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      "body": "![](https://steemitimages.com/DQmcMYxg4avrZN68nE1GMmAhQhd1hksed4zrteCjyD9vFzq/image.png)\n\nMany have spent countless hours trying to unmask Satoshi Nakamoto, the pseudonymous creator(s) of the world’s first cryptocurrency Bitcoin. These efforts have led us to a few potential candidates but as of today there is still doubt about who this person or group is. The focus of this article is not to name names and speculate on who they actually are, but rather to go over some of the intriguing and interesting statements regarding Bitcoin from this mysterious entity.\n\n\"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 (November 13, 2008)\n\n By now most people have heard of Bitcoin, some have acquired and transacted in it, and fewer have experimented with Bitcoin mining. The growth and adoption of this new technology has swept the globe, grabbing headlines both positive and negative, yet obscured by the hodl memes, the rabid obsession over ICOs, and the uncertainty over its future is perhaps the most fascinating question of why Bitcoin was created in the first place. Satoshi sheds some light on this in a post on a P2P Foundation forum, a month after launching the protocol:\n\n\"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. 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 (February 11, 2009)\n\nWe can clearly see Satoshi is not a fan of the amount of trust that it takes for people to participate in the traditional banking system.  One needs only to look at the financial climate of the time in which Satoshi made this statement. The previous year Bear Sterns and Lehman Brothers, two large global investment banks and securities firms, became defunct due to their exposure to subprime mortgages.  Which had a ripple effect through the economy and triggered a number of political moves, namely the convoluted bailout of some banks and the auto industry, that were viewed as the government favoring Wall Street over Main Street and shifting the burden of the fraud perpetrated by the investment companies away from the stakeholders and onto regular tax payers. Farmers in Iowa and teachers in Oregon were paying for the greed and failures of the Chads and Brads of downtown Manhattan.\n\nhttps://youtu.be/TGwZVGKG30s\n\nThe grand achievement of the bitcoin protocol is the elimination through cryptography and the novel blockchain data structure the need for a trusted third party to verify the authenticity of transactions and balances, which all previous attempts at digital currencies could not solve. This idea of a trustless transaction system goes deeper than just validating the transactions, but also encompasses the supply of money and inflation rate. With nationalized fiat currencies, central banks and the federal reserve have control over these facets of the currency. In Bitcoin, the supply and creation rate are hard-coded into the protocol.\n\n Holders of bitcoin need not worry about a government devaluing their savings, financial institutions seizing assets, or effortlessly transmitting value around the world, including to the farthest corners and the unbanked.   These attributes of Bitcoin were not by-products of the protocol, but rather a major motivating factor in its conception.    Satoshi was once confronted with the viewpoint, “You will not find a solution to political problems in cryptography”, to which he responded:\n\n\"Yes, 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 (November 7, 2008)\n\nHere is the first block in the Bitcoin blockchain which will forever be immutable and open for all to view, look closely and see the time-stamped message Satoshi has included in it.  Coincidence?\n\n ![](https://steemitimages.com/DQmaMLnp8hiPfDbdevPk7YdCFSGhE2q4rNe7VMboUSfbTna/image.png)",
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      "body": "“The year is 2021. It is no longer safe to transmit information. Phones, computers and satellites are all vulnerable. But there is a solution. Input the data into the brain of a human courier like Johnny Mnemonic!”\n \nThat’s from the trailer for the prophetic 1995 sci-fi thriller starring Keanu Reeves, Johnny Mnemonic. With a few revisions, including knocking 4 years off the time, this trailer would make a fantastic introduction to bitcoin brain wallets.\n \nhttps://www.youtube.com/watch?v=U_8BVWHSU_o\n \nAs long as you have a working memory, a bitcoin brain wallet can be the most secure form of storing your bitcoin. But in order to understand what a brain wallet is and how to create one, we need to first understand what it means to “store bitcoin”.\n \nStoring bitcoins digitally, physically, mentally\nBitcoins don’t really exist. There are no digital files that can be called bitcoins. There are no serial numbers associated with particular bitcoins. What exists is a digital ledger that keeps track of bitcoin addresses and how many bitcoins are associated with each one.\n \nBut there aren’t any bitcoins in those addresses. The addresses only contain a figure that represents an amount of bitcoin. Again, there are no bitcoins, only addresses that contain amounts of them. \n \nEach address has a private key that allows access to an address in order to transfer the part or all of the balance into another address.\n \nWhen people talk about storing bitcoin, they’re talking about storing a private key. When someone has bitcoin stolen, what they mean is that their private key(s) were stolen and the addresses associated with those private keys were emptied, the bitcoin amounts transferred to another address controlled by the thief.\n \nStandard bitcoin wallets are software that store private keys. They offer varying degrees of security based on the structure of their code and encryption.\n \nPaper wallets are simply private keys written/printed (stored) on a piece of paper. Their security depends on how well the piece of paper is kept safe. Theoretically, bitcoin paper wallets are immune from being hacked. They are, however, susceptible to being stolen like cash or snatched remotely as in the case of the Bloomberg News reporter who showed his paper wallet QR code directly to the television camera.\n\nhttps://www.youtube.com/watch?v=lTDEqqSaCLI\n \nA brain wallet is a private key put (stored) to memory. No digital file with a private key, no piece of paper printed with a private key. Only a mush of brain material containing the string of characters that allows you access to an address in the ledger.\n \nYou forget your brain wallet, you lose your bitcoins. Simple as that.\n \nCreating brain wallet that’s easy to remember, but hard to crack\nNow, a brain wallet can be the private key itself, but most people would find it difficult to memorize a string of characters that look like this:\n \n5JKxNDjuKhz3RWMx5KcwLaRP-MzvkPM6jUtqaS7bbio4NTdd8vmV\n \nSo, the easiest way to create a brain wallet is to create a unique passphrase and put it through a hash algorithm that produces a private key like the one above (which is then put through a hash algorithm to yield the public key). Fortunately, there are tools that can help us do that such as BitAddress.org.\n \nWe made the private key above by using the passphrase: What is a bitcoin brain wallet and how to create one, or how do I become Johnny Mnemonic – this is not the type of passphrase you want to use because it exists as the name of post on the internet. In fact, you shouldn’t use anything that appears in literature or lyrics. The passphrase should be completely unique. Ideally with misspellings and irregular punctuation.\n \nAgain, a bitcoin brain wallet is only secure if your passphrase is completely unique and contains a high level of entropy. And it should be long. Remember, you’re not up against a human. You’re up against computers that can test trillions of combinations in the snap of a finger. The name of your dog with an exclamation point instead of the letter ‘i’ is not going to cut it.\n \nHere’s an example of a good passphrase: i witch when i am ooold…,,,thebiggestboatonland is The great Tit@nic and it’s a vegetarian\n \nNow, you just need to remember this passphrase instead of the private key it yields, which can created by passing it through a SHA256 (Secure Hashing Algorithm) or using the brain wallet tool on BitAddress.org:\n \n*5KapW8mE2ajrc66DmCkszKZ5YU-Z3juCCSsVzCZ2CF54gjmndu7R*\n \nThe public address from this private key is also created by passing the string through a SHA256, the BitAddress.org tool will also give you this:\n \n1eXhv5FrR2Yw3ytyJUkacnuzuwGbR5HVU\n \nSo now we’re all set. We’ve got our passphrase, private key (which is derived from the passphrase and no longer needs to be stored), and our public address to which bitcoin can now be transferred.\n \nIs it safe? The dangers of a brain wallet\nHaving valuable information in your brain can be dangerous. Even the suspicion that you do can lead to uncomfortable situations. Just ask Babe Levy or Khalid Shaikh Mohammed.\n \nIf you watched the Johnny Mnemonic trailer, there’s an exchange near the end that goes like this:\n \nJohnny Mnemonic: I’m a dead man if I don’t get this out of my head.\nBuddy: I can get it out.\nJohnny Mnemonic: How?\nBuddy: With a cranial drill and a pair of forceps.\n\nThe idea is that you can digitally secure information through encryption, however information in your memory can only be secured by deception. A properly created brain wallet is not susceptible to hacking, however it is susceptible to invasive surgery (in Mnemonic’s case) and coercion or torture.\n \nIf you have a brain wallet, don’t tell anyone.",
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      "body": "“The year is 2021. It is no longer safe to transmit information. Phones, computers and satellites are all vulnerable. But there is a solution. Input the data into the brain of a human courier like Johnny Mnemonic!”\n \nThat’s from the trailer for the prophetic 1995 sci-fi thriller starring Keanu Reeves, Johnny Mnemonic. With a few revisions, including knocking 4 years off the time, this trailer would make a fantastic introduction to bitcoin brain wallets.\n \nhttps://www.youtube.com/watch?v=U_8BVWHSU_o\n \nAs long as you have a working memory, a bitcoin brain wallet can be the most secure form of storing your bitcoin. But in order to understand what a brain wallet is and how to create one, we need to first understand what it means to “store bitcoin”.\n \nStoring bitcoins digitally, physically, mentally\nBitcoins don’t really exist. There are no digital files that can be called bitcoins. There are no serial numbers associated with particular bitcoins. 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They offer varying degrees of security based on the structure of their code and encryption.\n \nPaper wallets are simply private keys written/printed (stored) on a piece of paper. Their security depends on how well the piece of paper is kept safe. Theoretically, bitcoin paper wallets are immune from being hacked. They are, however, susceptible to being stolen like cash or snatched remotely as in the case of the Bloomberg News reporter who showed his paper wallet QR code directly to the television camera.\n\nhttps://www.youtube.com/watch?v=lTDEqqSaCLI\n \nA brain wallet is a private key put (stored) to memory. No digital file with a private key, no piece of paper printed with a private key. Only a mush of brain material containing the string of characters that allows you access to an address in the ledger.\n \nYou forget your brain wallet, you lose your bitcoins. Simple as that.\n \nCreating brain wallet that’s easy to remember, but hard to crack\nNow, a brain wallet can be the private key itself, but most people would find it difficult to memorize a string of characters that look like this:\n \n5JKxNDjuKhz3RWMx5KcwLaRPMzvkPM6jUtqaS7bbio4NTdd8vmV\n \nSo, the easiest way to create a brain wallet is to create a unique passphrase and put it through a hash algorithm that produces a private key like the one above (which is then put through a hash algorithm to yield the public key). Fortunately, there are tools that can help us do that such as BitAddress.org.\n \nWe made the private key above by using the passphrase: What is a bitcoin brain wallet and how to create one, or how do I become Johnny Mnemonic – this is not the type of passphrase you want to use because it exists as the name of post on the internet. In fact, you shouldn’t use anything that appears in literature or lyrics. The passphrase should be completely unique. Ideally with misspellings and irregular punctuation.\n \nAgain, a bitcoin brain wallet is only secure if your passphrase is completely unique and contains a high level of entropy. And it should be long. Remember, you’re not up against a human. You’re up against computers that can test trillions of combinations in the snap of a finger. The name of your dog with an exclamation point instead of the letter ‘i’ is not going to cut it.\n \nHere’s an example of a good passphrase: i witch when i am ooold…,,,thebiggestboatonland is The great Tit@nic and it’s a vegetarian\n \nNow, you just need to remember this passphrase instead of the private key it yields, which can created by passing it through a SHA256 (Secure Hashing Algorithm) or using the brain wallet tool on BitAddress.org:\n \n5KapW8mE2ajrc66DmCkszKZ5YUZ3juCCSsVzCZ2CF54gjmndu7R\n \nThe public address from this private key is also created by passing the string through a SHA256, the BitAddress.org tool will also give you this:\n \n1eXhv5FrR2Yw3ytyJUkacnuzuwGbR5HVU\n \nSo now we’re all set. We’ve got our passphrase, private key (which is derived from the passphrase and no longer needs to be stored), and our public address to which bitcoin can now be transferred.\n \nIs it safe? The dangers of a brain wallet\nHaving valuable information in your brain can be dangerous. 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