Get the Tap app

Scan the QR code to download the app

QR code to scan for downloading the Tap app

Risk Warning - Notice to UK Users  

Estimated reading time: 2 mins

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

1.You could lose all the money you invest

The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in crypto assets.

The crypto asset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.

2.You should not expect to be protected if something goes wrong

The Financial Services Compensation Scheme (FSCS) doesn’t protect this type of investment because it’s not a ‘specified investment’ under the UK regulatory regime – in other words, this type of investment isn’t recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker here.

The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm. Learn more about FOS protection here.

3.You may not be able to sell your investment when you want to

There is no guarantee that investments in crypto assets can be easily sold at any given time. The ability to sell a crypto asset depends on various factors, including the supply and demand in the market at that time.

Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your crypto assets at the time you want.

4.Cryptoasset investments can be complex

Investments in crypto assets can be complex, making it difficult to understand the risks associated with the investment.

You should do your own research before investing. If something sounds too good to be true, itprobably is.

5.Don’t put all your eggs in one basket

Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.

A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Learn more here.

If you are interested in learning more about how to protect yourself, visit the FCA’s website here.

For further information about cryptoassets, visit the FCA’s website here.

Who invented Bitcoin?

Who invented Bitcoin? Tracing the history and origins of the world's first cryptocurrency.

Linkedin logo

The financial landscape well and truly changed after Bitcoin was released in 2009. The new digital cash system took the financial power away from banks and government entities and put it back into the hands of the people. While Bitcoin has become a household name over the last decade, the creator remains a mystery. Let's take a deeper dive into one of the biggest mysteries of the modern world.  

The Bitcoin Solution

Before we plunge into the mysteries of the anonymous entity behind this century's greatest invention, let us first highlight the revolutionary product that is Bitcoin. The electronic cash system was first introduced to the world in late 2008 by a certain Satoshi Nakamoto. 

The character seemingly came from the abyss and presented to the world a solution to the global financial crisis that caused widespread destruction. This solution was in the form of a digital currency and used blockchain technology to facilitate, maintain and operate the network. 

Nakamoto did not invent blockchain technology, instead, he improved on several issues like the double-spending problem. The technology was originally created to facilitate file sharing although was hindered by that issue. Today, blockchain technology has a wide range of use cases and is being implemented into industries around the world, far beyond just the crypto and financial fields. 

Bitcoin remains the biggest cryptocurrency to this day, with over 17,500 alternative cryptocurrencies and counting. At the time of writing the industry is worth just under $2 trillion, although it reached highs of $2.968 trillion in November 2021. No asset in the history of the world has gone on to achieve such success in such a short space of time. 

What We Know About Satoshi Nakamoto

While we know the name Satoshi Nakamoto, it remains to be known who is behind the pseudonym. This person or entity released the Bitcoin whitepaper in October 2008 to a group of cryptographers and shortly afterwards created the BitcoinTalk forum and website. 

Two months later, the first block on the Bitcoin network was mined, known as the Genesis block, with the caption "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." It was mined that same day.

Stephan Thomas, a BitcoinTalk Forum member, mapped out when Nakamoto posted on forums to get an indication of what time zone he might live in. The results showed that he was least active during 6h00 to 11h00 GMT, suggesting that should he sleep at night (not a given for developers) that would place him in a time zone somewhere between GMT -5 to GMT -7, somewhere in the Americas.

During 2010, Nakamoto was an active member of the Bitcoin community. He worked on building Bitcoin's protocol and often collaborated and communicated with other developers. Then, towards the end of the year, he strangely handed over the keys and codes to another active developer, Gavin Andresen, and transferred the domains he had created to other members of the community. By the end of the year, he seemed to have cut ties with the project.

Before all but vanishing, the last trace of communication we know of from Satoshi Nakamoto was a message to Mike Hearn, another developer, on 23 April 2011, that read: "I've moved on to other things. It's in good hands with Gavin and everyone." And just as abruptly as Bitcoin had entered the world, Nakamoto left it.

Who Could Be Behind The Anonymous Entity? 

While many people have been suspected of being Satoshi Nakamoto, there is yet to be enough evidence to convince anyone else. Over the years, many journalists have tried to lift the veil, and again, to no avail. For over a decade the world has been left wondering who is behind the anonymous name, and why would they not come forward?

The biggest contenders for the mystery person have been Hal Finney, Nick Szabo, and Dave Kleiman, who have all denied this. One man, Craig Wright, has come forward to claim to be Satoshi Nakamoto, however, the industry remains unconvinced. 

Hal Finney

Hal Finney is a computer scientist who had previously tried to create a digital cash system. Finney is noted as being one of the earliest people interested in Bitcoin, with the first transaction taking place between Satoshi Nakamoto's wallet and Finney's. 

Finney also lived in the same town as Dorian Satoshi Nakamoto, a Japanese man who was hunted by the media when they assumed they had found the "real" identity. Finney passed away in August 2014. 

Nick Szabo

Nick Szabo is also credited with having tried to create a digital cash system prior to Bitcoin's launch, releasing BitGold in 1998. He also coined the name "smart contracts". The cryptographer and computer scientist was listed as the most likely person to be Satoshi Nakamoto following a study done in 2014 by a group of students and researchers at Aston University who conducted a thorough linguistics analysis on all previous communication. 

Dave Kleiman

Dave Kleiman was a computer forensics expert whose name has come up plenty of times, largely thanks to Craig Wright. Kleiman's estate sued Wright over claims that they had invented Bitcoin together and had access to a large, shared amount of BTC. He died broke and in squalor in 2013.

Craig Wright

The Australian computer scientist and businessman has gone to great lengths to claim to be Satoshi Nakamoto, however, has provided little to no evidence. These claims have been unequivocally disregarded by the Bitcoin community. 

The Mystery Remains Unsolved

Perhaps the biggest irony of all is that while the technology is entirely trustless and operates with the work of thousands of nodes who don't know each other. All we know is that whoever it was/they are, they revolutionized the world as we know it and have left us with some sort of extraordinary.


This article is for general information purposes only and is not intended to constitute legal or other professional advice or a recommendation of any kind whatsoever and should not be relied upon or treated as a substitute for specific advice relevant to particular circumstances. We make no warranties, representations or undertakings about any of the content of this article (including, without limitation, as to the quality, accuracy, completeness or fitness for any particular purpose of such content), or any content of any other material referred to or accessed by hyperlinks through this article. We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.


Frequently Asked Questions