Deciphering the individual or organization that created Bitcoin (BTC), Satoshi Nakamoto, is a difficult problem that has puzzled many cryptographers. While trying to unravel this mystery, it's also completely understandable that it might be easy to forget the original purpose of this legendary currency. It really doesn’t matter who Satoshi is because we can all have a hand in shaping the future of Bitcoin.
crazy conspiracy theory
Since there is no clear answer to the question of who Satoshi Nakamoto is, various theories have been circulating on the Internet. The craziest kind of speech is that he may be the devil, and coins are the symbol of the devil.
A slightly less exotic but still debatable theory is that Bitcoin is a program of the US secret service, which they use to funnel untraceable funds to top-secret international missions.
cyberpunk
cyberpunk
For a long time, Hal Finney, the first person in history to receive Bitcoin and a well-known cyberpunk, was suspected to be Satoshi Nakamoto himself. Nick Szabo, a cryptographer known for his work on digital contracts and a cyberpunk, seems like a good fit for Satoshi.
Yet in 2016, Australian computer scientist and entrepreneur Craig Wright publicly claimed that he was a key member of the Bitcoin creation team. However, many people do not agree with his statement.
currency of the people
As you probably know, the Great Recession of 2007-2008 destroyed the belief that central banks could prevent depressions and recessions. Launched in 2009, Bitcoin was, in a way, a throwback to central bank-managed money, whose value derives from supply and demand and the economy.
Bitcoin is attractive because it is not governed by any central entity. There is no need to place or trust a bank or any other third party - instead, we gain trust from the Bitcoin protocol, which removes the need to trust anyone (on the blockchain).
The mechanics behind Bitcoin suggest that everyone simultaneously has control over it. The currency database is encrypted and protected to prevent fraud, the supply of currency operates according to the logic of deflation, and the value is determined by market demand.
"We" determine the value of Bitcoin
How does it work if everyone can control Bitcoin but no one can control it alone? In short, the community is in charge of it.
However, this has not always been the case.
The proof-of-work mechanism requires different nodes to compete to discover new blocks to add to the chain - yet, in 2008-2009, there were barely a dozen or so people running the network.
At the time, the miner shortage was a serious problem because the whole point behind the coin was the concept of a decentralized ledger. Ironically, in 2010-2014, the darknet community made a lot of contributions to solve this problem, and once the system carries a wide enough range, Bitcoin can be upgraded to the surface network.
From the beginning, the original intention of cyberpunk Bitcoin was to decentralize, create a better currency than it was then, and really open our minds and redefine prosperity.
AAX is a digital asset exchange powered by LSEG Technology. AAX Academy is a user education channel created by AAX, which aims to help more users learn novice tutorials and understand the basics of blockchain.
About AAX Academy
AAX is a digital asset exchange powered by LSEG Technology. AAX Academy is a user education channel created by AAX, which aims to help more users learn novice tutorials and understand the basics of blockchain.
