In a blog post on Monday, Bilal Khalid claimed to be the mysterious creator of the Bitcoin Network. The story was uploaded to the SatoshiNRH.com site.
In a three part reveal, Bilal Khalid claimed to be the mysterious creator of the Bitcoin Network. He used the pseudonym Satoshi Nakamoto to deal with others on the forums and even to register for bitcoin. His identity was a major mystery and has been a cause for many conspiracies. Now Bilal Khalid claims to be Satoshi Nakamoto.
In a long blog post, Khalid revealed the motivation and the creation of the world’s most famous cryptocurrency. He outlined his reasons for staying out of the limelight. He thanked the many people who helped make his dream of a decentralized currency a reality.
Bilal Khalid works and lives in the UK. He worked in the NHS as an IT expert.
Where’s the Bitcoin?
According to the Public Ledger, Khalid should have 980,000 Bitcoin. This should make his a Billionaire. But he claims that the hard drive on which it was stored was corrupted. All that Bitcoin is now lost to the world and may never be recovered.
So the most crazy mystery of the crypto world has been solved in most disappointing way. There is no hidden bitcoin stashed away. It is lost in the ether world!
History of Bitcoin
The beginnings of Bitcoin started with a bank in Pakistan. It all began in his childhood when he heard stories from his father about Agha Hasan Abedi, who founded United Bank Limited (UBL) in 1959. His father was a banker himself who worked at UBL for 27 years. He told him about how Abedi changed the banking industry forever. When Pakistan nationalised banking in 1972, Abedi founded the Bank of Credit and Commerce International (BCCI). At one time, BCCI was the world’s seventh-largest bank.
More than 1 million investors were affected when the Bank of England closed down BCCI in 1991 because of money laundering, bribery, smuggling and related scandals. He learnt how unfair BCCI’s demise had actually been and that its ending had been in the hands of brutal and dirty corporate world policies and general underhanded politics. Later in life, he realised there were some individuals within BCCI whose malfunctioned practices brought the whole bank down.
His Master’s Thesis
Whilst growing up, he became interested in cryptography, computational/quantum finance, and numerology. These later played a big part in the creation of Bitcoin. For his computer science master’s dissertation in 1999-2000 at Al-Khair University in Pakistan, he submitted a draft paper where he had researched DigiCash Inc., an electronic money corporation.
David Chaum, whose vision then seemed to have been ahead of its time, had founded DigiCash in 1989. DigiCash transactions were unique in that they were anonymous due to a number of cryptographic protocols. Although DigiCash had already declared bankruptcy in 1998 whilst he was still completing his master’s, the birth of Bitcoin through his research had already been seeded in his mind. This led to Bilal Khalid becoming Satoshi Nakamoto.
Upon submission of his thesis, his university felt that the contents were too advanced for marking and he resubmitted a paper instead about a simple web portal as a dissertation project!
Why Bitcoin was created?
The final push for Bitcoin to be created came about not only from his own personal banking experiences and his need to redeem BCCI after its unfair demise, but also from the Great Recession of 2008. This can be seen in the timestamp of the Genesis Block of Bitcoin.
On a personal level, when he visited the UK in 2005, no bank would open its doors for him to give him access to a bank account because he didn’t have a permanent UK address. Without a bank account, he had no access to online facilities, and he didn’t know how to overcome this obstacle.
He didn’t like the way banks controlled and utilised other people’s money and he wanted to at least try to change this. He felt like a failure and was humiliated by the banks so he made it his mission to invent something that would enable a common layperson to access money without involving the big banks.
He wanted to empower the poor person, empower the little man, and create something that was accessible as the people’s money – the people’s bank with no boundaries, no nationalities, and no discrimination – where nothing was controlled by the government and where no one dictated and destroyed people for the sake of misplaced politics.
Even a poor kid with limited education could potentially reap the benefits from Bitcoin whilst sitting in China, India or Africa. He was driven to create something that would change finance and the banking world forever and would give people the power, taking away the central banks’ control.
How Bitcoin Got its Name
The origins of the word Bitcoin were derived not just from the IT terminology of “bit,” but because he was obsessed with bringing back the BCCI name to its glory days. While structuring the “unnamed” decentralized digital currency, he was looking at the name “Bank of Credit and Commerce International” and the light-bulb moment came where letters were calling him to pick the name. The letters were –
Bank of CredIT and COmmerce INternational.
He had intentions to create a New Age digital bank and to create a system having open-source access, but he had the intention to make it more useful and more polished at a later time. For this reason, he registered the domain “bitcoin.org” on the 18th of August 2008 through Anonymous Speech, which did not require the registrant to identify him or herself.