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Satoshi Nakamoto Chooses to be Anonymous

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Satoshi Nakamoto is unknown to the whole world.Bitcoin is the first cryptocurrency and all cryptocurrencies are either directly or indirectly connected with bitcoin. Against Bitcoin the major cryptocurrencies backed.  So, we understand how this technology works and how much effort any single person or group of people put to create this system still are unknown. No one knows the exact reason behind this but there are a lot of conspiracy theories built around this we will discuss the theory which more logical in this article

Why Satoshi Nakamoto needs and chooses to be unknown? Before bitcoin come into existence there was a company called Gold & Silver Reserve Inc. that created E-Gold. E-Gold was the same as bitcoin. Through the internet, Gold Backed currency is transacted. In 1996 E-Gold was created.13 years before bitcoin. The company allowed users to open an account on their website denominated in grams of gold and the ability to make instant transfers of value to other e-gold accounts. A server of this website is located in different countries to make sure decentralization.

Satoshi Nakamoto chooses to be anonymous

This payment option gets too popular because, at its peak in 2006, e-gold was processing more than US$2 billion worth of transactions per year. The users get the absurdity of payment as the e-gold is backed by actual gold stored in London.  The scammer fraudsters adopt e-gold. It transfers money without identity.  Hackers start hacking e-gold accounts. Let us see the original post made by Satoshi Nakamoto.

PayPal co-founder and billionaire venture capitalist Peter Theil said in an interview

“We were beginning the revolution against the central banks on the beach in Anguilla. We were going to make PayPal interoperable with e-Gold and blow up all the central banks”

So if any system that challenges directly central banks will be getting into eyes quickly. The earliest adopters of any technology are scamsters or fraudsters. So in e-gold also as scamsters and fraudsters start using this payment method. The enforcement charged e-gold with money laundering. The enforcement seized all operations and the company closed.

In this only an e-gold company gets a charge for illegal happenings and not anyone else. A case study related to bitcoin early adopters where multiple exchange accounts and silk road were hacked. Hence no one was seized as no company operates Bitcoin.  So possibly that’s why the bitcoin creator chooses to keep under the curtain in name of Satoshi Nakamoto. Around Bitcoin, all cryptocurrency environments developed. Bitcoin creators are exposed as the end of cryptos comes near. As well as bitcoin enforcement takedown bitcoin. so cryptos need that Satoshi Nakamoto to be unknown.

Conclusion

No one knows Satoshi Nakamoto is a single person or company. People try to find more about that and come up with possible outcomes you can read about on Investopedia. In the coming articles, we will discuss more blockchain use cases and frauds or scams and how we can spot those.

Pranav Joshi
Pranav Joshihttp://nftium.club
Pranav is a blockchain expert and AML enthusiast. He writes and contributes on the subjects of blockchain and money laundering

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