Satoshi Nakamoto is the assumed pseudonymous person or individuals who created bitcoin, wrote the bitcoin white paper, and built and released bitcoin’s first reference implementation.

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I have listed down some of the top quotes from Satoshi Nakamoto for you.


Best Satoshi Nakamoto Quotes (Bitcoin Creator)

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1. “The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.” ~ (Satoshi Nakamoto).

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2. “Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone.” ~ (Satoshi Nakamoto).

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3. “Bitcoin would be convenient for people who don’t have a credit card or don’t want to use the cards they have.” ~ (Satoshi Nakamoto).

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4. “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” ~ (Satoshi Nakamoto).

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5. “If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.” ~ (Satoshi Nakamoto).

6. “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” ~ (Satoshi Nakamoto).

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7. “It might make sense just to get some in case it catches on.” ~ (Satoshi Nakamoto).

8. “Being open source means anyone can independently review the code. If it was closed source, nobody could verify the security. I think it’s essential for a program of this nature to be open source.” ~ (Satoshi Nakamoto).

Short Satoshi Nakamoto Quotes

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9. “I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” ~ (Satoshi Nakamoto).

10. “It is a global distributed database, with additions to the database by consent of the majority.” ~ (Satoshi Nakamoto).

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11. “I’m sure that in 20 years there will either be very large transaction volume or no volume.” ~ (Satoshi Nakamoto).

12. “I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust.” ~ (Satoshi Nakamoto).

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13. “It’s very attractive to the libertarian viewpoint if we can explain it properly. I’m better with code than with words though.” ~ (Satoshi Nakamoto).

14. “Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.” ~ (Satoshi Nakamoto).

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15. “The heat from your computer is not wasted if you need to heat your home.” ~ (Satoshi Nakamoto).

16. “Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.” ~ (Satoshi Nakamoto).

Popular Satoshi Nakamoto Quotes

17. “The result is a distributed system with no single point of failure. Users hold the crypto keys to their own money and transact directly with each other, with the help of the P2P network to check for double-spending.” ~ (Satoshi Nakamoto).

18. “It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.” ~ (Satoshi Nakamoto).

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19. “For greater privacy, it’s best to use bitcoin addresses only once.” ~ (Satoshi Nakamoto).

20. “I am not Dorian Nakamoto.” ~ (Satoshi Nakamoto).

21. “I’ve been working on bitcoin’s design since 2007. At some point I became convinced there was a way to do this without any trust required at all and couldn’t resist to keep thinking about it.” ~ (Satoshi Nakamoto).

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22. “When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes.” ~ (Satoshi Nakamoto).

23. “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” ~ (Satoshi Nakamoto).

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24. “Imagine if gold turned to lead when stolen.” ~ (Satoshi Nakamoto).

25. “With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.” ~ (Satoshi Nakamoto).

26. “There is nobody to act as central bank or federal reserve to adjust the money supply as the population of users grows. That would have required a trusted party to determine the value, because I don’t know a way for software to know the real world value of things.” ~ (Satoshi Nakamoto).

27. “At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node.” ~ (Satoshi Nakamoto).

28. “Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to.” ~ (Satoshi Nakamoto).

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29. “Bitcoins have no dividend or potential future dividend, therefore not like a stock. More like a collectible or commodity.” ~ (Satoshi Nakamoto).

30. “I don’t believe a second, compatible implementation of Bitcoin will ever be a good idea. So much of the design depends on all nodes getting exactly identical results in lockstep that a second implementation would be a menace to the network.” ~ (Satoshi Nakamoto).

Top Satoshi Nakamoto Quotes

31. “Bitcoin isn’t currently practical for very small micropayments. Not for things like pay per search or per page view without an aggregating mechanism, not things needing to pay less than 0.01. The dust spam limit is a first try at intentionally trying to prevent overly small micropayments like that.” ~ (Satoshi Nakamoto).

32. “Bitcoin generation should end up where it’s cheapest. Maybe that will be in cold climates where there’s electric heat, where it would be essentially free.” ~ (Satoshi Nakamoto).

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33. “How does everyone feel about the B symbol with the two lines through the outside? Can we live with that as our logo?” ~ (Satoshi Nakamoto).

34. “If SHA-256 became completely broken, I think we could come to some agreement about what the honest block chain was before the trouble started, lock that in and continue from there with a new hash function.” ~ (Satoshi Nakamoto).

35. “Sigh… why delete a wallet instead of moving it aside and keeping the old copy just in case? You should never delete a wallet.” ~ (Satoshi Nakamoto).

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36. “The Bitcoin network might actually reduce spam by diverting zombie farms to generating bitcoins instead.” ~ (Satoshi Nakamoto).

37. “A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990?s. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system.” ~ (Satoshi Nakamoto).

38. “When there are multiple double-spent versions of the same transaction, one and only one will become valid.” ~ (Satoshi Nakamoto).

39. “SHA-256 is very strong. It’s not like the incremental step from MD5 to SHA1. It can last several decades unless there’s some massive breakthrough attack.” ~ (Satoshi Nakamoto).

40. “I anticipate there will never be more than 100K nodes, probably less. It will reach an equilibrium where it’s not worth it for more nodes to join in. The rest will be lightweight clients, which could be millions.” ~ (Satoshi Nakamoto).

41. “It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.” ~ (Satoshi Nakamoto).

42. “In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.” ~ (Satoshi Nakamoto).

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43. “Only people trying to create new coins would need to run network nodes.” ~ (Satoshi Nakamoto).

44. “Once the latest transaction in a coin is buried under enough blocks, the spent transactions before it can be discarded to save disk space. To facilitate this without breaking the block’s hash, transactions are hashed in a Merkle Tree, with only the root included in the block’s hash. Old blocks can then be compacted by stubbing off branches of the tree. The interior hashes do not need to be stored.” ~ (Satoshi Nakamoto).

45. “Eventually at most only 21 million coins for 6.8 billion people in the world if it really gets huge. But don’t worry, there are another 6 decimal places that aren’t shown, for a total of 8 decimal places internally. It shows 1.00 but internally it’s 1.00000000. If there’s massive deflation in the future, the software could show more decimal places.” ~ (Satoshi Nakamoto).

46. “As an additional firewall, a new key pair should be used for each transaction to keep them from being linked to a common owner. Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner. The risk is that if the owner of a key is revealed, linking could reveal other transactions that belonged to the same owner.” ~ (Satoshi Nakamoto).

47. “Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine.” ~ (Satoshi Nakamoto).

48. “When you generate a new bitcoin address, it only takes disk space on your own computer (like 500 bytes). It’s like generating a new PGP private key, but less CPU intensive because it’s ECC. The address space is effectively unlimited. It doesn’t hurt anyone, so generate all you want.” ~ (Satoshi Nakamoto).

49. “The average total coins generated across the network per day stays the same. Faster machines just get a larger share than slower machines. If everyone bought faster machines, they wouldn’t get more coins than before.” ~ (Satoshi Nakamoto).

50. “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.” ~ (Satoshi Nakamoto).

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51. “If you’re sad about paying the fee, you could always turn the tables and run a node yourself and maybe someday rake in a 0.44 fee yourself.” ~ (Satoshi Nakamoto).

52. “To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they’re generated too fast, the difficulty increases.” ~ (Satoshi Nakamoto).

53. “As you figured out, the root problem is we shouldn’t be counting or spending transactions until they have at least 1 confirmation. 0/unconfirmed transactions are very much second class citizens. At most, they are advice that something has been received, but counting them as balance or spending them is premature.” ~ (Satoshi Nakamoto).

54. “It is strictly necessary that the longest chain is always considered the valid one.” ~ (Satoshi Nakamoto).

55. “Bitcoin addresses you generate are kept forever. A bitcoin address must be kept to show ownership of anything sent to it. If you were able to delete a bitcoin address and someone sent to it, the money would be lost.” ~ (Satoshi Nakamoto).

56. “By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them.” ~ (Satoshi Nakamoto).

57. “It’s the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange. I think the case will be the same for Bitcoin. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste.” ~ (Satoshi Nakamoto).

58. “The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.” ~ (Satoshi Nakamoto).

59. “We have proposed a system for electronic transactions without relying on trust. We started with the usual framework of coins made from digital signatures, which provides strong control of ownership, but is incomplete without a way to prevent double-spending. To solve this, we proposed a peer-to-peer network using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU proof-of-worker.” ~ (Satoshi Nakamoto).

60. “Generation is basically free anywhere that has electric heat, since your computer’s heat is offsetting your baseboard electric heating. Many small flats have electric heat out of convenience.” ~ (Satoshi Nakamoto).

61. “A rational market price for something that is expected to increase in value will already reflect the present value of the expected future increases. In your head, you do a probability estimate balancing the odds that it keeps increasing.” ~ (Satoshi Nakamoto).

62. “I would be surprised if 10 years from now we’re not using electronic currency in some way, now that we know a way to do it that won’t inevitably get dumbed down when the trusted third party gets cold feet.” ~ (Satoshi Nakamoto).

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63. “The requirement is that the good guys collectively have more CPU proof-of-worker than any single attacker.” ~ (Satoshi Nakamoto).

64. “Those coins can never be recovered, and the total circulation is less. Since the effective circulation is reduced, all the remaining coins are worth slightly more. It’s the opposite of when a government prints money and the value of existing money goes down.” ~ (Satoshi Nakamoto).

65. “The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase. Coins have to get initially distributed somehow, and a constant rate seems like the best formula.” ~ (Satoshi Nakamoto).

Famous Satoshi Nakamoto Quotes

66. “As computers get faster and the total computing proof-of-worker applied to creating bitcoins increases, the difficulty increases proportionally to keep the total new production constant. Thus, it is known in advance how many new bitcoins will be created every year in the future.” ~ (Satoshi Nakamoto).

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67. “At equilibrium size, many nodes will be server farms with one or two network nodes that feed the rest of the farm over a LAN.” ~ (Satoshi Nakamoto).

68. “Proof-of-work has the nice property that it can be relayed through untrusted middlemen. We don’t have to worry about a chain of custody of communication. It doesn’t matter who tells you a longest chain, the proof-of-work speaks for itself.” ~ (Satoshi Nakamoto).

69. “Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.” ~ (Satoshi Nakamoto).

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70. “Subscription sites that need some extra proof-of-work for their free trial so it doesn’t cannibalize subscriptions could charge bitcoins for the trial.” ~ (Satoshi Nakamoto).

71. “The incentive can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free.” ~ (Satoshi Nakamoto).

Interesting Satoshi Nakamoto Quotes

72. “I very much wanted to find some way to include a short message, but the problem is, the whole world would be able to see the message. As much as you may keep reminding people that the message is completely non-private, it would be an accident waiting to happen.” ~ (Satoshi Nakamoto).

73. “The design supports a tremendous variety of possible transaction types that I designed years ago. Escrow transactions, bonded contracts, third party arbitration, multi-party signature, etc. If Bitcoin catches on in a big way, these are things we’ll want to explore in the future, but they all had to be designed at the beginning to make sure they would be possible later.” ~ (Satoshi Nakamoto).

74. “If you’re having trouble with the inflation issue, it’s easy to tweak it for transaction fees instead. It’s as simple as this: let the output value from any transaction be 1 cent less than the input value. Either the client software automatically writes transactions for 1 cent more than the intended payment value, or it could come out of the payee’s side. The incentive value when a node finds a proof-of-work for a block could be the total of the fees in the block.” ~ (Satoshi Nakamoto).

75. “When a node finds a proof-of-work, the new block is propagated throughout the network and everyone adds it to the chain and starts working on the next block after it. Any nodes that had the other transaction will stop trying to include it in a block, since it’s now invalid according to the accepted chain.” ~ (Satoshi Nakamoto).

76. “You could say coins are issued by the majority. They are issued in a limited, predetermined amount.” ~ (Satoshi Nakamoto).



So these were the 76 popular quotes from Satoshi Nakamoto.

If you like these quotes and sayings, then you can also read my other popular blog posts on the topics of Peter Lynch Quotes and Robert Kiyosaki Quotes.