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Since its inception in 2009, Bitcoin has become a powerful force in the financial industry. As a result, an increasing number of people have started looking into this new phenomenon. Not only has the number of adults who claim to invest in cryptocurrency increased to a staggering seventeen percent, but huge celebrities from the music, sports, tech, and film industry have admitted to investing in Bitcoin, and some, like rapper and actor Curtis Jackson (more commonly known as 50 Cent) has made millions of dollars off of the crypto market. Needless to say, Bitcoin is here to stay.
But where did Bitcoin come from, and who came up with the idea? On 09 January 2009, the first version of Bitcoin was officially released, and a week later, the first bitcoin transaction was made. The creator of Bitcoin is only known as Satoshi Nakamoto, and to this day, the identity of Satoshi remains one of the internet’s most enticing mysteries. Many assumptions and theories have been put forth, ranging from Satoshi Nakamoto are this or that, to Satoshi Nakamoto is a group, to Satoshi Nakamoto doesn’t exist.
But the question some have deigned to ask is “Should Satoshi Nakamoto remain anonymous?” A number of crypto users and investors think that Satoshi’s identity ought to remain a mystery.
The Philosophy of Bitcoin
Bitcoin emerged as an alternative to FIAT currency. The idea was to create a decentralized, digital currency, unaffected by the authority of banks or governments, that can be used anywhere in the world. The creation of Bitcoin stems from libertarian philosophy, which preaches self-reliance, freedom, individualism, and minimal-to-no government interference. These tenets are evident in the creation of Bitcoin, as the cryptocurrency provides anonymous purchases, is unaffected by bank fees or government taxes, and anyone can mine or trade it.
In fact, Bitcoin’s availability is at an all-time high, thanks to the emergence of trading apps, which provide prospective investors with an easy-to-use interface, safe and secure network, and minimal fees, which usually do not exceed 1%, and go no higher than 5%. Trading sites like this app provide a spectacular service for anyone interested to dip their toes into the world of crypto trading. Through the use of Artificial Intelligence, most of these sites maximize the profits of their users, as the AI system can read and predict the crypto market’s fluctuating prices.
With the roots of Bitcoin steeped so deeply in libertarian philosophy, some believe that Satoshi Nakamoto should reveal his identity and become a sort of leader of this online libertarian movement. Still, many others believe that Satoshi’s anonymity makes the movement more powerful, as people gather behind an idea, and in their view, ideas are more powerful than people. Often, people who favour Satoshi’s anonymity say that the concept of leaders is antithetical to the libertarian philosophy that bitcoin represents.
Personal Safety
Another aspect of the debate surrounding the creator’s anonymity is the danger posed to his life. Creators of alternative currencies are likely to attract the attention, not just of authority figures but of serious cybercriminals. There have been cases of past digital currencies, whose existence was cut short by government intervention.
The private currency, Liberty Dollar, which was created in 1998 by a Hawaiian resident, flourished until the entire operation was shut down in 2007 by the Secret Service and FBI. The creator, Bernard Von NotHaus was arrested and found guilty for creating a “currency system to compete with the official currency of the USA”. There have been other examples, of digital currency creators being persecuted by authorities for creating alternatives to official currency, so it is no surprise that Satoshi Nakamoto chose to remain hidden.
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