Why is it so important to know who created the Bitcoin?
Satoshi Nakamoto is probably the most mysterious person in the planet. It is the surname of the creator of the famous digital currency: Bitcoin. Nowadays bitcoins are accepted in several online enterprises, digital markets and even common businesses. Several governments have spoken against it. But, in 2013 the U.S. recognized Bitcoin as a valid form of currency. Since its movements are untraced and ownership cannot be backed up, financial institutions are continuously alerting of the dangers of using this digital currency.
Bitcoin was introduced to the market in 2009 and started its meteoric rise as the world’s most famous decentralized cryptocurrency. Users can obtain bitcoins as a reward for processing the currency’s transactions and securing the network in a process that is often called mining. The rate of production has been of 25 bitcoins per every ten minutes till the year 2016. Approximately, there is around 15 million bitcoins in circulation worldwide with an average change rate of 450 $ per Bitcoin. In April 2016, the Wall Street Journal declared that Bitcoin appears to be slightly more stable than gold.
The question of who is Satoshi Nakamoto still remains.
TThe expectation of finding out who created this digital currency is such, that in 2014 a Newsweek declared that Dorian Nakamoto; a retired computer and systems engineer was the creator of Bitcoin. In a matter of minutes, his house was surrounded by reporters wanting an exclusive of the story. A few months ago, Craig Steven Wright, an Australian computer scientist, claimed he was the creator of Bitcoin. He was also subject to intense scrutiny by the press but when he was asked to provide more proof of his creation, he stepped down.
Psychologically speaking, it is understandable that people want to associate this great creation with a name and a face. The whole idea of a person creating a nearly perfect digital currency is appealing. Nakamoto is already the hero of many Geeks as shown in the documentary “The Rise and Rise of Bitcoin”. However, it is also interesting to note that some financers, coders, and/or engineers see this creation as so innovative and out of this world that finally knowing that a person create it will make it loose its status and appeal. Moreover, many financial experts among which are Forbes, Reuters or The Financial Times have predicted the death of this currency and then proven wrong. Eric Posner, a Chicago Law Professor, said that Bitcoin can be compared more to a collective delusion than to a Ponzi scheme. Therefore, it seems that in some way the financial world is trying to put a human face and stop the currency-superhero mythology. This theory provides an explanation why the creator or group of creators choose to remain anonymous in account of Bitcoin’s financial health.
Wetter Nakamoto will someday reveal himself or somebody will be able to track him down, only time will tell. Currently, the digital and financial world remains amazed by the rise and rise of this digital currency.
