Satoshi Nakamoto the hidden creator of bitcoin, if revealed can potentially spell doom for his creation. Read to Learn more.
Incase you’re not familiar with the history on origin of bitcoin, the Satoshi Nakamoto (a fake name) was used by a yet-to-be-identified individual or group of people who developed it. However, the name only gained attention in 2009 after it appeared on a white paper, outlining the principles of a cryptographically secured and decentralized peer-to-peer digital payment system.
More than a decade later, this year when Coinbase made its NASDAQ listing documents public, it presented a widely noted 'tribute' to Satoshi. On their SEC filing form, they listed themselves as a remote company with no physical address, and listed Satoshi Nakamoto as an official recipient.
Although to this date, the identity of Satoshi Nakamoto remains unknown, several speculations and rumors are going around within the cryptocurrency community. There are several people who have been called Satoshi Nakamoto or have claimed the same for themselves.
Nakamoto is not Japanese most likely, owing to his use of English idioms, as well as the bitcoin software not being documented or labelled in Japanese. He is believed to hold around 1.1 million (worth around $55 billion at current prices) of the 21 million bitcoin that could exist in the world. As such, for this reason his existence has immediate socio-economic impact.
On the other hand if Nakamoto existed but is now dead, would lead to those coins being lost forever. Not quite unusual as an event as cryptocurrencies are tied to a complex encryption key, with people losing millions because they cannot remember their passwords.
Now, on the reverse if Satoshi exists, is alive and in possession of the aforementioned billions in millions of bitcoins, then should he chose to transfer his holdings would crash the crypto market being nearly 5% in volume of the entire market.
Since Bitcoin’s prices are driven by market sentiment, it is clear that if Nakamoto’s entry of 1.1 million BTC tokens would cause the price of Bitcoin to crash significantly.
Furthermore, the main reason why Bitcoin’s core investors and miners are attracted to it and highly appreciate the asset’s decentralized nature, with the currency not being attached to any particular individual or entity. If Nakamoto’s identity is somehow, it could make many investors and traders aversive to the asset that was involved in the currency due to its decentralized nature.
Thus, Satoshi Nakamoto’s influence in the cryptocurrency community hangs like a blessing as well as a sword after being in oblivion for more than a decade.
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