

Apparently, Satoshi already realized that Bitcoin could evolve more toward "digital gold" than as a means of payment:

In this sense, Bitcoin is more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users increases, the value per coin increases. There is potential for a positive feedback loop: the more users, the higher the value, which in turn can attract more users who benefit from the rising value.

Satoshi Nakamoto in a P2P forum post from 18/02/2009

Satoshi, explain Bitcoin to us in 5 sentences!

In a nutshell: the BTC explanation from the inventor himself.

The result is a distributed system with no central point of failure. Users have the crypto keys to their own money and send it directly to each other using the P2P network, which watches out for duplicate spending.

Satoshi Nakamoto on 11/02/2009 in the P2P forum

How long has this been going on?

Sounds good to me. And how long have you been working on it, Satoshi?" asks Laszlo Hanyzek on June 17, 2010, the early adopter who would become famous for his BTC pizza.

Since 2007, at some point I was convinced that there was a way to do it without the need for trust, and I just had to think about it some more. The design was a lot more work than the coding. Fortunately, all the problems that have come up so far are things I thought about and planned for in advance.

Satoshi Nakamoto
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