Satoshi Nakamoto: The Bitcoin Creator

by CCB Today | Tuesday, May 24, 2016 | 193 views

Bitcoin Satoshi Nakamoto, the purported name of Bitcoin’s creator, turns out to be a pseudonym as many have speculated through the years. An Australian businessman, Craig Wright, claims to be the person behind the name.

Reception

The internet, especially its online communities, regards Nakamoto’s involvement in bitcoin through 2008 and 2009 as important to the creation of the digital currency system. He has remained anonymous since, but with Wright coming out, the years of speculation are coming to an end.

The identity of Bitcoin’s creator is instrumental due to its legitimacy, of having the largest market value of its kind as a digital asset and its effects on economics, along with its legality and the criminal activities swirling around it. As the first-known ‘cryptocurrency’, the US Treasury classifies it a decentralised virtual currency.

Overall, the reception has been positive. Economists, despite some doubt, are aware of its potential as a financial solution. At present, 100,000 merchants are accepting bitcoin as payment, whilst countries like the United States, Brazil, Jersey, the Isle of Man and the United Kingdom buy bitcoins as recognition of its value as a legitimate financial technology. These developments are due to the system’s fraud-proof transparency and simplicity in transactions.

The Emergence of Wright

Mr Wright revealed his identity to the BBC, The Economist and GQ by showing technical proof. He showed the publications digitally signed messages related to Bitcoins in its early stages of development. Witnesses of the said evidence are buying Wright’s confession.

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Jon Matonis, a founding director of the Bitcoin Foundation, believes that Craig is Nakamoto. He reviewed the cryptographic, social and technical evidence presented, stating how Wright satisfies all three categories.

Wright admits he is Nakamoto, but claims how he never had intentions of going public, only doing so because of misinformation spreading and affecting Bitcoin and the blockchain. His intentions appear noble, but naysayers doubting Wright’s claims are quick to add how Wright’s admission reeks of sketchy intentions.

The Australian Tax Office has been investigating Wright for tax payments — and if he truly is Nakamoto, his million bitcoins are worth about 30m GBP, significant enough to clear his name.

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