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Newly Released Satoshi Emails: A Glimpse into Bitcoin's Early Days

Newly Released Satoshi Emails: A Glimpse into Bitcoin's Early Days

Feb 26, 2024

Newly Released Satoshi Emails: A Glimpse into Bitcoin's Early Days

A collection of previously unpublished emails between Bitcoin's pseudonymous creator, Satoshi Nakamoto, and developer Martti Malmi (known as Sirius) has been released. Spanning from 2009 to 2011, these emails provide insight into the early days of Bitcoin and the thought process of its enigmatic creator.

The Emergence of Bitcoin as an Independent System

Bitcoin, since its inception, has evolved into a complex, emergent system that transcends its creator's identity and intentions. The decentralized nature of Bitcoin means that it operates independently of any single authority or interpretation, much like the invention of the wheel that continues to find relevance irrespective of its origin.

The Anonymity of Satoshi Nakamoto

The anonymity of Satoshi Nakamoto is a foundational aspect of Bitcoin's narrative. Satoshi's clear intent to remain anonymous has been a call for the community to respect their privacy. Public speculation about Satoshi's identity can lead to unintended and potentially harmful consequences for individuals mistakenly identified as the creator of Bitcoin, as demonstrated by the unfortunate events experienced by the late Hal Finney.

Insights from the Emails

Proof of Work and Energy Consumption

In one of the emails, Satoshi discusses the necessity of proof of work for the functioning of peer-to-peer electronic cash without a trusted third party. They acknowledge the potential energy consumption by the Bitcoin network but argue that it would be less wasteful than traditional banking activities.

Monetary Value and Utility

Satoshi reflects on the historical precedent of scarce commodities becoming forms of money, highlighting the distinction between functional and monetary value. They point out that most of the value of gold is not derived from its physical properties but rather from the value ascribed to it by society.

Cryptocurrency Terminology

An email exchange reveals Satoshi considering the adoption of the term "cryptocurrency," which suggests that the term may not have been coined by Satoshi themselves. This indicates a collaborative evolution of concepts and terminology within the early Bitcoin community.

Bitcoin's Limitation and Distribution

Satoshi explains the reasoning behind the limitation of Bitcoin to 21 million coins and its distribution schedule. The decision was based on making Bitcoin comparable to existing currencies and acknowledging the uncertainty of its future adoption.

Personal Insights

Through these emails, a more personal side of Satoshi emerges. They mention financial constraints, a day job, and the stress of the project, highlighting the human aspect behind the creation of Bitcoin.


The release of these emails adds to the historical record of Bitcoin's early development and provides a deeper understanding of Satoshi Nakamoto's vision and philosophy. It underscores Bitcoin's growth beyond its initial parameters and the foresight of its creator in anticipating the challenges and potential of a decentralized digital currency.

As the community continues to explore these emails, it is crucial to approach them with a sense of respect for privacy and a focus on the technical and philosophical content rather than the identity of the individual behind the pseudonym.


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