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Home Technocracy The Mystery of Bitcoin

The controversial digital currency still seeks to find its creator.

The Mystery of Bitcoin

Fariha Marjia
The Mystery of Bitcoin

Tech-world has yet again found another controversy regarding the real inventor behind today’s digital currency Bitcoin. Bitcoin is an innovative payment network that uses fast peer-to-peer (P2P) transactions. This payment system is a true digital asset invented by Satoshi Nakamoto. The tricky part is, very little is known about the real identity of this Nakamoto person and almost no reliable source is available to the public.

Bitcoin was published in 2008 and released as open-source software in 2009. But Nakamoto handed it over to former Bitcoin Core maintainer Gavin Andresen at the end of 2010.

Meanwhile, an Australian tech entrepreneur, Craig Wright has claimed to be the mastermind behind this controversial digital currency. However experts are doubtful as to, how much of his claims are true and whether it was truly him behind name of Satoshi Nakamoto.

Bitcoin has since become the world's most commonly used virtual currency, attracting the interest of banks, speculators, criminals and regulators.

Many have asked the most obvious question as to why Wright came clean after all this time, now that the company is doing so well on, without its creator. Could the Australian be a con just seeking to make a name and profit?

"I was the main part of it, other people helped me, some people will believe, some people won't, and to tell you the truth, I don't really care,” Wright told BBC, who is now living in London.

Many Bitcoiners confirmed that Wright had not made it up to the mark, in order to prove himself as Nakamoto, who maintained his anonymity throughout his involvement with Bitcoin, only stepping away in 2011.

On the other hand, Gavin Andresen, Nakamoto’s chosen successor, published a blog describing his meeting with Wright, saying he is “convinced beyond a reasonable doubt” that the Australian is Nakamoto. To Wrights good fortune, Jon Matonis, a founding director of the Bitcoin Foundation and a Bitcoin consultant, like Andresen, supported Wright’s claims. “According to me, the proof is conclusive and I have no doubt that Craig Steven Wright is the person behind the Bitcoin technology, Nakamoto consensus, and the Satoshi Nakamoto name,” Matonis wrote.

Nonetheless, BBC reported that Wright gave some technical proof demonstrating that he had access to blocks of Bitcoins, known to have been created by only the real creator while many other researchers are still keeping an open mind.

In an interview with The Economist, Wright declined requests to provide further proof that he was Nakamoto. His representatives told Reuters he would not be taking part in more media interviews for the time being.

"Our conclusion is that Mr Wright could well be Mr Nakamoto, but that important questions remain, indeed, it may never be possible to establish beyond reasonable doubt who really created Bitcoin.” says The Economist.

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