Bitcoin is a newly created all digital currency. It gained popularity especially among many criminals because it is the only digital currency that provides anonymity. While there are limited ways to track bitcoin transactions, if you know what you’re doing it can become truly anonymous. How can you have an all digital currency that isn’t tied to any economic power? bitcoins are little bits of code that are “mined” by regular internet users by scanning through internet data, assuming they have enough computational power to do so. While the actual value of the bitcoin has varied greatly, experts say that since it is becoming more widely accepted in the financial sector it’s value will stabilize.
Currently, the value of a bitcoin is in the $400 range per unit of currency. This is a far cry from it’s peak value in 2014 which was close to $1,200 per unit.
Since its release into the digital world, people have been trying to figure out who created such a system. The internet has called the creator Satoshi Nakamoto, though there is no proof that this was in fact his name. Recently an Australian businessman by the name of Craig Wright has claimed he is the creator of Bitcoin. He has released details about his digital signatures in the code that associate him with the earliest bitcoins.
Some of the most prominent figures to back Craig are Gavin Andresen, chief scientist of the Bitcoin Foundation and John Matonis, founding director of the Bitcoin Foundation. They were both present at the London session where Craig offered proof. “I had the opportunity to review the relevant data along three distinct lines: cryptographic, social, and technical. Based on what I witnessed, it is my firm belief that Craig Steven Wright satisfies all three categories,” Matonis said in a blog post.
If Craig Wright is the creator of bitcoin there are other questions like why come out now? Others have investigated the identity of Satoshi Nakamoto before. News outlets like The New Yorker, Newsweek have failed. Though, Wired and Gizmodo both had to back off their assertions that Craig might be Satoshi. It could be that Australian authorities have been investigating properties that are tied to Craig for “unrelated” reasons. Crais has said, “I have not done this because it is what I wanted. It’s not because of my choice,” he told the BBC.
Though he doesn’t plan on being the new figurehead of the bitcoin movement he does still want to be involved. “I have been silent, but I have not been absent. I have been engaged with an exceptional group and look forward to sharing our remarkable work when they are ready,” he said in his blog post. “Satoshi is dead. But this is only the beginning.”
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