Cryptocurrencies

The anonymity of Satoshi Nakamoto is a blessing for Bitcoin

The absolute mystery reigning over the real identity of the creator of Bitcoin intrigues the crowds. This interest goes far beyond the simple world of Bitcoin now. At the slightest sign of potential life from Satoshi Nakamoto, everyone begins to hope that the creator of Bitcoin will come to break his anonymity. However, it is better for Bitcoin if Satoshi Nakamoto remains anonymous forever as I will explain to you.

Satoshi Nakamoto, the best known of the strangers

The real identity behind the pseudonym Satoshi Nakamoto is something that fantasizes far beyond the world of Bitcoin. As soon as Bitcoin saw its price exceed $ 1,000 at the end of 2013, many media outlets began to take an interest in the phenomenon.

Their first big question immediately was to know who this mysterious Satoshi Nakamoto was.

Since then, more or less detailed investigations into the potential identity of Satoshi Nakamoto have been published regularly. We are also entitled from time to time to rumors circulating on social networks. A few weeks ago, there was a rumor that Adam back was Satoshi Nakamoto.

Adam Back, a plausible satoshi

These more than light rumors were based in particular on the fact that Adam Back had invented Hashcash. As a reminder, Hashcash is a Proof-of-Work system created by Adam Back to limit email spam and denial of service attacks.. This system was chosen by Satoshi Nakamoto for the mining algorithm which is at the heart of Bitcoin.

Satoshi Nakamoto thus quotes Adam Back’s work in the Bitcoin white paper.

More recently, the highly controversial Craig Wright claimed to be Satoshi Nakamoto. He had to provide evidence at the start of the year, and we’re still waiting for it …

In short, you will have understood that there is something mystical about the identity of Satoshi Nakamoto. In fact, many would like to be the first to unravel this mystery.

A simple tweet was enough to ignite the Bitcoin community

On Wednesday May 20, 2020, a simple tweet from the Whale Alert service was enough to set the little Bitcoin world on fire for several hours:

Tweet from Whale Alert reporting a possible Bitcoin transaction by Satoshi Nakamoto

As a reminder, Whale Alert is a web service that allows live monitoring of transactions made on the Bitcoin network in particular.

This tweet reported on a 40 BTC transaction from a dormant wallet since 2009 that some would attribute to Satoshi Nakamoto.

Such news must have had the effect of a small bomb in the world of Bitcoin. Indeed, many eagerly await an unlikely return from Satoshi Nakamoto.

These people involved in the Bitcoin world dream of seeing Satoshi Nakamoto come and break his anonymity to reveal his identity to everyone.

Obviously, this will not happen.

After a start of euphoria, more thoughtful people tried to see more clearly. Most analyzes have confirmed that this wallet is not one of those owned by Satoshi Nakamoto. In the end, as usual, a lot of noise for not much.

To tell the truth, I think all this research into the identity of Satoshi Nakamoto is of little interest.

Personally, I prefer that Satoshi Nakamoto remain a mysterious individual who has had an incredible vision in offering Bitcoin to the world as a unique gift in the history of humanity.

I will even go further. The fact that Satoshi Nakamoto made the choice to remain anonymous participated in the incredible success of Bitcoin.

Bitcoin and anonymity

Without a leader, Bitcoin is unstoppable

If Satoshi Nakamoto had chosen to reveal his identity and stay at the helm of Bitcoin, the network would probably have already been stopped by government authorities.

Satoshi Nakamoto understood this well, and that is why he decided to step aside by offering his unique invention in the history of mankind to all the inhabitants of the Earth.

From then on, Bitcoin became the invention of all the inhabitants of the Earth.

Fred Hampton was an American political activist, member of the Black Panther Party. He was a revolutionary who fought for the civil rights of blacks in the United States.

Here is what he said one day:

“You can kill a revolutionary, but you can never kill the revolution.”

Fred Hampton

Fred Hampton was murdered by FBI agents and the Chicago police when he was only 21 years old.

Despite his death, the revolution to which Fred Hampton had contributed continued and culminated the recognition of black civil rights in the United States.

Fred Hampton

This quote from Fred Hampton on the revolution is part of big quotes about the revolution that can be compared to Bitcoin. They largely explain why the Bitcoin revolution will be a success.

Satoshi Nakamoto must be seen as the revolutionary who initiated the Bitcoin revolution before leaving it in the hands of millions of other revolutionaries.

In fact, the Bitcoin revolution cannot be stopped.

The decentralized nature of Bitcoin obviously helps the network to be completely resilient to all types of attacks that governments may consider to stop it. It is an essential force of Bitcoin.

Bitcoin is stronger by being carried by an entire community

There are many who agree that the Bitcoin is the greatest technological invention since the advent of the Internet. Looking back, you will find that the greatest innovations in human history have all come from incredible collective work.

Bitcoin was a unique invention, but without its community, it could never have achieved the success it represents today.

By making Bitcoin open source, Satoshi Nakamoto has given the opportunity to hundreds of great developers to come and improve his initial idea. Without their work, Bitcoin would never have been able to withstand all of the hacker attacks it has suffered since its inception.

Due to its decentralized nature, Bitcoin allows each user to potentially have the same weight.

Each user can decide to become a Bitcoin network node. Each new user who thus connects to the Bitcoin network strengthens the power of Bitcoin. With a centralized invention and a leader at its head, this would never have been possible.

By offering Bitcoin to all the inhabitants of the Earth, Satoshi Nakamoto had a clear will in mind in my opinion:

Bitcoin will become what its users choose to do with it.

They transformed the trial by making Bitcoin a tremendous success.

The mystery around Satoshi Nakamoto helps the narrative around Bitcoin

Bitcoin is not supported financially by any government. Bitcoin develops only thanks to its users or to startups that build innovative services around the Bitcoin Blockchain.

Since Bitcoin has no leader funding it, it has no marketing campaign to attract new users.

The mystery around the real identity of Satoshi Nakamoto has greatly helped the narrative around Bitcoin since its creation. The willingness of some media to find out who Satoshi Nakamoto really is has made Bitcoin talked about much more often than if its identity had been known to all.

In the same way the halving plays almost every 4 years the role of a great marketing campaign for Bitcoin, the mystery around Satoshi Nakamoto must be seen as something essential in terms of marketing.

This makes it possible to talk about Bitcoin.

Many intrigued people are likely to do research to find out more about Bitcoin from content read or viewed regarding questions surrounding the identity of Satoshi Nakamoto.

It is therefore essential that the real identity of Satoshi Nakamoto continues to remain unknown. If the mystery were to be unraveled, the mystical side around the creation of Bitcoin could disappear.

Conclusion

The mystery surrounding Satoshi Nakamoto’s identity is a great thing. Indeed, from this mystery arise several things that have largely contributed to the incredible success of Bitcoin:

  • The absence of a leader
  • A code open source offered to all the inhabitants of the Earth
  • Community work to support Bitcoin
  • A narrative around Bitcoin conducive to being talked about more often.

Under these conditions, the best thing for Bitcoin is that Satoshi Nakamoto remain anonymous forever. As long as the identity of Satoshi Nakamoto remains unknown, many will seek to unravel this mystery. This will continue to spread the word about Bitcoin far beyond the small world of crypto currencies.

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