Ever since 2009 when Bitcoin came onto the scene, many have speculated as to who was the brains behind the persona known as Satoshi Nakamoto. And on May 2, we finally have that answer as after years of hiding in the shadows, an Australian businessman named Craig Wright publicly announced that he was indeed the creator of the world’s biggest crypto-currency.
The idea behind Bitcoin was to create a de-centralized global currency that was outside the control and authority of governments and central banks. And while the digital money started out as a niche fad and as a way to rebel against the system following the 2008 global meltdown, its staying power has been nothing short of extraordinary considering the fact that the U.S. has legally sought to limit its potential, and corruption at certain exchanges (Mt. Gox) harmed its viability to act as a medium of exchange for commerce.
Bitcoin’s code was released in 2009 under the pseudonym Satoshi Nakamoto, and the true identity of Nakamoto was increasingly hard-sought as the virtual currency gained traction.
Bitcoin was the top performing currency last year, according to The Money Project, and one Bitcoin is currently worth about $456.
Wright used coins known to belong to the currency’s founder as a means of backing up his claim, the BBC reports.
He told the British broadcaster that the search for the true identity of Bitcoin’s founder had spurred him into making the announcement, saying: “There are lots of stories out there that have been made up and I don’t like it hurting those people I care about.”
“I have not done this because it is what I wanted,” he said of the revelation, adding that he does not want fame, but instead wants to “keep doing what I want to do”. - Russia Today
Bitcoin’s moved in 2015 could be labeled nothing less than astonishing, especially since it grew to become the best performing currency for last year. And with the ECB last week voting to license the Bitcoin exchange known as Bitstamp in all 28 of their member states, the future of the digital currency is as strong as ever.
Four years after global central banks ushered in a new currency war, and began the process of monetary devaluation, the average person has been thirsty for a form of money that could function outside the authority and control of central banks, and provide a means of wealth protection in their spending and savings. And while Bitcoin has yet to fully achieve that critical mass with retailers and populations, its potential remains strong, and is continuing to grow while the likes of the dollar, euro, and yen decline.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.