Why Bitcoin creator Satoshi Nakamoto remained anonymous

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Avatar for Mackenzie
3 years ago

The identity of the inventor of Bitcoin remains a mystery even 10 years after the project went live, despite multiple people coming out and claiming to be the famous Satoshi Nakamoto however the evidence has proven to be against them. This has brought the question of who is Satoshi Nakamoto. Despite other people claiming to have worked with Satoshi on the Bitcoin project, the truth is that no one has ever seen the person behind the name and no one knows whether Satoshi Nakamoto is a person or group. There are numerous reasons as to why the creator of Bitcoin might have wanted to stay anonymous.

  • Safety

    Firstly, it is no secret that the number 1 cryptocurrency has caused quite a stir, upsetting the governments and the bankers within the traditional finance system. With that in mind it is also no secret that the governments can do absolutely anything necessary to shut down the number 1 cryptocurrency including getting their hands dirty in order to secure the finances from outside threats. Now what better way of shutting down Bitcoin than finding the creator and finding out how it can be stopped ? This has led to the debate that Satoshi's life would have been in clear danger because of the amount of information he knows about his invention.

  • Decentralisation

The idea of the invention of Bitcoin is central to an understanding of decentralisation. The problem that inventors were trying to solve emerged from the 2008 financial market crash, where in which the need for a decentralised currency was noticed. Decentralisation means that there is no central control which means the asset is free from unnecessary manipulation. In order for the Bitcoin system to be truly decentralised, Satoshi has to let go of all major control of the project to also avoid conflict of interest and what better way than to disappear into thin air without a trace.

This has proven evident this year when the Bitcoin price turned full on bearish after the rumour that Satoshi Nakomoto was selling his coins which are about 3-5% of the supply of Bitcoin. Although the rumour turned out to be false, it sparked a selling pressure in the market with the number one cryptocurrency falling within minutes. Similarly Charlie Lee, the inventor of Litecoin sold all his Litecoins and dropped all the rights in order to allow for true decentralisation and avoid conflict of interest.

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