We all know the fame of Bitcoin as an impossible to manipulate currency, thanks to the code on which it is built, and the security that guarantees the use of Blockchain technology. However, even in the most secure systems, there is always the question of whether they could not be altered by their creators. For this reason, today we wonder if Satoshi Nakamoto can manipulate the Bitcoin Blockchain.
Satoshi Nakamoto and the creation of the crypto world
To try to answer this question, we must start by talking about the origins of the crypto world, and especially about the person who started the crypto revolution: Satoshi Nakamoto. Well, although Blockchain technology has existed for more than two decades, it was not until the genius of Satoshi Nakamoto came up with the way to use it to create a virtual currency, that the potential of blockchain was finally unleashed.
This process occurred more than a decade ago, in the midst of the serious financial crisis that occurred in 2008. When, after a series of manipulations by large US financial institutions, markets collapsed around the world. Leading to the greatest economic crisis that had been seen since the 1929 Crack. And the greatest of the 21st century until the arrival of the Coronavirus.
In the midst of financial chaos induced by the irresponsibility of some companies, dragging the entire society with it. Satoshi Nakamoto set out to create a new coin that was impossible to manipulate. Thus proposing an alternative to traditional Fiat money, through the first cryptocurrency in history: Bitcoin.
The new cryptocurrency worked with Blockchain technology as its base, using trust as a backup. Which in practical terms means that, the governance of Bitcoin is not in the hands of a specific entity or organization.
Rather, the design devised by Satoshi Nakamoto, gave the power to rule the cryptocurrency to its own users, away from the manipulations of a group of banks. What should be ruled out at the outset, with a transparent code available to all, any intervention in the currency.
Is it possible to manipulate Bitcoin?
However, despite the security that this transparency provides, there remains the question as to whether Satoshi Nakamoto, and those who worked with him during Bitcoin’s early days, may have created a back door through which to manipulate the BTC blockchain.
And in this sense, The answer is a definit no, due to two reasons. First of all, as we said before, the operation of Bitcoin is protected by Blockchain technology. This means that the currency code is available to be audited by all users. Being necessary for any change to be made in it, the approval of the majority of the community.
Whereas, the second reason is that during the early days of Bitcoin, when the mining process could be done easily, users of the cryptocurrency mined large amounts of BTC. So they are already quite rich without having to manipulate the system that continues to provide them with wealth.
Well, if it were possible that Satoshi Nakamoto and his assistants would create a million new BTCs overnight. This would be known immediately thanks to the operation of the Blockchain, as there are dozens of tools to monitor the blockchain day and night. What would immediately end the confidence in BTC, and therefore with any profit they intended to obtain.
In this way, it is clear that manipulation within the Bitcoin Blockchain is practically impossible. So even if Satoshi Nakamoto wanted to produce millions of BTC for his personal benefit, the system he created himself would prevent him.