Bitcoin

Did Satoshi Nakamoto Make the Right Decision by Remaining Anonymous? 

Satoshi Nakamoto’s identity is one of the biggest mysteries on the internet. In the past 12 years since Bitcoin’s creation, people have speculated, theorized, wondered, and hypothesized on the identity of its creator. And with last year’s surge in popularity of cryptocurrency, and Bitcoin, the question of “Who is Satoshi Nakamoto?” has come back to the forefront of most people’s minds. 

With Bitcoin being more popular than ever, the question is being asked more and more frequently, however, there are some, mainly old-school bitcoin traders, who take umbrage with the question being asked at all. There is a large chunk of bitcoin enthusiasts who believe that Bitcoin’s creator should remain anonymous. 

Who is Satoshi Nakamoto?

Satoshi Nakamoto is a pseudonym, that the man, woman, or people behind Bitcoin chose to adopt, in order to hide his/her/their identity/ies. 

Nakamoto came up with the idea following the 2008 economic crisis, though likely he had pondered it far before then. In 2009, he officially released Bitcoin, intending it to be the first cryptographically encrypted, decentralized, digital currency. At the time, Bitcoin’s value was only $0.008, and it took it more than a year-and-a-half to even reach the price of a dollar. 

Since then, Bitcoin has seen a massive surge in popularity, and value, in no small-part thanks to websites like Bitcoin Billionaire UKwhich make crypto trading, selling, and purchasing a whole lot easier, and simple for new investors. Thanks to the ease-of-use, and investment tutorials which these websites provide, new investors pop up daily, making Bitcoin a lot more valuable, and profitable. 

Now that we know who Satoshi Nakamoto is, let’s take a look at why he chose anonymity. 

Why is Satoshi Nakamoto Anonymous? 

We can only speculate on the reasons why Satoshi Nakamoto chose anonymity. One of the reasons that can be assumed, is because Satoshi Nakamoto put his product, above himself. In one of the last blogposts he ever published before disappearing, Nakamoto said he wished people would focus on Bitcoin, rather than his identity, further explaining that he feels that making him out to be some shadow-genius, working behind the scenes is counter-productive to the cause of popularizing cryptocurrency, and in fact he felt it was detrimental. Many believe this to be one of the main reasons Nakamoto disappeared. 

Another reason could be concerns for his safety. Governments have had a long, and storied history of shutting down decentralized currencies, so when Nakamoto came up with the idea of a digital, decentralized currency, he probably had some worries about it being shut down by various governments, and his name being dragged through the dirt. To that end, he chose to remain anonymous, to protect himself.

Did Nakamoto Make the Right Choice?

The answer to this question is not cut-and-dry. It is mainly up to personal opinion, and your own personal philosophy. We can only look at some arguments for and against Nakamoto remaining anonymous and let others make their own decision. 

The main argument for Nakamoto revealing his identity is, as said, that the constant theories, speculations, and framing him as a shadowy figure are a detriment to Bitcoin, as it casts a shroud of mystery around it, prompting many to wonder whether it is entirely trustworthy. 

Many, however, believe that Nakamoto should remain anonymous, their reasoning being that Bitcoin is not about Satoshi Nakamoto. Bitcoin is about the future of currency. The idea was concocted by Nakamoto, and implemented by him, but the concept now belongs to everyone. Having the inventor take the spotlight would detract from the idea of a decentralized currency. 

Both sides have their disagreements, and arguments, but ultimately the choice is up to Nakamoto himself. Whether he reveals his identity in the coming future remains to be seen, though it is doubtful that speculations, and theories will stop. 

Hillary Cyril

Creative content developer, a blogger and SEO writer.

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