Bitcoin to invalidate the monetary system
Bitcoin (BTC) is a global digital currency that was invented in 2008 and released as open-source software in 2009. First as an option and then as a competitor to the dollar. Transactions are person-to-person (P2P) without the involvement of a third party, bank or authority. All of it is based on advanced IT technology. Is Bitcoin a benefit to humanity OR the solution for shady transactions?
The story of bitcoin is wrapped in mystery. Both the money and the people behind currency is invisible. No one knows for sure who invented Bitcoin and how the system checked. Founder calls itself Satoshi Nakamoto, that much we know. But who or what is behind this concept?
The answer to the question would answer many other questions concerning the bitcoin; the most successful democratic, decentralized digital currency so far.
Bitcoin is the so-called cryptocurrency and free software Satoshi created, plus the network that the users of the exchange and software forms. A free-floating network that mimics the mining and gold panning, and has a production ceiling of 21 million Bitcoins. Bit stands for the drive.
Hunt for Nakamoto
The anonymous Satoshi Nakamoto besides being the brain and the operator behind bitcoin also earned around three billions. This essentially anarchist idea is apparently also profitable. How does that work?
Between two hefty constables at the foot of the San Gabriel, California, is a tired and somewhat insecure 64-year-old Japanese-American man named Dorian Satoshi Nakamoto. Despite some uncertainty the reporter Leah Mcgrath Goodman thinks he have found the right place.
Though the only thing that is consistent is the name. Newsweek ( with a circulation of 4 million ) have published a long article entitled “The Face Behind Bitcoin”. Dorian denied all dealings with bitcoin.
Who is Satoshi?
Few know who or what envelops itself in this funny pseudonym. The issue goes on to Robin Teigland, Associate Professor at the Stockholm School of Economics, which appears to be the right person to answer. On top of its home page, she has the motto "If you love knowledge, set it free!".
- No one knows who Satoshi is. But it is the name of the person or persons who wrote the "white paper" on bitcoin-principle that was published in October 2008, responds Robin Teigland.
The White Paper was enormously popular when the turmoil in financial markets peaked. At the same time states and public authorities tried to stop transactions - via standard payment routes - and strangle networks like Napster and WikiLeaks. Gavin Andresen, head developer at BTC, says in the documentary The Bitcoin Phenomenon (2014) that it took Satoshi a few years to figure out the system: How to create money without the involvement of a bank, organization or state?
To be continued.