Blockchain - Cryptocurrency
The Anonymous Creator of Bitcoin: Ghost on the Blockchain
There is no one alive today with an internet connection that has not heard of Bitcoin. It is the most valued crypto currency in the world today, yet, the creator of Bitcoin itself is unknown.
Doxxing the man behind the biggest digital currency in the world has been the mission for many with a keen interest in blockchain technology and the future of finance.
Independent investigators, teams of online content creators, and crypto enthusiasts of all sorts have tried their hand at figuring out who the man behind the new digital gold is. As of the writing of this article, there is no solid conclusion, only likely suspects and speculations pooled together from numerous sources.
Before we go into the possible true identity of the creator of Bitcoin, let us first answer the question, “why is Satoshi Nakamoto anonymous.”
Perhaps it is because he wanted it that way. In fact, it might be better for us all to keep Satoshi Nakamoto anonymous.
Having someone in charge makes the person responsible. If there is a face on Bitcoin, it may not be seen as the commodity it was always meant to be. It will shift the attention away from the Bitcoin itself and more towards the man behind it, as people and media outlets often love to do. The biggest proof of that; Tesla and SpaceX, with Elon Musk being more famous than both.
If the identity of Satoshi is revealed, Bitcoin might be seen as more of a startup project or a company more so than a safe storage of value. Bitcoin’s entire value system is hitched on the fact that it is seen as more of a rare and unreplicable commodity and less as a project to be tweaked and changed over time, the opposite of secure storage of value.
There is one thing we know for sure; the mystery is intentional. There is no doubt that the creator of Bitcoin wants the Satoshi Nakamoto identity to remain anonymous. In fact, one of the factors in inferring who the real Satoshi might be is answering the question, “Is he competent enough to maintain his own anonymity for over ten years.”
Other equally important factors would be their technical know-how, their personal connections, a history overlapping with that of Bitcoin’s conception, and personal values aligning with the creation of a decentralized currency to give to the world.
The true creator of Bitcoin might be a person or a group of people. He might be alive or deceased, man or woman, American or Chinese. The point is that when dealing with cryptocurrencies, none of those factors should matter. Gold does not have a gender nor a nationality; it is just gold. That is what Bitcoin was created to be, whether it stands true in the coming decades or not.
Now that we got that out of the way, let’s do the exact opposite; attempt to put a face on the man behind Bitcoin.
The four suspects for the anonymous Satoshi Nakamoto
Dorian Satoshi Nakamoto
As shocking as it might be that the identity of Satoshi Nakamoto might be a man with the exactly matching name, he is, ironically enough, the least likely candidate of the four on this list. Dorian Satoshi Nakamoto was the first to be identified by media outlets as the possible creator of Bitcoin, being the easiest and most obvious guess.
Aside from his name and being an engineer, there are no other factors linking him to Bitcoin. He outright told the associated press, “I got nothing to do with it,” and given that it would be counterintuitive to use your real name while attempting to remain anonymous, we can confidently scratch him off the list.
Unless, of course, that’s what he wants us to think.
Bram Cohan
Bram is a veteran of the peer-to-peer model, founding BitTorrent in 2004, making him a prime candidate for the creator of Bitcoin, seeing as his technical knowledge is on point.
However, he later used this know-how to found Chia Coin, the antithesis to the Bitcoins proof of work model. It would not make sense to create the world’s most valuable cryptocurrency only to then create its stark competitor.
Gavin Anderson
Gavin is a software developer that worked very closely on Bitcoin in its early days. In one of Satoshi’s final statements, he mentioned that Bitcoin is in safe hands” with Gavin and the rest of the team. It is possible that Gavin was transferring the ownership of Bitcoin to himself to get the best of both worlds. Anonymity and ownership of the project.
Gavin did, however, claim that the real creator of Bitcoin, Craig Wright, a man that consistently tried to take credit for the creation of Bitcoin. It could have been a ploy to shift attention away from himself, seeing as Craig was putting himself in the spotlight anyway, but not many truly believe that Wright is Satoshi.
Hal Finny
A graduate of computer science from Caltech in 1979 with distinction, Hal Finny created the protocol on which Bitcoin was built.
Finny was also the first to respond to Satoshi’s email, the first to connect to Satoshi’s network, and the first to receive a Bitcoin. Seeing as this is an easy way to identify him, some speculate that he may not be Satoshi Nakamoto, as the trail of bread crumbs would have been too obvious.
He is at the very top of the list of suspects for the true creator of Bitcoin, as often, if you are the owner of a business, you are your first customer.
Nevertheless, the timelines of Finny’s life and death coincide with Bitcoin’s creation. In 2009, Finny was diagnosed with a neurodegenerative disease, ALS, which sadly took his life in 2014. That is the same time around Satoshi disappeared, 2011, when his condition forced him to retire due to impaired motor skills.
On top of that, there is a coincidence, or so it would seem, that points yet another finger at Finny, the fact that he only lived two blocks away from Dorian Satoshi Nakamoto that we mentioned above.
Fortunately or unfortunately, we will probably never know the true identity of the creator of bitcoin. Mostly because he wants or wanted it that way, but we can only speculate, and no doubt people will continue to prod their brains to figure it out.
Summary
Satoshi Nakamoto, the creator of Bitcoin, is a mystery to to the world. No one know who he truly is, and we are fairly certain that that is what he intended. However, that hasn’t stopped crypto enthusiasts from speculating, and their investigation brought several names to the surface.
In the realm of cryptocurrencies, the Pi network is an unusual example. Despite receiving a lot of interest and attention, it is not available anywhere. The Pi coin is currently only available through mining, and so you cannot buy Pi Coin in India or anywhere else as of yet as it has not yet been listed on any cryptocurrency or non-crypto exchange.
The Pi coin has a large following despite not having a price yet; the project’s straightforward idea and strong technological base have already drawn quite a few cryptocurrency aficionados. The Pi network has a vibrant community that has stuck around despite the recent crypto crash, and its user base is constantly expanding.
How Can I Buy Pi Coin in India?
You must register for an account with a cryptocurrency exchange in India in order to trade or sell Pi coins. Despite India’s rough stance on cryptocurrency exchange that leave many in the dark, you may purchase Pi coins and trade them for any other cryptocurrency on multiple exchanges.
To keep track of PI transactions, you may also download the Pi coin wallet app from the Google Play store. However, as PI is still in the testing stage, purchasing it is not an option. In the third phase, when Pi transitions to a fully decentralized blockchain, users who have mined Pi can transfer or withdraw their money.
When the Pi Network opens up and releases to the public, which should be sometime between mid-2022 and 2023, you will likely be able to purchase it on multiple crypto exchanged as the crypto coin is especially popular in India due to its simplified, cheap, and convenient mining ability.
If you’re wondering where to buy Pi Coin in India, it involves five steps. After the account has been opened, it must first be registered. Before individuals can start investing in Pi Coin, they must first complete the KYC procedure, Google 2-Step Verification, and provide bank information.
Can I Buy Pi Coin in India with Regular Money?
Many cryptocurrency exchanges are accepting fiat currency directly. However, some may require you to first purchase a stablecoin such as USDC or USDT and then use that stablecoin to purchase cryptocurrency. BuyUcoin, one of India’s leading crypto exchanges, will allow you to buy Pi Coin in India using the local currency.
Best Cryptocurrency Exchanges in India
- BuyUCoin
- Binance India
- WazirX
- CoinDCX
- CoinSwitch Kuber
- UnoCoin
- Bitbns
Since the network is still in its second phase of testing, the price of PI in India at the moment remains unknown and cannot be accurately predicted. Users will be able to exchange it when Phase 3 is released, just like any other currency.
Based on Pi Network’s performance, it is anticipated that the currency would start off with a relatively low value compared to the USD and gradually climb over time as the adaptation rate rises. Based on the statistics, it is anticipated that the PI coin would significantly alter the cryptocurrency landscape.
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Whether making Cryptocurrency legal in India or not is still up for debate, but the Supreme Court asked the government to be very clear about its position. The national government is drafting a bill to control cryptocurrencies and other digital assets in India. In the Union Budget 2022, Finance Minister Nirmala Sitharaman announced that the federal government would impose a steep tax of 30% on virtual assets, such as cryptocurrencies and Nonfungible Tokens, or NFTs. Budget 2022 suggested creating a new section 115BBH to impose income tax on cryptocurrencies and other virtual assets in order to implement this crypto tax.
Is Cryptocurrency Legal in India?
According to finance minister Nirmala Sitharaman, taxing cryptocurrencies does not make them legal tender in the nation. The nation has the right to impose taxes on cryptocurrency transactions, and these taxes have hit the Indian crypto market hard. The finance minister stated that an official position on regulation wouldn’t be taken until the ongoing consultations were over.
The Directorate of Enforcement (ED) of the nation is making rapid progress with its investigation into any potential foreign exchange.
According to reports, the ED is looking into every aspect of the offshore transactions carried out by the Indian exchanges. The amount of domestic money that left India is being estimated by the Indian authorities, and is a big factor in whether to make Cryptocurrency legal in India or not. Transaction histories and the companies’ involvement with foreign exchanges are hidden from view for that reason.
When an assessee’s total income includes any income from the transfer of virtual digital assets, the proposed section 115BBH seeks to stipulate that the amount of income tax that is due is equal to the sum of the income tax that is due at the rate of 30% on such income and the amount of income tax that would have been due had the assessee’s total income been reduced by the sum of those incomes, according to the Budget 2022 Memorandum.
From Assessment Year 2023–2024, the recently proposed cryptocurrency tax will be in effect. In the upcoming fiscal year (2022–2023), all of your cryptocurrency-related income will be subject to a 30 percent tax rate. For FY 2021–2022, investors must pay taxes in accordance with the current tax regulations.
With this law, the Indian financial authorities have essentially clamped down on the newly emerged financial market due to fear of financial instability, especially given the recent crypto crash.
Prime Minister Narendra Modi stated in November that cryptocurrencies could “spoil our youth” after the central bank had repeatedly warned that cryptocurrencies could pose “serious concerns on macroeconomic and financial stability.”
This view on the dangers of cryptocurrencies comes, ironically enough, despite some pretty impressive statistics, and have been taken into consideration when discussing whether to make Cryptocurrency legal in India.
One of the largest and fastest-growing cryptocurrency markets worldwide is found in India. There are 15 domestic cryptocurrency exchanges in the nation.
According to industry data, there are between 15 and 20 million cryptocurrency owners in India, with estimated holdings worth $6 billion (€5.31 billion).
Despite this, the Indian cryptocurrency market remains under stringent scrutiny that appears to persist for the foreseeable future.
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It is obvious that the crypto market is having a hard time, to say the least. A plethora of terrible circumstances, triggers, and occurrences culminated in the perfect storm that shook the entire crypto market to its core, and we now find ourselves in a massive crypto bear market. However, while the losses have been staggeringly high, some investors’ hopes have been even higher.
It is extremely understandable why many see this crash as the end-time for the world of crypto, given all that is going on in the world. The war in Ukraine rages on, inflation soars, and recession concerns mount. Investors might be excused for selling out and going dark for a while, given the constant news and dire predictions of rising energy prices, rising interest rates, recession risks, and firm closures.
A market is termed to be in a “bear market” if it lost more than 20% in a single year. Ether is down 43%, bitcoin is down 35%, and several other currencies are down much more in 2022. While bear markets are inevitable, it can be hard to produce when they are coming, how long they last, or how bad they get.
Let’s go over some ways to make the best of the crypto bear market, mitigate losses, and surf the waves to a profit.
Risk Assessment
The reality that older plan members have less time to make up any such losses before retirement and that workers with bigger account balances have a lot more to lose in a crypto bear market cannot be avoided no matter how much dollar-cost averaging is used.
An investor who is nearing retirement should approach a bear market considerably more cautiously than a younger worker with a lower account balance does, taking into account the balance of risk and return. But frequently, it isn’t the case.
It is up to you to decide what asset allocation will provide you peace of mind and protect your future given your age, financial situation, and risk tolerance. Figuring it out and acting appropriately is more crucial than giving in to lethargy.
Average Dollar Cost
Regularly investing a certain amount in stocks, whether through a 401(k) or a Roth IRA, will cause you to purchase more when market prices decline and less when they increase, somewhat improving your prospects.
In addition to the advantages of making monthly contributions to any tax-advantaged savings account, dollar-cost averaging has additional advantages. Contributions and employer matching usually make up two-thirds of the yearly balance rise for 401(k) plans, while investment returns make up the remaining one-third. 3 This shows that many 401(k) participants have the resources to promptly rebalance their accounts after downturn markets.
There can be a significant difference in profits and losses related to the size of your 401K.
Diversify your Investments
Growth equities suffer worse during bear markets than value ones do. By lucky accident, despite the decreased risk, lower-risk equities have produced long-term returns comparable to those of riskier ones. 7 That implies any diversification into value stocks, even if it is overdue and occurs during a down market, can pay dividends both literally and symbolically long after the crypto bear market is gone for portfolios heavily weighted toward speculative stocks.
A diverse portfolio includes cash in some form. Even if it doesn’t produce much, it nevertheless serves as a reserve of purchasing power that may be easily mobilized should chances arise during a weak market.
Although it should be no cause for worry, bear markets are a wonderful opportunity to check that your portfolio is adequately diversified and de-risked. Be aware of the amount at stake and the amount of time you have to make up for any losses.
Inside Telecom provides you with an extensive list of content covering all aspects of the tech industry. Keep an eye on our Technology, and Blockchain sections to stay informed and up-to-date with our daily articles.
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Ian Terblanche, Global Strategic Sales & Channel Director at Sigfox
