When the anonymous person/group of persons behind the Bitcoin, Satoshi Nakamoto, set out to create the Bitcoin network, little did he/she/they know that it would blow up to be widely accepted all over the world.
Let's look back to 11 years ago when the Bitcoin white paper was released, it showed that the network was designed as a peer to peer payment platform. Eleven years into the future, three things have been spectacular about the created Bitcoin network.
- First is that the identity of the brain behind the Bitcoin design is still unknown but there are suspected individuals that could fill the post.
- The second most spectacular thing is that the Blockchain network which Bitcoin technology uses is now being used for other things.
- The third and the most important thing is that Bitcoin has grown significantly from being sold for less than a dollar to about $9,000 presently.
According to speculation, Satoshi Nakamoto is described to be Japanese American judging by his use of commanding English in the white paper he wrote. He has been labeled as a bossy, weird computer geek by some collaborators judging by the way he does his coding.
What are the lessons to learn from Satoshi Nakamoto?
Over the years, major investors and users of Blockchain network alike have confessed that they have used the lessons drawing from the story of Satoshi Nakamoto to inspire themselves when they were planning to startup. With Blockchain technology and Bitcoin enjoying much success since its inception, the lesson to be learned from Satoshi is one that will impact everyone's lives.
Growing your business with a nice public appeal
Since inception, Bitcoin has proved that you can set up your investment with just a nice public appeal and which promises the input of future innovation. Before the entry of digital assets, Satoshi released a 9 paged document known as the Bitcoin white paper into the public.
Contained in the white paper were the background codes, the source codes, and everything that has to do with the Blockchain technology. After releasing the paper, it was met with so much positivity and when Bitcoin officially debuted, the majority of the public bought so much Bitcoin then. Over the years, Bitcoin has witnessed so much patronage and this has, in turn, spiked the price.
Getting ready to encounter and scale problems
Let us assume that you start up a business today and you've been facing problems every new day. Stephen Hawkings once said;
"You all have the potential to push the boundaries of what is accepted or expected, and to think Big"
To make a business successful, there are several sacrifices to be made and problems to be faced, and the more the problems are dealt with, the more insight you gain. Like every successful investment, Bitcoins rise to the top has come with its own problems ranging from a surge in transaction fees to threats of a 51% attack. A typical example is the Twitter fail whale which used to be one of the most visited platforms but has now gone into extinction.
Your products are never really yours
The truth of the matter is that any venture or business you set up today that enjoys success as the years goes by will be mirrored by experts in your line of business.
Take Bitcoin for instance, after Satoshi released the 9 paged white paper that shows how the Bitcoin and Blockchain technology works, many IT experts used the opportunity to start up their own creation. After the introduction of Bitcoin, other cryptos began to spring out and we now have Bitcoin Cash which is a hard fork from the Bitcoin network. XRP, Ethereum, and BNB are other digital assets that have come into the crypto industry.
Learn to allow capable hands take over
According to the white paper released by Satoshi Nakamoto, we can all assume that he/she/they are a seasoned IT expert/(s) with numerous and seasoned experience as a coding expert. Satoshi was in charge of the Bitcoin technology till 2011 when he decided to step down and he handed over the reins to Gavin Andersen. Even with so many theories surrounding the handover, it is seen as a good thing as a result of the fact that he handed over to someone capable. After the handover of the network, Bitcoin has undergone changes over the years which has constituted to the success of the project.
Sharing rewards is important
According to the father of Bitcoin, Satoshi Nakamoto, he noted that his main aim was trying to share the wealth around the world with the creation of Bitcoin technology.
Quoting Satoshi in his letter to Andersen, he said,
“I wish you wouldn't keep talking about me as a mysterious shadowy figure, the press just turns that into a pirate currency angle. Maybe instead make it about the open-source project and give more credit to your dev contributors; it helps motivate them."
Going further Satoshi noted that sharing your rewards is as important as scaling your venture and making it successful.
Be disciplined and not make it about the money
Although most people all around the world have started up ventures to make profits Satoshi advises that the main motive for a startup should not be about the money involved. He stressed that you should be able to keep yourself disciplined and focus on the task instead of aiming to make massive money from the get-go.
"Keep yourself grounded; if you are passionate, it seldom is about the money," he said.
Final Note - The lessons learned from the father of Bitcoin, Satoshi Nakamoto are meant to drive individuals in all aspects of their lives. The lessons touch a wide variety of sections in our lives ranging from being disciplined to being selfless.