Bitcoin, the controversial nine-year-old crypto-currency, is now worth over $100 billion. Its anonymous founder with the alias of Satoshi Nakamoto remains unidentified. One interesting theory is that Nakamoto abandoned the open-source currency to avoid legal cases in the United States. Another speculation says the mysterious creator of Bitcoin prefers anonymity because he uses the digital platform for his financial gain.
In 2008, Satoshi Nakamoto, an alleged computer whiz circulated a white paper describing Bitcoin as a “Peer to Peer Electronic Cash System.” Several months after, he made public Bitcoin’s first app and worked with experts to improve the currency until 2011. Then, the shadowy founder disappeared without a trace. Today, Nakamoto has a net value of over $6 billion, but it appears he is not interested in stepping forward, not just yet.
The Fear of Bitcoin
Many governments, businesses, and financial institutions are distrustful of the crypto-currency. On the other hand, broadminded private citizens, computer geniuses, and criminals are fond of the Bitcoin. Some people insist Nakamoto invented the crypto-currency for despicable activities like trafficking of drugs, prostitution, illegal gambling, fraud, and tax evasion. The currency thrives in the Black Market, according to staunch critics. They claim nobody wants to invest in something with a nameless creator.
Law-abiding Bitcoin advocates claim otherwise. These people argue that having an unidentified founder does not hold back the crypto-currency. It is true the currency earned notoriety because of the ill-famed online drug market, Silk Road. Quite the opposite, many consumers prefer monetary transactions that will guarantee their privacy and protection. The illogicality of digital currencies is relevant data creates forensic trail imprints that can make a person’s financial records known to the public.
Advantages Outweigh Disadvantages
Enterprising business persons distrust Bitcoin, but supporters maintain the online coins match the Internet generation. The currency offers consumers a payment option with significantly lower fees than the traditional credit card. Aside from convenience, users do not have to worry about identity theft, scams, and exorbitant interest charges.
Bitcoin is fast and does not discriminate. You can transact business globally using these coins and transfer payments instantly. The peer to peer technique does not require banks or intermediaries. Virtual currencies guarantee confidentiality even as the transaction history is available to anyone with web access. People need not divulge their identities for purposes of compliance. On top of all these benefits, consumers don’t have to be concerned about inflation which is not true for legal currencies.
Unmasking Satoshi Nakamoto
It looks like the identity of this mysterious architect will remain a secret for eternity. Following logic, Nakamoto’s status should not matter at all. Technology replaces trust in this particular case. The electronic payment platform utilizes cryptographic evidence rather than faith enabling two agreeable parties to engage in direct financial transactions minus a credible third party. This explanation is the primary focus of Nakamoto’s white paper.
For now, the legendary unicorn in the person of Satoshi Nakamoto stays as a pseudonym. Financial analysts and media people estimate that his account contains approximately 1 million Bitcoins. The amount s roughly $44.3 billion using the exchange rate two months ago. Renowned programmer Damian Lerner claims Nakamoto spent a mere .0005% of his total wealth. Other theories continue to surface. The Bitcoin inventor is dead. Or, his real identity is unknown because the person may be male, female or group of persons.
Regardless of all these guesses, one thing is sure. Satoshi Nakamoto invented the Bitcoin currency which changed the financial landscape and the minds of billions of people worldwide. Whether it was for good or evil hardly matters at all.